Young and in Debt: Week 2


Law School	Frugality	Personal Finance	Productivity	Career

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This week’s USA Today Young and In Debt profile is about Heather Schopp. She’s 29 years old and has over $165,000 in student loans. She’s working two jobs to pay them off, but she’s still having a hard time making ends meet.

Part of her problem is she’s living in Long Beach, CA where rent for her “not even a full one bedroom” apartment is $800. She needs to get the heck out of California and move to someplace where the cost of living is way lower. She works as a chiropractor, so I’m sure she can find that kind of work somewhere else. If she’s not going to leave California, at least should get a roommate.

Phillip Cook gives planer’s advice for individuals in similar circumstances as Miss Schopp.

Set a budget
Cut interest rate expenses (Schopp has $9,000 in credit card debt. Her interest rate is 16%. When it comes to credit card debt, Frugal Law Student has little sympathy.)
Reduce living expenses
Increase Income

Nothing new or exciting. Just common sense stuff. Let’s hope Miss Schopp puts this advice to practice.

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Brett McKay | 27 Nov 06 | Debt, Student Loans

3 Comments

TrixieBelden on 28.11.2006 at 05:53 (Reply)

Hey, I’m new to your blog. I’m a second year MBA student so I know a bit about student loan debt. I was wondering, what loan consolidators did you compare when you were looking at consolidating with Nelnet?
TrixieBelden on 28.11.2006 at 05:53 (Reply)

Hey, I’m new to your blog. I’m a second year MBA student so I know a bit about student loan debt. I was wondering, what loan consolidators did you compare when you were looking at consolidating with Nelnet?
The Frugal Law Student on 28.11.2006 at 20:04 (Reply)

I looked at onestudentloan as well as istudentloan. I went with nelnet because I’ve heard more about them and my wife had consolidated her loans with them already.

About The Frugal Law Student

The Frugal Law Student is for anyone trying to mitigate their crippling debt. Me? I'm trying to mitigate the tens of thousands of dollars I've taken on in student loans. Join me on my quest to avoid taking on more debt, paying off some of the debt I have, and trying to survive law school while doing it. Read more about The Frugal Law Student, check out some of the best articles, or become a subscriber via RSS feed or via email

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