Instead of spending "found" money, such as an annual bonus or tax refund, Crawford recommended applying it towards payment of a student loan. He also recommended working part-time driving an Uber route, or even switching off to eating rice and beans during the week to further economize for a better future.
“It’s the difference between paying off your student loan in your thirties, instead of your forties,” he said.
That same financial planning could be applied to saving for retirement, too, Crawford asserted.
For those paying off substantial student loan debts, such as Ford, there is a lot at stake. Crawford, who cited a May 1, 2018 report posted at https://studentloanhero.com/student-loan-debt-statistics/, said that the Class of 2017 graduated with an average student loan debt of $39,400. However, the site reported that in Q2 2017, 4.3 million borrowers defaulted on $74.9 billion in direct student loans, impacting their personal credit and household finances for years to follow.
To prevent that from happening, Crawford recommended refinancing student loans through CommonBond.
CommonBond, launched in 2013, is a New York-based marketplace lender that refinances graduate and undergraduate student loans for university graduates. CommonBond also provides in-school loans to MBA students at 20 programs throughout the United States.
Fifth Third Bank, which partners with CommonBond, is also an investor in it.
“When I refinanced my student loan through a lender, I was able to reduce it by three to four percent, enabling me to pay it off in three-to-four years, instead of 20,” said Crawford, who has a bachelor's degree in international marketing from Clemson University and an MBA in international business and applied economics from DePaul University.
If all else fails, Crawford recommended applying for the federal government’s student loan forgiveness program.
According to the federal student loan website, in certain situations, a student loan may be forgiven, canceled or discharged.