Topic Guide

What Is Student loans?

Student loans is a subject covered in depth across 16 podcast episodes in our database. Below you'll find key concepts, expert insights, and the top episodes to listen to — all distilled from hours of conversation by leading experts.

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Key Concepts in Student loans

Baby steps

The overall framework for financial success promoted by Dave Ramsey, which includes stages like saving an emergency fund, paying off all debt (except the mortgage), saving for retirement, and building wealth. Various callers' situations illustrate different stages, from Logan struggling with Baby Step 2 (debt payoff) to Kyle being in Baby Step 7 (building wealth and giving), showcasing its comprehensive approach to personal finance.

Debt snowball

This method involves listing all debts from smallest to largest, regardless of interest rate. You pay the minimum on all but the smallest, attacking that one with all extra available cash. Once the smallest is paid, you roll that payment plus any extra money into the next smallest debt. This episode emphasizes its effectiveness for people like Tracy and Matthew, providing psychological wins and accelerating debt payoff.

Borrower is slave to the lender

This principle, cited by Dave Ramsey, suggests that owing money to anyone, even family, creates an uncomfortable power dynamic and impacts relationships, making true freedom elusive (18:05, 19:42).

Everydollar app

A budgeting tool promoted by Ramsey Solutions to help individuals and couples track their spending, create a budget, and manage their money with full transparency. The episode highlights its effectiveness in helping users become 'gazelle intense' and identify previously unrecognized debt.

Manual underwriting

An alternative mortgage approval process for individuals who are debt-free and thus lack a traditional credit score. Lenders manually review financial records like payment history, employment, and savings to assess risk, allowing debt-free individuals to secure mortgages at competitive rates without relying on FICO scores.

Priced out on purpose

This concept posits that Gen Z and millennials are not accidentally locked out of the housing market but have been deliberately pushed out. The episode attributes this to various corporate entities and governmental policies creating an insurmountable burden of car, student loan, and credit card debt, making homeownership unattainable.

What Experts Say About Student loans

1.Breakups can occur not just due to the amount of debt, but primarily because of differing financial behaviors and relationships with money.
2.Healing from a money-related relationship breakdown involves introspection to understand what contributed to the issue.
3.Rebuilding self-trust and confidence in one's ability to manage finances is a crucial step in moving forward.
4.Establishing new, positive financial habits is essential to overcome past money struggles and prevent future conflicts.
5.A challenging life event, such as a breakup over money, can serve as a "fork in the road" and a pivotal moment for personal growth and financial transformation.
6.It is possible to break generational cycles of poor money habits by intentionally changing one's own financial behavior.