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
Government website links:
Here is the article from Robert Farrington’s The College Investor:
This is the article by Melanie Lockert.
You can consolidate your student debt, and get more information by visiting websites, including two that I mention, SoFi.com and StudentLoanHero.com