NerdWallet (NRDS) Personal Finance Expert Kimberly Palmer and Bipartisan Policy Center Economic Policy Project Director Rachel Snyderman revealed their top tips for getting ahead of student loan payments.
Palmer stated that "people are feeling very financially stressed" even before the payments begin. She added, "A lot of people don't even know how much they owe, exactly who their lender is. And so for some people it starts with answering those basic questions."
Snyderman explained, "The cost of attaining a higher education degree has become unaffordable and unattainable, and so we really do need to look at common sense solutions."
Zibel noted that "if it sounds too good to be true, it usually is too good to be true."
Shaw broke down the Navient lawsuit in detail, which resulted in a $198 million settlement for borrowers who filed for bankruptcy. Shaw said, "Everybody thought that student loans of all stripes persist through bankruptcy, but in fact certain private student loans do not persist through bankruptcy."
Linda Nicholas stated, "What's the long-term return on investment? And that's what folks are asking. And when you're comparing colleges I think this is where the conversation begins."
Liersch added, "The real question to ask isn't whether it's good or bad debt, it's whether I can pay it back and whether it will be sustainable."
Student Debt Crisis Center President Natalia Abrams and 'Loan Wolves' Director Blake Zeff analyzed the growing concern over the student debt crisis in the U.S.
Abrams thinks that higher education is "absolutely worth it," but understands the opposing point of view. Abrams said, "For loan borrowers they may not feel that the loan itself is worth it, but the education is."
Zeff agreed with Abrams regarding the importance of education but was concerned about the increasing costs. He explained, "The education is really important, but people are going to have to start asking is it even worth taking out these loans, because it's just so expensive."
Video highlights:
00:00:05 - U.S. Under Secretary of Education James Kvaal
00:00:21 - NASFAA President and CEO Justin Draeger
00:00:31 - Democracy Forward President and CEO Skye Perryman
00:00:46 - NerdWallet Personal Finance Expert Kimberly Palmer
00:00:56 - Bipartisan Policy Center Economic Policy Project Director Rachel Snyderman
00:01:09 - American Association of University Women CEO Gloria Blackwell
00:01:24 - American Federation of Teachers President Randi Weingarten
00:01:38 - Borrower Shanna Hayes
00:01:53 - Student Defense Vice President and Chief Counsel Dan Zibel
00:02:04 - Boies Schiller Flexner Partner Adam Shaw
00:02:22 - Handshake Chief Education Strategy Officer Christine Cruzvergara
00:02:41 - NYU's School of Professional Studies Student Financial Services Director Linda Nicholas
00:02:51 - Wells Fargo Head of Advice & Planning Michael Liersch
00:03:01 - Princeton Review Editor-in-Chief Robert Franek
00:03:10 - Student Debt Crisis Center President Natalia Abrams
00:03:15 - 'Loan Wolves' Director Blake Zeff
