In this second episode of our student loan series, we invite you to change your perspective on the value of a college education, especially considering out of state tuition costs, the true cost of loan repayment, and entry level salaries.

In this episode:

• How much in earnings you would have to make to repay $50K/year college costs; UCLA as an example [1:00]

• What is the value of education when examining lifetime earnings? [8:00]

• Why parents need to Just Say No to out of state schools [14:00]

• The $220K+ job offer instead [16:00]

• One personal example of how to hack college costs [17:00]

• Why pay for a Maserati when a Honda Accord will get you to your goal? [21:00]

• What universities will tell you to get you to sign up today [28:00]

• Using a multiple of three to calculate the true cost of loan repayment [30:00]

• Assumptions about the differences between a community college and 4-year institution [32:00]

• Actual value of community college experience [38:30]

• The questions you should ask yourself before signing up [47:00]

• How many years of your life are you willing to give up, working for someone else to pay off your student loan debt? [53:00]

• Why this should be a family decision with a hard look at the long-term financial implications for all involved [57:00]

resources:

National Center for Education Statistics. Residence and migration of all first-time/degree seeking undergrads in degree-granting postsecondary institutions

UCLA fees, tuition and estimated student budget