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How to Pay for College Without Going Broke

Laura interviews Dan Roccato from Credible.com about smart ways families and students can prepare for college expenses, borrow the right amount, and manage student loans wisely after graduation.

By
Laura Adams, MBA
2-minute read
Episode #711
The Quick And Dirty

Instead of letting student loans hurt your financial life, take advantage of legit ways to reduce their cost. Understanding your repayment and refinancing options is the best way to take control of your education debt and save money.

If you’re like many people, the idea of paying for a child’s or your own education is daunting. The rising cost of education seems out of control and taking on a mountain of student loans to pay for it can be frightening.

According to the Federal Reserve, in the second quarter of 2021, Americans owed $1.73 trillion in student loans. That’s a 3% increase from the same period in 2020. The burden of repaying student debt can be overwhelming and even prevent you from reaching essential financial goals, such as buying a home or investing for retirement.

So, how do you create a plan to pay for college without going broke?

To discuss this critical topic, I interviewed Dan Roccato, who’s a clinical professor of finance at the University of San Diego School of Business. Dan is also an author, entrepreneur, and Money Coach for Credible.com. He’s a noted expert in personal finance, economics, and capital markets.

We had a great conversation about what parents and students need to know about planning for education expenses and managing student debt. Here are a few of the topics we cover on this Money Girl podcast interview:

  • Why the cost of college has skyrocketed in recent decades above the inflation rate.
  • Common mistakes families make when it comes to prioritizing saving for college or retirement.
  • How much you should borrow in federal and private student loans for higher education based on your future expected income.
  • When to begin the federal financial aid application process for college admission.
  • How Credible helps you compare student loan refinancing rates to restructure your debt and save money.
  • What to do if you can’t repay student loans when the emergency pandemic relief ends in January 2022.

Listen to the interview using the embedded audio player or on Apple Podcasts, Spotify, or your favorite podcast app.

Should You Use a 529 Plan to Pay for College?

What questions do you have about getting and repaying student loans? Leave a voicemail for Laura by calling 302-364-0308 or email money@quickanddirtytips.com.

About the Author

Laura Adams, MBA

Laura Adams received an MBA from the University of Florida. She's an award-winning personal finance author, speaker, and consumer advocate who is a frequent, trusted source for the national media. Money-Smart Solopreneur: A Personal Finance System for Freelancers, Entrepreneurs, and Side-Hustlers is her newest title. Laura's previous book, Debt-Free Blueprint: How to Get Out of Debt and Build a Financial Life You Love, was an Amazon #1 New Release. Do you have a money question? Call the Money Girl listener line at 302-364-0308. Your question could be featured on the show.