I Asked College Students How Much Debt They Have (Arizona State University)

Summary

Podcast Summary: "I Asked College Students How Much Debt They Have (Arizona State University)"

Podcast: George Kamel (Ramsey Network)
Episode Date: May 18, 2026
Host: George Kamel
Location: Arizona State University

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Overview

In this episode, George Kamel takes his microphone to the campus of Arizona State University—America’s largest public university—to ask students a pointed question: How much debt do you have? Through candid, sometimes surprising street-level interviews, Kamel explores the complex, varied, and often emotional financial realities facing today’s college students. With humor, snark, and practical wisdom, he brings fresh insight into student attitudes toward debt, spending, and money management—illuminating both the pitfalls and possibilities for young Americans striving for financial independence.

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Key Discussion Points & Insights

1. Range and Nature of Student Debt

• Debt amounts range widely, from students with $0 in debt (due to scholarships, GI Bill, or family support) to those with $20,000+ in a mix of personal, vehicle, and family loans.
• Types of debt:
  • Auto loans (often justified as business expenses)
  • Credit card debt (often for “building credit” or collecting points)
  • Student loans (fewer taking on high balances than expected at a major public university)

2. Student Perspective on Debt—Often Nonchalant

• Many students downplay the stress of carrying debt, rationalizing loans as “necessary” or “manageable,” even when facing high-interest payments.
• Quote:

  “Does that stress you out at all?”
  “No. I mean, I’m making the monthly payment on my car...”
  —Student Entrepreneur [02:44]

3. Financial Choices Behind the Debt

• Justifying business expenses:
  • One student took an $8,000 loan from parents and a $12,000 auto loan to start a mobile detailing business.
  • Admits, “I bought a car for 16, so that’s where they helped me out with the other eight grand.” [01:28]
• Opportunity cost lesson:
  • George calculates the cost of auto loan interest, showing what could happen if that $3,400 in interest were invested instead.

  • “3400 bucks... invested from your age to retirement... 182 grand.” [04:02]

4. Attitudes Toward Credit Cards

• Many students carry credit card balances (often $1,000–$2,000), viewing them as a necessary tool for “building credit” or leveraging reward points.
• Despite knowing the steep interest, few prioritize aggressive payoff.
• Quote:

  “Don’t you think it’s been negated by the 27% APR you’re paying on the $2,000?”
  “Most likely, yes. That is true.”
  —Military Student [15:49]

5. Strategies for Avoiding or Minimizing Debt

• Family financial planning:
  • Students cite parental savings (“secret,” 529 plans, grandparent funds) as critical to avoiding loans.
• Scholarships and alternative funding:
  • Full academic scholarships (often through community college feeder programs or merit) are crucial for some.
• GI Bill benefits recognized as a path to a debt-free degree by veteran students.

6. Career Expectations Post-Graduation

• Optimistic salary projections:
  • Engineering and financial planning majors hope for starting salaries between $60–100k, though some recognize the competitive realities.
• Self-employment and entrepreneurship:
  • Some invest loan proceeds into starting businesses, aiming for higher long-term returns.

7. Insurance & Financial Planning Industry Insights

• Conversation dives into the merits of different types of life insurance.
• Quote:

  “You know why the insurance people would rather sell whole life—they get the premiums are rich... Bigger commissions, baby.”
  —George Kamel [10:21]

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Notable Quotes & Memorable Moments

• On rationalizing debt as a business tool:

  “I know that I wouldn’t have been able to start my business with the 16 grand buying a car and the equipment. So I know that that’s a little bit of the [cost].”
  —Student Entrepreneur [03:17]

• On confronting high-interest credit cards:

  “That feels steep.”
  —George Kamel [07:43]

• On the practicality of saving:

  “I don’t believe in saving money because of inflation and things like that.”
  —Military Student [16:23]

• On family wealth strategies:

  “My grandpa got made a 529 plan for me when I was born... So I don’t pay for anything relating to school.”
  —Financial Planning Student [18:06]

• Cultural moments & humor:
  • Discussion about Middle Eastern home-cooked food and speaking Arabic [12:56–13:20].

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Timestamps for Key Segments

• 00:43–05:08: Entrepreneurial student’s story: using debt to start a business, car loan math, and the cost of interest.
• 05:36–10:12: Financial planning major on scholarships, insurance (term vs. whole life), and career plans.
• 11:06–14:12: Mechanical and engineering students: low/no debt, family help, commuting, and career salary hopes.
• 15:27–18:01: Military student: credit card debt, GI Bill funding, skepticism about savings.
• 18:05–19:20: Scholarship and 529 beneficiary: debt-free journey thanks to grandparent’s planning.

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Tone & Style

George Kamel blends practical financial advice with snarky humor, never shying from calling out flawed logic or industry practices, but always rooting for students to break the cycle of debt. The conversations are frank and unscripted, highlighting both success stories and cautionary tales.

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Takeaways

• Debt is not a given: Many students are finding real ways to graduate debt-free, through scholarships, family planning, or public service benefits.
• Interest is a silent killer: Student loans, auto loans, and credit cards quietly accrue massive costs over time.
• Cultural and family support matter—a lot.
• Building credit is often a misunderstood, and sometimes costly, rite of passage.
• Open dialogue about money decisions is vital, as is tailoring financial advice to individual circumstances.

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Recommended Action

For listeners:

• Use George’s investment calculator (linked in the episode) to see what paying off debt—or avoiding it—could mean for your financial future.

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Further Listening

If you enjoyed this episode’s ground-level look at college finances, don’t miss the sequel: George’s upcoming conversation with high school students about their expectations and plans for borrowing.

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Transcript

[Dave Ramsey]

Americans owe $1.66 trillion in student loan debt. World record achieved. Guys, I think we can stop here. So today I'm at Arizona State with the loudest truck known to man. Isn't that what OJ Used? Hug your kids, dads or otherwise. That happens. Dear Lord, help us all. So today I'm at Arizona State, the largest public university in the country, to ask students one simple question. How much debt do you have? Before we hop in, allow me to flip my tassel and throw my cap to delete me for sponsoring this channel. May your hats fly as high as your dreams. Let's get to it. Tell us how much debt you're currently in across all types of debts.

[Student Entrepreneur]

About $20,000.

[Dave Ramsey]

Okay, break it down for us.

[Student Entrepreneur]

I got about $12,000 on a car loan and about $8,000 to my parents.

[Dave Ramsey]

What was the eight grand for?

[Student Entrepreneur]

They helped me purchase a car a few years ago that I've kind of been chipping away. I've kind of taken taken a break on that recently. But I do a relationship.

[Dave Ramsey]

Like you guys are taking a break. It's not going well?

[Student Entrepreneur]

No, no, no. It's. It's fine in that sense. I just haven't been making. We don't really have a set, consistent payment that I've been making.

[Dave Ramsey]

Oh, you're not paying mom and dad back. They're just like, hey, when you can one day maybe pay us back?

[Student Entrepreneur]

Yes.

[Dave Ramsey]

They don't need. They're not hurting for the money.

[Student Entrepreneur]

No. I mean, they bug me about it all the time. I just thought, life happens, and I'm a college student.

[Dave Ramsey]

Do they believe that?

[Student Entrepreneur]

Yeah, I mean, they.

[Dave Ramsey]

They regret lending you money?

[Student Entrepreneur]

I don't think they regret it, no.

[Dave Ramsey]

Okay.

[Student Entrepreneur]

I bought a car for 16, so that's where they helped me out with the other eight grand.

[Dave Ramsey]

Okay.

[Student Entrepreneur]

And then that car that I sold for 16 grand, I spent that money to start my business. And then I also got this new car on a business loan, on an auto loan. So it's kind of a whole shuffle.

[Dave Ramsey]

You sold that car?

[Student Entrepreneur]

I sold that previous car that they helped me with the eight grand on.

[Dave Ramsey]

And you used the money.

[Student Entrepreneur]

Sixteen grand. To help start my mobile detailing business.

[Dave Ramsey]

Okay.

[Student Entrepreneur]

And then I also bought a car. Car on an auto loan for my mobile detailing business.

[Dave Ramsey]

Got it. What kind of car is that?

[Student Entrepreneur]

It's a 2014 BMW touring wagon. So out of a wagon.

[Dave Ramsey]

That's fun. Okay. How's the business going? It's good.

[Student Entrepreneur]

I've been making good money. I really enjoy doing it, which is the biggest thing.

[Dave Ramsey]

What do you charge per car? Like on average, a sedan versus SUV.

[Student Entrepreneur]

My typical starting rate is between 190 to 230. I would say average. Sometimes I'll sell higher packages. I'll do also maintenance clients for cheaper. So it averages out to probably about 250 a car.

[Dave Ramsey]

What do you do with that money that you make?

[Student Entrepreneur]

I mean, living expenses. I pay for all my food, my. My rent and stuff.

[Dave Ramsey]

There's no more to pay back mom and dad at the end of that?

[Student Entrepreneur]

No, that. Yeah, that's all just money for me. I obviously still have to pay them back the 8 grand, but dang.

[Dave Ramsey]

Okay, so 20k all in. Does that stress you out at all?

[Student Entrepreneur]

No. I mean, I'm making the monthly payment on my car with the payment. 257.

[Dave Ramsey]

And how long? What's the term?

[Student Entrepreneur]

It was a. It was a five year, but it's only. It's at a. Probably about six. Six and a half percent interest rate.

[Dave Ramsey]

Okay. Have we done the math on this yet? Should we? Shall we, my good sir? Okay, so here's. Here's the napkin math I'm working with.

[Military Student]

All right.

[Dave Ramsey]

You said it's 257.

[Student Entrepreneur]

Yep.

[Dave Ramsey]

For five years.

[Student Entrepreneur]

Yep.

[Dave Ramsey]

Riddle me this. 60 months. $15,420 for a $12,000 loan. So you paid $3,400 in interest?

[Student Entrepreneur]

Yeah.

[Dave Ramsey]

Does that hurt?

[Student Entrepreneur]

Yeah, a little bit. But I know that I wouldn't have been able to start my business with the 16 grand buying a car and the equipment. So I know that that's a little bit of the.

[Dave Ramsey]

You couldn't have used the car. You had to start the detailing business.

[Student Entrepreneur]

No. It was a 1990s BMW coupe.

[Dave Ramsey]

That can't fit all the detailing equipment in there.

[Student Entrepreneur]

Exactly.

[Dave Ramsey]

Okay, well, let's play this game. Let's just say the interest that you paid you had instead put into an investment account and let it ride. How much you think that could have turned into?

[Student Entrepreneur]

What course are we talking?

[Dave Ramsey]

3400 bucks invested from your age to retirement until retirement. You never touched it again.

[Student Entrepreneur]

Oh, I mean, it would easily be six figures. I know that.

[Dave Ramsey]

Let's find out. So how old are you?

[Student Entrepreneur]

I am 21.

[Dave Ramsey]

Now let's go to 61 and even 40.

[Student Entrepreneur]

Perfect.

[Dave Ramsey]

How's that? All right, let's do the 3400 bucks sitting in there. You. You never contribute again. Hit calculate for me. 182 grand.

[Student Entrepreneur]

Yep.

[Dave Ramsey]

That's pretty nuts.

[Student Entrepreneur]

It is.

[Dave Ramsey]

That 98% was growth on that.

[Student Entrepreneur]

Yeah. I'll counter. You with that, though, that without that 3400 bucks of interest to be able to purchase this car, I wouldn't have been able to start my business. And if I scale my business to, you know, having a shop, having people work under me, I would say that I could make more money than just that 182 grand by doing this business, which I wouldn't have been able to if I didn't have that auto loan.

[Dave Ramsey]

Got it. Okay, I see your logic here, but what if you had just paid, saved up, and paid cash for a car that was, let's say, $5,000, $6,000. You could not have done this business with a $6,000 car.

[Student Entrepreneur]

I could have. You're right.

[Dave Ramsey]

That's the going theory is, I think if you get ahead of it, instead of being reactive, which is most people, right, for sure, they never have the money because they're making payments. But if they save that payment, they. They'd have, you know, 6 grand a year, 10 grand a year just from that car payment being saved. So is that something you want to get out of that cycle of car payments?

[Student Entrepreneur]

Yeah, for sure.

[Engineering Student]

I don't.

[Student Entrepreneur]

I don't want to be stuck in car payments my whole life. It's definitely something that once I'm a little bit more consistent with it, obviously I'm still in college, so it's. College is taking up a lot of my time. I can't go fully on my detailing business.

[Dave Ramsey]

That thing freak you out?

[Student Entrepreneur]

No, they. They annoy me a lot.

[Dave Ramsey]

Are they being controlled by somebody?

[Student Entrepreneur]

No, they're too stupid.

[Dave Ramsey]

Sir, sir? Sir, do you have a moment? Talking about your Lord and savior, Jesus Christ. Okay. Where are you from?

[Financial Planning Student]

I'm from Phoenix, Arizona.

[Dave Ramsey]

And what are you going to school for?

[Financial Planning Student]

Financial planning.

[Dave Ramsey]

Financial. Oh, we're going to have a good time. I think we're going to be good friends. Okay. What do you want to do with a financial planning major?

[Financial Planning Student]

Right now? I'm really interested in the insurance side of financial planning, but also estate planning, too, so I'm very delving into both of those.

[Dave Ramsey]

That's exciting.

[Student Entrepreneur]

Okay.

[Dave Ramsey]

What kind of insurance are you excited about?

[Financial Planning Student]

I mean, insurance is not fun, but probably like life insurance.

[Dave Ramsey]

Oh, is that because that's where the money's at?

[Financial Planning Student]

That's because it kind of deals a lot with estate planning, too, so I kind of want to, like, do both. Yeah.

[Dave Ramsey]

I'm guessing you're talking about whole life insurance.

[Financial Planning Student]

Yes, whole life insurance or term insurance, too.

[Dave Ramsey]

What do you know about index universal life insurance?

[Financial Planning Student]

Index Universal. Probably not Actually, no. Universal is the one where you're like investing into like different accounts on your end, right?

[Dave Ramsey]

You tell me. You said you love insurance. I wanted the people to learn today. Okay. How much debt are you currently in as a financial planning major?

[Financial Planning Student]

Probably like $900.

[Dave Ramsey]

What kind of debt is that from?

[Financial Planning Student]

Credit card.

[Dave Ramsey]

Credit card debt. Okay. What kind of credit card is this?

[Financial Planning Student]

Discover student one.

[Dave Ramsey]

Discover student. Okay. When did you open that?

[Financial Planning Student]

I want to say when I like, freshly turned 18.

[Dave Ramsey]

And how long ago was that?

[Financial Planning Student]

Three years ago.

[Dave Ramsey]

Three years. Okay. So you're 21 now?

[Financial Planning Student]

Yes, 21.

[Dave Ramsey]

Congratulations. Very exciting time. What caused you to open up that card?

[Financial Planning Student]

Wasn't able to open 1 in 16, and I really wanted to buy a house. Me freshly 18 was like, the world is full of possibilities.

[Dave Ramsey]

Wow.

[Financial Planning Student]

So I was like, let's start building my credit as soon as possible. So that was when I did a little couple of research and found that the student one had the best, like, amenities for freshly starting out.

[Dave Ramsey]

Okay.

[Financial Planning Student]

Credit. So that's the reason why I opened that one.

[Dave Ramsey]

So you're practicing going into debt now with your $900, so eventually you can go into a really big one for the mortgage.

[Financial Planning Student]

Oh, for sure. Yeah.

[Dave Ramsey]

Practice.

[Financial Planning Student]

Yeah. And was just talking about it, I was like, I don't think a car loan would be smart either. So that's not the type of debt that I would be.

[Student Entrepreneur]

Well, you.

[Dave Ramsey]

So you're okay with the credit card debt versus car payment?

[Financial Planning Student]

Yeah.

[Dave Ramsey]

What's the APR on that Discover student card?

[Financial Planning Student]

I want to say it's 26. I think it ranges from 26 to 29 a year.

[Dave Ramsey]

That feels steep.

[Financial Planning Student]

It's steep. But I'm very on top of like, payments and like making sure I don't go above the okay.

[Dave Ramsey]

But you're carrying, you're carrying the balance though, right now?

[Financial Planning Student]

Sure, yeah.

[Dave Ramsey]

You're on top of the payments for the balance. What's the minimum payment right now?

[Financial Planning Student]

It's like $35.

[Dave Ramsey]

Okay. So you're like, that's chump change for you. How are you paying for school?

[Financial Planning Student]

I'm on scholarship.

[Dave Ramsey]

Full scholarship?

[Financial Planning Student]

Yeah.

[Dave Ramsey]

How do you get a full scholarship to asu?

[Financial Planning Student]

So I was at Phoenix College for a little bit for my first associate's degree and then I got connected with one of my counselors with a counselor at PC and he's a part of the next generation service corps, so got connected through there.

[Dave Ramsey]

And then they just gave you a full ride.

[Financial Planning Student]

Yeah.

[Dave Ramsey]

That's amazing. Do you know what that package is worth? Full ride to ASU it's gotta be

[Financial Planning Student]

a lot of money.

[Dave Ramsey]

Like 50 grand plus.

[Financial Planning Student]

I want to say.

[Dave Ramsey]

Yeah, okay. That tracks. That's pretty impressive. So you're really smart then. To get a fool's ride. Don't just hand those out.

[Financial Planning Student]

I want to say so.

[Dave Ramsey]

Okay, you're being humble now, but I mean, no. So modest.

[Financial Planning Student]

I wish I was because I couldn't even tell you what an index. Universal life insurance.

[Dave Ramsey]

I mean, that's pretty nerdy. They don't teach you that stuff until you really start scamming people. You know what I mean?

[Financial Planning Student]

Yeah, yeah, yeah.

[Dave Ramsey]

How much do you think you'll graduate in debt with?

[Financial Planning Student]

Probably zero when I pay off the 900. But with the graduation timeline, I want to say hopefully zero.

[Dave Ramsey]

That's. That's a good goal. I like that goal. Okay. And then how much do you think you'll be making as a financial planner out of college?

[Financial Planning Student]

I want to be modest and save more than 60k a year.

[Dave Ramsey]

Okay.

[Financial Planning Student]

But being on LinkedIn, it can go a little bit higher.

[Dave Ramsey]

Well, I wish you the best with graduation and becoming a planner. Is that next year or two?

[Financial Planning Student]

Yeah, it's next year. May 2027. So. Yeah.

[Dave Ramsey]

Where do you want to work specifically?

[Financial Planning Student]

I don't have any specifics. I'm tried to apply for like Northwestern Mutual. Couldn't get accepted through an internship there.

[Dave Ramsey]

They wouldn't take you at Northwestern Mutual?

[Financial Planning Student]

They wouldn't take me.

[Dave Ramsey]

They would take a sewer rat. How are they not taking you?

[Financial Planning Student]

I don't know.

[Dave Ramsey]

Have you seen the guys that work over there?

[Financial Planning Student]

No, I haven't.

[Dave Ramsey]

Okay.

[Financial Planning Student]

I probably.

[Dave Ramsey]

You're better than them. I'm just saying. And I think you can do better than Northwestern. I hope Northwestern burn. We do that a lot on this channel. I'm a huge fan of Zander insurance because they only sell term life insurance, which is the only one I recommend.

[Financial Planning Student]

Yeah.

[Dave Ramsey]

Because it's a fraction of the cost. You get a way higher death benefit. And it doesn't try to mix insurance and investing into one complicated product with crappy returns. Would you agree?

[Financial Planning Student]

I definitely agree with that. I prefer term insurance because it's easier to like, remember.

[Dave Ramsey]

But it's simpler.

[Financial Planning Student]

It's simpler too. Yeah.

[Dave Ramsey]

Yeah. And you know why the insurance people would rather sell whole life they get

[Financial Planning Student]

the premiums are rich.

[Dave Ramsey]

Bigger commissions, baby. Do you think that's a good reason to sell that to a customer? That you get a bigger commission? That feels kind of dumb.

[Financial Planning Student]

You know, that's the hard part about working in insurance because you're not really Acting as a fiduciary. You just kind of want to be, you know. What's the highest commission that I can get?

[Dave Ramsey]

Now we're talking. I like that. $10 word fiduciary. That means you got to act in the best interest of the client versus what's best for your wallet.

[Financial Planning Student]

Yeah, I think that. Especially with insurance. I think being a, like. I mean, I'm aspiring, like, to be like a certified financial planner and you have to work out as a fiduciary. So, like, I feel like that would close the door for me in insurance because, like, it's a lot of commission based.

[Dave Ramsey]

Yeah, that's going to get icky. That's why I'd avoid Northwestern because of that. They sell other stuff, but they want you to pedal the whole life.

[Financial Planning Student]

Yeah.

[Dave Ramsey]

How much debt do you currently have?

[Mechanical Engineering Student]

None.

[Dave Ramsey]

Zero.

[Mechanical Engineering Student]

Zero debt.

[Dave Ramsey]

School paid for.

[Engineering Student]

Yeah.

[Dave Ramsey]

How? Parents, like, they saved up in a college savings account. How'd they do it?

[Mechanical Engineering Student]

They just paid it off. They didn't tell me.

[Dave Ramsey]

It's a secret.

[Mechanical Engineering Student]

Secret.

[Dave Ramsey]

But you didn't. You were like, I'm not asking questions.

[Mechanical Engineering Student]

I'm not asking questions.

[Dave Ramsey]

Room, board, everything's covered.

[Mechanical Engineering Student]

Yep.

[Dave Ramsey]

Wow. How do you get spending money?

[Mechanical Engineering Student]

I work. I have a job.

[Dave Ramsey]

Where do you work?

[Mechanical Engineering Student]

I work at an IT company.

[Dave Ramsey]

Oh, nice.

[Mechanical Engineering Student]

I do, like, an internship there.

[Dave Ramsey]

That's cool. Okay. How about you?

[Engineering Student]

I'm taking student loans, but I'm, like, paying them or my dad's helping me pay them, like, every. Every semester or so.

[Dave Ramsey]

What's the current balance of all of

[Engineering Student]

your debt per semester? Like two and a half thousand. So, like, so far, I'm first year, so only like four and a half thousand.

[Dave Ramsey]

Okay. So that's five grand in debt.

[Engineering Student]

Yeah.

[Dave Ramsey]

Yeah, five grand in debt. And student loans? No car payment, no credit cards, nothing.

[Engineering Student]

Nope. Yeah, no, I have a. Well, I'm not working right now, but I had a job, so I have savings, so, you know, I have money to, like, go on spend. And then my car is paid for by my parents, though, so I'm really lucky for that.

[Dave Ramsey]

Nice. So parents helped out along the way. How about you? Got a car?

[Mechanical Engineering Student]

Yeah, I have a car.

[Dave Ramsey]

Okay. Who paid for that?

[Mechanical Engineering Student]

My parents did.

[Dave Ramsey]

Nice. Who's got the nicer car?

[Mechanical Engineering Student]

I do.

[Dave Ramsey]

What is it?

[Mechanical Engineering Student]

BMW.

[Dave Ramsey]

He's got the shirt. Do they give you that when you get the car?

[Mechanical Engineering Student]

No, I got that myself.

[Dave Ramsey]

M. Sport Guy, huh?

[Mechanical Engineering Student]

Oh, yeah, I love M. I thought

[Dave Ramsey]

M was a randomly assigned letter. I had no idea it stood for. What do you have exactly?

[Mechanical Engineering Student]

I have a 535.

[Dave Ramsey]

What year is it?

[Mechanical Engineering Student]

2013.

[Dave Ramsey]

Okay, so that's still a pretty good ride. It's held up.

[Mechanical Engineering Student]

Oh, it's held up a lot. I take care of it really well.

[Dave Ramsey]

Okay. That's good. How about you? What are you driving?

[Engineering Student]

I Drive a 2017 Corolla.

[Dave Ramsey]

That might outlast you.

[Engineering Student]

I commute, so.

[Dave Ramsey]

Oh, yeah? You're a commuter and you live on campus?

[Mechanical Engineering Student]

No, I commute as well.

[Dave Ramsey]

Oh, nice. Does that save you guys money? You living at home or what?

[Mechanical Engineering Student]

Yeah. I mean, it costs in gas, but I don't have to pay a dorm, so.

[Dave Ramsey]

Mom and dad.

[Engineering Student]

Yeah, I stay with my parents. Yeah.

[Dave Ramsey]

Better food, too. I'm guessing 100%.

[Mechanical Engineering Student]

Yeah.

[Dave Ramsey]

Are you Middle Eastern? Yep. You get that Middle Eastern food at home every day. What are we making? What's mom cooking up? Tabbouleh. Let's go. Kafta. Yep.

[Mechanical Engineering Student]

Fasulia.

[Dave Ramsey]

Oh, don't get me started on the fasulia.

[Mechanical Engineering Student]

That's what I could think of right now.

[Dave Ramsey]

Betanjan. What are we.

[Mechanical Engineering Student]

Oh, Betanjen.

[Dave Ramsey]

For sure we can go. You want to speak some Arabic? I don't know. Can you spit bars? No, you're good.

[Financial Planning Student]

You're good.

[Military Student]

I don't know.

[Mechanical Engineering Student]

What do you want me to say?

[Dave Ramsey]

I don't. Let's just talk. Let's have a conversation.

[Mechanical Engineering Student]

I don't know.

[Dave Ramsey]

Very good. We nailed it. I understand it. I can't speak it. We sold it, I think. Yeah, we know more than these people. Okay, that's great. How much do you guys think you'll be making out of school?

[Mechanical Engineering Student]

I hope for at least six figures by the time I'm out of school.

[Dave Ramsey]

At least. Bare minimum. Yeah.

[Mechanical Engineering Student]

I mean, you know, for this degree, I think six figures is fair.

[Dave Ramsey]

Mechanical engineer making six figures. That tracks. Yeah. Okay. How about you?

[Engineering Student]

I mean, I feel like it kind of depends what experience you get in school. Like, I'm trying to. I'm doing a summer internship. So I hope, like, know, out of school, I can start making around six figures. But I know a lot of jobs, like, for engineering, a lot of them start, like, 70, 80, so it's not, like, you know, guaranteed, but it's kind of just on what. What you've done in school and, you know, how. How ready you are when you graduate.

[Dave Ramsey]

Yeah. You gotta stay competitive.

[Engineering Student]

Yeah, definitely.

[Dave Ramsey]

Okay. In America, way too many people overpay for two things. Their education and their cell phone bills. And for the second one, I've got a solution for that. It's Boost Mobile. A Sponsor of today's video. You see, you can unlock savings every month because you'll pay just 25 bucks a month forever on their unlimited plan. And if you think, how can it get better? Oh, it gets better. There's no contracts, there's no hidden fees. The price will never change. And you can bring your own device and keep your number. How's that? Switching is super simple. All you gotta do is go to boostmobile.com Ramsey $25 forever requires customers to remain active on Boost unlimited plan. Most of us have some memories from college we wish we could delete. For me, it's. It was my ill fated day playing intramural football. This guy should not be doing any of that. And listen, I can't help you delete the memories, but delete me can help you remove your digital footprint from the Internet. You see, they scour hundreds of data broker sites, remove your info, and send you a custom report every few months to show you what they removed and how much time they've saved you. Which means they're gonna help protect you against things like scams, spams, phishing, fraud, and more. So go check it out. And save 20% off their annual [e-mail] George. All right, back to harassing students. All right, how much debt are you currently in across all types of debt?

[Military Student]

All types of debt? I'll probably say about $2,000, not that much.

[Dave Ramsey]

Okay, what kind of debt is that? Two grand.

[Military Student]

Mostly credit card debt.

[Dave Ramsey]

Okay, what kind of credit card is it?

[Military Student]

It's just like a travel card.

[Dave Ramsey]

Now, when you opened this card, what was the purpose?

[Military Student]

The purpose was just to build credit and accumulate travel points because I love traveling.

[Dave Ramsey]

Have you built the points?

[Military Student]

Yeah, I've built up some points. Not much, but some points.

[Dave Ramsey]

Don't you think it's been negated by the 27% APR you're paying on the $2,000?

[Military Student]

Most likely, yes. That is true.

[Dave Ramsey]

500 bucks a year in interest, correct?

[Military Student]

Yes.

[Dave Ramsey]

Singer. Really? You opened it to make these credit card companies a little money? They were a little. They were broke. Get them some new furniture in their

[Military Student]

buildings if we veered that way. That is true, yes.

[Dave Ramsey]

Would you consider paying off the card today if you had the money?

[Military Student]

Most definitely. Yeah.

[Dave Ramsey]

Do you have the money?

[Military Student]

I have the money, but I don't have money to pay it off. You know, like, it's there, but it's not there to pay it off.

[Dave Ramsey]

Okay, how much do you have in savings right now?

[Military Student]

Actually, I don't really have much in savings. I Don't believe in saving money.

[Dave Ramsey]

You don't believe in it?

[Military Student]

Belief is not acceptable evidence. I don't believe in saving money because of inflation and things like that.

[Dave Ramsey]

So how does that work with debt? Isn't debt like compounding the inflation at this point?

[Military Student]

Yes, because they do them. Because as an engineering management, actually that's one of the classes that I take that helps us understand that kind of equation and what's going on. So I usually don't save my money just in one place. I rather put it somewhere where it grows over time as well.

[Dave Ramsey]

Where would that be right now? Do you have any money invested?

[Military Student]

Yes, right now I have just like random. Just random. Let's say like Coca Cola. Not that much interest, but not that much. Like return on investment, but somewhere safe.

[Dave Ramsey]

Do you use an app to invest?

[Military Student]

I use Robinhood like everybody else.

[Dave Ramsey]

Like I don't have Robin. I don't know, it's too. I don't like it. I don't like being marketed to. To make another trade. You know, they want you to buy these single stocks and do the riskier investing versus the boring stuff. Yeah, I know.

[Military Student]

I wouldn't say that's much risk because of. It's simply. It's literally just Coca Cola.

[Dave Ramsey]

Do you have crypto?

[Military Student]

Definitely not anymore. Not after 20. Not after 20. 21.

[Dave Ramsey]

Okay, so how much do you think you'll have in debt when you graduate?

[Military Student]

In debt? Unfortunately enough. My tuition is already paid for by the government. So most likely.

[Dave Ramsey]

How does that work? So with GI Bill or what?

[Military Student]

Yes, exactly.

[Engineering Student]

That.

[Dave Ramsey]

Is that family member?

[Military Student]

No, currently serving.

[Dave Ramsey]

Oh, amazing. Well, thank you for your service.

[Military Student]

Thank you.

[Dave Ramsey]

That's impressive. You're doing that while in school.

[Military Student]

Yes.

[Dave Ramsey]

Okay. Would you recommend that as a way to go to school debt free for people?

[Military Student]

Just depending on what type of person you are, I would say I would

[Dave Ramsey]

recommend that you're that kind of person.

[Military Student]

Yes, I made myself that kind of person.

[Dave Ramsey]

That's a good life hack. How much debt are you currently in across all types of debt?

[Financial Planning Student]

None.

[Dave Ramsey]

Zero. How'd you do that?

[Financial Planning Student]

Well, my grandpa got made a 529 plan for me when I was born. Yes. So I don't pay for anything relating to school.

[Student Entrepreneur]

Wow.

[Dave Ramsey]

And how old are you?

[Financial Planning Student]

I'm 20.

[Dave Ramsey]

So you're talking 2006. Grandpa was like, hey, I'm gonna open up a college investing savings plan. And he put some money in there.

[Financial Planning Student]

Yeah.

[Dave Ramsey]

Like every month or would he just like every month? Do you not remember how much?

[Financial Planning Student]

I don't know, but it Was a lot.

[Dave Ramsey]

Enough to get you through college debt free in 2026. That's pretty amazing.

[Financial Planning Student]

Pretty crazy. Yeah.

[Dave Ramsey]

Wow. Did anyone else contribute to it other than Grandpa?

[Financial Planning Student]

Just my grandma and grandpa.

[Dave Ramsey]

Wow. Are they still with us today?

[Financial Planning Student]

Yeah.

[Dave Ramsey]

Nice. Are they proud of you?

[Financial Planning Student]

Yes, they're so proud of me.

[Dave Ramsey]

I love it. All right, so you're gonna graduate completely debt free? For sure. Do you know how much money's in the 529 account?

[Financial Planning Student]

I don't know, per se. Maybe, like, $80,000.

[Dave Ramsey]

Nice. So, like, who writes the check from the 529 to the college? He handles it all. This guy's a stud.

[Financial Planning Student]

He is a stud.

[Dave Ramsey]

Are you gonna do the same for your grandkids?

[Financial Planning Student]

Yes, I am. And my kids. And my grandkids.

[Dave Ramsey]

I love it. So you're gonna pay for your kids, and who knows? By the time your grandkids are going to college, it's gonna be like, a bajillion dollars. Will college even exist?

[Financial Planning Student]

I was gonna say there might not even be college.

[Dave Ramsey]

I mean, AI is doing graphic design now. Does that scare you?

[Student Entrepreneur]

Not really.

[Dave Ramsey]

It sucks at it, though, to be fair.

[Financial Planning Student]

It's terrible. It's horrible.

[Dave Ramsey]

It's the worst.

[Financial Planning Student]

Yeah. I'm not scared.

[Dave Ramsey]

No, you can beat Canva in a heartbeat.

[Financial Planning Student]

Oh, yeah, for sure.

[Dave Ramsey]

Well, I gotta say, I was encouraged by a lot of the conversations I had today and discouraged by many others. I guess, all in all, you could say I was couraged. But here's the deal. A lot of people are going to school debt free, which is amazing. Maybe it's a GI bill. Maybe Grandpa saved up the 529. Maybe they worked their tails off to get some scholarships. And on the other hand, a lot of these kids have some debt and they're pretty nonchalant about it. They opened up the credit card to get some points and travel miles, and all of a sudden, they're 2 grand in credit card debt at 27% APR. Gone. Nah, I'll pay it off one day. Or they got a car payment that's just sitting around while they have the money to pay for it and they're choosing not to. That part breaks my heart. Because if they get these principles early, their financial future will be so bright, as you saw when I cracked open that investment calculator. So if you want to see for yourself what your debt payments could turn into if invested, I'll drop a link below to that calculator I used. It's completely free. Go enjoy. If you enjoyed this episode where I talk to college students. You're going to love this one. Coming up, where I talk to high schoolers. Call it the Prequel. Click here to watch it next or click the link in the description below. Thanks for watching. We'll see you next time. It's a dry heat, they said.