Financial Fitness with Alan Akina - Student Loans

8 Sept 2011 · 2 min

Watch on YouTube

1:45

In this short financial‑fitness segment, Alan Akina warns that student loans are a major source of debt for graduating college students, noting that two‑thirds of students graduate with over $24,000 in combined student‑loan and credit‑card debt and that student debt now exceeds credit‑card debt nationwide. He explains that student loans cannot be discharged in bankruptcy and could become a future financial bubble. Akina then offers four concrete strategies to keep debt low: (1) select a college that aligns with career goals and verify facts through direct contact; (2) pursue all available financial aid, scholarships, and campus employment before taking loans, emphasizing diligent research and paperwork; (3) borrow only the amount needed for essential expenses; and (4) consider completing general‑education requirements at a community college, ensuring credits will transfer. The segment ends with a reminder to tune in next Thursday.

Got student loans? Well, that means you'll likely be graduating in debt.
Alan Akina tackles this topic in today's financial fitness tip.
Good morning, gang. Did you know that 2/3 of our college students graduate with over $24,000 in student loans and credit card debt? In fact, student debt has just surpassed credit card debt in America. Today's tips are for those of you with college students Parents with kids in college or those attending college right now. Now student debt levels are growing at an alarming pace and some say that it could be the next financial bubble to burst. I also want you to know that student loans will stay with you until it's paid off. Not even bankruptcy can save you in this case. So here's a few suggestions to help you minimize your student debt. Number 1, choose the right college that will help you to achieve your career goals. Don't trust what you think you know about colleges. Nothing replaces phone calls and emails for the facts. Number 2, apply for financial aid or scholarships and campus work before student loans. There are many opportunities out there for financial help. Take the time to research and ask questions, and then don't let the paperwork hold you back. It could be worth thousands of dollars to you. Number 3, Borrow only what you need for school and don't add anything in there that's frivolous. And finally, number 4, consider taking your general education classes at your local community college. That could be a lot less expensive. But before you do that, be sure to check that those credits are transferable to your next college. For Wake Up Today, I'm Alan Akina. See you on Thursday.