MMFBT 005 – Ellen Roseman

Before we get to today’s podcast I just wanted to thank all of you for taking the time do download and listen to our first few episodes.  We’re proud to say that The More Money for Beer and Textbooks Podcast is now prominently featured atop the New and Noteworthy column.  An extra big thanks goes out to those of you who have taken the time to comment on the blog or (even better) on iTunes.

The iTunes ratings and comments are really important when it comes to how many people we can reach and help – and consequently, the level of guest we can continue to bring to the show.  So far we’ve heard from a Murderer’s Row (old baseball analogy) of personal finance personalities, and we will continue to bring in experts to help keep more money in your pocket.  We’d be very grateful if you could take 5 minutes or less out of your day to give us a quick rating on iTunes and tell what you like about the show, and what you’d like to see a little more of!

Today on The More Money for Beer and Textbooks Podcast we’re taking a look at paying back student debt and a few quick ways for students to keep some money in their pockets.

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Ellen Roseman – a journalist who sticks up for ordinary Canadians. She’s been advocating for consumer rights for the past 35 years.

Ellen’s personal finance and consumer columns appear in the Toronto Star’s business section on Wednesday, Saturday and Monday.

She’s written several books on personal finance for Canadians, with her latest offering titled: Fight Back: 81 Ways to Help You Save Money and Protect Yourself from Corporate Trickery.

Ellen’s been teaching courses in investing and personal finance at the University of Toronto’s continuing studies department since 2004. She also does Financial Basics workshops at Ryerson University.

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You’ll hear us talk about:

• Ellen’s thoughts on our book: More Money for Beer and Textbooks – The Financial Guide for Today’s Canadian Student.
• How to go about paying back your student debt.
• “When I went to university I lived like a king and when I graduated I lived like a student.”
• Why making minimum payments isn’t in your best interest.
• A case study on a Canadian student who is $52,000 in debt.
• Making investments versus paying down student loans.
• Student debt can include provincial student loans, federal student loans, private student lines of credit, credit card debt, and parental loans.  What are the differences between these?
• What parts of student debt should be paid down first?
• Making sure your student loan payments become a tax deduction.
• Will the bank cut you some slack when it comes to your student debt?
• Why credit card debt can be dangerous – and how to make them less so.
• What is a credit counselling service and how can they help you?
• Repayment assistance programs for your student loans.
• Why ignoring your student debt won’t make it go away – and could easily make things worse.
• Looking at the interest rate on federal student loans and how it compares to provincial student loans.
• Should we have interest-free student loans?
• What are income-contingent student loans and why might they be a good option?
• Choosing between fixed versus floating (variable) rates when it comes to your student loans.
• The long-term psychological and financial effects of student debt.
• Why do some people take out more of a student loan than they really need?
• Why bankruptcy isn’t the answer to student debt.
• Ellen’s easy tips for saving money!

Thanks again everyone.  Enjoy!