Finance expert Monica Mehta offers advice to entrepreneurs tackling real-world personal finance issues. Ask her a question and your query might be the inspiration for a future column.
Q: I want to quit my job to pursue a startup, but have $35,000 of student loan debt. Is there a way to shrink my loan payments while we are trying to get off the ground?— Eric Lee, Austin, Texas
Today student loans represent the single largest debt burden for people under 40. In fact, from 2004 to 2009, only 37 percent of federal borrowers managed to make timely payments without postponing or becoming delinquent. Those most likely to default are unemployed or underemployed. Startup life, where income is anything but certain, qualifies you for the high risk camp, so it’s important to know your options. Read more at Entrepreneur.com