4.6 • 1.8K Ratings
🗓️ 7 February 2020
⏱️ 5 minutes
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0:00.0 | Welcome to the Jill on Money Podcast. It's a bonus episode. Hey, guess what gang? My book is out in |
0:10.0 | paperback and I was on CBS this morning to talk about it. |
0:14.0 | So here's our segment. |
0:15.0 | In our eye on money, we're looking at some of the most costly mistakes people make with their finances. |
0:20.0 | On average college students who graduated in 2018 owe more than $29,000 in loans. |
0:27.8 | Ouch last year, we spoke to Megan Combs, the 32-year-old has been struggling to pay down her student loan debt for undergrad and grad school. |
0:36.7 | We recently checked back in to see how she's doing financially. |
0:40.7 | Around this time last year, I owed about about 66,000 in student loans. My payments were |
0:46.2 | around $900 and I was taking a look at my budget and my biggest line item was my rent. |
0:53.8 | I was renting a one bedroom apartment. |
0:56.1 | And so I decided to purchase a two bedroom condo instead |
1:02.4 | and rent out the second bedroom. The condo's |
1:05.3 | mortgage is 10-50 so my roommate pays 700 and I pay $350 a month. I also got a very significant raise that I asked for, a 17% raise. |
1:17.3 | Right now my balance is at $59,000. |
1:20.0 | My payments are going to, actually now they think about it more than double. |
1:25.3 | My timeline for paying off my student loans this time last year was around 10 years and now with my |
1:32.1 | living situation and my raise all of that allows me to pay |
1:35.6 | them off in four years that is only if I don't get another raise so it could be |
1:41.2 | I'm shooting for three years |
1:43.8 | Megan's doing really well. |
1:45.0 | CBS News business analyst Jill Schles Schles-Sussinger joins us. She writes about the impact of college debt and more in her book |
1:51.0 | The Dumb Things Smart People do with their money, 13 ways to write your |
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