Cheryl Winokur-Munk

speaker
1,406 appearances 26 recordings 2 series first heard Apr 2019 last heard Jun 2025

Cheryl Winokur-Munk’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · How Much Should You Borrow for College? · 8 Sep 2021 podcast
You're planning for your financial future starting with college, and so budgeting is really important. voice-verified
Thanks for having me. voice-verified
It actually affects a lot of families. voice-verified
So a recent survey by College Ave Student Loans, which is a provider of private student loans, found that 55% of families plan to take out student loans this year. voice-verified
That's a pretty large number. voice-verified
And of those families, slightly more than half say they expect to borrow $10,000 to $40,000 in loans. voice-verified
and 23% said they plan to borrow $75,000 or more. voice-verified
So we're not talking small amounts here. voice-verified
And especially when you consider the huge amount of debt that this country has, the aggregate debt, $1.6 trillion or so, it's a big problem. voice-verified
You really can't plan enough. voice-verified
A lot of people make the mistake of not planning, and then they end up with a $300,000 college bill, and then they're like, well, now what? voice-verified
But really, you need to be planning all along and say, it's just like doing a budget, right? voice-verified
You're going to work, and you're paying for your expenses, but in this case, you're planning for your financial future starting with college, and so budgeting is really important. voice-verified
Well, at least a couple years because you want to know when you're applying to schools that you're applying to schools that you can actually afford. voice-verified
So what you can do is you can go to school's website. voice-verified
There's something called a net price calculator there. voice-verified
And you can also use expected family contribution calculators, which are available on the college board's Big Future website. voice-verified
and to give you a sense of how much you might be able to get in aid. voice-verified
You put in your figures, your financial figures, and you'll get a sense of how much you might get in aid and how much you might need to borrow. voice-verified
And if you're looking at schools that seem way out of the ballpark, voice-verified
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