I'm Drowning In Student Loan Debt!
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- เผยแพร่เมื่อ 18 ส.ค. 2022
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Law school isn’t worth it nearly as much as it used to be. Too many people and not enough jobs
I hate it when Dave doesn't take into account taxes or interest. When he said she could pay $30k/year out of her $90k, he ignores that $90k isn't her take-home pay. When he says if she pays $30k/year she can pay it off in 10 years, he's only looking at the principal balance, not the interest. If she doesn't at least pay the total interest due plus some principal reduction her balance on that debt is going to increase, and will probably never go down or get paid off.
Yeah you'd think he would know or say these things. The interest is insane on these loans
Those details only strengthen his point. A 90k shovel is insufficient to fill in a 300k hole. Dave made that point without taking taxes and interest into account. If he did, then it becomes even more clear she needs a new job with a bigger shovel.
@@aaronsacks470 He also makes it seem like with a better paying job the debt can be paid off without consideration of interest and taxes too though. He is notorious for doing this in his videos. His points might be valid, but the details are very often inaccurate.
But basis is that if you put the 30K in your interest amount will reduce drastically hence clearing the principal quickly.
it's an estimate
I applaud her for being so open about her mental health. It’s soo hard to work a job that has no respect for work/life balance
No rice and beans beans and rice???
The lawyers that make good money work like slaves
Always amazes me that once people get their Ph.D., they immediately realize the financial stupidity they are living in.
And some will not always realize it even then.
Glad I have a Ph.D in common sense.
@@tristan2332 PhD in D.U.M.B.? (As Dave says to himself)
Because in order to get through that much school you need tunnel vision just to succeed and meanwhile everyone around you is telling you to keep going and stay in school then once you get out everyone says you’re an idiot and should have been a plumber
college is nothing but a business
I paid a chunk during this deferment period. I felt like I would never have this opportunity again. Thankfully I was blessed with a good paying job, even through the pandemic. I just don’t see them forgiving big loans like this. If I could do it all over again I would have started paying while in school. If students look for the real cost of what they’re paying for interest it would light a fire in the belly.
Same here I took advantage of the no interest and paid mine off.
When the deferment period is over isn’t that then an even better time to pay the loan since now the interest is increasing the balance?
@@tobiasyoder not in this case. The deferment is zero interest. When that starts up again interest will resume and any variable rate loan can be charged whatever rate they decide.
I couldn't agree more Marcy. March 2020 when our whole company went home to work I googled how to get out of debt and low and behold Dave Ramsey popped up. I paid off my student loans as of 12/17/2021. I was amazed at how dumb I had been. Congrats on getting on track with your debt!
@@sandrao8146 How much did you owe in loans?
As a retired MD more than $200K in student loans for medicine or law is not worth the degree.
Partners at law firms can generate over $1 million in revenue for the firm each. How is a JD not worth $200k in student debt especially when junior attorney’s can earn $200k their first year at big law firms? Edit: The student though runs the risk of deviating industry or not landing a big firm. That’s the risk/reward.
@@USArmy19DScout There are so many thousands of attorneys most are lucky to make 120k. Many don't make the big money.
@@tristan2332 true. Also depends on your alma mater and metro area.
I think it depends on the compensation of the specialty chosen. Taking out $200k to make $300k+ is worth it for many people, especially those coming from humble beginnings. I had about $175k in debt after completing fellowship but was able to pay that off within a few years thanks to being in a high paying specialty.
@@USArmy19DScout Lots of ambulance chasers out there. Taking on a mountain of debt, you’d better be as talented as you think you are.
This lady literally said she didn't think about getting another job.....what!!!!! I'm speechless
People often seem to want money to buy but don’t have or want jobs to pay for the buying. I never got it either!!
She's probably like on a treadmill type of life. With three kids and mental health problems, she might also be sleep deprived.
I’m so glad I went to community college I plan on getting my bachelors in Computer information systems debt free
You'll be in good shape, if you want to get the bachelors a lot of companies will pay for college credits. So let's say you finish your bachelor's at 32....ok, who cares, meanwhile you e been working the entire time earning an income and experience and having you're employer pay for classes. This student loan stuff is geared around "gotta get my degree by 22". Life is a marathon not a sprint.
Law degree is graduate school
300k in student loans… and I thought my 18.5k was rough.
What is your degree in? You can pay that off in 2-3 years easily with a plan.
I'm at 170k! Don't stress about your 18.5, you got this!
Did you finish up at this point?
@@YaayOrNeighdid you finish up?
@@Shortballa11 nope! Haven’t even started
It's a blessing to have Dave Ramsey helping those who are in serious debt. It's a relief of advice. Amen
Kristina: "You're not making enough. Did you think about taking a job that pays more?"
[JD] Lawyer: "Hmmm I never thought of that!"
never heard such a passive lawyer in my life smh
She’s what we call a “diversity hire”
@marks90004 how do you kno she works in the courts?
He was telling her to switch companies! My girlfriend best friend is a lawyer and she switches companies like every two years for higher pay!
@marks90004 I do read b4, while doin other stuff!
$300K in student loans to make $89K. 😂
She could get them forgiven though
@@lafq Not always...
A trucker makes around the same and spends less than 5k in school
@@gracemedina1320 I figured if I had gone to cosmetology school, I would have made a whole lot more money.
@@jet4415 I have my esthetician license since 2019 , I haven’t worked in my field
And she has three kids smh
With mental health issues, give a little grace
Three kids no husband sounds like a winner......
At least she’s a lawyer
Work-life balance is great...after you pay off your student loans. Also, there are all kinds of attorneys and all kinds of practices, but "work-life balance" is not something that describes what most new attorneys experience in the beginning. NOW, it's great....but it's been nearly 25 years and the first few was nose-to-the-grindstone time.
Oof
She has three kids… it’s not work life balance. It’s career work and household work balance.
"Lock her on the fifth floor and not let her out" 🤣
ya who wants a "bi polar" "lawyer" on their team..
A starting teacher in Texas at a large district makes in the 60k range with just a Bachelors degree. Let that put into perspective how little this lady makes with a Law degree.
Shameful
Ramsey's reaction to hearing she has a federal job is spot-on. Federal jobs pay peanuts.
If they are lucky, many teachers start well under 50k
Teachers in texas do make 60k starting but top out at about $85k after 30+ years, whereas I guarantee her jobs tops out around $180-190k
@@bryangomez1384 and that top salary would still be low compared to her peers who have topped out in private practice
Great content
Wait, she said she makes 90K gross, so isn't she making around 60k net in that case?
Yeppers
Dave ignores taxes and interest 👌
@@macneoh7418 Rich people don’t know where taxes are
thanks to Dave Ramsey's life advice. The only debt my wife and I have left is my house.
and we're on track to pay off a 30-year loan in 12 years
Dave would say sell the bike
@@fuse911 thats why it's 12 years. they are all paid off.
I would have a mental breakdown daily having 300k of debt.
I know, it's not my debt, I feel sick emotionally, physically, mind, body, and soul. I almost done with my degree this year B.S. I'm debt free, didn't take out student loans, I wrok, and pay out of pocket. 🙏🏼🙏🏼🙏🏼👍🏼🍾🎉
I would have to sell my house, everything of value, cash out stocks, savings account and live in a van, to be debt free. I would not touch retirement accounts.
So you have never had a mortgage? Most mortgages are more than 300k
@@matthewphillips5483 Mortgages aren’t exactly the same as student debt.
She said she is still with the dna donor as if it was some sort of accomplishment 💍🤷♀️
I saw it as her explaining her situation
Lol I have an associates degree for $12k and I make $90k. She made a bad choice
Yeah but is that your max pay, cuz hers is not 89k!
The place I work at pays low. I can travel and make a lot more but I don’t need to
@@Treerootz1 what you do for a living? if you don’t mind me asking
@@Treerootz1 what do you do for a living?
@@AlekcisIwiye only fans
They missed where she said she wants to “ tackle her other debt”….. this is just student loan debt 🤯
No they were concentrating on the big stuff to make the point that she needs to get after it or she will never get to the big stuff
The offensive/non-PC but true reality is that simply getting a piece of paper (college degree) doesn’t make 👨🏿🦲✊🏾 people innately smarter 🧬
@@charlesg7926 yup, truth hurts but doesn't make it wrong or un"PC" in my book.
@@donjohnson1416 really? racism is truth?
@@donjohnson1416 unless you missed the part he's saying she's dumb because she's black
How can someone be capable of getting through law school but be incapable of considering a new employer to make more money?
I am seeing dumber and dumber lawyers all the time. Not to mention other obese, black single moms that brag about their degree. There is some serious affirmative action going on across the board. This is not going to end well for civilization when merit it being sidelined more and more.
Many people are really good with the structure of school but then get paralyzed in the real world when they actually have to choose their own path.
@@trent797 so they struggle when getting a higher paying job will make life easier?
I haven't listened to Dave in a couple years. Turns out I haven't missed anything. He literally says almost the exact same thing all the time.
Yep, it's common sense.
That is his show. 90% common sense and common sense didn't change in the past two years. 😄
Still good to watch. A Dave video a day keeps the debt away!
@@MichaelAnderson-wk1no 😆 I literally laughed out loud. You are absolutely right! There is always someone out there that has it worse.
It is the caller's financial problems that keep most people tuned in.
Good thing Dave was there for this one
what did he do???
@@summerforever6736 helped her
@@kbanghart With the worst advice ever.
@@matthewphillips5483 how so?
There’s plenty of law firms in Baltimore ready to put her to work. 90k ain’t gonna cut it.
For math purposes, I wish these ppl with *HUGE* student loans would tell how much is their minimum student loan payment
Agreed! My estimated minimum payment when the scheduled payments return is close to $1600, and my debt isn't even half as much as hers. I make quite a bit more than this caller does, so it scares me for her
It depends on which repayment plan you choose but the standard is splitting the balance over 10 years of monthly payments.
Rice and beans beans and rice… sell the car… live below your means
Still...almost impossible. She will be accruing around 20K a year of interest on 300K of debt (she also said she had other debt). 89K after taxes and medical taken out she will probably get like 2700 every two weeks. After paying bills and food and just the basics...she could maybe put 20K a year on this debt. Maybe 25k. It ain't gonna happen. She has got to either find a job with loan repayment or make way more money.
She really needs to get a higher paying job.
She never thought about that 🤔 🤣🤣🤣
Newsflash she will never pay that off.
Agreed.
Wrong. She qualifies for PSLF after 10 years. Look it up if you are ignorant of it.
@@matthewphillips5483 Don't need to I don't owe 300k in loans. Maybe she needs to look it up she is in the pickle.
To make real money as a lawyer you have to hustle and be a business man. She's too laid back to do the hustle that she needs. Believe me, no one is paying her $160k a year. If she wants to make that kind of money she needs to go out on her own, but probably doesn't have the capacity to do that.
What you say might be true, but what a downer! If she even just made $120K it would be a huge improvement. Why judge her capacity?
Also, "work life balance" doesn't mean she doesn't want to work hard, it means she doesn't want to have another breakdown.
@@jodylarson4697 I agree with your opinion. Also, I would add that the caller knows how to work hard … she got her lawyer degree. She is amazing!
Yes, as someone who has occasional anxiety issues, she needs to prioritize mental health. I'm praying for her.
Funny how they won't give a house loan to a 18 year old broke person....but they will loan hundreds of thousands of dollars for "school". Makes no sense
Student loans should be banned for undergrad.
??? You can't declare Bankruptcy!
@@aolvaar8792 not on student loans I believe
Why should a broke 18 year old be given a house loan? That makes no sense. At least school loans have some promise for actually being repaid since it is an investment into their education leading to a high paying career path.
@@aolvaar8792 Even if was legal to bankrupt student loans, bankruptcy is a very painful process. People would be better off just paying the loans back.
I hate when Dave asks "are you a doctor or a lawyer?" he means it in such a condensending way and then when they actually are a doctor / lawyer, you can tell he doesn't know what to say at first.
Being dumb does not prevent being gullible.
Yes, it's important to understand, that throwing money at the debt is not the whole solution.
If she is your lawyer, you’re going to jail.
I actually feel bad for the younger generation
90k is a good income, but not when you have over $300k in student loans. The math doesn't work. The interest on those loans will keep her in debt forever if she doesn't start making more money where she can dump 80k-100k on them a year.
Most lawyers can't find a job. A lawyer in the government is a stable job.
Can someone please explain to me how can you get this much debt in stundent loans? These colleges don't give you updates 😒 on how much money they are giving a individual?
Not really. When you register for classes, the school will basically tell you, "If you don't sign up for financial aid (loans), you can't go to school any longer."
cancel the student loan program.
@@cutehumor Good idea.... how do you propose school gets paid for?
Lifestyle.
Can’t speak for all universities and student lending institutions but the Texas university I went to and institution that loaned me money gave me updates every semester.
Also, you can login to the personal portal (university and lending institution) at anytime to check loan totals and any accrued interest.
she and her baby daddy should get married
down to 290! Thanks Joe.
She can get in the public service forgiveness program. 10 years of payments based on income and they forgive the rest. Downside is you will have to pay taxes on the amount forgiven so she will have a payment plan with IRS. Govt jobs have benefits, low medical cost, guarantee pension even if she never invest. Investment accounts is a bonus. I hope she looks into the program, it could give her some relief.I would not kill myself to pay them off, but make the minimum payments for 10 years, while investing retirement accounts.
PSLF isn't taxable after the 10 years. you're thinking of IBR or PAYE plans.
@@stonecrusher99 Even better. Thanks
PSLF is tax free. This is 100% the advice Dave should have given, not go get a different job (presuming her loans are federal and originated after 2007, which is likely the case).
No it's not 10 years it's more like 25 years until they forgive it. Don't rely on the government. Just pay it off yourself.
If you have 300k in student loan debt, you should be making at least 300k per year.
If you have 300K in student loan debt you made a lot of bad decisions.
@@danielrn133 So you think only rich kids should be able to go to med school then? I know you are bitter and jealous because you are only an RN but please don't let your envy of real physicians jade you. lol @ being a male nurse anyway (Murse)
Why is there not a discussion about Public service loan forgiveness? Federal jobs are eligible.
I think only some very small percentage, like 1% or something (don't hold me to that number), are actually forgiven for public service workers who have seemingly fulfilled all the obligations to receive forgiveness.
Staying at Nana's house is more fun anyway!!!
I really appreciate your help and SBA Grant method was so easy and swift, i was able to be funded yesterday. .
I hope she sells the BMW.
If she is able to write one estate plan per week, that could be at least $1500 a week extra. That's a will, power of attorney, and advance medical directive. If someone wants a revocable living trust, that could be $2500-3000 at a fair price. Do that a few times a month and her income goes up drastically. Just have to see if her employer's malpractice insurance would cover her or if she needs her own.
She could work for hospitals in compliance. Many companies need internal lawyers. Make more money and work regular hours.
"To work and live like no one else, later you get to work and live like no one else".
I'm guessing this is exponential growth, meaning there is investing and income growth along the way. Because if it's linear, you'd have to work and live like most people later due to inflation etc.
What is the correlational between personal choices that people make and their mental health.
Women should listen to this and ask themselves… do they want a family or do they want a hellish job, therapist, and co-parenting.
U can do both if your smart
@@sdneytaco2226The fundamental lie of feminism
So she's unmarried and has 3 kids. $300,000 debt is ridiculous. She lived the high life.
Dave seems like a genuinely nice person, that is all I wanted to say
Sacrifice three years with her children? By then the teen is gone and out of the house. You never get time back. Be together but live on minimum. It can be done. 12-hour work days aren’t worth it when there are children in the picture.
They never really answered her....
Answer at 4:45
“Donate” a kidney
There are some federal agencies that pay their attorneys better salaries. I’ve seen many GS14 and 15s which in the DC area that’s $130-$150k
she hasn't been working that long. it takes time to move up to 14 and 15.
But even $130-150k is below what could be earned. I have HS diploma, some college, and some real experience in my field and I make over $170k.
Can’t she do Public Service Loan Forgiveness if she works for the government?
For a long time I avoided student loans like the plague. But now I am not happy with my job field and want more opportunities . It sucks that you basically have to choose between, low paying /low skill work (not meaning any insult this is just a generalization) and no debt, or a more specialized job but drowning in debt for the rest of your life. I’m not really a person for broad forgiveness but this system is so broken and we need a solution
I know it’s difficult when you are young, graduating being 18 yrs old to figure out what to do or you want to do, but people need to learn college is not the way for everyone or best option. Student loan debt is crippling people. I was one of them. Very happy to have my degree and finally my student loans are paid off, working in a good career, but I have three friends, no college degrees, one is outside sales, one works for an international logistic company and worked his way up to general manager and another started flipping houses after getting out of the military and now has his resdiental GC license and owns multiple properties he rents. All make way more money than I do and have no college degrees. I’m not saying college is bad but the old idea of “you have to go to college” is no more. Think what you want to do and how to get there and be specific in your goals and just do not graduate HS and to sign up for $100k+ debt without a specific path. A 4 year “business” degree really gets you nothing in the market you cannot just go to work out of HS and work your way up into a career
If you go to community college and take on 20k federal student loans thats fine. You get a good degree and are able to pay it off in one year. But 300k? No. Just no.
I was a dumb 17 year old kid and joined the Marines. I was lucky to get the GI Bill. Most importantly I got discipline in the Marines and tapped into my intelligence. With a decent career and some good guidance I will be a next door millionaire eventually.
Yes, sir. You will.
That's cool. How does that relate to this caller in this video?
@@kbanghart it's halal
@@kbanghart discipline. She sounds defeated. Dave said the same thing.
Funny how Dave forgets interest on the loans. 30K per year DOES NOT pay off 300K in 10 years.
Funny how you use DRAMA
@@donjohnson1416 Intuitive people call it inflection.
Funny how probably you are the one with the debt
@@ReflectingonReflection You are right! $444,100 left on the mortgage which will be paid off Dec 31, 2023. House valued at $2.3M. No other debt other than that. Over $2M in retirement. How you lookin?
He also forgets taxes, especially once the callers get into higher incomes/brackets.
This call should be named I like my work life balance and don’t want to change anything else.
she could not figure this out on her own?????
Can she not get public service loan forgiveness after 10 years of service? If so, she should aim for that and grow her own clientele on the side.
The pandemic deferred period counts towards the 10 years they've told me so it'll be like 8 years for her
Exactly! I have a good friend in a similar situation and she's about to complete her 10 yrs and be forgiven like $200,000! Does this caller not know about it and why isn't Ramsey and the other person mentioning it to her as a real-life solution?
My brother got his master degree and is a math teacher in middle school and professor at his college he grad from. Before he grad with his master he was over 50k in debt
I'd really like to see a series of these interviews with a single individual, following up on their progress. Actually getting a bigger "shovel" isn't as simple as realizing I need a bigger shovel and believing with all my heart that my degrees are going to magically open up doors for me. Searching for and applying to jobs can be massively discouraging if all the advice you're following gets you nowhere, all the while you're well aware that sacrificing time on the process is making your shovel smaller and your bills are breathing down your neck. So, how exactly does one get a bigger shovel? That's what I wish they'd answer in these videos.
Where did she go for her degree?
Why didn't she go to a state school?
How many state schools can you get a law degree from?
Well, at least she has 20k forgiven!!
I am guessing she attended a private law school… I wonder if she’s related to Stacey Abrams…😂😂
I think she's looking at $30k per year for 10 years, even though Dave said that was too long. Going to be a painful decade for her. And then she's still broke! She's just not at a negative net worth anymore. She's got one heck of a mess on her hands.
Right. Here's to her finding the drive to keep working once she's out of the hole. Set up a better future for her kids.
@TriIII And she has three kids so even before she makes any payments to her student loans she has to provide shelter clothing food utilities transportation first
@TriIII Wrong. Please dont talk about what you dont understand.
Get into an INCOME BASED REPYAMENT PLAN, put in 10 years with the feds and bye bye remainder of that 300k. In 10 years on that income you probably wouldn't pay more than 50k on that balance. Sound good? Dave, who I really like, gives horrible advice when it comes to student loans.
Very few actually are granted such a thing, Ever
@@Dan16673 I think they are cleaning it up, but you can't miss a payment.
wow this is actually her best option.
Dave would never suggest anything having to do with loan forgiveness. He is not a fan of it at all
@@llcross04 Which means that he cares more about his own personal dogma than actually helping his guests. Imagine having a "professional" help you that wasnt trying to get you the best deal possible?
I own 10 now I don't feel so bad bad..🤣🤣
Ohh!! My God!! I’m dying with a debt of $6,207.
For most, a law degree won’t ever pay enough to justify the cost. A lot of plumbers make more than a a typical family lawyer. But a nurse with a JD can go from the floor to the C suite.
Yes in combination with another very useful degree. It can do wonders
We cannot all be plumbers. If we were, the value of them would plummet.
Student loans are just like any other loan. If they are forgiven, all loans are forgiven!
Its weird how going to a regional campus and paying cash has long term benefits.
Jesus Christ a ” lawyer “ didn’t think to find a better paying job.
Well you signed up for it time to pay up.
Community College is calling...
I would not want this lady working on my estate planning on the side!
she’s doing the minimum and expecting the maximum. If it was anyone else Dave would’ve asked why aren’t you married and tackling this together?
When you take out the huge loan please DO NOT EXPECT LIFE TO BE ACCORDING TO YOUR PLAN. Prepare in advance for sudden change, crisis or roadblocks. PLEASE!
I'm always shocked at how much money people are willing to overpay for degrees, especially when they end up getting government jobs which you can get with basically any degree of the correct category, even from an online college.
Wow just phucking wow!!!!
yep,, another average person calling in here...
Are student loans no longer required to be paid back in 10 years maximum? That’s how it was when I had mine, but that was a long time ago, lol.
It’s 30 for professional school. College use to be 10.
Should be 10 again.
@@snickersimsocute2438 30? Yikes. I guess those stories about people heading into retirement with loans make more sense now.
standard repayment is 10 years. they have income based but it's based off 20-25 years so these are the people who don't even pay enough to cover the interest
In theory you can stretch out a student loan repayment for life through deferment and forbearances and income based repayment plans and the most extended payment options
People just dont think, madness.
I wonder what her balance has been over the years
I Made $61k for the govt as a high school drop out. $0 student loans
She can benefit from the upcoming forgiveness, but only 1/15 of the full amount...
I wonder if she has anything of value she can sell.
she is a lawyer I think she can win that case
Please don't go into law unless you go to a top law school. Too many people have law degrees.