Kerry Washington’s Genius Advice to Students Struggling with Loans
One would be forgiven for the assumption that celebrities don’t have to deal with the stress that student debt brings. The truth of the matter is, however, that student loans are not a recluse of the everyday American. The country’s luminaries, even with their lush and cushy lives, are not immune to the mental agitation and distress we associate with study loans. Admittedly, they may have more financial muscle than the average citizen. Nevertheless, the strategies they employ to slay this monster apply to all.
Focus on College Education
Kerry Washington, known best for her role as political fixer Olivia Pope in NBC’s thriller Scandal, credits this very role for paying off her student loans. Admitting that she could never have afforded to pay for college without the help of these loans, Washington appreciates them for her education, recognizing that without them she would probably not have been as successful. To that end, she urges students to make the most of the education the loans are paying for, to hone the skills necessary to capitalize on opportunities later in life, for more success. This way, they will have an income comfortable enough to pay off their debt.
Weigh Financial Goals
Miles Teller, known for Whiplash, Fantastic 4 and many other films, admits that he had to borrow close to $100,000 to pay for his acting classes in New York University.
He also admits to not having paid the debt off yet, though he quite comfortably can if he wanted to. Going by advice from his manager, Teller insists that paying off the debt isn’t one of his financial priorities and that the loan’s low-interest rate doesn’t do it any favors in his context.
The take-away from this would be that it is necessary for one to weigh between paying off student loans and other pressing financial matters. If one’s money is better used up in an emergency savings account or in saving for retirement, it is best for the person to ensure that they do precisely that. They should balance their financial goals.
Even the President Has Struggled With It
President Obama and his wife Michelle have also grappled with debt to the point that at the time of their marriage, they got poor together, he said in 2012. The mountain of debt they had, saw them pay off more to repay their loans than they paid for mortgage in their early years of marriage. Four years before he was elected President, the Obamas were finally free of student debt. The former President’s piece of advice is that one should pay as much as they can when they can.
Glee’s Jane Lynch is so passionate about the whole student debt issue that she partnered with the National College Finance Center to push a campaign dubbed “Don’t Major in Debt.” She urges students and their families to make smart and informed decisions on matters concerning student loans.
Gabriel Union, on the other hand, thinks that living below your means is the best bet towards repaying one’s student loans. Kate Walsh of Grey’s Anatomy fame advises that one should one be lucky enough for a windfall, they should use the earnings to pay off the debt.
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