Yet Another Student Loan

Dave has a daughter going through college, and he's worried about her debt situation.

QUESTION: Dave’s daughter has a year of college left. They have done a couple of student loans and might need more money for a third. It costs $2,000 a year to go to school, including living expenses. Should they go for another student loan? Dave has a better idea … not an easier one, but a better one.

ANSWER: If it’s a state school, it’s only about $7,000 a year. Put her in a dorm; that will save a bunch. I want her to work 80 hours a week this summer. If she does that, she can just about pay for a year of college. I don’t give a crap about her lifestyle, I just want her to finish school. Getting her back in the dorm and cutting $500 a month off of the bills can mean the difference between getting a student loan and if she finishes. Kick this thing into overdrive.