LAWYER EXPLAINS | How I paid off $200k+ of student loans in 2 years
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- เผยแพร่เมื่อ 30 ก.ย. 2024
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I graduated from law school with over $200,000 in student loans. This video details exactly how I paid them off in under 2 years (exact numbers!) and my tips for how you can pay of your student loans faster.
Remember that refinancing your student loans isn’t always the best option, since you will lose many federal loan protections, so please research first before making a decision.
I graduated from law school with over $200,000 in student loans. I wanted to give you the strategies I used to pay off the student loans faster, save interest, negotiate down interest rates, and budget and keep track of expenses. In this video I also talk about refinancing student loans, why I chose to refinance mine, and how I saved money by refinancing.
The biggest thing to keep in mind is to actually set a payoff date. My other student loan video, which you can watch by clicking the link below, talks more about the process for setting a payoff date.
HOW I PAID OFF MY STUDENT LOANS IN 4 STEPS: • How I Paid Off $225,52...
📌Join 4 million followers on Instagram to see my other money videos: / erikankullberg
NOTE: This description contains some affiliate links, meaning that I may earn a minimal commission if you click through and use these links (at no additional cost to you).
Disclaimer: I am not a financial advisor. Although I am a lawyer by profession, I am not your lawyer and no attorney-client relationship is established with you in any way. This video, and the ideas presented in it, are for entertainment purposes only and should not be construed as financial or legal advice.
You're a legend!!! Most people wouldn't even negotiate ONCE! This video will put so much money back in people's pockets, I think it was worth the sponsorship lol
Thank you Q!!! :) You're the legend!
Please help this video out and give it a thumbs up! :) Can we get to 100 likes? THANK YOU!
Refinance Your Student Loans - APPLY TO BOTH to compare rates!
🎓 SoFi - (Exclusive) erikakullberg.com/sofi (you'll get a $100 bonus after signing up by using my link!)
🎓 Earnest - (Exclusive) erikakullberg.com/earnest (you'll get a $100 bonus after signing up by using my link!)
Others refinancing options:
Credible: www.pubtrack.co/9BZP33C/8CWLMG/
Splash Financial: www.pubtrack.co/9BZP33C/B34MN4/
How do you keep refinancing your variable rates? If rates are going up, wouldn't your new rate be at least comparable to the old one?
@@tylermichaelherron5635 By the time the rates had gone up, I'd paid off more of the loan, hence the lower new rate each time :)
👍
You deserved that job and anything else your heart desires💖 including your upcoming sponsorship(s) 😉. Thank you for breaking down the decisions you had to make in this process.
Thank you Shari! This is so nice of you to say!
Is your channel about “financial wealth?”
200K wow mine were 20K and I'm still paying them! Thats such a great idea to get the two lenders to compete!
Keep it up! :)
Very good info...James, in in forbearance for the same amount🤪and thought about putting it off for 15 years, just to be wiped out🤷🏾♀️
I gave my last student loan payment today and it feels AMAZING!
Congratulations!!!
Imagine if both of them saw this video and compete to sponsor your video 😂
Hey erika, congratulations on paying off your loan, it is such a blessing to hear your achievements! This video has really encouraged me a lot because I also just graduated and now have to tackle my loans of around $50,000.
Thank you for what you do! Many of us appreciate it here! I hope all is well with you!
me too michael, we got this!
You're humble and relatable that's why your channel grow fast
You were able to get Earnest down to 3.8% You didn't mention how low you got Sofi to go. Sup with that?
Thank you so much for breaking this down! for being honest and real about your thought process. I'm a Dr and have been living with my loans for over a decade, just 'going along with it'. Having mom and dad pay for everything and then one day having to pay hundreds by myself, wasn't something I quickly grasped. And now years later there's more life responsibilities and so paying them is like a routine daily chore, not something to tackle. So I'm getting very inspired to change my way of thinking so I can finally be free of this debt. Thank you so much :)))
You can do it!!
It stinks how colleges and student loans are really just financial traps that no young and naive college student really thinks about until after they graduate. I remember graduating from university just thinking I'll be able to find a job right away, work a few years, and have a simple happy life. But with what's currently happening, life can get complicated and financial knowledge is truly the deciding factor on whether or not you come out educated after graduation.
Thanks for sharing your backstory! It's great to hear other people's success stories and strategies.
You are SO right--financial knowledge is really a deciding factor. How much do you have left?
Yep, I get the feeling it set up that way
I don't know if people have told you this Erika... but, congratulations again for paying off your +$200K debt! I am very blessed to have come upon this video. In just 16min, my own overwhelm over my student loans is much lowered. I can do this too! Wishing you the best in your personal finance entrepreneurship efforts this 2021!!
It’s an absolute crime that higher education is not free in the United States… but I’m guessing that is by design. 😑 The lost potential is incalculable …
TY for your transparency. I wish I had known this 10 years ago!
Thank you!!
Paying over $200k. Very nice 👍Awesome job!
Thank you Michael! :)
This is super interesting. Thank you for posting! I am at the beginning of my payoff journey right now. I graduated from law school in May. I am wondering, did you prioritize having an emergency fund before starting to make these large payments?
Hi Iva, congratulations on graduating!! It must be such an exciting time being right out of law school. I think it depends on your risk tolerance. Personally, I didn't have a large emergency fund before starting to make these payments. I had about $2,000, which to me was the bare minimum, if everything went wrong, that was enough to get a plane ticket to fly home to move in with my parents. Another factor was I knew that if I somehow got fired my firm would give me a payout. Even though I didn't practice what I preach, I HIGHLY recommend you have a larger emergency fund (3-6 months). Given what's happening now--I feel like I'm reading about more law firm layoffs every day on abovethelaw--I feel like it's more important to have an emergency fund to protect yourself from worst-case scenarios than it is to be making large payments on your student loans. The economy is just too unstable right now to take a risk like I did (just having a $2,000 emergency fund). If you can, I'd have a 6 month emergency fund minimum right now.
@@Erika2 Thank you for the comprehensive reply, Erika! I have a follow-up question. When calculating my monthly expenses, should I include my loan payment for 3-6 months, or assume that I may be able to get some sort of forbearance if I get layoff due to corona? I refinanced my loans so they are private now.
@@ivapopa1217 Excellent question! If you refinanced, you need to check the terms (I.e., what does the lender do if you get laid off), since they tend to be less generous about helping you out if you're laid off than federal loans. Use your lawyer skills to read the fine print and really try to figure out what happens in the worst case scenario of you getting laid off :). If they don't offer any protections, you need to include your loan payment for 3-6 months into the emergency fund calculation.
Your negotiation tips are genius!
Thank you Rosie!
I’m so going to put this on my page for my clients.
Thank you so much!
Good job on paying all the student loans off. I’m on the debt free process myself!
Thank you Ed! I'm rooting for you!!
Erika - THANK YOU! My daughter is starting pre-medicine. Can you describe what TYPE of loan you originally took? Deferred, Interest only etc. Thank you! -Johann & Tomie-san
Good job. You don't know how much this really saved you over your life. Yeah, you saved 75k in interest, but what can that 75k earn over 7 or 8 years. You probably netted 200 to 300k after 8 to 10 years with your smart choices. Good job.
Great advice, both of my children are graduating between 12/2024 and 06/2025 and I owe about 450,000 in college debt. I will start with your plan of knowing all the loans and interest rates. Thank you.
My situation seems daunting with $169,000 in student loan debt. I won't be able to refinance with a private lender due to the monthly payment amount and losing by income-based repayment plan. However, after seeing videos like these online, I'm more optimistic about eliminating my debt in the next 10 years. Thank you for this information!
You can do it!! Try to just set goals and be very consistent if you can. I believe in you :)
I'm graduating this summer, what an amazing video!!! I'm thinking I want to pay them off by 2030-- though sooner would be nice.
I got stuck with my son's student loan because I foolishly signed Parent Loans. I didn't refinance them, they refinance for me several times and I was in forbearance several times. I owe way more now than before and I don't think I will ever be free from the student loan. I am making minimum payments right now. I want to get married but my fiancés doesn't want to marry me due to the student loan. I owe $96,430.45. I don't have a high paying job. I have other bills to pay. There doesn't seem to be any hope for me.
Did you re-refinance with the same company all three times? Amazing to see how far you’ve grown since I requested for this video back in 2020.
Do you recommend attending a University, or become an entrepreneur? Thank in advance!
This story is amazing... loved the negotiation tips!
And you weren’t “lucky“ to get that job… You were smart to get a degree in a high-paying field.
Yes! Thank you for showing me the way to being Student-Loan-Free! I'm excited about paying mine off in 2.5 years, too!
The title was self explanatory. Keyword LAWYER
When I graduated from college for Undergrad I had $40,000 in student loans and zero job prospects!!! It took me a whole year to figure out how my loans worked and I did get them all paid off not making too much money!!! What I did is get aggressive with one at a time with the lowest one first, then slam the next one and so forth since that's all the debt I had. Love this Video and your content!!!
That's AMAZING! I'm so impressed--congratulations on paying it off! And thank you for the support--I'm glad you liked it :)
@@Erika2 Your very welcome!!! It was tough as my income wasnt very much as it took 4 long years. I started a channel as well and only have Two Videos. Still a bit shy on Camera and need better Video editing skills. It will be a great learning experience.
This video has really inspired me to focus on paying off my 28,000 student loans in the next 2 years so I can live the life I want to live. Thank you!!!
well I did use the services of a programmer and analyst called Royson Brandon from Credit Master Fix LLC to get rid of student loan, debts, bankruptcy and hard inquiries off my credit report and my score was also boosted to 790+ within a short period of time. You can get to him via [Royson@creditmasterfixllc.com] if you're in need of any credit help or advice.
Girl, this us amazing and so inspiring!!! What an accomplishment, maybe up there with graduating for law school??? 🤷🏻♀️I have been watching so many of your videos!! I have no debt, but I it’s so interesting to learn the things on your channel!! ❤TY for being transparent and relatable!!!
I have been praying God gives me smart strategies to to pay huge bank loans,loan to settle to 8 people,get some huge capital whiles fulfilling results for project work,facing difficult raising due to lack of resources.
Erika ,God bless u.
I need right things to engage,like passive income I learnt on your lectures.
How do get linked n connected step by step on line work to have to engage fulfilling future goals. are u on Google mail?Thank u very much.
dunno how it happened....but glad the algo worked magin and foudn your channel - sub like and comment ...boom , pow, bing pew! hope Erika likes this comment
yes
Love your background! I commented on your 8000-20,000 sub post in Video Makers group. Awesome work!
Thanks Stephan!
I'm so happy I came across your channel! Financial freedom can be intimidating, especially with student loans. But with your tips and encouragement, the light at the end of the tunnel gets brighter! Thank you!
I am considering loans for grad school right now, and this is really helping me plan ahead for post-graduation budgeting. Thank you!!
Congrats on paying off your loans Erika! I appreciate your very helpful tips! ❤
im going into law school and I wanted to know what I was getting myself into. This video really helped and gave me a lot of hope.
congrats on getting your student loans , and everything else, positive going on in the future, enjoying watching your videos daily whenever possible
This was soooooo amazing!! I owe >$177K of grad school loans (undergrad was paid for by a sports scholarship)! If I would have known how much debt I’d be in just from getting my doctorate in physical therapy, then I would have stayed on track with going to Med school instead 😒lol.
Any who, thank you so much for this detailed video! Will def start implementing this once they start applying interest to our loans again. Until then, I gotta pay off as much as I can while it’s still at 0% interest 😅
Most importantly, congratulations on paying your student loans and thanks for all the tips you share so that I can also tackle mines in a much more knowledgeable manner.
I paid off my first house and bought another house double the price of the last and want to do it again. How much did you make paying off your Dept in those two years?
Oh my… I need a plan to pay off my student loan… I started by getting a better paying job. But still seems a so far away dream… I wish I had never got that degree…
You are pure motivation yourself! I fortunately don't have to pay back that much of a student loan, since in my country, going to college ist more or less sponsored.... anyways, I watched your video until the end cause you made it so interesting and fun to watch! Your long research was obviously worth it and turned into that amazing video! THANK YOU!!!
Congratulations! It is truly inspiring what you did. I saw your other video, but I am still not clear of how you can pay $9k/month in student loans unless your starting salary is 180k-200k which is definitely possible as a corporate lawyer or if you do additional job or business. Did you have 2 jobs as a lawyer? However, if you have the average 90-100k lawyer salary and 200k loan, it is practically impossible to pay that much because your monthly income itself will be less than your monthly payment.
You're amazing for being so goal driven! I don't even get $9000 a month BUT I am going to challenge myself to invest more on reaching my goal to financial freedom!
Great and inspirational advice. You will help many with this! I wish newly entering college students understood how easy it is to get into debt and how challenging it is to get out.
Thank you!! I hope so!! I do too... I also was very naive about how easy it was to get into debt. Didn't realize the gravity until after graduation.
Tell you how I re write numismatic history. And make multiple millions for a few dollars.
She had a job that allowed her to have $9000 to pay toward loans each month! Not many people have anywhere close to that!
Wow, what a wonderful inspiration to look forward too. I deeply have some research to do (deep breath). Congratulations again, wish their were advisors like yourself doing one on one walk through seminars. Your my hero now, thanks so much 👍🙂
You are sooo kind!! Thank you! Do you have a student loans right now? Rooting for you!
@@Erika2 Yes, I consolidated my loans with Direct Loans then 1 day I called to defer my loans & my loans were at a new agency called Navient, I thought it was a hoax but it wasn't, I lost my position in the repayment program when they moved to Navient. I've been trying to figure out why this never carryover to Navient. I've been researching for a while now how to fix this. Your video inspired me to start low to high. I owe 100,000. I payed some money on it last night. However, it's a goal to get 904. 85 down by the summer. Although, after paying this loan, I'll be lost figuring out to pay the rest back while in a repayment plan. The 904. 85 wasn't consolidated so it's easy to get that one out of the way by summer which is my goal🙏. I'm not good with numbers when it comes to the 100,000 repayment🤷♀️. That's my starting place towards figuring out the #'s, Hopefully 🤔. Thanks for responding Erika💡
when you rerefinanced your loan did you go through another financer or did you stay with sofi? Also if you did stay how did you go about rerefinancing?
A-mazing video. Thank you for the insights.
yes
“Lifestyle inflation” is dangerous!! 😣It’s best to live below your means and be financially stable 🤑
Exactly!
I owe 35k and it is now in forbarance with zero interest but I don't have an income to pay on it.
I came across your channels a few hours ago actually because I’m in the process of trying to figure out how I’m going to go about paying off my students. And the information you gave was very informational and I look forward to taking everything you said into consideration. Thank you so much! 😁 and congratulations on paying off your student loans!
Spectacular. Would you happen to know any hacks for euro loans in Swiss francs?
Watched to the 11:30 found out it still requires $9,000 each month
You are rather clever. And pleasant. Subscribed.
I would love for you to do a video about how you lived frugally as a law student. I have been putting off law school because of the high costs.
She still didn't explain much about her expenses, she just says she paid her loans, when are you going to show us actual information?
Check my "how to budget" videos on the channel :)
Clear view tax referred your video. Very informative thank you
Thank you!! I'm so happy to have you here!
This is so worth the watch everyone! Short term sacrifices for long term freedom thanks Erika!
Thank you for saying that Austin! :). Totally agreed. You said it so well! Short term sacrifices for long term freedom. Love that!
What also help you get the job is your looks :) attractive girls get better jobs...
Erika, great video. I think you'll be picking up sponsorships soon. You're worth it. Right now is a great time for refinancing, so long as you still have means to pay. I am about to refi about $500k left on my mortgage with a planned pay down in Feb of 2024. Interest rates are ridiculously low at the moment. Most likely I'll be going with a 5 or 10 year ARM.
Thank you Jeffry! Such kinds words :) :). Also that's exciting about your house! You're so right--if you do have the means it's a great time to refinance!
@@Erika2 I feel for Millennials. What a bad hand you have dealt. Erika, you are absolutely correct about the Monopoly Money mentality. Those lenders are nothing short of predatory. They abstract the real life impact that the debt accumulation has. The school are culpible in this as well for treating their students as children, in fact promoting the snowflake mentality which in essence keeps these young adults acting like spoiled 10 year olds. Where ever there is a ridiculous amount of money to be made, institutions motives should be questioned. The X'ers never had this insane tuition that the current generation has. Now with COVID... how can this generation ever get a foothold on the path to wealth generation. I will encourage everyone to read a book called The 4th Turning. Its a study on cyclical patterns that generations follow. Knowing what you're in for can give you an advantage. Erika, maybe a series on how to profit during a global depression might be something to consider.
@@jeffg6924 I really like the series idea. It has actually been quite tricky deciding which topics to film, because I know that many people are suffering right now (the unemployment levels are crazy), so I've been really struggling with that. I'm going to look into the book recommendation - thank you. I do completely agree with everything you've said about universities. It's very concerning.
Aren't variable interest rates risky since they can shoot up whenever??
Did you have to have a certain credit score to get approved for refinance? Does credit score matter?
Love your tip to reach out to both lenders! I use earnest already but I'm definitely going to try that between the two. Great video!
Thank you so much Kelly! Yes, it's definitely worth a try :)
I'm passing this on to others. Thank you for sharing!
A lot of this depends on the job you had. Please tell us all about your job!
Hi Erika! Thank you so much for this video - it was extremely helpful :) I had a quick question. Do you recommend refinancing loans after the 0% interest period ends? I have the same amount of loans as you originally did, and wanted to take advantage of the zero interest, but in no way am I going to be able to pay all it off before the interest starts accruing again.
Hi! Thank you for taking the time to watch! That's a great question. If your loans are in the 0% interest period right now, you should absolutely wait to refinance until that ends. Once that ends, refinancing could be a very good option for you--but you need to weigh the pros and cons. I'll try to make a video later about how to weigh the pros and cons for refinancing. For right now, though, with 0% interest you shouldn't worry about refinancing (in my personal opinion).
Erika Kullberg: Finance, Investing, Passive Income thank you for that info! It’s very helpful! Looking forward to the pros and cons video now ☺️
Wow I want to be you when I grow up. What about mortgage loan I’m trying to buy a house!
Awesome 👏 what an inspiration you are 🤩🤩🤩
Using this method to payoff mortgage/any loan!
Wow, studying in the US is sooo expensive!!!
And this is why I follow Erika!!!
Great job!
This was super helpful. I cant wait to watch the rest. :D
i am on ssdi les that 1000 mo. goverment takes 200 for student loans. please can you help. i am homeless and no way to find anything on 800 income a mo.
Hi Connie, I'm so sorry to hear about your situation. Please write your representatives and explain your situation. They should help you with all of the resources. I know that another person who commented on my channel wrote to her representatives and they even sent groceries to her! I walk you through exactly how to contact them and I've written a letter you can copy & paste to send in this video: th-cam.com/video/hCnsQArSnW4/w-d-xo.html I am thinking of you!
Great Video Erika!! Luckily I have no student loans and almost done with College.
Thank you Jose! Congratulations--that must be an amazing feeling. Well done!
Love your negotiations! Inspiring.
Impressed and inspired! I'm glad I stumbled upon your channel. Congats and keep it coming. The prime and valuable content that is.
Thank you!! I appreciate it!
I love the tips! Thanks for sharing.
Thank you for watching Chong! :)
Hi Erika! Thanks for sharing your journey.
Hey! It's been a while! Thank you!
Were there any fees involved to refinance your student loan?
Such a smart tactic to convince the loan based companies to compete against each other
Thank you!
Nice! Very informative, encouraging, and inspirational! Thank you much for sharing!
Thank you for watching!
Thanks for the tips Erika!! I'll keep this in mind because I'm about to take out some more loans for pharmacy school!
Congratulations on pharmacy school! Just stay frugal and have some side hustles during school if you can :)
thank you, you're amazing!
Pennies worth 200,000+ change rare coins
This honestly helped me SO MUCH!!! Thank you Erika :)
Glad it was helpful!
Great tips! Thanks for sharing!
Thank you for watching!
Awesome! I will try to refinance my loans now!
Nice work. Excellent walk-through and good detail. Very actionable! Keep up the great work.
Thank you so much!
Did you refinance each time with Sofi?
I didn't know we could negociate!!
Proud of you Erika by paying off your student loan debt in record time. Keep up the good work. You don't have to worry about money right now at all.
Thank you!! It was definitely a big achievement for me :)