29 Years Old With Nearly $1,000,000 In Debt! (Dave Ramsey)

Absolutely.

One of mine graduated in May as an Astronautical Engineer.

First, he found a small, private engineering school. It’s highly regarded in his field and has no sports program to suck away academic money and added fees. He joined a high school robotics team. The school gave him $20000 scholarship just for being on the team and about $30K in other scholarships. The school has no dorms, just apartments so his food budget was at his discretion, not a forced meal plan.

Since we knew his income would be rivaling mine in a few years, we chose to loan him as much as we could. He did take out a few small school loans.

His part time school job was in his field at NASA and even included educational reimbursement. He made enough to cover the last two years of college completely.

He shares a house with four other guys and drives an old car. His student loans will be paid off in under a year, then ours, then he’s home free.

So, last July, we bought my wife a used car. I figured I’d rather take a loan and pay it off at 3.5% interest vs. the 16% the money was making me in mutual funds.

When we looked at the car, the dealer really wanted to book a sale that day so he was going to let us take the car and send him the down payment when my financial advisor sold off some funds. My son happened to be home that day and I asked how much he had in the bank. $9,000. I said “Good. Write me a check for $6,000. I’m calling your loan.”

The borrower is slave to the lender y’know.

The Lender is you & me-—these are student loans that Obama took from local banks some years ago.

They are still processed by local banks, but there have been MANY problems.

My chiropractor has a student loan that is automatically deducted from her bank account under Obama. She has had so many problems, she was ready to commit suicide. Many payments were taken out of her account, BUT NEVER credited to her loan balance. She has had to work with HER bank more than once to get this fixed, and it still isn’t bulletproof.

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