Dot com student debt debacles with listener Scott Steenburg

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Indiana-based radiologist Dr. Scott Steenburg joins the Financial Grownup podcast as our first listener to share a money story. Scott shares the story of how a push to have students take out more money than needed to pay for tuition, created devastating debt situations for classmates.

 

In Scott’s money story you will learn:

-Why Scott was offered more money than needed when taking out student loans

-What Scott used his extra student loan cash to buy, and whether it was a smart financial decision

-The things his fellow students spent their extra student loan money on, and how  that impacted their financial wellbeing.

-How the tech stock bubble impacted many of his peers who were leveraging student loan debt

-How much student loan debt Dr. Streenburg had, and how it compared to his peers

-The strategy he and his peers used when they could not pay the debt, along with the consequences

-Whether or not he believes taking on all the debt was worth it

In Scott’s money lesson you will learn:

-His big regret regarding the debt he incurred while in medical school

-The long-term consequences and impact to his peers that spent student loans for things other than tuition. 

-The risks that medical students take on when assuming large student debt, that is unique to the medical profession.

In Scott’s money tip you will learn:

-How you can get medical school debt forgiven

In My Take you will learn:

-how to find programs that allow you have loans reduced or forgiven

-The requirements needed for student loan forgiveness

-Resources to manage, lower, and get rid of student debt

 

EPISODE LINKS

 

Government website links:

 

www.studentloans.gov

 

https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation

 

https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service/questions

 

Here is the article from Robert Farrington’s The College Investor:

 

https://thecollegeinvestor.com/578/ways-to-get-student-loan-forgiveness/

This is the article by Melanie Lockert. 

https://studentloanhero.com/featured/the-complete-list-of-student-loan-forgiveness-programs/

You can also check out Melanie’s episode of Financial Grownup here!

You can consolidate your student debt, and get  more information by visiting websites, including two that I mention, SoFi.com and StudentLoanHero.com

 

 

Follow Scott!

Twitter @radiology911