Jason A. Duprat, MBA, CRNA, Healthcare Practitioner, and Host of the Healthcare Boss Academy podcast talks about how – and if – you should start a business when you have student loan debt.
- In the US, student debt totals 1.6 trillion dollars. The average student graduates with just under 38k in student loans. And 15% of the US population currently has student loan debt.
- Jason shares five tips for those struggling with student loans yet still want to launch their business.
- First, choose your institution wisely. As a student, think about the return on your investment! Don’t just pick the most expensive school. The odds of getting your money back, especially in the healthcare field, is relatively low.
- Second, make sure you’re paying the least amount of interest as possible after you graduate. Consider loan consolidation. Also, there are governmental loan forgiveness programs. They often have a strict contract so make sure you can commit to avoid penalties.
- Next, reduce the amount you owe. Jason joined the Navy Reserves and reduced his loans by 30k. This has its pros and cons, which you should consider when looking for new opportunities to repay your debt.
- Fourth, spend wisely and live lean. Self-discipline and self-control is a must to avoid ballooning student loans. Live well below your means and don’t make expensive purchases like a new car or home.
- Fifth, figure out a way to earn more. Work overtime and apply extra payments directly to your principal vs interest. Pick up a PRN job, which offers great flexibility and pays 25-50% higher than normal salaries.
- Start lean and if possible start with a partner who can share expenses with you. Humble yourself. Start small and also consider online options, which have little to no startup costs, such as courses and books.
- Once launched, and if possible, consider reinvesting your earnings vs paying off your student debt. This might allow you to move to a second business more quickly with a higher growth model.
“Choose your degree wisely, choose your school wisely, and choose it based on your return on investment.” – Jason Duprat
“The key is to get started…start up lean, reinvest your earnings and keep pushing forward.” – Jason Duprat
CONNECT WITH JASON DUPRAT:
- Sign up for one of our free business start-up Masterclasses by heading over to https://healthcareboss.org/masterclass/
- Have a healthcare business question? Text me at 386-284-4955, or email me at email@example.com and I’ll add you to my contacts. Occasionally, I’ll share important announcements and answer your questions as well.
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