student debt

The Student Loan Burden Part Two

Last week in the NYT there was an article titled, For Millions Deep in Student Loan Debt, Bankruptcy Is No Easy Fix, which basically explains how darn difficult it is to discharge student loan debt, with only a few hundred people a year even trying. It's a very good read, so I suggest you check it out.

It got us thinking that we should re-run an interview from last year with Caitlin Zaloom, professor and author of Indebted: How Families Make College Work at Any Cost.

The book does a great job of takes readers into the homes of middle-class families throughout the nation to reveal the hidden consequences of student debt and the ways that financing college has transformed family life.

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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Beware the Parent PLUS Loan

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Student loans can financially cripple students as they prepare to enter the real world. But it seems that more and more we’re hearing about parents also being burdened with ridiculous amounts of student loan debt.

Why is this happening? You can thank the Parent PLUS Loan, something that Barry from New Jersey is unfortunately very familiar with.

In hour two we’re sticking with the student loan theme as we’re joined by David Klein and Kelly Peeler from CommonBond, a company that positions itself as a place for simpler, smarter student loans for a brighter future.

While taking out loans for business school, co-founder David found himself asking a lot of questions: Why is the process so confusing? Why is the customer service so bad? Why are the interest rates so high? Isn’t there a better way for people to borrow for school?

Turns out he wasn’t alone as figures now show that students in the U.S. are struggling to pay down over $1.5 trillion in debt.

CommonBond was founded in 2012 to help relieve that burden, and since then have funded over $2.5 billion in better student loans. Their approach is no big secret: lower rates, simpler options, and a world class experience, all built to support you throughout your student loan journey.

Kelly and David firmly believe that student loans should be for fulfilling your dreams, not emptying your bank account. They’re helping you get there by lowering the cost of school and simplifying the process with no more stressful applications or being treated like an account number.

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CBS This Morning: Financial Aid 101

The deadline for students to commit to a college is next Wednesday. For many, figuring out financial aid is a key part of the process. I joined CBS This Morning to discuss how your family can get the best financial aid plan, as well as Democratic presidential hopeful Sen. Elizabeth Warren's proposal to eliminate tuition at public colleges.

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College Award Letters are Confusing and Misleading

College Award Letters are Confusing and Misleading

The amount of outstanding student loans has more than doubled over the past decade. Part of that explosion has to do with tuition, fees and costs growing faster than the rate of inflation. But it’s clear that another factor is that many families had no way of discerning exactly what they were signing up for in the first place.

Is College Worth It?

Is College Worth It?

The college admissions bribery scandal has raised an important question: Is college worth it? According to the Social Security Administration “Men with bachelor's degrees earn approximately $900,000 more in median lifetime earnings than high school graduates. Women with bachelor's degrees earn $630,000 more.” But that “wage premium” varies depending on which college you attend.

Help! My Student Loans Are Killing Me

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Drowning in student loans can make life difficult when you're trying to make it in the real world. That's the situation with Linda from the Bay Area, who desperately wants to buy a house and start a family.

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Selling to Pay Down Loans

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When does it make sense to sell an asset to accelerate the student loan pay down process? What if you have a rental property out there while you're still trying to pay off some significant loans. Should you sell the house and wipe out the loans? That's the discussion on the latest call with Stephen.

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How to Prioritize Financial Goals + Home Depot Co-Founder Ken Langone

It’s the final show of 2018! Another year down and hopefully many more to come.

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We kicked things off with Erin from Salt Lake City who’s wondering how to best prioritize her financial goals. Should she be solely focused on saving for a house? Or maxing our her 401(k)? Or both?

Next was Kristin from Florida with a very common question: What’s the best way to tackle student loan debt?

Every once in a while I chat with somebody who makes me realize just how cool my job really is.

That’s the case with Ken Langone, the legendary financier, who helped take a bunch of companies public before co-founding Home Depot. Ken has also became a philanthropist extraordinaire, helping to rebuild the New York University hospital.

Ken dropped by for an in-studio to talk about his new book, I Love Capitalism!: An American Story, but really it was just a fascinating conversation with a guy who grew up in a working-class family on Long Island, put himself through school, and after some hard work and smart decisions and a few guardian angels, became one of the most successful businessmen in the country.

Ken Langone has seen it all on his way to a net worth beyond his wildest dreams, now in excess of $3 billion dollars.

In a series of captivating stories, Langone shows how he struggled in academics, broke into Wall Street, and scrambled for an MBA at night while competing with privileged competitors by day. He also shares how he learned to evaluate the value of a business and apply his street smarts to negotiate enormous deals.

And what happened when Langone was approached by Bernie Madoff for an investment, just weeks before the Ponzi scheme came to light? You’ll have to tune in for that chestnut...

Langone says that the book is his love song to capitalism..."Absolutely anybody is entitled to dream big, and absolutely everybody should dream big. I did. Show me where the silver spoon was in my mouth. I’ve got to argue profoundly and passionately: I’m the American Dream.”

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Paying Off Student Loans

Happy Holidays!

We’re officially winding things down for the year, which means this week we’re going to give you a couple of our more memorable calls from 2018.

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First up is an inheritance call from Jenny in Seattle. We’ve been taking listener calls for just about eight years now...I can easily say that this will go down as one of the most memorable calls in the history of my podcast and radio show. Me writing about it will do it no justice so you’re going to have to listen. It was incredible.

Next up was Megan from North Carolina who is drowning in debt thanks to high interest student loans. Considering that her mom has the money to help, is it worth having a conversation?

Have a money question? Email us here.

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CFP® Pro Tip of the Week - July 13, 2018: Paying for College

Have a money question? Go to jillonmoney.com for all the contact info. Connect with me at these places for all my content: http://www.jillonmoney.com/ https://twitter.com/jillonmoney https://www.facebook.com/JillonMoney https://www.instagram.com/jillonmoney/ https://www.linkedin.com/in/jillonmoney/ http://www.stitcher.com/podcast/jill-on-money https://itunes.apple.com/us/podcast/better-off-jill-schlesinger/id431167790?mt=2 "Better Off" theme music is by Joel Goodman, www.joelgoodman.com.

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