If you’re like many people, the idea of paying for a child’s or your own education is daunting. The rising cost of education seems out of control and taking on a mountain of student loans to pay for it can be frightening.
According to the Federal Reserve, in the second quarter of 2021, Americans owed $1.73 trillion in student loans. That’s a 3% increase from the same period in 2020. The burden of repaying student debt can be overwhelming and even prevent you from reaching essential financial goals, such as buying a home or investing for retirement.
So, how do you create a plan to pay for college without going broke?
To discuss this critical topic, I interviewed Dan Roccato, who’s a clinical professor of finance at the University of San Diego School of Business. Dan is also an author, entrepreneur, and Money Coach for Credible.com. He’s a noted expert in personal finance, economics, and capital markets.
We had a great conversation about what parents and students need to know about planning for education expenses and managing student debt. Here are a few of the topics we cover on this Money Girl podcast interview:
- Why the cost of college has skyrocketed in recent decades above the inflation rate.
- Common mistakes families make when it comes to prioritizing saving for college or retirement.
- How much you should borrow in federal and private student loans for higher education based on your future expected income.
- When to begin the federal financial aid application...
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