59-Year-Old Virginia Woman Owes $258K in Student Loans — Dave Ramsey’s Practical Advice

A 59-year-old woman in Virginia with three academic degrees and roughly $258,000 in outstanding student loan debt sought guidance from financial talk-show host Dave Ramsey, according to Yahoo Finance. Facing a significant balance late in her working life raises questions about repayment strategy, retirement readiness and the trade-offs between eliminating debt and preserving savings.

Ramsey’s approach, grounded in his long-standing principles, emphasizes decisive action: build a modest emergency fund, stop accumulating new debt and focus on a clear payoff plan. For many borrowers he recommends aggressive repayment—using a focused budget and either the debt snowball (smallest balance first) or debt avalanche (highest interest rate first) to regain control. Ramsey also often warns against assuming future loan-forgiveness programs will solve current obligations.

That said, borrowers near retirement face unique constraints. If monthly payments would force someone to liquidate retirement accounts or forgo essential healthcare coverage, alternatives deserve attention. Ramsey’s pragmatic counsel typically includes exploring refinancing for lower rates if loans are private, and checking eligibility for income-driven repayment plans or federal forgiveness programs when loans are federal and borrower circumstances qualify.

Practical steps for borrowers in similar situations include: perform a full budget overhaul to free cash for payments; consult the loan servicer to confirm loan types and options; consider temporary income boosts (part-time work, freelancing) rather than dipping into retirement assets; and seek professional advice from a certified financial planner who understands retirement and debt dynamics. Importantly, avoid quick fixes like taking out high-interest loans or using home equity without weighing long-term risks.

For many, the path forward combines steady repayment efforts with protecting retirement security and healthcare coverage. Ramsey’s core message is action-oriented—stop deferring decisions, map a realistic plan and pursue it consistently—while recognizing that each borrower’s best route depends on loan type, interest rates, health, expected retirement age and other personal factors.