This episode of the More Money Podcast is sponsored by the Willful. If you don’t have a will, try it out for free and then use promo code MOMONEY15 to get 15% off any plan.
For the last interview episode of Season 8, I talk with David Carlson, the founder of Young Adult Money, and the author of Student Loan Solution. And his book and student debt (and finding solutions to paying it down) are exactly what we chat about in this interview.
This is pretty timely too since many students are graduating from university with student debt and don’t know where to start in paying it back. If you are a student and are in this situation, just remember you are not alone. So many other new post-grads are in the same exact situation, but that doesn’t mean you shouldn’t take them seriously. The sooner you start paying them back, the sooner you’ll be debt-free and can allocate that money towards something much more fun like traveling, buying a home, or investing.
If you know of a new post-grad freaking out because they’ve got a five or six-figure student debt burden looming over them, share this episode with them!
Where to Start with Student Debt
Student debt is the ultimate obstacle to overcome, but it’s not as easy as just saying “Make more money and you’ll pay it off quicker.” As David did, earning more money is of course a good solution. He started a side hustle on top of his day job which helped him pay off his student loans quicker. But that’s not the only thing you need to do. You need to make a financial plan starting with crafting a budget and saving up for an emergency fund. The emergency fund is crucial as it will help prevent you from getting into more debt.
Helpful Posts on Student Debt Repayment
- Money Challenge: Take Control of Your Student Loans
- Student Loan Spreadsheet
- How to Maximize Public Service Loan Forgiveness
- Words of Encouragement for those with Student Loans
Grab Copies of David’s Books
- Student Loan Solution: 5 Steps to Take Control of your Student Loans and Financial Life
- Hustle Away Debt: Eliminate Your Debt by Making More Money
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