Was Our $420,000 In Student Loans Worth It ?!?
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- เผยแพร่เมื่อ 8 ก.ค. 2024
- Yep, we have $420,000 worth of student loan debt from college and graduate school. We are talking all about our student loans in this video, including whether we think it was worth it and what, if anything we would do differently if we had the change. Remember to SUBSCRIBE & ENTER THE GIVEAWAY!!!
There's no way that we can talk about how to save money and pay off debt without touching on the major elephant in the room: student loan debt. The country is in the midst of a student debt crisis and more and more people are wondering how to manage student loan debt, pay off student loans, and do all the other important things in life like saving money, having kids, and buying a house.
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We are Tasha & Joseph a millennial couple balancing kids, jobs, money, and life.
One Big Happy Life is our website which focuses on creating a life you love by finding the right balance between your personal and financial goals.
Life isn’t just about one thing but money touches on just about everything. Personal finance doesn't have to be complicated or overwhelming.
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Disclaimer: This video is for informational purposes only and does not constitute legal for financial advice. Please consult an attorney or certified financial planner who will put your interests before theirs. - แนวปฏิบัติและการใช้ชีวิต
I have $30000 in loans. Biggest mistake of my life. Had I known what I know now, I would NOT have gone to college at all. I would have done an accelerated program and FOCUSED on building a great portfolio as a full stack developer. Thankfully I was able to change my trajectory at 27, and I'm so at peace. I love my job, it's flexible and I can work from anywhere in the world!
Hindsight is 20/20 so try not to beat yourself up too much. We all have our things that we wish we'd have known because we would have made different choices. But what's awesome is that you have a job that you enjoy and that's flexible!--Tasha
ooo you sound like me. I'm aiming for the same, also around 35k debt.
First of all, neither of you look old enough to have a 16 year old!! Love it!
Thanks!-Joseph
It's called teen mom.. str8t up
I think tasha said she was married with her daughter and got divorced met Joseph and had the baby. He could be younger but who knows lol..
It has to be in the watta shooo
Right! They look so young
Dave Ramsey would say this is ridiculous.
Dave Ramsey says a lot of things and a lot of people believe him. That doesn't make him right. You should check out our video about why we don't follow Dave Ramsey: th-cam.com/video/CV3FjnKu314/w-d-xo.html .--Tasha
If it is for a doctor or a lawyer he wouldn’t say it’s ridiculous. He would just tell you to get it paid off as soon as possible.
I think he would say that allowing the debt to STAY hanging over your head for 10 years until it is forgiven is rediculous! They say they both make 6 figures, so let's pretend they each take home 100k per year and not more. If they were to buckle down and live off one 100k income and put the other income solely paying off the loans, they'd be out from under this is about 4 years! And could live the next 6 years INVESTING those monthly payments and gaining interest and building wealth.
But, even smart people make the mistake of being okay with living with debt instead of taking care of the problem.
stop&smile17 Actually I do listen to him and know him. Medical school is expensive. There is no way anyone could cash flow that unless they won the lottery or had a huge trust fund. He isn’t going to go ballistic if it’s for a doctor. He just tells them to pay it off as soon as possible.
at their income level their monthly repayment is likely around $2k. After 10 years they're paying about $240k. So they save about $200k just taking the forgiveness. Say they have 8300 discretional income monthly which is what you are assuming ig they can live 100% off that 100k (even though they can't because taxes). Lets assume they make the $2k payment and invest the rest of their discretionary income. at the end of 10 years they have around $1,029,000 (given a 6% rate of return and no raises) and they have only paid $240k in student loan payments. If they were instead to do no investing for the first 4 years and pay off the student loans then invest for the other 6 years they will pay roughly $480-500k in studnet loans between principle and interest and their investment account would have $716,000. So, in a numerically perfect world what they are doing would put them ahead over $300k compared to what dave ramsey says. Is it that cut and dry and do i think they are actually investing $6300 a month? no probably not. But I also don't think people should take Dave's advice as gospel. He thinks I should pay off my student loans before I make a real emergency fund but I work at a startup in a volitile industry so I'm gonna do the emergency fund first. It's all about doing the math, looking at your priorities and deciding what you can realistically commit yourself to.
all our lives older generations have told us to go to college, now we are sunken with debt and they laugh when we ask for the public college system or cancellation of student debt.
I agree. There was a great time for education in the United States and after the baby boomers had their share things started shifting. We've lost our focus on technical skills and the prices for tuition have skyrocketed to compensate for lost funding sources. Now somehow the kids trying to navigate the waters fresh out of high school who take out debt are being blamed for their decisions. It's hard getting it right the first time and the financial consequences are much worse than they used to be. - Joseph
Why not join the military? They have a scholarship called the post 9/11 GI Bill, it pays for your university and gives you rent money as a full time student. It's an amazing veteran benefit but most people are too entitled to serve.
I know right. I don't like oweing money. I'm actually working pay off my debt.
Yeah what a scam!
@@aben8192 Tasha did serve
If you have $1M in debt, why are you qualified to give people financial advice?
FiveYearClub if they make a combined million a year, yes.
Euuuuh, you can maybe tell people how to avoid it? Maybe
Wouldn't that make them the most qualified? Or do want advice from someone who never suffered through anything.
@@PebbleBeachLife Definitely from people with positive net worth
@@891delta I would gladly take a warning from people experiencing hell to tell me not to end there with them. People with positive net worth don't even begin to understand how bad things can get.
it must be really hard having education debt or any debt especially this much, i i get anxious if i owe someone even 200.
Actually, it's not difficult at all. That's the power of having a financial plan in place that aligns with our financial and life goals. Because we have a sound financial plan in place, we are able to enjoy our lives today while also saving and paying down debt in order to have our best financial future.--Tasha
I can guarantee you that debt-fee people are waaaay happier, free and relaxed plus we can really pile up on savings and investments. But good luck paying off your debt, sounds like you have a solid plan in place.
shivam sharma Dufe you are Indian.Ain't how ya all are,sheap not cheap and smart?
MorrocanZween you should check out our Dave Ramsey video which shows how rapid debt pay off would result in millions in lost net worth over the course of 20 years. The only way that we would be any happier or more relaxed is if we were financially independent. Whether or not we are also debt free at that point is irrelevant.--Tasha
Still no debt is better than debt and Net Worth = Property Owned - Debt So a person has so more debt means that you actually have less net worth than someone who doesn't have debt. You can't count money you owe as your own. I prefer no debt / very small debt. and I am also very financially independent. But if it works for you great =) Again everyone entitled to their opinions and how you live your life.
Debt is modern day slavery.
No, it really isn't. And you really need to stop saying that because it is completely false and cheapens the real horror that slavery was in this country as well as it's continuing impact on communities of color over two centuries later.--Tasha
One Big Happy Life
this channel is insane in their comments blown away at their replies.
You will not be jailed for failure to pay student loans.
blog.ed.gov/2016/04/no-you-wont-be-arrested-for-falling-behind-on-your-student-loans/
I don't care to make a competition out of which slaves had it worse because treating humans as property is bad. Period. And it is certainly not how people who are in debt are treated today. --Tasha
One Big Happy Life figuratively speaking. Im sure his intention was to say how bad student debt is.
15k for a Engineering degree from a state university and 75K starting salary out of school, payed off my loans in 3 months...Dave Ramsey might faint hearing how much debt to income ratio you have 😂
Our DTI is below 20%.--Tasha
They are close or near 1 million dollars of debt not 420K. They are making 300K a year or at least that is what I remember them saying, I could be wrong since I have only watched a few of their videos
Naturally Q30 I'm sorry that you feel that our channel isn't for you. We try to put out advice and information that is useful to people in various financial situations. Remember we started out earning less than 20k a year and through investing in our education (yes, with debt) we have been able to improve our financial trajectory. --Tasha
Sarah R That is not how the DTI calculations works. It is this: debt payments/income=.2. If we made 2.1 million per year, we would have paid off our student loans. We each make low six figures.- Joseph
looooooooool exactly. he will pause for 1 month
420k of student loans for a 50k job... cost me 800$ to learn Plumbing and heat and i make 85k
There are certainly other excellent career options that don't require a college degree and people should definitely consider them as they are deciding what they want to do with their lives. But many people are not interested in pursuing a career in the trades. Not to mention the fact that the average plumber/electrician makes less than $65K a year, which means that your salary is unusually high and most likely took years and years of work to reach.
Also, I think you might have misunderstood our video. When Joseph mentioned his 50K job offer, that was after undergrad which he came out of with just $20K worth of debt. Our starting salary right out of law school would have been $160K plus bonus.--Tasha
That's why more people should go into trades in America. If I had kids that's what I'd steer them towards.
lol. definitely right
@@dylankim8613 oh my.
One Big Happy Life: "excellent career options that don't require a college degree" -- LOL people don't pursue trades because its a career option. People do that kind of work to pay the bills, and build net worth.
"Our starting salary right out of law school would have been $160K plus bonus." ----
Again counting your chickens before they hatch. making predictions about the future.
I am in debt $80000. Why? I changed my major several times. My advice to anyone is ‘get in and get out’ during undergrad. I mean really do really need to do political science to be a lawyer? Nope! Unless you are going into areas like medicine, engineering etc then you probably should get a degree and get out. Focus on Grad school instead.
That's good advice. My majors overlapped quite a bit, so I was able to graduate with 154 hours in only three years without too much additional debt. -Joseph
I disagree. Students should really think about what they want their career to be and research it before going to college. So many people waste time and money getting a degree they never use. Including masters degrees. People should also look up the bureau of labor statistics and see what their average salary would be to determine if they will ever even be able to pay back what they are borrowing.
Gina H undergrad is meaning less unless it’s for engineering or medicine majors. My cousin did psychology and works in logistics. One of my friends was an English major and works for a top tech company in management. That one went ahead and got an MBA. At the end of the day most people never really know where they want to be before undergrad. Research does not help. However, during undergrad you if you are still not sure just go ahead and get the degree. I do believe research needs to be done about the academic institutions you are most interested. If I had to do undergrad again I would have chosen a school that had an active alumni. I think that is so important in terms of having opportunities to network, find out more about the opportunities available and get yourself out there. I would also want more exposure to international opportunities.
Gina H not one person in high school is sure of what they want to do in the next 4 years. They should take core classes their first year while exploring professional careers. It’s unfair to ask a kid to make up their mind for life with no experience at all.
education is a good option too
Wow! I'm an attorney too and finally paid off my student loans. (No consumer debt.) Good luck!
I think they both completely glossed over the wasted time and money they spent in their early educational career, while patting themselves on the back for their "careful planning on how much debt to take out" that they did after racking up tens of thousands of dollars in debt before they got their act together.
Ivy league schools are over rated, a qualified attorney will always find work, don't try so hard to justify the expense, you wanted the prestige, enough said. It's like the 1k$ handbag when the 20$ will do, if you can afford it, it's your money.
Clearly having a better road map early on would have saved a lot of time and money. So key takeaway is don't rush your kids into school because "that's what you do after high school". Especially if debt is involved. Kudo's on the USMC, lots of people do a term of enlistment in the military, time to mature, get a better view on life, take advantage of TA while on active duty to knock an associates degree out for free while keeping that GI bill intact!
Kudos for being positive in your situation, but I really think this video should have been more honest, such as "This is what we could have done that would have saved us at least 100k" instead of trying to polish the turd you created. That would have been a lot more helpful.
Super upbeat, GL to your child, you guys seem like an amazing couple and I hope to see more great stuff!
I'm sorry but you really have no idea what you are talking about when it comes to finding a job as a lawyer. School absolutely matters and anyone who says different is either uninformed for lying. As for our undergrad student loan debt, there certainly were other options but all in all, we dont have a problem with the choices that we have made. We are happy with our decisions. Not everyone can say that about their student loan debt of course, but we can. You clearly have a certain bias that you are pushing, because how could you possibly get a takeaway of don't rush your kids into college from a video about a person who triple majored and graduated early and another who went to college after serving four years of active duty in the military?--Tasha
The title of the video related to “educational debt”, albeit your personal view of “would you do it again.
So my “personal bias” is how to minimize or eliminate student debt since it currently ranks second among US consumer debt only behind mortgages (www.forbes.com/sites/zackfriedman/2017/02/.../student-loan-debt-statistics-2017/)
So for example, when I said that the video could have been more helpful if you hadn’t glossed over early wasted time and money, what I mean is simply this…
By its strictest definition…any college credits you earned that are not listed as a requirement for your law degrees were not necessary, thereby they represent wasted time and money.
If you add up all the classes, their cost in both time and resources you would have an actual set of figures (in both time and money) that you could share with your viewers to let them know how much you could have saved if you’d had a more focused set of goals rather than rushing straight into school because you thought it was what you were “supposed” to do.
All I’m trying to say is by encouraging young people to THINK before they start spending money THEY DON’T have, they could same money in the long run.
I’m sorry if this is coming across as critical, I honestly think this is a simple observation a large number of your viewers must have made as well.
Once again, thank you for your thoughtful and polite response I'm glad I stumbled across your guys channel, maybe I misunderstood what your "mission statement" is as I sort of thought you were trying to give some sort of student loan advice, but maybe you're just justifying your own decisions, which you have no cause to do, it's a free country!
Once again I found your presentation lovely, but not as helpful as it could have been because I'm sure if you do that calculation I outlined above, you'll see you could have saved a lot of time and money as I'm sure your transcripts have a ton of credits that didn't count towards your degree at all.
Cheers.
Wait! You two look like newlyweds. You can’t have a daughter that old!!
I know right. It's so exciting, we may be paying tuition and changing diapers at the same time. Lol. -Joseph
Right! I said the same thing, I thought they were in their late 20s. I'm like how old are they???!!!
Jojo Jo she said she was married and had a baby
"You can’t have a daughter that old!" -- her kid was from a prior marriage. He is a younger beta male who married a woman with baggage.
She looks so young, though.
NOT worth it. Doesn’t matter how you try to justify it. It’s not a worth a lifetime of debt. I hope you are teaching your child not to follow your footsteps into the debt rabbit hole. If you can’t pay for it, then work and save and pay out of pocket. Teach her that a 4 year school is not necessary to make a comfortable living AND that most people with only a bachelor’s are living bordering poverty because of the student loan debt crisis.
Rebeca Sable I couldn't agree with you more. They seemed like they are living on cloud 9.
After watching this, I did research and student loan forgiveness IS NOT guaranteed (it never was). Congress can do away with this any moment. It’s incredibly irresponsible to count on this as a done deal 🤦🏻♀️
Also a lot of these people don't know a lot about finance or how to budget properly. A lot of these people aren't willing to put in the work to pay off their student debt. A lot of these people think that working a 9-5 everyday paying the bare minimum on the payments will get something done.
It's not right that the education you pay for in America is a lower standard and more expensive than what you get in the UK. I'm not really for socialism, but something needs to be done in America to make both college and healthcare cheaper. Eventually, something will have to give in this country.
Yeah I agree.
I'm glad you mentioned the flexibility that a "good job" can also provide you. Most people probably only think a good job provides high pay and good health insurance, etc, but there is alot of worth in not being chained to a desk or an office 8 hours a day if you dont need to be (and be just as productive.) I feel like the less "professional" jobs endure the most micro-managing. And if you have never been micro-managed, you have no idea how maddening it really is.
And I'm here freaking out about my student loans and I'm under $60k, and I have an accounting degree, as well as an MBA. Also, I did my degree in two countries - Canada and Australia. I have to say for me it's been worth it. I thank God!
With the MBA what kind of jobs where you able to look for or find?
if you are clear on what you want... the loan will help.. if you arent clear dont bother going into debt
That's a good point. Education is only valuable as an investment in yourself for future earnings. Otherwise, it is more an entertainment expense and that is not something you should borrow for. - Joseph
My husband’ s former company had a continuing education program. He worked as an engineer during the day and went to law school at night for four long years. I was teaching and made up some of the difference that the program didn’t cover. It was so worth graduating debt free from a private law School. There are ways to do it without loans. He’s practiced for 18 years now and still has colleagues paying back loans.
+Dottie Cupit I'm glad that worked for your family. There are definitely different paths. And we all weigh the rewards differently. For example, I turned down a full ride from another T14 school and went to Yale. I have zero regrets. Yale was worth every penny.--Tasha
I agree these. A lot of corporates have tuition reimbursement that will help pay for some of your school bill. My company pays up to $5000 a year with a C or better grade. These student loan debts are out of control.
You’re doing away a financial advice giveaway yet both of you are 200k in the hole with student debt?? Yeah no thanks....
Chris Hardy 😂😂 I’m sorry but this comment made me scream with laughter at 2am lol
i know, i know
Emily Is Green you and all the others with the negative comments are very myopic concerning their debt. There is such a thing as good debt, which I feel they have. Not only has it given them well paying careers, but with their law degrees and experience they have experienced income growth . Thus investing in their education has shown to be an asset. Also, doesn't look like they are living to shabby to me, and are far from living a hand to mouth existence. However, I feel if Warren Buffet , gave you some financial insight, you would pick it apart, and criticize that without let up.
Bro they are lawyers it will be paid off quick dummy
Hahaha the only lesson i learn from their video is that do not live above ur mean.
I went to community college for all my general education credits and transferred to a four-year...in state. I used payment plans at my CC to totally avoid loans all together. Received a lot more scholarship and grant money for four-year so used payment plans again and paid for books with credit cards. Graduated with a small amount of credit card debt. Going into law school is a different story. I'm planning to use Discover loans so I can pay a little during study in order to earn a low interest rate once the loan comes due with Discover's repayment agreement plan.
Juniper040 smart girl! 👍
Same. I went to CC to get my GE and then transferred to 4 year state University.
Congratulations! You are now educated. Enjoy your debt.
Thanks! We are thrilled with the lives we live so, I guess we are enjoying our debt.🙂--Tasha
So...I just found you guys while watching budget/savings videos... This video literally doesn't apply to me since i'm in a trade and have never taken student loans. But you 2 are so likable that I watched the whole video. I'm looking forward to seeing all the videos you put out.
Thank you so much! I wish trades didn't require so much on the job training before being able to start your own business. How do you feel about that? Am I thinking dangerously? -Joseph
It's something that's always been in the back of my mind. I'm a journeyman now but it takes something like 10 years to be eligible to test to become a master plumber. There are things you can't do without a master plumber. Permits you cant pull and jobs you cant bid. Someday, maybe...
This video seriously helped me out! I'm currently attending nursing school at a private institution, and the amount of debt I will be in post-grad really overwhelms me sometimes. I know everybody has a different opinion on this topic, but I think student debt is worth it if you are pursuing your greatest passion as a career, and cannot otherwise get that job without going to school. It's all about weighing the pros and cons with what is best for yourself. Not everybody can get where they want in life going to an in-state public college (which would significantly lessen one's debt), so sometimes what is best for a person's future may cost them more money in the end. But no matter what amount of debt somebody goes into for their education, it's an investment in themselves and their future. You two are very wise, and I think everything you mentioned in this video was very well-spoken!
Occupation: Postdoctoral Fellow in Cancer Research
Salary: $47,800 per year
May 2016 Balance: $51,000
October 2019 Balance: $9,629
Earliest Zero Balance Date: July 1, 2020
My sister is attending OSU! So cool! She just switched her major to Architecture.
I've heard they have a great school. The building on campus is pretty sweet looking if I recall correctly. -Joseph
Tasha, It'll be really interesting if you did a video on how you balanced everything while still in Law school 😃
This is so awesome! I applaud you two for detailing a struggle that millions of Americans are ashamed to examine on a personal level. Congrats!
Refreshing video!! Not one jab at a parent, your teenage self, or the cost of college! Happy you are content with a plan. That’s half the battle.
Yes! Thank you!
College should be free.
Agreed!--Tasha
IMO, people going into fields like law and medicine (MD/DO, nursing, etc) should have their entire education paid for, plus a stipend. These fields are a public service and necessary ones for humanity. We're already having a physician shortage in practically every specialty, and given the skyrocketing cost of medical school, that number is going to get worse.
Birdie S But everybody can't be a doctor, lawyer or etc. Like alot of doctors shouldn't even be doctors. Because they're not people friendly.
Cortez Miller Don't get me wrong, I'm 100% in favor of tuition-free college for all. I'm just saying that those fields in particular need tuition-free college AND a stipend because they're necessary for a functioning society. Sure, everyone can't be a doctor, but everyone (yes, everyone) needs doctors and nurses. I'm in med school right now, and it's a huge financial sacrifice (I'll be >300K in debt after it's all over b/c of tuition and living expenses), but it'll all be worth it. My point is that it shouldn't be this way, especially for necessary things like health services. Also, there you can blame the US medical system for why some doctors aren't necessarily people-friendly. Dealing with stubborn insurance companies, billing, and charting for most of your day isn't exactly the most exciting thing in the world. We want to see patients more, but have to jump through so many hoops because of insurance companies. Also, policies regarding how long doctors can see patients basically revolve around the billing and charting. So, next time anyone complains about a 5-minute doctor visit, yell at the politicians. This is the part of medicine that no patient gets to see unless they've shadowed a doctor. There's so much bureaucratic BS that goes on behind the scenes.
I hear lots of people say this but no one says how it is going to be paid for. If paid by the taxpayers, it is not free. You're talking about transferring the debt to someone else. If you take out student loans, you should pay them back.
No, your college will not determine if you can land a good job, your job experience does! If you can get a $50-$60,000 job after a 4 year degree then take it and run. Use that time to gain job experience to increase your salary, not go back into college and gain $200k+ in debt. That isn't a smart idea. Why? Because this video assumes that everyone can land a 6 figure job after college, which is not the norm for a lot of people.
That is not accurate. While you can work your way up to varying levels of success without a graduate degree, there is still significant value in advanced degrees especially from a top school. Taking out debt for school is not for everyone, but lifetime earnings increase substantially for most people with more education. In addition, many professions require additional school to even be eligible to work in the field. We're attorneys, which is one of those fields. -Joseph
absolutely false for law schools. It's also false for phd candidates who aspire to be tenure-track professors. name really can matter. english bachelor's from Harvard vs english bachelor's for Podunk State U -- generally radically different outcomes. This is less so in fields where there are more jobs, such as tech.
Thank you for sharing your commentary. I teach a Business class to Middle School students. We are discussing student loan debt right now. Your situation is unique in that you maximized the benefits of loan repayment resources via public service. This is crucial! Far too many students are selecting a college with no real understanding of why and what they will do with the degree. Colleges are in business to make money. It's just that simple. The benefits are tremendous, but only if you navigate the experience wisely.
Reginald Isom that’s great that you’re educating middle school students about the pitfalls of student loans 👏I’m curious about what else you teach as part of the curriculum, (credit cards, 401k, mortgages?)
Thank you for this video! I have been making a pro and con list for me to go back to school for my second Masters degree and a license in clinical counseling, this video really helped me make the decision! My undergraduate degree and first masters is in such a specialized field of psychology that I was not finding any jobs I wanted to do. But, the daunting idea of adding $60k of student debt was really holding me back. Your explanation is job availability and budgeting for multiple outcomes really helped me see how many advances would be available to me once I became licensed! Also shout out from Baltimore, MD!
Great analysis, of course it was worth it. It’s great that you always put family first before income. 🤗
I don’t even have to watch this video to answer NO! It wasn’t worth it
It was worth it for us. 🙂--Tasha
Yes It's Me some people win the lottery too. Does that mean everyone will? How many of your fellow Devry graduates are making that kind of money? On the other hand, I'd bet anything that 100% of Yale Law grads are either making 100K or purposely chose not to because they are deliberately pursuing something else instead.--Tasha
Mauricio JUST graduated with a degree (his Colombian degree does not translate to the US market) and we took out student loans to pay for it. Were the loans worth it? ABSOLUTELY. Would I do it differently today? Yes. I'd probably do whatever we had to in order to not take out any more debt but...water under the bridge. You can't change the past
I'm glad it was worth it. Things would always be done better a second time around for us too. -Joseph
Oh and Congratulations are in order!-joseph
I just finished my MBA, which I took out loans for. It was so worth it. But if I ever went back to school now? I'd do it differently and cash flow the entire degree.
Wendy Valencia Columbian? Could you please tell us more ? Is it cheaper ?
My husband was born in the country of Colombia. We did not meet until he was an adult. After we got married he moved to the US and quickly discovered that he would need a degree from an accredited college in the US if he wanted to do anything.
I love that you guys are making videos more frequently now. You guys have such a wealth of knowledge!
What's funny is that we made one almost every day in December, so this is a slow down. I'm glad you're enjoying it. - Joseph
I’m not sure why this popped up in my feed BUT I’m so glad it did! I have been thinking about a dual master and jd program but have been terrified at the thought of that six figure student loan. This is so informative. Thank you!
Thank you so much for these videos!! I just turned 18 and I'm looking at a few different colleges to go to. Looking to see what to do / not to do and I'm really learning from a lot of these videos.
We will definitely do a more general advice video so stay tuned. But we are huge fans of spending the least amount possible for undergrad. We both went to state schools near our homes and don't regret it at all.--Tasha
Look up Dave Ramsey before you take out those student loans. It might change your mind
I just finished up school, was lucky to find a good job post graduation but im now paying off my student debt. Its completely manageable for my career. I would recommend going to a low cost community or state college for your general education classes (sciences, maths, english, etc.). They are likely smaller (unless you compare to private schools) than the college you want to go to, meaning less people in a class and more availability of the professor to you.
Martha D.moreno Sounds truly inspirational but as most of the viewers of this channel may know, credit scores range from 300 - 850, making your statement impossible. Have a good day 😊
Dont listen to them
There is an intrinsic value in education. I have a bachelors degree. If you only look at my resume you would think it was a complete waste as I haven't worked much since having two children with special needs and then a serious unrelated decline in my own health. The truth is my degree has given me the skills to navigate the very complicated Australian special education, health and disability sectors with a healthy amount of confidence. It has also given me the research and writing skills to read govt policies, find the right professionals to help, understand their reports and communicate with them. The moral of the story education can give you more than just a paycheck, even if life throws you some curveballs.
Spain is so bureaucratic that bureaucracy is a business of its own. People seek bureaucrats to do their paperwork that must be done for literally everything.
I know of someone who went to an non credited Law school. Her job prospects were not good. This video gives us a lot to think about. Thank you so much.
Oh no! That is really tough. Even if they get to take the bar, attorneys doing the hiring would really look down on that. - Joseph
Occupation: Biochemist, Cancer Research
PhD Completion: 2015
Salary: $52,000 per year
May 2016 Balance: $51,000
May 2020 Balance: $504
Earliest Zero Balance Date: June 1, 2020
You guys have great analytical skills. Its a great and scary insight into how you have so much debt. Its great your incomes are high. But in the end, it doesn't matter what school you went to. It might matter for the first 5 years or first 2 jobs, but after that employers don't really care. They are more concerned with what you can do for them. I went to a cheap masters program and came with about $8,000 in loans since I worked for the school during my studies and I have colleagues and friends who went to Yale and other expensive schools and they have $80,000 to $100,000 in loans yet we are paid the same and do similar work. Please dont borrow too much money to go to these fancy schools or orograms. You can still have success by going to cheaper schools. Its not fun paying back these loans and you cant assume the job market will be strong when you graduate or these loan forgiveness programs will still be around.
+NCAgentX According to the Dept. Of Education, 10 years after college people who went to Ivy degrees make on average double what other college grads make. In the legal field, where you go to law school does matter even after the first few jobs. While you may have scored the same job as someone who graduated for a higher ranked school, there are likely hundreds of your classmates who weren't so lucky. I know plenty of people from lower ranked law schools who either aren't practicing law or are not happy with the work they were able to find but don't have any other options.
The point is that each person has to balance their professional and life goals with the costs. You are happy with your decision and that is all that matters.--Tasha
I like how you guys engage your audience and thanks for the reply to my comment. Thanks for being candid with your experiences. Yes people should analyze their options about school costs and long term career goals. Please be careful about using current "average salary" to make decisions about what school or program you study. Each field of study/ school program has extreme high and low income earners and this skews the average. Dont expect current conditions to remain the same when you enter the labor market. Good luck in your decisions people
Law school is pretty much the only example of a feild where matters though... Can anyone name at least 2 other feilds where it would matter?
Adam Hess I think it matter about the department at the school for that graduate. Like if you are studying anthropology and you don’t want to other in academics, you should try and find a school where the department has a lot of people have done stuff other than teach. Like the head of my anthropology department worked in marketing and HR. Many other people in the department have work outside of working at a college or are doing other kind of work while also teaching. Being able to have some guidance in a career path is very important.
One Big Happy Life
My goodness, I'm a millennial too but I didn't rack up that type of debt. I kept my debt low with a state school and graduating generally on time (needed an extra semester). When all was done, my debt was about $14,000 and I paid it off very quickly to start earning and saving money for the future.
Yes, our undergrad debt was similar to yours. The rest came from law school. Did your parents help you pay for college?--Tasha
I came up as a first time college student for the family and my extended family. It was a very working class background, so they couldn't help me much which led to a very good financial package in retrospect. That said, they did continue to allow me to live at home rent free through college to keep my expenses low. Otherwise, I worked to pay what was owed outside of the financial aid package. When I graduated, I immediately consolidated my Student Loans to lock in a nice 2.37% rate and worked to pay it off.
If I had to do it over again, I would have attended a 2 year Community School then transferred over to finish my Bachelor's degree. I would have likely reduced my student loans in half doing that to around $7,000 or so by my estimates. Either way, what is done is done at this point but I still felt I did well with my initial plan and with paying everything off. Perhaps I was lucky that my High School went over Financial Aid and Student Loans. I am aware of so many people that don't know anything about them and just keep racking up the debt without thinking about the longterm consequences. If anything, High Schools should force a common sense money management course in the Senior year to get out that information.
I'm happy to have run across your channel. I know many people do not agree with your debt or lifestyle but you are showing that you can live well and still have debt. I have around 85k undergrad and graduate combined but I'm determined to live the best life I can without eating ramen until I'm 60. Thanks again for your insight. Dont listen to the haters.
They look great to have a teenage child.. never would have guessed it. Thanks for sharing your story. I HATE STUDENT loans.
To people that argue that Dave Ramsey is good or not, Personal Finance is 100% personal. Different plans work for different people. We are high income earners like One Big Happy and we have chosen to follow Dave's plan. We know that we will sacrifice some money in the long run by doing so but we as a couple have decided that we would like to stop carrying any type of debt. That was our choice, does it make it any better or worse than anyone else's....NOPE, it is just different. We are firm believers that if you just pick a plan and stick to it, no matter the plan, you will be financially better off than you are today.
Well said, completely agree...but u know how many ppl have to always be so negative giving in their 2 cents 😒
It sounds like you’re mad as your Liberal Arts degree didn’t get you your six-figure paying job 😂😂😂😂
UUUHHHH...did you actually read what I wrote Mike??? I actually earn a 6 figure salary...and so does my husband for that matter (hence the "high income earners" in the comment above). What I said is we know Dave is not the most income generating way but how we spend our money is personal and people always need to remember that different things work for different people
Wendy Valencia no. You really don’t earn six-figures. Lol. You’re just trying to justify borrowing $50k your Liberal Arts degree
Mike Nelson , xhufy
I have $0 debt in college. I changed my major once, picked up 3 minors and I have been in college for 7 years. How is this possible? Because I worked to pay off what needed to be paid, got scholarships for my good grades/gpa and was smart with my money. I will not allow my self to be in debt, thru loans or another person.
@Lilman Yellow it shouldn't be special. This is how everybody should pay for college. A beautiful example.
You are smart.
Rebecca Nour what’s your major?
Daum college for 7 years though?
College for 7 years? Grow up already lol.
Thank you for this! It’s so helpful to hear y’all’s take on how much debt it worth it for a graduate degree!
+Virginia Whorley so it definitely depends on your job prospects afterwards. I don't think there is a one size fits all answer. Though taking out the least amount of debt possible is probably among the safer options.
I really enjoyed your video. So happy that all has worked out for you both.
420,000 god damn, that is the most student loans i have ever heard of
That is crazy. That is a lot of debt to have hanging over your head. The public loan repayment can be taken away. No thank you. I was lucky enough to pay for my school out of my pocket with working and saving.
No, it really can't. As we mentioned in the video, PSLF is a term within our loan documents. Lenders don't get to retroactively go back and change contracts on a whim. That's why any proposal to eliminate PSLF has only referenced new borrowers and not current borrowers.--Tasha
Thanks for this video! I've reflected on my undergraduate experience and deff would have not gone to a private Catholic university for my first year of college. I also would've gone to community college and saved up money then got my nursing degree instead of my current journey. However it was worth it because I've managed to turn it into a positive while still planning on going for my masters in nursing after graduating in may. I graduated with my BS from OSU and want to say it's always great to see another Buckeye! :)
O-H! It is never bad to look back and learn from your choices. I definitely would have focused on keeping my debts lower in school. Great job on becoming a nurse!- Joseph
Great tips! My daughter is a sophomore undergrad and wants to go to law school. She is at a state school to help keep the cost down. Her plan is to be a prosecutor and knows she will not be wealthy. We have already discussed her future debt and ideas on paying it without being homeless and hungry.
Thanks for watching! Hopefully Public Service Loan Forgiveness still exists when she is starting law school. Many top schools have loan assistance to help those who go into the public sector as well. Either way it is great that you all are planning to have options. - Joseph
I'll probably have 90,000 of student loan debt when I graduate in my undergrad. I'm going into graphic design and I love what I want to do, but I wish it wasn't so expensive and I'm finding it hard to think it's worth it.
IzumiRiceBowl if you are taking general classes, take them at a community college then transfer to a 4 year
You can’t afford it; again people going to schools and programs they can’t afford.
DO NOT do this. I don't know all of the facts but from what I can see from this comment, this is a terrible life choice.
For graphic design??? I would NOT do this
For graphic design??? Hahahahahaha
I have 50K in student loans just by myself, BS Biology here. And I am currently contemplating getting a second degree in medical laboratory science (as biology is very general and having to work, at times 2 jobs, to keep up with living expenses didnt allow me the time to participate in internships etc) that will take me 1.5 years and cost about 13,000, but I am currently in class part time, working full time (not really, we know how cheap employers are these days) and currently paying interest on 2 loans, about to be 3. Its hard out here. I said to hell with graduate school as it would not really benefit me. I wish you all the best in whatever situation you are in. College is not for everyone and it is so important to slow down and really figure out what you want in life.To hell with the people asking what you want to be. If you dont know, you dont know!! Take your time. I love science, but I am starting to realize that student life is not for me, I hate the classroom, and learn differently, hence me starting a business to try something else, and boy am I learning.
Your post was very inspiring. I'm more of in the same boat. Good luck, you can do this!
MiMiB__ _ biology you can't do much
Ok now that i've finished the video, I guess it paid off at the end! good for you!
This was so helpful in a world where Dave Ramsey has disciples. Made me feel so much better. Thanks guys!
I think your choices for career and any loans you have to pay back are worth it , considering the perks and payoffs you are reaping now. Does being in such professional careers mean you have to keep up with the proverbial Joneses ? Had you ever thought about living more modestly, in a middle class area, and use what you save to pay that debt off faster ? You could even invest in rental property, which would give you a cash flow to throw at your debt. Combine it with living modestly and below your means, and on one salary , that debt could have been wiped out in a few years time. I know someone who rents out rooms and in 4 large houses , and cash flows about $14,000 a month, which equals a 6 figure income by someone who only had a high school education. Also because this individual has their own apartment in one of the properties , means they live rent free, and work for themselves . Would you not like the feeling of being financially independent knowing you work because you want to, and not because you have to ?
I am sure you two are sharp enough to climb out of your debt but that's if the economy stays strong and you have no major emergency expenditures.
Another consideration for not aggressively paying off student loans is the tax write-off on student loan interest ($2500). Also, for estate planning purposes, especially if you have children, it is important because student loans are automatically discharged in the event of permanent disability or death.
Very good points. Sadly, we've phased out of being able to take the tax deduction because our incomes are too high.--Tasha
Ohio State! Currently at Ohio State for undergrad, Love that! You guys are amazing
Can you make a video going into more detail on your chosen career paths? I’m very interested in learning about public service law work!
My son is an occupational therapist with tons of debt. What I would recommend is going to a very affordable community college and then transfer to a university. Do not pick the most expensive under grad
Sure. We can do that. jay hulrs has good advice about community college. It can save you lots of money, but it can also come at a small cost of the campus lifestyle. A huge part of college is learning to be on your own and interacting with the most people you can will give you best education. Lots of community college students still live at home and that is just not the same experience. - Joseph
My debt will accrue to $500k by the time I am practicing (at the age of 33). The average starting salary is 500k - it’s still scary though
Surgeon? -Joseph
Glad you guys shared your story. Congratulations on making it through and cudos to u if it was worth it. Me personally, i wanted to go to a big fancy university, but then i thought "nah! Life's too short!" Instead i paid $300 cash for nursing aide school and $100 for the test to get my license. Other than $150 in library card fines, im pretty much debt free and love it. Anywho, best wishes and thanks for sharing.😀
This sitah is very smart! Whoever has you as friend is blessed!
HELL NO
It certainly sounds like you both did lots of planning and worked hard but, it also sound like there was a lot of opportunity and maybe even some luck getting jobs right out the gun and being able to actually pay your loans at all. I have a friend that got a law degree from Case Western Reserve a great school with a well known program. To date he has had no success obtaining viable work as a lawyer and owes over 250k in loan debt which he constantly has to defer as he has no stable income. He is also married and has a kid and is not a 20 something or 30 something year old. So, he is really struggling. I myself have a ton of student loan debt too but, I chalk mine up to having a crappy science masters degree that has no value in our modern society. Needless to say my point is for every positive story like yours where things work out more than double likely result in failure and burdensome, inescapable debt.
what is wrong with a science degree?
Hale a lot of things and I regret mine lol. Thank God I dropped out of my Biochem Major!!
Best of luck you guys! Lord willing I will be debt free by April 3rd after paying off a LOT of student loans as well. 😬 I like hearing your point of view and remember that everyone learns and is motivated differently but we can learn something from everyone. I learned a lot from Dave Ramsey, Robert kyosaki, the book of proverbs and now you guys but it's important to weigh everything and make the choice for my unique situation. For me honestly I'd have to say my student loans were not worth it based on what my dreams have always been but if I were a lawyer or doctor (professions that out world needs) I might feel differently. Good for you for sharing what works for your family.
Good afternoon, That is very Valuable Information,I’m going to try to pass it on.
Glad you liked the video!--Tasha
I can understand needing the law degree but I don't buy that anything either of them did in undergrad is useful to their life right now. And I can't imagine feeling trapped to do one type of work for 10 years... but I'm a crazy milennial :P
Undergraduate can absolutely be critical. I use my accounting and finance knowledge on a daily basis. We understand the feeling of trying different things and we've each had several different jobs in the last 8 years. -Joseph
One Big Happy Life yes but you could also just buy a Book at the time you realized that knowledge will help you. I feel like undergrad is one of those things that people convince themselves “I use that knowledge” because it was so expensive and time consuming when you would be totally fine without and can learn those things for cheaper as needed. If you said “I would not have gotten my job without a bachelor in accounting” - ok. But if your answer is “I use my accounting knowledge all the time” - nmmm...
It's actually both for me. I understand what you're saying. If you want to say you could have learned everything by reading enough books, then you're right. All knowledge is in books. What a degree does is certify that you are capable of a certain level of work in addition to having the knowledge. The other thing is that you can learn a great deal of material very quickly and build a network to use as you build your career. Data just does not support the idea that you'll "be totally fine without" one because on average people with undergraduate degrees earn far more in their lifetimes than those that don't.
Setting aside years of your life to just build who you are is a gift that we should all be able to do. It is so much harder trying to fit in learning around a full-time job. It is also a time to have innovative ideas and be surrounded by others with their own ideas. You aren't going to get that from books alone.
There are people that regret their degrees or think it wasn't worth it, but in my experience it is actually pretty rare. -Joseph
Positively Udo believe as you want. How can you delude yourself into thinking he just could have read a book ? Self study may prove beneficial for added knowledge. Other than that how do we assure, everyone is grasping the same concepts, and what specifically are the books we should read ? If you apply for a job, and the employer wants you to have a degree in that area, seriously doubt you can state on your resume ," read a book . " If you are considering a career choice, go on the job websites, and read the job description, and qualifications needed. Find forums, and blogs online related to the occupation. Watch You Tube videos, many occupations and professions are shown. When you visit a school, avoid the generic career counselor. Try to get an appointment with the head of the program, you are interested in, for a true insight into the requirements and other information related to the profession. If you are not sure when you start college, than every undergrad degree has some basic liberal arts courses you must take to graduate, while you are exploring your career options. Perhaps you need to decide if you want vocational or career training, or a profession. Your personality comes into play here; if you want limited classroom time, than a vocational or trade school, might be for you, or if you are okay with going to a two year associate degree program, community colleges can prepare you in two years , or less with programs that lead to receiving a certificate. Good luck whatever you decide .
Bea Co no one cares about their undergrad. They care about their law degree.
Damn I could buy a very nice house with $420k
Thank you for sharing. Others need to hear and learn from your decisions.
Thanks for watching!-Joseph
Thanks for sharing your personal experience🤗
Is this a comedy show? You guys look pretty seriously when you talk about it, but the lack of worry in your face makes me think you are having fun.
Hi Keith, we aren't worried because we understand the terms of our loans and are comfortable with our financial trajectory.--Tasha
@@OneBigHappyLife i think you explain yourself too much its very easy to criticise ones life without being in their position. Dont let these “Geniuses” tell you anything
You all live comfortably but having amazing debt which you havent touched the principle?
Thanks for the video! I’m facing this decision. Would you still recommend IBR and public service forgiveness loans?
My advice is to just make sure you take all the basic classes in community college during the summers and winter breaks. Just make sure you can transfer them. You can graduate in 3 years like this or just have two majors in 4 years
I do love this video. Do you think your decisions would've been impacted if you would've gone to a law school without a high ranking. I advise my students that law school reputation does matter. I mean it bites for those that don't go to a prestigious law school, but the reputation is important in law circles for a lot of jobs. What do you all think?
Yes, law school reputation is huge. That translates to a higher ranking. You have to graduate higher in the class the lower you go and even then some employers will not even look at you. It can matter less, but the only people that I've run into that say it doesn't matter did well. Class rank and the name of the law school are the two most important parts of finding a legal job. -Joseph
I have a few thoughts...
$420,000 in student loan debt is never worth it in my opinion unless you went to medical school and that is still a stretch for me. Did you do the math on how much you will pay over ten years in interest and principal before your loans are forgiven? What if you change your mind and you don't want to work in the public sector anymore? Are you just going to do it because you have to?
I checked the rankings and Yale is the number 1 law school but will that really matter 10 years out of school once you've established your professional reputation?
Also, in 2 years when your child wants to go to college how are you going to handle that? Federal student loan aid is based on income. With your high incomes you might have to pay for her college education creating more debt. I didn't watch all of your videos so you might have done this, but do you consider any of your financial choices to be mistakes?
Yes, we did the math on how much we'd pay over the course of ten years before the loans are forgiven. For Joseph, we will pay less than half of the amount he borrowed and for me, even less than that. If we were to switch to private sector (which I actually did for a year) it would have to be for jobs that pay us well enough to compensate for the loss of PSLF. Short of that, we would definitely stay in the public sector until our loans are forgiven.
Yes, it does matter where you went to law school even 10 years out. At the end of the day, it's still much easier to find a job if you went to a top law school than if you didn't, all else being equal.
We did a video on how we're paying for college for our children. You can check that out for more info. And no, we will not be incurring any debt their college expenses.
We don't consider our financial choices to be mistakes. We have already saved enough money to retire at traditional retirement age, we're on track to have a $1 million net worth in our early 40s, and we live full, happy, well-balanced lives with sound plans in place to handle financial upheaval. We are ecstatic about our financial position.--Tasha
Tasha, Thanks for the reply. It makes sense now and I'll check out the video. Take care.
Great video guys! I'm honestly surprised you even bother to comment on most of the comments? I've found most commenters on youtube to be extremely irrational and bias. Just want to thank you for your time and knowledge of making this video!
Great video. I have a degree in pharmacy. Thinking about the long term value of your professional degree is key. Great job!
I feel like that was a good choice. I've heard it is good pay and doesn't take as long to get through. Thank you for watching. -Joseph
Hi! I am thinking about medical school. I am the parent of two children. How did you balance being a parent and graduate student?
It was pretty tough. Having a partner that can and is willing to carry the extra weight during that time is incredibly important. On the other hand, being a student gives you the flexibility to be present for your kids when it really counts. And you won't have the same school experience as your classmates (or if you do your home life will suffer) so as long as you are prepared for that, you can make it work. Good luck!--Tasha
william batista It's really hard but you can do it! I'm in dental school now with a 7 year old son. There are days I have to peel myself off of my desk, bed, etc. But it will be worth it in the long run. Just keep at it and don't quit!
You guys seem to get awfully defensive in the comments. :/
Romy B i mean if everyone is already commenting based on the title, then obviously they are because the video talks about how it was worth it for them
I find that people call us defensive because we are willing to engage and respond to counterpoints. That's called having a discussion.--Tasha
One Big Happy Life well. The majority of your answers aren't very nice. You're short with people. That's why I feel you seem defensive
lots of people engage with their audience without sounding like self righteous asses .
It's called Cognitive Dissonance. We all have it, the belief our ideas are the best and when we're challenged we get upset.
I move from the Dominican Republic went to a community college transfer to 4 year college I got my degree in IT, 32k loan in 2012, first job 40k+ second job 48k+ 3er job 75k+ and current student loan balance 21k, my wife did they same graduated undergrad 14k went straight to Ph.D. which is free if you go for biochemistry, she just graduated so time to find a job and pay the loans before kids!
Thanks for sharing that; it's a lot of good food for thought.
...and here I was thinking 26K was a lot.
Yes. I'm panicking at $32k! 😡☠️
@@eyang7 Ahem... don't panic.
Giving away personal finance coaching? You’re 400000 dollars in debt the last person I would want to take coaching over financing is y’all smh
We're on track to being millionaires by the time we're 40. All the while carrying debt. We can do things like that because of our financial planning. Just looking a someone's debts is a really bad way of determining a financial picture. -Joseph
Sorry but I have to agree with S. Franco that amount of debt is quite high but what I find more shocking is reading your comments about how you're on your way to have a million dollars. Sorry to say but your current debt is almost half of your million dollars. You're also making comments about how lowering your monthly expenses and your lifestyle is not necessary in order to get rid of debt. Really insane financial advice.
I can't believe how judgmental the people in these comments are. I appreciate this video. You guys are great!
Love this channel !!
Awesome! We're glad to hear it. - joseph
Thank you for this I was freaking out about taking out a $45,000 loan lol
You are welcome, but still be careful. It's the size of the loan doesn't matter as much as your ability to repay. So if you were making a minimum wage job with that kind of debt, it would be pretty burdensome and I'd recommend getting rid of it ASAP.--Tasha
currently paying back $41K, its sucks...
a21aaron you should be freaking out about taking out a $45,000 loan. That's a lot.
Thank you very much and yeah I agree the way I added this up is if I can pay this back from only working as a truck driver still then I would do it which payments would only be. $389 month and I just payed off my cars that was around $500 month so I would be okay even just being at this job a lot of my friends would add up the imaginary money that they could potentially make if they happen to get a job in their degree category which I didn’t do that just in case I become one of the 30-40% of grads that don’t even get a job in their degree department lol but thanks for the help and with this video it just helped me clarify a lot of things
that is a pretty big loan. Remember that the higher the principal is on the loan, the more interest you will pay
As someone currently pursing a medical degree, who attended an Ivy League undergrad (full ride thank god), has a masters degree...and a considerable amount of student debt(about average for a medical student), people ask me this question all the time (even made a vid on why NOT to got to medical school) and I always point to COST/BENEFIT analysis, it DOES cost money to make money a lot of times, and there are undoubtedly opportunity cost lost to pursuing higher education, but even if I have to make a $2000+ a month loan payment, my education will allow me to make 300,000+ a year doing something that I LOVE to do, if I work for 30 yrs, you do the math on what I could NET even with paying the govt back... WORTH is subjective, its going to be different for everyone. These 2 both make 6 figures, they are managing their finances, they are not in default on any loans, and are comfortable..they are Happy...They are building their american dream, and when you consider that..420k is a small price to pay. just be smart and plan accordingly.
Paging Dr. Q i’m currently trying to decide on PA school and it’s an insanely difficult decision!
Regardless of what Dave Ramsey says, you guys did well. The work/life balance aspect is very important, as is, the fact that if your student loans are discharged you will essentially receive an after-tax benefit equal to that student loan balance (For example, if their student loan debt is $400k when it is discharged, that is potentially equivalent to $600k in salary. Over 10 years that is $60k between the two of you.)
Great work guys. You are smartly tackling the new American Dream. Not as easy as it was for our parents (or maybe grandparents), but still doable if you have the knowledge to create a good plan...work that plan...and then make adjustments. Best wishes.
You guys look so young. Your child is already starting college? Amazing.
Worth it. just Oxford alone is worth it. Yale is worth every dollar spent. if you going to b list school or c list schools. then not worth paying so much
Yap Gim Kwee you have that completely backwards
My husband graduated from a prestigious top 20 university and works along mostly state school graduates.........not worth it.
Amazing how you can still say it was worth it...you took out almost a half of a million dollars to sign yourself up for 10 years of indentured servitude..and it would be even longer if the taxpayers weren’t bailing you out with PSLF
This statement is wrong on so many levels. First, it contradicts itself. If we are indentured servants, then that means we are working and earning the benefit of PSLF with years of our labor. We couldn't, therefore, be also getting a taxpayer handout. So which one is it? Are we servants or are we getting something for free?
Second, it completely misstates the nature of PSLF because you don't understand the way student loans or PSLF works. As we mentioned in the video, PSLF is a repayment option offered by our lender, the federal government. The costs of PSLF are funded by the student loan program itself, which makes perfect sense since every student loan holder has access to PSLF. Because the federal government is the lender, it discharges the loans and forgoes the revenue (which as I mentioned is already accounted for in the costs borrowers pay). You seem to think that it meas that the government must pay off of the loans, which just isn't correct.
Third, since leaving law school, Joseph and I have worked for a combined eight employers in five different cities in three different states. We both make six-figure incomes in jobs that have excellent benefits and flexibility. So we are hardly shackled by PSLF.
Forth, if we are indentured servants, then so is every other person who works for an employer and is not financially independent. Everyone in that category exchanges hours for pay and will continue to do so until they have saved sufficient assets to support themselves indefinitely. And while we are on the subject, keep name calling and you will be blocked.--Tasha
KiloByte omg just stop you sound so dumb. Also they pay taxes and work in the public sector so they are doing more for the economy that the average person
Krassimir Petrov program is going away too so good luck having them forgive that debt
thank y'all for making videos that show that work-life balance and a satisfactory income are not mutually exclusive as a lawyer. As a future 1L, there's so much information highlighting some of the negatives of law practice, so it's refreshing to see some positives. :)
Hi Vanessa, so I really didn't enjoy working at large law firms but I have a number of friends who do. I value my free time outside of work too much to give it up--even if I would be making triple what I make now. Hours can be better in a midsized or boutique firm in a mid-sized city, so consider definitely consider those if having a good bit of time outside of work is important to you. Also going in-house is a great option but they don't tend to hire people fresh out of law school.--Tasha
Went to state school for computer prog and information systems and paid in full every semester working full time while attending school and also took online classes. Graduated with zero debt and ended up working as inventory tech for IBM 45k a year. Currently studying for Oracle database certificates because eventually I want to work with databases; either admin or programmer, haven't decided. But yeah, paying hundreds of thousands to go to an ivy league or expensive private school not for me. I don't think I could sleep with that much debt unless I became a doctor or dentist and made over 150k a year.
Sooo the marines doesn’t have TA ? Could you have used the GI Bill for law school instead? Wish you all success in 2018 ! Love seeing black girl magic in Ivy League !
I’ve been thinking about going to Duke for law school myself. Glad I watched this video
I really hated being in the military so no amount of extra money would have kept me there longer. I could have used my GI Bill for law school but I would have had to take out more undergrad debt because it covered the costs of undergrad. Also, by the time I realized how much law school was going to cost, my GI Bill was mostly gone.--Tasha
The military does have education benefits such as the GI Bill and TA(tuition assistance), but those options require having served a minimum amount of time and promising to serve for a minimum amount of time after graduating. There are other options for various career fields. For example, I'm in the Duty Under Instruction (DUINS) working on a PhD. It all depends on your military career plans.
David Boozer wow. Congrats ! Your Ph.D that’s a big accomplishment. I didn’t no there were other options outside of the two I mentioned thank you.
You can use TA after completing your training, it's 4,500 every fiscal year. So, you can use TA while still in the military.
ligitinmate yeah that’s what I thought but I don’t think every branch has TA. I might be wrong or it could just be if your reserves
Omg.. Dave Ramsey would have a heart attack and a stroke!! Good heavens.. ..
Glad I came across your channel!
We're glad you found us too. - Joseph
I felt the same about private practice when I was articling but now, 8 years out of law school, I’m so glad I stuck with it. I work for a top tier firm in a position that affords me regular hours. My experience as an associate lawyer in private practice primed me to be recruited for the unique position I now enjoy. Like a lot of professions, law “works its young”, but as you gain seniority and experience, you also gain flexibility, freedom, and significantly higher income. Tasha, is this something you considered before going the public service route? Do you feel you are still better off than if you had put in, say, 5 years in private practice and made enough $ to pay your loans off sooner with a higher income and flexible schedule at the end of the day?
If I was single with no children I might have made a different decision because my time outside of work would have been much less valuable. I have worked at Cravath and Jones Day. While I was there I spoke with the attorneys who were part time. They still often worked 50+ hour weeks, checked their blackberries on the weekends and on vacation, and had nowhere near the kind of flexibility that I have now. They had to work seven years of 70+ hour weeks to get there. It's true that they make more than I do, but I definitely have way more time and flexibility. But maybe it's different in Canada.
Am I better off financially? Most likely not. Though I do still make a six-figure income. Am I happier in this moment because of the decisions I have made? Without a doubt. Now, I also have no doubt in my mind that if I wanted a BigLaw job I could have it because I've made sure to plan my career in a way that keeps my options open.--Tasha