Student loan debt may be on the rise, but one financial expert says being aggressive will make it less overwhelming.
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“You can’t bankrupt student loan debt … it’s not going anywhere,” Chris Hogan, author of “Retired Inspired”, told Maria Bartiromo on FOX Business’ “Mornings with Maria” on Wednesday. “The best way to deal with it is to attack it.”
While student loan debt reached $1.41 trillion in March, according to the Federal Reserve Bank of New York, Hogan said the best approach parents can take in an effort to lower that amount is to educate their kids as soon as possible on how to budget their money.
“I know it can be a big dollar amount,” he said, “but if you sit down and make a budget and start to look at this and start to pay more than the minimum payments, I promise you you’re going to make progress.”
He added that he taught his own children how to budget for different purposes.
"We taught them to spend, save and give,” Hogan said. “We had three little envelopes and they would put money in there and really understand budgeting at a young age.”
The financial expert also noted that college may not be the right place for every person to develop their skills.
“Fortunately, you don’t have to go to college to make a good living, but if you don’t understand how to make money, you’re always going to be living paycheck to paycheck,” he said.