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# GPS Destination #1: Graduate School Part II

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## Video: GPS Destination #1: Graduate School Part II

[Watch (HLS stream): GPS Destination #1: Graduate School Part II](https://cdn.jwplayer.com/manifests/dVPcs1zq.m3u8) (5:32)

![GPS Destination #1: Graduate School Part II](https://cdn.jwplayer.com/v2/media/dVPcs1zq/poster.jpg?width=720)

_Published 2016-08-11. Certified Financial Planner Jeff Rose comes up with a plan to helps recent college grad Cherng find solutions and get his financial future on track._


---

Jul 27, 2023 8:35 PM UTC

---

## More From This Series

[All Videos](https://time.com/video/)

[GPS Destination #4: Family Vacation Part II](/video/gqHZN0ZZ/)

### GPS Destination #4: Family Vacation Part II

[GPS Destination #3: Private School Part II](/video/tDyRPfn7/)

### GPS Destination #3: Private School Part II

[GPS Destination #1: Graduate School Part I](/video/G4C1bNOh/)

### GPS Destination #1: Graduate School Part I

---


## Transcript

[ MUSIC ] I recently got a message from Chang, a graduate who works at advertising in one of the most expensive cities in the world, New York. Chang's writing a book, and it's getting ready to sky- rocket, and he's looking for a new place to live. However, the young professional is saddled with over $ 30, 000 of student loan debt. And he's not quite sure what he can afford. Now I've got some great options for him to consider but they're gonna come with some compromises. Hopefully he's receptive to the plan so we can get him to his desired destination as fast as possible. Let's go. [ MUSIC ] Hello Ted.

Hi Jeff, thank you so much for coming. Yeah, nice to meet you. What a great place. I know, right? Wow. [ INAUDIBLE ] Wanna have a seat? Yeah, absolutely. Okay. Well, I'm here to talk about your finances, and right now, let's talk a little bit about your student loan debt. Give me an update on where you're at there. Around $ 30, 000 so far that I need to pay back. Just to kinda illustrate a point I just want to show you some numbers here and talk a little bit about student loan consolidation. Okay. So right now as you mentioned you got $ 30, 000 in student loan debt. And I'm just gonna assume a 4.

9 % rate. Kinda like that in between number. Now if you can actually consolidate and maybe refinance and get that loan number down to 2. 9 %. Okay. But just by doing that we can knock off Three months, which might not seem like a lot but it's also an extra $ 1600 interest that you will have to pay on that student debt. But we also have to deal with the fact that you have to find new place. How much are you paying right now in rent? Right now I'm paying 1100. Well I've got three options for you to look at so. Now this is a three bedroom place in Manhattan lower east side. The total rent is $ 4300, with your portion it would be $ 1450 per month.

A little more out of what we can afford right now but you can just see what's out there and what could be an option later on. All right, the second option I wanna show you. This is a one bedroom place in Williamsburg. Is 2350 a month and you would be living alone, which I know that's important to you or at least it's something you would like to have. Absolutely. But at 2350 a month, right now you're paying 1100. That's probably out of our price range right now. So let me show you the third option now. Okay. So this is a three bedroom place in Bushwick. It's 3300 a month rent but your portion would be $ 1, 000 A month.

It is a bit of a smaller room, but it would save you $ 150 a month that you're currently paying right now. So this $ 150 could go towards the student loans. Exactly, we could apply that $ 150 towards that student loan debt and then boom, we're getting that student loan debt paid off that much faster. That's a great idea. [ LAUGH ] Okay. I think you also mentioned that you wanna maybe go back to school to get your MBA? Yeah, which is a big reason why I'm saving money Right now. So, just to kind of give you a rough idea. So, typically for an MBA program it's gonna cost $ 2, 000 per credit. And typically you need 60 hours to get you your MBA.

So, you're looking at an An additional $ 120, 000 in student loan debt. Do you have any friends or colleagues that you know maybe work for different agencies that maybe offer some sort of MBA forgiveness program? Similar forgiveness program for that? Actually, yes. A few. A lot of my friends are getting MBAs and it's subsidized by the company. Awesome. Those are the much larger company. Yeah, so I mean, I think that should be more of a, could be short term or even a long term goal of getting your career, getting it in order. And then trying to maybe move to another agency that offers that. So that way when you get your MBA, it's not on your dime.

It's on their's. Okay, so you mentioned to me earlier that you are saving about a hundred, maybe two hundred dollars a month, depending on how your weekend activities These aren't right? Yeah that's correct. Okay are you familiar with the Roth IRA is? Actually I have no idea what that is. Okay yeah. So the Roth IRA is one of the best investment tools that a young professional can take an advantage of. Any money that's put into it will grow at tax free. So that upon retirement, we start pulling that money out. You're not paying any taxes with the IRS for that. Okay. Other reason why I liked in your case is that you're saving for retirement in the Roth IRA But if you decide to go get your MBA later on, you can actually pull that money out and apply that to paying for any tuition, or any fees, or any expenses that go along with getting that degree.

Okay. All right. So, a lot of information, but how do you feel right now? I feel a lot more at ease financially, thank you so much. I'm glad you are off to a great start. We've got a great plan so just keep at it. Okay good luck. Thank you so much for coming I really appreciate. Thanks for having me. I am incredibly appreciative that I got to speak with Jeff. Currently my goals feel like they're much more in reach Reach. Jeff really opened my eyes, and now I know exactly how to budget my time, and how to budget my money in order to spend it towards either grad school or whatever goals may come in the future.

So it's so important to have goals, and Shane had them. And by having those goals, we uncovered possibilities that he didn't even know about And with those possibilities of paying off that student loan debt and saving on his monthly rent he now has solutions that can get him to his grad school and eventually living on his own. [ SOUND ] [ MUSIC ]

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