CINCINNATI — Many students leave college with massive loan debt, and according to a newly released Wallet Hub report, Ohio ranks within the Top 10 states in the nation for most student debt.
UC graduate Jillian Ellis had $66,000 in student loan debt upon graduation. She was able to pay it off in just 3 years.
For me personally, I didn't have a lot of structure to my personal finances," Ellis said. "If I had 20 dollars, I was spending 15. I really didn’t have a ton of strategy.”
Ellis said she knew she wanted to go to grad school, but her program put her another $30,000 in debt.
"When I heard that number, I was like 'how am I ever going to pay that off?'" she said.
Ellis isn't alone in that.
According to the Ohio Attorney General's Office, 62% of Ohio students graduate with an average of more than $30,000.
Despite her additional student loans, Ellis felt going to grad school was important for her future.
"However, I was like I need to come up with a plan immediately upon graduation," she said.
She met with Al Riddick, a financial advisor and president of Game Time Budgeting, to come up with that plan.
"My focus was helping her develop the proper mindset, behaviors and systems with money,” Riddick said.
“I ended up allocating 50% of my income towards my student loans," Ellis said.
She said that required a lot of sacrifice.
"Reality is not glamorous," she said. "I'm living at home with my family, driving the same car that was older."
She graduated from her MBA program in 2020. In March, Ellis officially paid off all her student loans.
But many others are still paying them off.
"Students who have a lot of debt, your ability to capture the American dream is almost going to be delayed because you're starting so far behind the eight ball,” Riddick said.
Riddick's advice for limiting debt is simple, but maybe not something many people think of.
“There’s nothing wrong with starting at a community college. It'll be lower cost and then you can transfer," he said. “Nobody wants to know where you started college, everybody wants to know where you graduated from."
