“A side note on that, many parents don’t want to hear this. They want their kids to have the best education and don’t want to think about the debt on the back end. They need to be willing to think outside of the box. For example, they might want to send their kid to a junior college for 2 years and then transfer to their child’s school of choice. It doesn’t matter if you start at a junior college and end up at a more prestigious school, because the credits are the same. Parents must remember that their time horizon for retirement is shorter than their child’s. If they’re going to take away from their retirement assets, they should look at other options. The child may resist, but parents must act like parents.” says Brooks.
3. A stress-free side hustle: The reality of the world we live in today is that for many people, the numbers don’t add up, even when they’re doing all of the ‘right’ things. They are going to have to find ways to supplement their income in order to keep their finances in balance. Picking the right side hustle is important because you’re adding work and stress to your life when you’re already stressed out about student loan debt. That can affect your health. It’s important to find something you’re passionate about. I have a client who’s a teacher, for example, and she tutors on the side. It doesn’t feel so much like work since she loves teaching kids.
Brooks says the most important thing to remember is that student loan debt is like any other challenge in life. If we stay focused and stay on course, we overcome the struggle.