Student debt crisis: How to graduate college debt-free

Roughly four million young adults are starting their senior year in high school. What's in store for them when they graduate and how can they start planning for retirement? Robert 'Bob' Powell, and Girls With Impact founder and CEO Jennifer Openshaw break down the student debt crisis, women in business, career advice for the next generation, and more in this week's podcast episode of Decoding Retirement. How to graduate college debt-free (00:25) Four million high school students will graduate high school in 2025. 61 percent of those high school graduates will attend college. And at present, about 51 percent of them will graduate college with debt, on average $29,400 in debt, according to the U.S. Bureau of Labor Statistics. Openshaw provides her tips for how college students can graduate without debt. "One of the things that we've found with our business academy at Girls With Impact is the colleges don't see young women or students with this kind of business training. And so they are awarding these young women with full rides to college as a result," Openshaw explains. "And so what we hear from our young women is that by leveraging this business training where they bring a business idea to life, they learned the fundamentals of business. They learned tools and concepts that come straight out of Harvard business schools." Career advice for the next generation (17:25) Openshaw also provided her tips for millennials and Gen Z, including how to start building your nest egg for retirement. "Literally it can set you back by hundreds of thousands of dollars if you don't get a good start on your earnings, Openshaw says. "I do think a couple things that young people can do is set up informational meetings with people in different roles, focusing on those industries that are most of interest to them." Ask Bob: FAFSA (12:10) In our special segment, Ask Bob, Bob answers the most common retirement and investing questions from our listeners. Question: A reader asked about the FAFSA. What is it, and when do I need to fill it out? Answer: The Free Application for Federal Student Aid (FAFSA®) form is an application for federal student aid. You need to complete the FAFSA form to apply for federal student aid such as federal grants, work-study funds, and loans. The FAFSA application season typically starts on October 1, and the FAFSA deadline is typically June 30, or the end of the academic year, whichever comes first. Ask Bob: Building credit (22:35) Question: What is a good way for my child to build credit as a college student? Answer: A few things to consider: open a student credit card, open a secured credit card, become an authorized user. If you become an authorized user, make sure the credit issuer reports authorized users to credit bureaus. If you've got questions about money or retirement, email us at [e-mail]. Video highlights: 00:20 - How to graduate college debt-free 04:45 - College admissions: Keys to boosting chances of acceptance 09:20 - How to utilize rental income to pay off debt 12:10 - Ask Bob: What is the FAFSA? 12:45 - How Girls With Impact has helped women in business 17:25 - Career advice for the next generation 22:35 - Ask Bob: How to build credit as college student Retirement planning doesn’t mean locking up your money for a rainy day and forgetting about it. Planning your future means reacting to events today. Decoding Retirement gives you the tools to navigate the years ahead, and take action now! Yahoo Finance's Decoding Retirement is hosted by Robert Powell, and produced by Zach Faulds and Alexander Frangeskides.
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