Jordan Goodman talks about student loans

Original Episode: Student Loans

 

Jordan E. Goodman is “America’s Money Answers Man” and a nationally-recognized expert on personal finance.

He is a regular guest on numerous radio and television call-in shows across the country, answering questions on personal financial topics.

He appears frequently on The View, Fox News Network, Fox Business Network, CNN, CNBC and CBS evening news.

Welcome Jordan!

[2:49] So, how did you get the nickname “America’s Money Answers Man”?
·       Money magazine for 18 years
·       People used to call in with question and Jordan had the answers

Jordan, you talk a lot about student loans on your blog, we have some questions for you.
[3:20] What strategy do you advise on paying back the loans?
·       Don’t freak out!
·       Average person graduates with $38,000 and many people much more than that
·       It’s the problem of this generation
·       Lifestyles are changed, people live at home longer
First step should be to consolidate them:
Student loan help center- consolidatecollege.com
Even if you’re behind there are ways of working the system.

[6:52] When should you start to consider refinancing your student loan?
·       Take all the federal loans, combine with private loans (typically higher interest rates)
·       New loan is between 2-3% which is faster to pay off
·       Credible.com/moneyanswers – $200 off your first payment!
·       855-870-6005

[9:23] A lot of times, people graduate college and have these massive loan repayments but don’t make a lot of money. What can they do to not feel completely overwhelmed?
·       You have to have a budget, know what you can afford
·       Cut back on other expenses
·       20% of existing student loans are delinquent or in default
·       Parents and even grandparents are paying for the debt

[12:17] What can you tell to a person who is already going to owe money, but wants to continue their education? What is a smart step they should take?
·       Have boat 2 ready before you step out of boat 1.
·       Check out online courses – Coursera / Udacity

[15:15] Do you have any free tools or resources that you recommend to people who are trying to pay back their student loan?
·       Check out The Ultimate Guide to Student Loans written by Jordan
·       Website: moneyanswers.com
·       Website: credible.com
·       Website: consolidatecollege.com
·       Settle private loans: studentloanhelptoday.com (855) 533 – 2860

[16:27] There are lots of teachers and people that went to school with good degrees but aren’t earning lots of money?
Income based repayment program – Pay minimum for 10 years have the rest forgiven
Work for government, state, local, federal, post office, school teacher etc.
501(C)3
Specific other positions, check out consolidatecollege.com

Sponsors

[17:56] Sponsors: Chain of Wealth – Ready to get out of debt? Check out our awesome debt guide to become debt free in the fastest way possible.

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Value Link Round (VLR)

[16:27] Why do you think people fail at reaching their dreams?
·       Not realistic and not defined
·       Do what you love first and the money will follow

[18:58] Do you have a book or podcast you recommend?
Podcast: The Money Answers Show
Book: The Ultimate Guide to Student Loans written

[19:38] What is your favorite quote?
Nelson Mandela – “I learned that courage is not the absence of fear but the triumph over it. The brave man is not he who does not feel afraid, but he who conquers that fear”

[20:10] Any last advice?
Loads of great resources – check out moneyanswers.com
Economy is doing great, good time to invest and go well.