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The Ramsey Show Highlights

$200k in Student Loan Debt and Wanting To Wait on Forgiveness

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6682 Ratings

🗓️ 18 May 2024

⏱️ 8 minutes

🧾️ Download transcript

Summary

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Transcript

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0:00.0

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0:04.3

Start budgeting for free today.

0:06.6

So I am in a unique situation.

0:09.2

I am currently in vet school with about two years left.

0:14.1

And through some loan simulators and things like that,

0:17.3

I've been able to calculate that I'm going to end school with about $400,000

0:23.6

$420,000 in student loan debt.

0:28.6

So I guess my question is related to how can I set myself up now and in the future for the

0:35.6

best financial position to be in. And should I take advantage of

0:40.7

situations like the public service loan forgiveness to potentially rely on that for some of this

0:46.4

loan debt? Well, I mean, you say you have two years to go. So right now would be the time to

0:53.3

start, like stop in your tracks and stop creating more debt.

0:57.9

Because how much do you have at this point?

1:01.4

So at this point, I'm about $240,000 in debt.

1:06.7

But I have two years remaining in my vet school program.

1:11.4

And then your question after that was basically what can I do to have better choices and be on a better financial footing?

1:19.7

And the answer to that question is right now, like you've got 240,000 now.

1:24.1

You've got to turn the faucet off.

1:26.3

Like you're just going to, there's no point in letting

1:31.1

this get to 400, 425, 450, when you can stop it now. And I think that's the first thing,

1:37.6

is let's come up with a path to where you can finish these last two years and we're not

1:42.7

taking out student loans and going into massive

...

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