“You're thinking to yourself, 'How is it possible that I am going to pay back $150,000 in student loans? I'm never going to pay that back. What am I going to do?' Listen to me and listen to me good, class of 2013. I want you to think back to all of these things you said to yourself, 'I can't do that. I can't palpate a cow. And what's worse, palpating a cow or taking semen from a horse?' But you did it, didn't you?” ThinkingWantSaidI CanWisdomWorkPayClassStudentsHorseCowsI Want YouLoanListen To MeStudent Loan Author:Suze Orman
“Absolutely pay off your credit card debt, because a child can always get a loan to go to school, possibly a scholarship, a grant.” ChildrenSchoolPayCreditDebtCardsGrantsLoanScholarshipCredit CardCredit Card Debt Author:Suze Orman
“If you have credit card debt and credit card companies continue to close down the cards, what are you going to do? What are you going to do if they raise your interest rates to 32 percent? That's five times higher than what your kid is going to pay in interest on a student loan. Get rid of your credit card debt.” IfsKidsInterestPayCompanyFiveStudentsHigherPercentRaisesRateCreditDebtCardsLoanCredit CardInterest RateStudent LoanCredit Card Debt Author:Suze Orman
“Remember that in most cases, student loan debt is not dischargeable in bankruptcy. So you continue to pay it off anyway. Those who have very low interest rates (2-2.5 percent) on student loans and know everything is secure, great.” KnowsRememberInterestPayCasesStudentsLowsPercentRateDebtSecureLoanBankruptcyInterest RateStudent Loan Author:Suze Orman
“But credit card debt is unsecured debt, which means if you get in trouble and cannot pay off your credit card, you can discharge it in bankruptcy. What are they going do to you? If you're in a financial position to just methodically pay off both credit card and student loans, pay them all.” IfsMeanPayTroublePositionStudentsFinancialCreditDebtCardsLoanCredit CardBankruptcyDischargeStudent LoanCredit Card Debt Author:Suze Orman
“Absolutely invest in retirement. You can always get a loan to get kids through school. I do not know of any loans to get you through retirement. The markets are seriously low from where they were (even though they've gone up 30 percent recently). Now is the time to be dollar cost averaging; the more money you put in, the more shares you buy. Save for your retirement, people.” PeopleKnowsKidsSchoolGoneShareCostLowsPercentDollarsRetirementMore MoneyLoan Author:Suze Orman
“If you have a 50 percent match and you get in trouble financially, you can either withdraw money as a loan, or withdraw the 50 percent match. If you take it out, you have to pay taxes on it, but you still come out ahead.” IfsStillsPayTroubleTaxesPercentLoan Author:Suze Orman
“Even if you were to fall into extreme financial hardship and file for bankruptcy, you need to understand that your student loan debt will not be discharged in bankruptcy. It is the Velcro of all debts.” IfsNeedsFallStudentsFinancialExtremesDebtHardshipLoanFilesBankruptcyStudent LoanVelcroFinancial Hardship Author:Suze Orman
“Learn how to prioritize all your debt. And did you know student loan debt is the most dangerous debt any of us can have?” KnowsDangerousStudentsDebtLoanDid You KnowPrioritizeStudent Loan Author:Suze Orman
“Never cosign a loan. Once you have cosigned, you cannot get out of it - even on your deathbed.” LoanDeathbed Author:Suze Orman
“Private student loans should be avoided at all costs.” ShouldStudentsCostLoanAvoidedStudent Loan Author:Suze Orman
“The most important loan to pay is your student loan. It's more important than your mortgage, car and credit card payments. You cannot discharge student loan debt in the majority of cases.” ImportantPayCasesCarStudentsMajorityCreditDebtCardsLoanPaymentMortgageCredit CardDischargeStudent Loan Author:Suze Orman
