In the recent episode of Bartelle’s Money Talk, Theresa and Johnny Bartelle had a lively discussion with Elizabeth Rosner, also known as Dr. Rosner, on the critical topic of graduating from college without accumulating student loan debt. Elizabeth shared some powerful insights on how students and parents can avoid the burden of student loans and set themselves up for financial success. Here are bonus tips from the episode that will help you secure your degree without debt!
1. Use the GRIT Blueprint
Elizabeth uses the GRIT Blueprint to guide students to a debt-free degree:
G: Grants & Scholarships
There’s $46 billion in grants and scholarships available each year. Many students overlook this massive resource—start by searching for these opportunities early and often.R: Return on Investment (ROI)
Before choosing a degree, make sure to research the potential earnings versus the cost of the degree. Don’t just follow passion—calculate whether your future salary will make paying off any potential debt realistic.I: Interconnection
Building relationships with mentors, professors, and professionals can open doors for scholarships, internships, and other financial resources. Leverage your network to ease your educational path.T: The Proven Triangle Approach
Think of a three-legged stool with these financial sources:SM: Your personal savings or student money.
FM: Friends and family support.
OPM: Other people’s money, which can come from scholarships, grants, and other funding sources.
2. Choose Your Heart
One of Elizabeth's key messages is that students need to “choose their heart.” Both taking out student loans and working hard to graduate debt-free are challenging paths, but the latter leads to financial freedom. Choosing a debt-free path requires effort and planning but saves you from years of financial struggle.
3. Parents: Be Careful About Co-Signing Loans
Parents often co-sign student loans out of love, but this can lead to serious financial consequences if the child can’t repay the debt. Elizabeth encourages parents to explore all debt-free options before considering loans. Your love can be better shown by guiding your child toward financial literacy and scholarships rather than shouldering a large financial burden.
4. Start Debt-Free Degree Clubs
Elizabeth has recently launched Debt-Free Degree Clubs, where families and students come together to learn about securing debt-free degrees. These clubs offer webinars, laser coaching, and ongoing support from experts like Dr. Rosner. This community approach can provide accountability, resources, and strategies for avoiding student loan debt.
5. Don’t Overestimate the Value of a Four-Year Degree
Not everyone needs a four-year degree to succeed. Elizabeth emphasized that many high-paying jobs can be secured through technical education and certifications. Depending on your career goals, trade schools, community colleges, and other educational paths may offer a faster and more affordable route to success.
6. Focus on Scholarships Over Loans
Too many students and parents overlook scholarships and take on student loans too quickly. If you spend the time researching scholarships, grants, and other financial aid opportunities, you can significantly reduce or even eliminate the need for loans.
7. Understand the Consequences of Debt
Elizabeth shared a heart-wrenching story about a woman with over $200,000 in student loan debt, highlighting how this financial burden can cripple a person's future. Graduating with debt delays financial freedom and often forces students to sacrifice their dreams for decades. Avoid loans at all costs!
8. Education Is an Investment, Not Just a Dream
Make sure that your degree will pay off by considering the ROI. Ask yourself: Will the career path you’re studying for allow you to pay off any loans in a reasonable time? Many students make the mistake of choosing majors that leave them in debt without the earning power to escape it.
By following these bonus tips and the full debt-free degree plan laid out by Elizabeth Rosner, you can avoid the common pitfalls of student loans and build personal and generational wealth immediately after graduation. To learn more, check out Dr. Roz's book Debt-Free Degree and explore her resources for students and parents on her website drroz.love.
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Warm regards,
Johnny and Theresa Bartelle
Founders of Bartelle’s Financial Coaching
How to Get Your Degree Debt-Free | Bartelle's Money Talk