My Student Loan Debt Story (the honest truth...)
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- เผยแพร่เมื่อ 17 ก.ย. 2019
- It's time to talk about my biggest financial burden... Here's a vulnerable look into my personal student loan debt situation with full transparency. Learn about my struggles with interest, income-driven repayment plans, forbearance, student loan forgiveness options, and lots more. My story is definitely not unique but I hope it helps and you learn something from my experience.
This is the full state of things for me and, sadly, the state of things for so many. There's no need to feel embarrassed and hide your debt. Let's share instead. We CAN fix this student loan debt problem if we help each one another, beginning with open and honest conversations.
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Student Loan Debt Relief & The CARES Act: What You Need To Know (2020 Stimulus Package): • Student Loan Debt Reli...
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Share + subscribe to follow my Money Resolution journey. It would mean the world to me if you help spread the word of financial education! I would also love to hear your thoughts or your story in the comments!
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I would abandon the idea that your student loans will ever be forgiven. Less than 1% of people who have gone through the 10-year program have had their loans forgiven. I'd find a job outside of a hyper-inflated market like Seattle and attack the debt aggressively.
You're absolutely RIGHT. I appreciate the note! :) I'm totally focused on side hustles this year and tackling it. Likely my smallest loan first to build some momentum (snowball method).
There is NO "forgiveness" anyway, there is only the TAX PAYER holding the bag.
People laughed at me for doing trade school in military but I own 4 houses debt free and 3 are large luxury homes and a wood farm, not a single debt, 2yrs living expenses banked. 50yr old.
Amazing! Nicely done 🙌
Stop saving half your income and put it towards the debt. You shouldn’t save that much until you’re debt free. Keep an emergency fund but no retirement savings. Devote three years to this, extra job, roommate, anything and rough it for three years and knock this out/way down. NO MORE consumer debt, imagine if all that money went to your loans. Good luck!
Thanks for the note. Interesting if you're calling student loans "consumer debt". Never thought of it that way. I will say it has been roughly 3 years since this video (I'm guessing). I stayed with the save and invest approach for half of my income. It was the only way I was able to feel confident getting married. It was also the only way I could have bought a house (still almost missed out timing-wise the way the housing market took off!). Now that I have those major life events checked off - instead of delaying them due to your suggested plan - I feel I can tackle those loans in earnest without delaying my life. Food for thought. I feel it has worked out but I also know there's never a one single best way to tackle life/personal finance. Thanks again for watching and leaving a note! (side note: I recognize I obviously got lucky with holds on loan payments due to the pandemic but I likely would have done this anyway)
Excellent video Frankie..... with 2 kids currently in college this topic is discussed frequently around here.
I appreciate your transparency and honesty with sharing your story. I never feel like I know enough about this (and basically just rely on my son to research and arrange everything, and I cut him checks for X amount when they're needed). My goal is to have them all 3 (4 year degree) graduated debt free and so far so good (but it's only been 3 years. Lol)
Yes, go all in and get it paid off!
Dave Ramsey... His Baby Steps plan is brilliant!
I don't disagree!
In 14 mths, I paid off roughly $20k in student loan debt using Dave Ramsey's snowball method. I'm a single mother of 3 kids, and worked 2 jobs to pull this off. If you are still lost and struggling to pay off your loans. Please youtube Dave Ramsey.
I’m new to your channel so I’m not sure what your career is or how much you make, but take a few years to pay these SOB’s off and be FREE. I live on practically nothing as a pharmacist and have paid my loans down $92k in the past 8 months. I’m 1/3 done paying them off and I’m going to keep going as hard as possible until they’re GONE. I think everyone should do this!! The thought of seeing the loan balance increase month after month makes me sick.
Thank you for this note! And best of luck to you as well. Keep crushing it!!
You seem like an incredibly bright intelligent young man you'll be fine in life. It did make me thankful though that I'm a fifty-one-year-old welder. Will definitely pass your video on to my nephew who's thinking how about taking on huge student loans.
Thanks for the kind words Steve. One day at a time :)
I will never pay a dime for being scammed into a useless degree. No-one
wants to pay scammers, not to mention the hard-work I put into it.
I appreciate the thoughts and passion. I think many people these days will re-think a degree, especially considering what they cost! (and being forced to learn remote)
@@TheMoneyResolution I feel funny that young trusting students worked hard to make the colleges and universities rich have and will carry the burden alone. It's actually a failed cruel social experiment. www.counterpunch.org/2020/09/16/how-were-46-million-people-trapped-by-student-debt-the-history-of-an-unfulfilled-promise/
The student loan debt is not the only crisis. When you add child support payments on top then problem is worst. With both programs you cannot discharge in bankruptcy. Why is the government imposing this restriction on our future population?
Congress could change both programs within one session.
We need to ask them was the money was there whn you first apply for the students loan??? Or it was out of thin air...
Thank you for sharing. I found this very inspiring. I have a similar student loan story but have been hesitant to post. Perhaps one day soon! Have a great day! :D
Thanks Cassie! I think it's important we stop feeling shame or regret and instead talk openly about it. That way we can help one another and cheer each other on :) Best of luck with yours!
Ooh man. I feel for you! I just became debt free with a great deal of luck. I say attack the debt. My plan was to get a second job at the beginning of the year to pay them off sooner. Then the pandemic hit and I got my hours reduced to 0. I started collecting Unemployment. My primary job kept paying me. Thankfully I got the full amount to cover my student loans in full to pay off next year. I took out 16.5 for housing for undergrad and that’s it. Again I got SUPER lucky.
Thanks for sharing that Sarah. Luck was not on my side so I'll just keep at it. Slowly but surely!
The Money Resolution slow and steady wins the race. My partner owes 8 times more than I do. So it’s going to take a long time.
I just saw this video now. I started at 100,500.46 in august of 2020 I’m down to just under 25k due to the 0 percent interest. I don’t mean to sound rude but if you can max out your 401k (19,500) make out Roth (6k) and hsa (3.5k) per year that’s 30k a year right there. How do you not have money to pay this off? You could pay these off in 4-5 years with just by using the money you are investing. Yes it’s not ideal to do it but it’s the best way considering how student loans ballon. You want to make minimum payments and you yourself know they are not even hitting principal so your throwing your money away at this point. I paid off 25k in 10 months by side hustling, budgeting and cutting back. This is my life for the next 3 more years in order for me to be able to pay these off because they are a financial burden. In my life.
I know your comment is old, but I just want to say WAY TO GO!! I don't even know you, but I'm so happy for the progress that you've made with your loans!
My man, where are you on your journey now? Did you pay off your loans?
You should probably watch Dave Ramsey’s thoughts on student loan forgiveness. Don’t depend on student loan forgiveness because nearly one gets it. Like why wait twenty years for forgiveness when you might not even get the forgiveness?
Yes - totally agree! I think he's all about getting out of ALL debt first. I'll likely pay way MORE overall in that time anyway, especially if my minimum goes up to $600, $700+ monthly in years to come... thank you for watching and dropping a note!
The Money Resolution no, Dave is about getting out of debt in collections or towards the IRS or child support first. He says you pay the legal debts you can be sued over first of course after you have the basic necessities covered. But you’re welcome!
I'm not sure if your story is true. But just in case it is, I want to offer some support. I'm in almost similar situation. I feel your pain. Only 35% Americans have a B.S., the comments may not be very sympathetic. We don't live in a bubble, our decisions aren't our faults alone (our parents, our schools, our teachers, our society, our government, etc. They definitely played a part in encouraging us to attend colleges.) After working hard for many years to make the colleges and universities rich and ending up with useless degrees, we are entitled to loan forgiveness! Mean while, be careful, don't lose your income-driven plan. Sorry if I'm too sincerely, I lost a friend because of financial illiteracy.
Thanks for your note. Yes, my story is 100% true. Wish it wasn't but determined to fix this and help others avoid a similar situation. Doesn't feel good but there's hope on the horizon. I'm putting out a video on Friday about some potential updates coming in 2021 and beyond for debt relief and new policies. Stay tuned :)
I hope that you are doing well. I know for the past 16 months we have no payment or interest on our loans. I hope that you were able to make payments toward your loans. I remember Biden on the campaign trail saying he would forgive 10k. I am not holding my breath. I would rather they get rid of all student loan interest permanently that would make it easier on all of us to pay off our loans. I personally have been able to pay off 7k since March of 2020. I had to stop doing payments due to a health issue to save the total max cost pay out of my health insurance. I will resume paying off my student loans using the snowball method this Sept. So far I have paid off 4 loans out of 14.
That's awesome Sarah! Instead of paying, I've been stashing the cash in savings monthly to make a lump sum payment when it resumes. Congrats. You're crushing it!
Why are you investing to the max with 401k and Roth IRA but not aggressively paying loans? You are throwing in excess of 26k towards retirement. This should be directed to loans
A great question Jonathan - the short of it is I'm currently making up for lost time in saving for retirement. I had very little socked away when I turned 30. I have a short-term goal and then I'll likely pivot my strategy completely and tackle this debt full on. Thanks for watching and for the good Q!
Respectfully asking; If you willingly took out the loan, and technically can afford to make the actual payment, why are you seeking forgiveness?
Looked into it as an option. Frankly, the program provides a false sense of hope as very few people are ever forgiven so I don't expect it by any means. The big issue is the lack of financial education. We make huge decisions at a young age and are expected to fully understand the gravity of the decision. I think I would have made far different decisions if there was even just 1 finance class in high school showing how much loans can actually cost in the long run for example. BUT doing my best to learn, take action, and help others now! : ) Thanks for watching!
I hope you go with SOFI. You seem motivated. You will get out of st debt.
Do a video update.
Thank you for the kind words Georgina! An update is a great idea!
Putting in some retirement savings was smart, it will really pay off at the very end. I would pivot to your school loans and just pay it all off as fast as possible.
Get that debt off the books and get your life back.
What's your student debt situation now?
Similar but only because payments aren't due/accruing interest. I've been stashing cash for now to make a "big" lump sum payment when relief is no longer available. I made a student loan forgiveness semi-recently you might want to check out next. I don't think Biden will forgive $50K, but $10K does sound realistic!
@@TheMoneyResolution wow thanks for the quick reply! I found your videos yesterday and I really enjoy them
OMG that country music on hold at nelnet just adds insult to injury. just imagining them all in MAGA hats on the other side trying to raise the interest rates again
Lol I forgot about that music!!
@@TheMoneyResolution Its the soundtrack of my nightmare. I went to PT school and basically ruined my financial life so I can help disabled kids. Owe 300k and make 65k. 🤦♀️oh yeah and then Nelnet geniuses told me to sign up for wrong IBR and then told me to switch and penalized me when I did so the interest on the whole balance recapitalized to the tune of 20k. Fking mercenaries
It’s 2024.
Are your political views still the same after these past few years?😂
Or are you still living in your delusion?
What's your degree in?
BA in Communication, Masters in Education
@@TheMoneyResolution we need good teachers in some of our poorer more isolated communities here in southern Appalachia. Just saying.
No offense but, why would people buy a book about money from someone who didn’t even know to pay off their loans before starting on an investment/large savings journey... I hope it sells well for you but that’s like buying a relationship advice book who just got divorced for the third time. Interesting video though.
A fair question Murakami! I call it out in the intro. I tackled "everything else" and impacted my net worth by over $50K in a year. I don't pretend I've done everything right, but hope I can inspire others to start somewhere. I do hope to write a book about student loans in the future when I have a great story to tell. Thanks for watching!
Because the person that has been at the bottom and is currently finding or has found a way out has an education from the School of Hard Knocks. Someone with a perfect financial or even romantic life may have some pearls of wisdom but they don't have experience in learning from their mistakes in these areas.
I think he's now an expert because he's lived it and he's doing things to try to improve his life. Don't take that away from him
@@rhondabao6541 you video is awesome, I hope you get out of the loan mess
No offense but why would people Plum publish their secrets
Taylor Heineke??
Lol not sure what this is a reference to…
Yada yada yada dude your gonna need to work 100 hrs a week. It's just that simple. There's no way around it. It's gonna be extremely hard but it's that or a lifetime of financial bondage. Get busy, go go go.
I subscribe to the work smarter, not harder approach. And trust me when I say I'm busy on that, which includes building a positive community. We share our vulnerable stories to help other people avoid similar mistakes and offer up constructive ideas and solutions. Student loan debt is silently crippling people's lives and there's no end in sight. Costs of education are rising exponentially at an unprecedented rate, 10 fold the rate of inflation. We can't just throw time at the problem - we need to work on the root of it. If we continue to have (constructive) conversations, rather than sweeping the problem under the rug, there is hope that future generations won't feel this same heavy burden. Your thoughts are appreciated. Any conversation is better than none.
@@TheMoneyResolution, well we all have good intentions to help people, I get your vibe on that and yes it's good to work hard and smart as well. However there's no easy way to deal with student loans other than avoiding them in the first place. That's the best way, just don't go into debt. That's working smart. Yes I know all about the myth that no one can succeed unless they have a student loan. It's a lie. You don't need a student loan to succeed. I was in school long enough to be a doctor and a lawyer and I had 50k in loans when I graduated 10 years ago. So I know all about the debt for diploma scam cause student loans never helped me at all. Thankfully my loans are paid off, thank you Jesus. So the first step is to decide you done borrowing money for anything. Stop the bleeding. Then get really extreme and focus focus focus on that debt. It's gonna take extreme sacrifice. Yes I know it's not politically correct to say that but that's what it will take to pay off those loans. I'm working extra even now to pay off other debts I have and to be honest it's not fun. I've been working a lot for the past 6 months and I feel like a zombie most of the time. It's very difficult but that's what it takes to get out of debt. Start working 3 jobs if necessary. It's difficult but if you don't get extreme with these loans you'll be in debt forever.
Work hard and smart. We can agree to that! Education is key too, especially BEFORE you borrow the money in the first place. I appreciate the candid thoughts and sharing your story. Congrats on paying off those debts. I can only imagine how good that final payment must have felt!!
@@TheMoneyResolution, yes it was nice. Most recent debt was a credit card paid off about 2 weeks ago. I then cut up the credit card and closed the account. Anytime you pay off a debt it's awesome. You have to start getting that debt free mentality. I don't care what the culture tells you, debt free living is the best way to prosperity. Yes it's very difficult to get out of debt but once you begin to understand how free you can be by getting out of debt, it's like hope returns to your life. You have much more opportunities in life if you stay out of debt. They don't teach us that in the school system but it's the truth. Debt does not bring prosperity, despite what the culture tells you. If want a path to wealth, get out of debt and stay out. Start living on a written budget and work all you can. You do those things - work a lot, live on a written budget, and avoid debt. That's a formula for building wealth. Avoid debt and save save save. Pay cash and invest. Save and invest. Save and invest. Save and invest. That's how you build wealth. Our culture is so brainwashed into thinking debt is the path to wealth that it's weird to see life any other way, but it's the truth.
Oh by the way, since I've worked my stuff off over the past 6 months I was able to save up $14,000 cash. So yes you can actually have money and not live broke if your willing to work extra. It's gets a bit easier working longer hours after you get used to it. It does take a few weeks to get used to it but I tell you seeing your cash position go up really helps your manhood. There's something about cash that brings a since of power and control to your life that really makes you feel like a man. Cash does that. It's like you don't need permission from anyone to live your life. Cash brings power. That's why the system wants to keep us in debt. They don't want us, especially as men, to gain power. If that happens they would lose power. Cash will level the playing field in your life and give you options. However to get that control over your life you'll need to stick to the fundamentals. Work all you can, live on an written budget, and avoid debt. Don't forget to give as well. Personally I give at least 10% of my gross income to the Lord at the Church I attend. Giving is Bible and you can be blessed if you give. Many wealthy people give, you just don't hear a lot about it. It's also fundamental to give in order to build wealth.
#hight #school #drop #out #54000 annaly #vicos #score #726.
#everybody #n #there moma #laughed #@ me. #Guest #who #is #laughing #now
#zerostudentloandebt too! 🙌
@@TheMoneyResolution
Good for u.
Awesome you're all by yourself. With zero debt to colleges and universities. Tell everybody have a good day and kick rocks
Punk kids should be prayed upon, funny that intelligent people understand contracts and don't have these problems.
Because every 18 year old reads all the fine print and understands complicated financial issues they didn’t teach us about in school. Take it easy calling strangers punks and uneducated. People have feelings. I’m the first in my family to go to college, then grad school. I think I did pretty well. Very proud. And proud of my efforts to help others avoid financial distress.
I think you are screwed glued and tattooed.😔