[...] a hundred thousand dollars in debt could provide a great wake up call, but you would be better off limiting the amount of debt you graduate with. By using savings vehicles, financial aid, and ways to reduce costs, you can do just [...]

Evelyn Guzman

I see a lot of students with substantial student loans nonetheless spending money foolishly. They figure, “I’m already in debt, so I might as well take advantage of it and live it up!”

The problem (besides the fact that debt will always eventually bite you in the butt) is that they’re spending money on “conspicuous consumption” items, keeping up with their peers, going out for overpriced drinks, etc… None of which really provides you any lasting happiness.

I’d add being aware of this type of lifestyle inflation to your great list of advice for college students and recent grads.

Tuition reimbursement, coaching fees, squeezing money out of the budget, whatever I have to do to pay this $10k a year bill without debt I’m doing it. (Helps that I’m personally debt free other than my house).

There are a couple others who are doing this without debt there but by in large, my “personal finance” professional peers in classes aren’t choosing to go the zero debt road.

Thus far I need to raise another $4k by January to stay in the program. Then I get two classes on the company dime.

Its a long hard road road. Its just worth it. But I’m in my 4th class that has been paid for with cash. I work full time, I coach 25+ hours a week and do homework 15 hours a week. I don’t get to write blog posts as often as I’d like. But at the end of the day the zero debt plan is worth it.