Phil's Financial Tip of the Day:
High School students about to go into College student loan debt please listen to this
After listening to 5 callers in one hour with student loan debt of over $100,000 each on the Dave Ramsey show today, I was in stunned disbelief how these people did not do a cost analysis of the value of their degrees to the cost of the degree.
One lady paid over $100,000 in student loan debt to get a masters degree in Theology at Columbia to land a $45,000 job at a Presbyterian Church as a minister. Another accrued over $100,000 in student loan debt to get a degree in psychology and is now a stay at home mom.
In my opinion this will be the next bubble that will burst in this economy like real estate did a few years ago as student loan debt is not forgivable. You can't walk out from under the debt of student loans like you could walk away from an underwater house mortgage.
All of you 16, 17, and 18 year old high school students about to go to college please do a cost analysis of the value of your degree to the value of your student loan debt. Remember to also consider Community colleges to get the electives out of the way the first two years at a more affordable price of your total education.
All of you 16, 17, and 18 year old students please listen to the archive broadcast of the Dave Ramsey show from today Tuesday March 13th, 2012 to hear these calls for yourself to avoid their mistakes. You also want to hear Dave's classic rant on this total fiscal insanity!
http://www.daveramsey.com/radio/home/#archives-tab
Quote of the Day from Dave Ramsey.com:
Proverbs 10:8 — The wise in heart accept commands, but a chattering fool comes to ruin.
Please listen to the Dave Ramsey show live on WOR 710 from 2-4 PM EST. You can also listen to the 3rd hour 4-5 PM EST on Dave Ramsey.com and at 8PM on WOR 710
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