The College Debt Crisis with Phillip Ramsey and Bryan Dewhurst

Episode 43:

These days, it’s not uncommon for a person to graduate from college with tens of thousands in loans – sometimes reaching debt loads of $100,000 or more. We all know this is insane, but what can we do about it?

In this episode, we do a deep dive into the dark pool of college loan debt. There has got to be a better way. We are disgusted with what’s happening and we’re going to talk about it.

One aspect of our work that we love is speaking to high school students. We speak at local high schools about twice a year. One thing we run into a lot is a total lack of planning when it comes to paying for a 4-year degree. So you want to go to Stanford. Great! After getting accepted (a huge hurdle in itself) how are you going to pay for that premier education provided at a premier price?

That’s what we want to dig into here. Understanding your options about where you might attend school and how you can pay for it without digging a giant hole of debt for the student or the parents.

What You Will Learn in this Episode:

  • Uncommon solutions to higher education without crushing debt
  • How predatory lending targets college students and their parents
  • The crucial role mentorship can play in discovering the right path
  • The 4-legged chair of college funding
  • How to treat applying for scholarships and grants like a job
  • Why putting money away is just one of 4 paths to college funding
  • How real estate can help fund your child’s education
  • Why you shouldn’t sacrifice your financial security for your child’s education
“Right now the average amount of debt people have as they graduate is over $30,000.” – Bryan Dewhurst Click To Tweet “There are ways to find quirky scholarships and grants that might be just the right fit for where you want to go to school and what you want to study.” – Phillip Ramsey Click To Tweet “Between parents’ wealth tied up in 401(k) and kids’ student loans, we have two generations saddled with illiquidity.” – Bryan Dewhurst Click To Tweet “You can be strategic about a summer job, too. If you are interested in web design, go scrub floors at a web dev company for the summer. And make sure the CEO knows what you want to do when you graduate.” – Phillip Ramsey Click To Tweet “If you start applying for scholarships and grants as a freshman in high school, you will get really good at it, and are more likely to get the dollars when you need them.” – Bryan Dewhurst Click To Tweet “If you are not sure what you want to do, try internships or just working somewhere you think might be of interest as a career. There’s nothing wrong with trying things on for size, even before you head off to college.” – Phillip Ramsey Click To Tweet “Should my kid have a summer job? Consider this, if you focus that work ethic into applying for scholarships and grants, that could really pay off way more than a summer job.” – Bryan Dewhurst Click To Tweet “Don’t sacrifice your future for your kids’ future. Don’t run out of your own funds to fund your kids’ education.” – Phillip Ramsey Click To Tweet “When you invest in student housing while your child is attending college, what are normally considered expenses can become assets.” – Bryan Dewhurst Click To Tweet “Kids are expensive, but if we provide them with a path and the right kinds of support, no one will have to go into crushing debt so they can get a college degree.” – Phillip Ramsey Click To Tweet