David Carlson - Student Loan Solution: 5 Steps to Take Control of your Student Loans and Financial Life

Praise for Student Loan Solution

Student Loan Solution is a must-read for aspiring Financial Grownups. The book is specific and practicalperfect for busy people who want solutions, not homework. David Carlson outlines a simple five-step process for understanding student loans and making the best plan possible. Carlson also hits on emergency funds, mental health, money mindset, and much more. You will wish you had read this boo k sooner.

Bobbi Rebell CFP, host of the Financial Grownup podcast and author of How to be a Financial Grownup, Proven Advice from High Achievers on How to Live Your Dreams and Have Financi al Freedom

Student Loan Solution is the go-to book for borrowers who need straightforward and actionable advice on how to deal with their student loan debt. Student Loan Solution provides all the information a borrower needs to know about their student loans, in a format that is jam packed with easy to follow tips and advice. The book also provides valuable strategies on how to improve your finances within the context of student loans, something other personal finance books fall short of.

Shannah Compton Game C FP, MBA,
host of Millennial Mon ey podcast

As young Americans face rising tuition costs and over $1.5 trillion in existing college debt, Student Loan Solution couldnt be hitting shelves at a more pivotal time. Throughout his book, Carlson utilizes personal experience and an objective, numbers-based approach to cover the gamut of student loans and repayment options. In a concise yet detailed format, youll learn how to successfully tackle your student loans and lay the foundation for a bright financial future in the process. I am thrilled to recommend Student Loan Solution to the diverse range of students I work with na tionwide.

Tara Falcone, CFA, CFP, Founder of ReisUP and creator of collegiate financial literacy pro gram, LIT

An exceptionally well written and informative book on everything you need to know about student loans. David Carlsons first-hand account with student loan debt makes this book relatable and inspirational. Student Loan Solution delivers where other books fail to address the impact on finances, relationships, and mental health. Davids writing exudes passion and knowledge to help anyone struggling with student loans regain control of their finances beyond debt repayment into a living a better life. Student Loan Solution is a must-read for those struggling with student loans or anyone thinking about getting stude nt loans.

Jason Vitug, author of You Only Live Once: The Roadmap to Financial Wellness and a Purpo seful Life

Student Loan Solution

Also By Davi d Carlson:

Hustle Away Debt

Student Loan Solution

5 Steps to Take Control of Your Student Loans and Financial Life

David Carlson

Mango Publishing
Coral Gables

Copeyright 2019 David Carlson.

Published by Mango Publishing Group, a division of Mango Media Inc.

Cover and Layout Design: Roberto Nez

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Student Loan Solution: 5 Steps to Take Control of Your Student Loans and Financial Life

Library of Congress Cataloging-in-Publication number: 2018957864

ISBN: (print) 978-1-63353-898-6, (ebook) 978-1-63353-899-3

BISAC category code STU031000, STUDY AIDS / Financial Aid

Printed in the United States of America

Disclaimer:

This book is for informational purposes only and may or may not apply to your specific situation. Please do your due diligence and consult with an accountant, tax professional, certified financial planner, and/or other professionals for advice on your specific situation before making decisions that impact your finances.

The author has made every effort to give accurate and timely information, but rules, laws, and processes referenced are subject to change and accuracy cannot be g uaranteed.

This book is dedicated to anyone who has ever struggled with stud ent loans.

Table of Contents

Foreword

Being in student loan debt can make you do crazy things. Things you never thought possiblelike moving back in with yo ur mother.

At twenty-three, I dismantled my tidy, IKEA-trimmed apartment, sold some of my belongings, put the rest in boxes, and moved back into my childhood bedroom, with tape from my old Jonathan Taylor Thomas posters still stuck to the walls. My mother informed me my curfew would be eleven and dating was highly di scouraged.

Mom, Im in my mid-twenties , I said.

Pfft, she replied. I dont care if your e thirty .

She may have been strict, but my mom taught me the value of money at an early age. When I was eight, I stuffed dollar bills into my piggy bank to save up for toys and books. My mom would say, every little bit counts, and she was speaking from experience. When she was in her mid-twenties, my mom worked full-time in the cheese department at Kroger and part-time at Sunnys, a convenience store down the street from our tiny, one-bedroom apartment. Somehow, on that meager income, my mom saved ten thousand dollars. She packed up her own one-bedroom apartment and moved us to a safer part of town. She wanted better for me: a better education, a better job, a better finan cial life.

Maybe thats why I hated being in student debt so much. I was the first in our family to go to college, and, at twenty-three, I was earning twenty-five thousand dollars a year. It wasnt much, but, for a family that spent most of the time struggling financially, this was kind of a big deal. There was so much I wanted to buy with that salarya trip to Europe after college or a brand-new wardrobebut I had a student loan to repay, and I couldnt ignore it. Being in debt is like driving around with a weird, clunky car noise. You can try to pretend its not there, but you know better. Ignoring it will only make it worse.

Fueled by that frustration, I was determined to get out of debt. I didnt just move back in with my mom; I took on part-time babysitting jobs. I had a side hustle selling used cowboy boots on eBay, like a less stylish Sophia Amoruso. After a year or so, I paid off my twelve-thousand-dollar stud ent loan.

This may be the part where you scoff. After all, twelve thousand dollars is nothing compared to todays average student loan borrower, who carries a debt of nearly forty thousand dollars. Back then, my student loan seemed insurmountable on my meager salary, so I cant imagine being thrust into the workforce, smack-dab in the middle of a crisis. Hundreds of news articles and headlines dissect who is to blame for this student loan crisis. (Ive written some of these articles, and the gist of it is: more students, less funding, and shady lenders and education-based businesses.) In truth, there are a number of entities to blame, which makes it easier for each of them to shirk responsibility and pass it onto the borrower, who dared try to afford to get a college education in the first place. The consequences reverberate through our economy non etheless.