This advisor is doling out some pretty poor advice. The guy just needs to dig
in, cut his spending to zero, and pay that debt off, pronto. As a single man
living with his parents, he can live on almost nothing, and devote the rest to
debt repayment. He can be out of that hole in three years, not six. Not one
penny should go into savings as long as he is paying interest on debt. If he
needs emergency money, it can be re-borrowed. And at the end of it all, he
should save up for a final month and blow it on the best vacation he and his
parents have ever had. They will have all earned it.
He should have gone into programming to begin with without messing around with
other degrees. In fact, he could have probably started just fine without a
degree and found an employer that offers tuition reimbursement and gotten one.
We would do well if we got out of the mentality of borrow now and not worry
about paying it off. Rather live within your means and pay as you go. A student
would do well to learn half the time on the job and the other half in class -
this way he will get through school without debt and with some practical
I tend to agree with PGVD. My take is that he may be bright but not wise. He
is the poster-child of his generation. He has acted in a cavalier manner with
regard to debt and gave no thought to postponing debt-financed education
presuming that the debt would "somehow" take care of itself. Well, it didn't.I hope he survives this education in life and
finance. He needed adult supervision in his education process. His
generation needs some adult supervision or input but they are too busy cocooned
in their own individualized world to listen.His generation is also
the canary in the mine. When they postpone marriage, home buying, car buying
because they have already spent the money on school, the economy will suffer and
jobs will be lost. They are in debt to the government, and will be beholden to
the federal government who holds the note on their student loan(s). Nice.
He might be smart, but obviously not when it comes to money. He spent way to
much on his eduction. You don't need 215,000 grand in student loans to be
successful. If he was really that smart I am sure he could have gotten full ride
scholarships at state colleges or universities, graduated with no debt, and been
light years ahead of where he is now. At least he has shown some
restraint in living frugally.
I am having a hard time having empathy for all of these young adults who
don't start thinking until after they graduatre in a mountain of debt.