The Student Loan Trap

Stephanie and her husband have two kids. Stephanie wants to be home with them. They have a car payment and $100,000 in student loan debt. Dave suggests quitting and selling the car.

QUESTION: Stephanie in Phoenix and her husband both work, and they have two kids. Stephanie wants to be home with them. They have one car payment and some student loan debt. The student loans are nearly $100,000. Dave suggests quitting work and selling the car.

ANSWER: I’m wearing you out because I want the people out there hearing this that are thinking about taking out student loans to never do it because this is the way it ends up sometimes.

If I’m in your shoes, I’m going to quit my job pretty quick and I’m going to sell my car. And then it’s going to take you years of doing some work from home with your MBA because you just really need to use some of that from home—some kind of eBay business or something you dream up to earn some income to go ahead and finish out that student loan that’s working with your husband. But I would do it from home.

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