Borrowed Future – Ep 8: Own Your Future: A Life Without Student Loan Debt

Podcast: Borrowed Future
Host: Ramsey Network (George Kamel, Anthony O'Neill, Dave Ramsey, Rachel Cruze, and guests)
Date: November 18, 2019

Episode Overview

This final episode of the "Borrowed Future" series delivers a practical blueprint for attending college without incurring student loan debt. The hosts and guests dismantle myths about college financing, share real-life debt-free graduate stories, and map out actionable strategies—emphasizing personal responsibility, budgeting, hard work, and scholarships. The episode is both a rallying cry against the normalization of student debt and an encouraging guide for those seeking to break free—or stay free—of the student debt trap.

Key Discussion Points & Insights

1. The Complete College Experience: Beyond the Classroom

• Success isn't just academic: Excelling in the classroom is just half the equation; discipline, work ethic, and sound financial habits are equally essential.
• Quote [00:02]: "The way to get the most out of college is not just classroom focused ... That's only half of the winning equation." — Speaker A

2. Setting Standards Before College

• Financial & moral standards matter: Enter college with clear financial rules to avoid debt and peer-pressure pitfalls.
• Quote [00:20]: "If you're a high schooler ... make sure you have some standards with your finances, that you're going to stay away from credit card debt, that you're going to work, that you're going to be on a budget ... have a set of morals and values." — Speaker B

3. Work, Save, Behave: The Formula for Debt-Free College

• Work during school: 10-20 hours per week is ideal for balancing income and studies without sacrificing grades ([02:44], Brad Barnett).
• Save creatively: Limit meal plans, consider commuting, live at home, and hunt for textbook deals.
• Behave with intentionality: Character counts—social media missteps or bad behavior can cost scholarships.

Quote [01:16]: "You're going to work ... look for ways you can save ... make sure you guys, you are behaving when you walk on the college campus." — Anthony O’Neill

4. Working During College Improves Academic Performance

• Empirical evidence: Students who work moderate hours tend to have better GPAs and time management.
• Quote [02:44]: "Statistically speaking, students who work ... 10 to 20 hour range tend to have better GPAs and do better academically than the students who don't." — Brad Barnett

5. Finding the Right Job & Maximizing Benefits

• On-campus opportunities: Roles like RA (Resident Assistant) can offset housing and food costs.
• Creative gigs: Tech-savvy students can manage school social media for tuition discounts.
• Quote [04:45]: "You could be an RA ... majority of schools will cover your food, housing, and portion of your tuition ... one kid ... handled school's social media ... saved nearly $20,000." — Anthony O’Neill

6. Real Student Stories: Sacrifice, Discipline, and No Regrets

Seth’s Story (The Power of Hard Choices)

• Worked 40-60 hours weekly on top of full-time classes; parents paid some costs with strict conditions.
• Sacrificed the social/party scene, but doesn’t regret it.
• Quote [08:39]: "I do not have a traditional sense of FOMO ... I don't miss or regret not being in a fraternity or going to the college parties or spending an exorbitant amount of money ..." — Seth

Laura’s Story (Persistence and Smart Navigation)

• First-generation college student funded her education via scholarships, multiple jobs, and strict budgeting.
• Found department-specific scholarships—easy to get due to low awareness.
• Quote [29:05]: "Make connections with teachers for letters of recommendation for scholarships ... really digging deep for scholarships ... don't give up, because it's absolutely worth it." — Laura

7. Scholarships and Grants: Constant Search & Application

• Apply every year: Even graduate students can qualify for aid.
• Don’t overlook small grants: $500-$1,000 opportunities add up.
• Dedicated search: Spend at least one hour daily researching scholarships ([09:57], Anthony O’Neill).

8. Avoiding Lifestyle Creep and Credit Card Debt

• Credit cards are dangerous: Easier to rack up debt than pay it off, often for trivial rewards.
• Budget is crucial: Tell your money where to go, or wonder where it went ([13:36], John Maxwell).

9. Cutting Down College Costs: Practical “Hacks”

• Live at home: The cheapest housing is often with parents; sacrifice now = freedom later ([18:11], Anthony O’Neill).
• Buy used textbooks: Research online, rent if possible, save up to 70% ([20:20]).
• Meal math: Avoid unlimited plans, pad meals with free or low-cost options ([21:19], Kyle).

10. The Role of Behavior, Character, and Planning

• Discipline and goals: Success requires intentional effort; graduation isn’t accidental ([22:37], Dave Ramsey).
• Manage your digital footprint: Employers do look at college-era social media ([24:24], Rachel Cruze).
• Quote [25:27]: "Make sure ... you are a young man or woman of character and ... of integrity." — Anthony O’Neill

11. Take Personal Responsibility – Don’t Wait for Systemic Change

• Debt freedom is individual: Don’t rely on government or "forgiveness"—create your debt-free path ([39:34], Mladen).
• Employers care more about character and skills than prestigious degrees.
• Quote [45:54]: "Companies are looking for character, good people and core talent that they can then shape and train." — Speaker A

12. The Hard Facts: Student Loan Debt’s Long Reach

• 44 million U.S. borrowers, $1.6 trillion in debt.
• Student debt delays marriage, home/car purchases, and starting families ([48:45], George Kamel).
• 56% of young people have postponed major life events due to debt.
• Quote [48:45]: "The average American graduate pays $393 every month in student loan payments ... In reality, it's taking them over 20 years to pay them off." — George Kamel

Notable Quotes & Memorable Moments (with Timestamps)

• "The way to get the most out of college is not just classroom focused. ... That's only half of the winning equation." — Speaker A [00:02]
• "You gotta work, save, and behave." — Anthony O’Neill [01:16]
• "Students who work ... 10 to 20 hour range tend to have better GPAs ..." — Brad Barnett [02:44]
• "If you look, you will find, when you find, and if you apply, you may get some [scholarships]." — Anthony O'Neill [09:57]
• "A budget is telling your money where to go instead of wondering where it went." — John Maxwell [13:36]
• "Live like a college student while you're in college ... be broke together ... because that's the time that you can actually be broke and enjoy it." — Rachel Cruze [17:09]
• "Don't make excuses, make progress." — Anthony O’Neill's coach [44:49]
• "Go to a university that you can afford. Apply for scholarships like it's going out of style. Don't be afraid to drive a junky car and not have any time for your friends ... I paid cash to sit in this lecture ... If you decide that you're going to do it no matter what, then you're going to actually get that done." — Laura [30:50]
• "If you remember nothing else ... say goodbye today. Debt forever, you guys. This is your life. You're not taking out any debt." — Anthony O’Neill [49:53]

Timestamps for Key Segments

• Introduction & Main Message [00:02–01:16]
• Work, Save, and Behave Philosophy [01:16–02:44]
• Academic Benefits of Working [02:44–04:45]
• Creative College Jobs & Tuition Hacks [04:45–05:42]
• Seth's Story – Sacrifices & Success [06:02–09:32]
• Scholarships & Grants Strategy [09:57–11:18]
• Danger of Credit Cards [11:27–13:36]
• Budgeting Principles [13:36–15:26]
• Cutting Costs: Live at Home, Used Books [18:11–20:20]
• Behavior + Planning = Success [22:37–25:27]
• Laura's Story – First-Gen, Debt-Free PhD [26:09–32:07]
• Closing Inspiration and Movement Call [49:53–end]

Conclusion: The Call to Action

This episode weaves together data, personal stories, and tough love, making the case that attending and finishing college debt-free is challenging but absolutely possible. "Live broke now so you don’t have to live broke later." The hosts encourage listeners to reject student loans, commit to intentional choices, and focus on affordability, work ethic, and personal responsibility.

Memorable closing message:
"If you remember nothing else ... say goodbye today. Debt forever ... You will work, you will make the hard decisions ... because we're creating a new stat—a debt free generation stat. ... It is possible for you, yes, you, to go to college debt free."
— Anthony O’Neill [49:53]

For more info & resources:
Visit www.BorrowedFuture.com or find the Borrowed Future podcast on your favorite app.