Justin called The Ramsey Show to get some debt advice from the finance expert.
Justin had just graduated and become an orthodontist, however, he racked up an unimaginable amount of debt.
He said: “I have student loans that total just over $1million (around £800,000).”
In shock, Mr Ramsey replied: “You’re joking, what were you thinking?”
Justin explained he sat down and calculated his interest rate on the loans each month which came up to $5,800 (around £4,500).
He pleaded with Mr Ramsey to help him and his fiance find the best way out of his situation.
Mr Ramsey thought that Justin could get out of his debt due to the extreme circumstances of his situation.
As an orthodontist, Justin expected a salary of $250,000 around (£200,000) each year.
At the time he was working part-time at an orthodontist practice just to bring in a steady income.
He had also recently opened his own orthodontist office.
His fiance works in their office so was not taking any income in order to be able to put the majority of the money towards their debt.
Mr Ramsey said: “This is such an extreme situation. Your income is extreme and your debt is extreme that you have to be careful and act like you’re a broke college student.
“You guys aren’t going on vacations, you’re not buying a house, you’re not leasing a new car, you’re not going to restaurants.
“I can’t even say it, I can’t breathe. You have $1million (around £800,000) in student loan debt.
“It gives me an anxiety attack and it’s not even my debt. It’s overwhelming.”
Justin explained he has around six debts under $4,500 (around £3,500) or less which he can pay outright in the next few months.
Mr Ramsey continued: “The good news is you have wonderful income potential but the bad news is the amount of debt you’re in.
“You cannot relax, you have to cut as deeply as you can cut. Be dialling your taxes in. I don’t want you to get behind on your taxes. Other than taxes, food, water and electricity, I really want everything else going on student loan debt. Your income can get you out of it, it gives you hope for your future.”
