Nearly Crushed to Death by Student Loans – With Scott Nailor
Our guest today is Scott Nailor. He was featured in a Rolling Stones magazine article for his incredible and near tragic story. He is an English teacher who lives in Maine and has around $100,000 in student loan debt. (What is the average student debt young physicians arrive with when first working with advisor Ryan Inman?) We talked with him about his must-hear cautionary tale.
Sometimes young people do not fully understand financial concepts such as compound interest. They think that if they borrow $5,000 now, they will only pay back $5,000 which is flat out wrong. It is vital that borrowers, especially young, inexperienced college-bound kids, understand these concepts. Failure to do so can create stress and a less than ideal outcome.
Our guest admits that he made mistakes when borrowing and now he has loans that are basically impossible to get rid of.
Scott had not planned on taking out much debt to go to college. He started with just $4,000-$5,000. After switching from business to teaching, he then accumulated over $35,000 in loans. Scott and his wife have been trying ever since then to do anything to get ahead of their loans, but missteps along the way have gotten them stuck in their current position. Scott talks openly about how the stress of this situation has deeply affected his health.
Stay tuned for the second half of our conversation in Part 2.
- Student Loan Forgiveness
- The Great College Loan Swindle, by Matt Taibbi, Rolling Stone written by Matt Taibbi.
- Student Loan Justice Facebook Group
Angie founded Avea Financial Planning and is a fee-only advisor helping retiring PNNL employees with tax-smart retirement planning, investments & fiduciary financial advice so they can be more confident and live life on their own terms.