BONUS call: Student Loans

Jill on Money with Jill Schlesinger

Audacy

Education, Investing, Business, Self-improvement

4.6 • 1.9K Ratings

🗓️ 25 April 2017

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

This week on the BONUS call we once again chatted student loans with Andrea from New York City...but this time it wasn't about how to pay them off. After many years Andrea is finally seeing the light at the end of the tunnel and will soon be throwing a party to celebrate. FYI, Mark and I are still waiting for our invite. Anyway, now that the loan will soon be gone, Andrea is wondering what she should do next. I love talking to young people who are interested in bettering their financial lives! Don't forget, a brand new episode of the Better Off podcast comes out Thursday so stay tuned for more listener questions plus an informative interview. Better Off is sponsored by Betterment. Please let us know what you think by leaving a rating in iTunes. Have a question? Email us at askjill@betteroffpodcast.com.

Transcript

Click on a timestamp to play from that location

0:00.0	Welcome to the Better Off bonus call of the week. We're sponsored by Betterment, the smarter way to invest your money.
0:09.6	Remember, if you would like to get on live to ask your financial question, all you have to do is send us an email. Ask Jill at betteroffpodcast.com.
0:19.5	Of course, you always have two chances a week to get on the air every Tuesday. It's the bonus call of the week and the longer show we release on Thursday. So let us know. Come on. It's very easy to do. Right now we are talking to Andrea. She's on the line from New York. Hi, Andrea. Welcome to Better Off. What can I do for you? Well, I, like many of my fellow
0:39.9	graduates, graduated post-recession, and with a swell of around $50,000 in student loan debt.
0:47.3	And after about 10 years of, you know, overpaying the minimum payments, I've finally knocked that
0:53.9	down to around $25,000.
0:56.2	And I'm in a position in this year to be able to kick it and kick it to the curb and
1:01.7	move on to some more lucrative financial decisions than just paying off.
1:07.4	So I'm in a place where I have some concerns about first actually paying off this big milestone and that effect on my credit score.
1:16.6	And then also dealing with, you know, living in expensive city like New York, paying off some credit card debt, and which one makes more sense to pay off first at this point. Okay, let's just
1:31.2	go down the list here. So the, when you, we're talking about the education loans, what's the
1:37.0	interest rate on that? I said it about 6.25%. Okay. Credit card. How much did you say you have in credit card debt? I have around $8,000 in credit
1:49.5	card debt. And what's the interest rate on that debt? Interest rate is sitting at 13 percent.
1:55.8	What's higher? 13 or six and a quarter? Six and a quarter? It's a good question.
2:05.5	So that becomes your priority, of course.
2:10.5	Right.
2:11.1	So I also, on top of that, I also have two betterment accounts.
2:16.6	And on top of paying off of my debt, I've
2:18.5	also been saving into a 401K.
2:21.1	I have a little bit of a purse that up, that's my emergency fund, and then have also been
2:27.4	putting money into ETF for betterment to make some more money on putting that money away so that that is what I'm going to be able to pay off the loan with at the end of the year.
2:39.2	How much money is in the ETF account?
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Audacy, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Audacy and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.