The Crushing Weight of Student Debt: A Math Problem for the Ages Dave Ramsey recently tackled a common conundrum facing law school graduates on his podcast.
He discussed whether to refinance $104,000 in student loans from 8% to 6%. At first glance, this seems like a simple math problem – reducing one's interest rate can lead to significant savings.
However, as Ramsey pointed out, "You don't have a $1,000 problem, you have a $104,000 problem. " This statement highlights the very heart of our nation's student debt crisis.