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The Ramsey Show Highlights

In Over $200,000 Of Debt and Don't Know Where To Start

The Ramsey Show Highlights

Ramsey Network

Investing, Self-improvement, Education, Business

4.5840 Ratings

🗓️ 23 August 2025

⏱️ 8 minutes

🧾️ Download transcript

Summary

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Transcript

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0:00.0

Brought you by Y-ReFi. Refinance your defaulted private student loans today at Y-refi.com slash Ramsey.

0:10.4

My husband just finished B-S-N school in May. We didn't take out any additional debt for him to go to nursing school.

0:17.6

Once he finishes orientation in December, his estimated growth income will be about 88,000

0:23.9

with the opportunity to make 100,000 if he picks up an extra shift every pay period, which

0:30.8

would net us about like 70,000 after tied in taxes. Cool. We'll get a $10,000 sign on bonus.

0:37.8

That comes in four installments over its first year of employment.

0:41.6

He would like to go back to school in two years for a doctorate in nurse anesthesia,

0:46.9

which is a three-year program.

0:48.7

It would increase his earning potential to $250,000.

0:52.5

The cost of tuition is about $125,000, which you could get covered by going

0:58.0

into the military or getting accepted into a rural medicine scholarship program. However, you're

1:03.8

not allowed to work in years two and three of the program. We currently have 200,000 in student loan debt with varied interest rate.

1:13.2

We have 4,300 credit card debt with a 25% interest rate.

1:17.7

We've been married for three and a half years.

1:19.6

We're trying to start a family who's been trying for about 11 months with one miscarriage

1:23.5

at the 7 months mark.

1:24.8

And we have a 2007 Toyota, which has like one to two years left of life

1:31.2

in it we're wondering what to put our money towards first between saving up for baby the car needing

1:38.0

a new to us car and the debt and then once we pay off the car and save up for once we save up for a new car save up for the once we pay off the car and save up for, or once we save up for a new car,

1:46.9

save up for the baby and pay off that credit card debt, should we start saving for him to go to

1:52.8

school since it would increase the size of our shovels significantly to 250K? Or should we pay off

1:58.5

our student loan debt before sending him to school?

...

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