Ask Shannah: Dealing with Student Loans and Debt

Everyone's Talkin' Money

Shari Rash

Business, Self-improvement, Education

4.6 • 631 Ratings

🗓️ 14 August 2018

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In this Ask Shannah episode, I'm tackling two complex questions about student loans. Everything from borrowing money from your 401(k) to pay off your student loans, to dealing with student loan debt when you're in a relationship. In This Podcast Episode: Thanks for all the great #AskShannah questions that are coming in. As always, remember you can always submit a question anonymously so I won't disclose your name when I'm reading over the question. I'm covering two questions on this episode that I think most of us could relate to in some way. As a reminder, they call this personal finance because it is just that - personal. When you're making a money decision, you should weigh the pros and cons and then come to a decision that feels good to you and makes sense based on your lifestyle. My question to you is, what benefits (or drawbacks) could there be if I were to take a loan from my 401(k) to pay off my student loans? Which leads me to my question.. Am I wrong to think that having him put some money in a high yield savings account, could help him to pay off his student loans faster due to compounding growth? Tune in to hear my thoughts and feel free to send me your own #AskShannah question for a future episode. Thanks for Tuning In: Thanks for tuning in to listen to this episode of Millennial Money. You’re awesome and mean so much to us. If you’ve enjoyed this episode, please share it on social media using the hashtag #millennialmoneypodcast. Also, please leave an honest review for Millennial Money on iTunes! Ratings and reviews are extremely helpful and much appreciated! You’re awesome! Millennial Money is more than just a podcast, we’re all about family here. Join us each weekend for our Sunday Seven Email Club, where we’ll share bonus episodes, money tips, life hacks, exclusive music drops, travel deals, breakfast treats and a whole lotta’ fun! Have an Ask Shannah question, submit it here. Want More: Shannah on Twitter Shannah on Instagram See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Exclusively on Disney Plus.
0:02.0	It's hard and it's brutal and that's what makes it special.
0:06.0	The multi-award winning series, FX's The Bear, is back for a brand new season.
0:11.0	Upon my signal, unleash hell.
0:15.0	And every second counts.
0:17.0	When that shows zero, this restaurant ceases operations.
0:21.8	FX is the bear.
0:23.1	New season now streaming exclusively on Disney Plus.
0:27.1	18 plus subscription required season C's apply.
0:30.3	So what's the hardest part of personal finance?
0:33.5	It's the personal part, right?
0:35.1	It's trying to figure out all of the different information, whether
0:39.1	it's from this podcast or blogs you read or maybe you read Money Magazine or other resources,
0:45.6	and you're constantly trying to figure out, is this going to work for me? Is this what I should be
0:51.5	focusing on? I think that is the hardest part about personal finance and also
0:58.5	about us not teaching about this stuff. So you're really in this complete cloud of confusion.
1:05.0	But imagine a time when your questions could be answered, where you could feel like you maybe have a little direction,
1:14.1	even if you don't have all of the answers, you have at least just a little bit of information
1:20.5	to help you figure out which way you should go, what decision you should make, what the pros and
1:26.3	cons are, all of that.
1:29.3	I'm Shawna Compton Game.
1:30.6	This is Millennium Money, and today we're tackling your Ask Shauna questions, so hopefully
	...

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