You’ve probably heard that student loan debt has been an increasing problem over the years. To put this “huge problem” into prospective – In the U.S. alone, 44 million borrowers collectively owe $1.5 trillion in student loan debt 💸
Raise your hand if you’re one of those 44 million souls 🙋♀️
It’s not that they are impossible to pay off, but they aren’t exactly a fun monthly payment. And while I’ve written about ways to pay student loans off faster, I wanted to speak with someone who is an expert on the matter.
In this episode, David Carlson, author of Student Loan Solution and founder of Young Adult Money, shares his comprehensive and customizable 5-step student loan repayment action plan. If this is something you truly want to better understand, order the book and then tune in to the episode as we walk through the 5 steps with you!
Click to Listen:
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David Carlson is the author of the books Student Loan Solution and Hustle Away Debt and the founder of personal finance blog Young Adult Money. In Student Loan Solution, learn how to understand your loans, your repayment options, and how to improve your personal finances overall. Take advantage of the book’s strategies to help you make more money, save more money, and ultimately pay down your student loans faster.
BOOKS: Student Loan Solution / Hustle Away Debt
After amassing $100,000+ in student loan debt (between he and his wife), David Carlson launched the Young Adult Money blog, and subsequently wrote Hustle Debt Away and Student Loan Solution. Our conversation focuses on paying off student loan debt by gaining control and understanding of your personal finances.
- The importance of setting your money mindset and why is this step so crucial to successfully paying off student loan debt (or any large debt)
- The Student Loan Solution 5 Step process
- Step 1: Understanding your Loans – Creating a personalized snapshot of your student loan situation, including how much you currently owe and the differences between the types of loans you may have
- Step 2: Loan Repayment Options – Learn about the various student loan repayment options, including refinancing, forbearance, deferment, and forgiveness.
- Step 3: Your Financial Situation – Take into consideration your cash flow, emergency fund, other outstanding debts, and more.
- Step 4: Choosing a Repayment Strategy – Based on the information uncovered in steps 1-3, you will now make an educated decision on your student loan repayment.
- Step 5: Optimizing your Money – Strategies to continually improve your financial situation.
- Can you declare bankruptcy to get out of your student loans?
- How refinancing can be a bad move OR a good move depending on your situation
- Why you should have an emergency fund
- What types of loans are eligible for loan forgiveness and the general requirements to qualify
- The repercussions of letting your student loans go into default
- Investing your money vs. repaying student loans
- The future of student loans and college costs
Resources for Personal Finance
Be sure to check out Student Loan Solution and Hustle Away Debt by guest David Carlson.