Do This RIGHT NOW If You Have Student Loans!

Do This RIGHT NOW If You Have Student Loans!
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[@mele7613]

I had $260,000. Got a 2nd job when covid hit. Paid off $120,000 in 3 years. I’m left with $140,000. Planning on attacking these loans for the next 3 years & be debt free by the time I hit 38. Pray for me 😭 I’ll be praying for you all ❤

[@nayelymartinez6694]

Hope you’ve been able to knock that number down and may a financial blessing fall into your lap sometime soon. God bless you ❤️.

[@user-gj7nm2we4h]

Fuck the loans, but bitcoin and you’ll be taken care of

[@porto1st]

@@user-gj7nm2we4honly someone who doesn’t understand bitcoin would recommend such a stupid idea

[@Specialcowgirl69]

How’s the duck? Do you even get loans that big? I went to nursing school at community college and was rejected from loans.

[@Airborn451]

@@Specialcowgirl69they probably have career that could handle a loan of that size. 40k a year paying off loans means a substantial income usually.

[@TheReferee2023]

the way they calculate interest on these student loans is criminal

[@NiceOCGuy1981]

How? It's based on credit score. If it sucks of course, it's going to be higher.

[@BooskiD]

@@NiceOCGuy1981hat? The way it’s calculated isnt really based off credit score not student loans. So you have a 50k dent with 5 percent interest and you pay $200 a month your debt will go from $50,000 to right at 50,100. That’s why people say it’s criminal because in a lot of cases you can pay a fair monthly amount and end up owing more and already paying thousands down. I know I had 7k in loans turn into 12k and partly due to moving and never being contacted that it was time to start to pay so I missed over a year of payments. I called wondering about it and they said oh well we have a way to help you out with a payment plan designed to help little did I know these small payments they claimed would help till I could pay more was racking up due to interest not being covered their foe adding to my debt. So they claim they wanna help while they pull what money they can from You while adding more on top of you. It’s a shit system designed to keep you in debt. And even worse when you won’t pay because of this they will sell your debt at half the price you owe to a different lender then try and pull the same shit again with the new collector. And that’s not to even mention that kids now and even me 10 years ago spend way more than our parents and grandparents did for the same education. So yea the system is broken and the more you owe the more that interest is gonna cost and the less likely your will be able to pay more than the interest rate alone never mind the actual debt.

[@marj6377]

CRIMINAL!!!!!

[@muchgoodisgiven1517]

Absolutely

[@TheReferee2023]

@@wza223-fo3mc im most certainly did, when I was young, dumb and stupid, as well as misinformed.. I also PAID EVER single darn PENNY of it off.. All I said was the way they calculated the interest was criminal.. so bugger off and have a nice day

[@TJ-eb9ex]

I've saved, saved, saved, and saved! Ready to pay off 43K when the repayment starts. I sacrificed, used self-discipline, and all the extra opportunities to pay off this debt. I'm freaking celebrating after I make my last payment.

[@jtixtlan]

Why wait? Just pay it and start putting money into Roth IRA and pay for things like a home.

[@cheler1624]

Have not paused paying down the student loan during the pause and will have saved 17K interest! Stay focused folks!

[@joelmorales9369]

That's exactly how I paid off my student loan. I knocked it out interest free

[@hollym1751]

I paid my student loans off right after the pandemic. Honestly, the stress that was lifted off was so worth it. In my opinion it’s is not worth waiting for student loan forgiveness.

[@sindilacion]

Make sure you still submit the papers if you're eligible. They can refund you

[@Davi_De_Andrade]

I’ve been saving up since this happened, it won’t take it all down but it will help take a chunk off, which is better than nothing

[@gabereichenbach5662]

Totally disagree, set aside money to pay off the loan and wait until before the deadline to pay it. If the loan forgiveness passes the courts then you have yourself a nice little nest egg. If it doesn’t pass pay off the loan lump sum before interest kicks in again.

[@jkylegilbert]

This right here!!! Dave's thinking is right but his methodology is wrong. Would be giving away payments if they forgive it.

[@Kinsale101]

THIS is what my family is doing.

[@Marketinginhereyes]

Was thinking the same thing. Save that money and let it make you some money if possible until a decision is made on the loan forgiveness. The other thing to consider is if you have higher interest debt right now pay that down because that saves the money money long term.

[@autumnjmo]

That’s exactly what I’m doing!

[@ilikestuff8218]

except there's always the temptation to spend it. never underestimate the human weakness to temptation.

[@MichaelBaranyk]

After my divorce was finalized I went on them. Wish I would’ve gotten more done, but 50% will be gone once the interest resumes. I’ll take it!!

[@mpm2010lbc]

I just paid my student loans off Dave and team !!!! At 0% interest!!! Thank you for this video, saw it when it came out. 👍👍👍👍

[@williamfitzhugh8332]

OR… OR put the payments into a HYS and get a return on the money.. make one lump sum payment before payments and interest resume and you have MORE money.

[@jtixtlan]

If at all possible, move in with parents for 1-3 years and put everything you earn into your loans, paying off those with the highest interest first. This is a way that your parents can help you pay off your loans without spending any money.

[@natashaf416]

I paid off a new car within two years of the payment pause and I also lowered my balance simultaneously, it was hard work but I’m proud of my accomplishments. It will take another year and a half for me to become completely debt free !

[@yophil]

Worked my butt off for 2.5 years during this pause and was able to payoff over 80k in students loans. Now it’s the best feeling being debt free and at the same time seeing all that money gone hurts a little.

[@Love2Banime]

Had started paying off in 2021. Started with $42k, now down to $17k as of today. I think my debt will be paid off in the next 2-3 years. The freeze was very helpful and i was not gonna wait another second as time passed. Keeping the hopes and dreams of being free from debt soon! 😊

[@Hpe4ch]

Going to get rid of 30ish in the next year and half. Wish me luck.

[@ParisHarris]

Gurl bye. If you had student loans, you would be the main one waiting until June to pay too.

[@insideoutsideupsidedown2218]

I thought it was interesting deferred. If you pay down the principal, send in a payment, then send a principal only payment, I could see that benefitting you

[@Arrrgh14]

Why would I pay a 0% loan that doesn’t have a due date until June? Save the cash and pay it off lump sum when due.

[@tcgtpl]

Exactly. Now is the time to take whatever extra money you have to pay off any debt that has an interest rate, and then invest.

[@Xander_1]

If you’re going to pay off the loan anyway what’s the point of saving all that money to make a huge payment? The problem with saving money with the intent to use it to pay off debt is that while you intend on using it to pay off your debt. Until that day comes most people might dig into their savings to buy stuff because all that money is sitting there. It’s better to start paying it off now.

[@Arrrgh14]

@@Xander_1 the whole point is to not give up the cash in the event of an opportunity to earn a better rate of return than the rate owed on the loan or a significant emergency. In this scenario, there’s zero upside to paying it off early. If you have zero discipline or self control, then by all means pay a 0% loan before it’s due.

[@cynthiamcd6780]

It might be helpful to watch the whole podcast on this. Not just this clip just cuz they expand on more of what they're saying

[@jonathanrobimson4543]

Because most people not going to save it because most people living check to check

[@ehderguyyashootadeerorno2313]

I honestly don't think they will be forgiven. PAY THEM OFF. If you have multiple do the snowball so even if you cant pay them all, at least you will have a lower payment once they are due.

[@cdavidlake2]

You were correct.

[@Astelch]

Yep The Supreme court already deemed it unconstitutional so whatever Biden would like you to believe it's not gonna pass. Im on my fourth year of accounting with a $3500 sub loan debt that Im planning to flat out pay during next spring.

[@meeraslove]

I knock out $306k in med school student loans during the pandemic and honestly it was the best decision ever and feel so much relieved it is off my chest. I hope others can get the same relief.

[@VerticalVee]

Why am i seeing this right when loans are about to kick in again

[@bullcitybaby703]

I don’t understand how people can espouse this given the flexibility afforded with student loans. You are not required to pay while you are out of work. Deferment and forbearance are granted with a phone call. Student loan forgiveness is possible for many borrowers after a certain period of time. There is nothing to repossess and foreclose. There is no justifiable reason to spend your cash on attacking these loans if your cash can go toward acquiring and paying off an appreciating asset. I know someone who paid $200k bonus to clear his student loan debt right before the pandemic. He didn’t owe much more on his house. Would paying off the house first not have been the best move? Help me understand advice like this.

[@aaronmartin7001]

Does Dave Ramsey work for Navient?

[@Seethi_C]

Lol, Dave will tell you pay off student loans at 0% interest and then say get a home mortgage at 7.5%

[@electrodynamicorb6548]

He’ll also say default on your consumer debt then promise them you will pay 30% of the debt you owe them but you can’t do anymore than that.

[@saleens330]

Most of these ppl already said they will never pay them back. They just don’t understand that the government will get it back one way or another.

[@BooskiD]

That’s the thing after a small amount of time the government sells the debts at half of what you owe to a collector and they buy it because of they can charge the interest and already be making doubt their money without it. But instead you get stuck just trying to pay off the Interest and never even being able to change the amount owed. You could have a 50k loans with 5percent interest paying a couple hundred a month and after a year you would owe $50,100 and have paid 2400 on the debt now you owe 100 more on the total debt.

[@josephsharp9939]

I don’t know why the clickbait title hooked me, obviously the answer is “pay” 😂

[@greggwagner875]

This is stupid. How do I get out of my loans? I was pushed into going to school when I wasnt ready, I was unhappy in school, I have not benefitted, and I need to get rid of these loans and make plans to go to college because Im ready now.

[@coldflu]

When someone says they earn $100K fiat dollars a year, can they purchase the same amount of real wealth produced with it tomorrow line yesterday? What measures the value of each unit of measurement (dollar)?

[@TheKyleFyles]

Out of all the things I was expecting to hear, pay, was admittedly not one of them.

[@nurulizahahsing4412]

its is for whole world or just some country ?

[@cynthiamcd6780]

I wish this worked with mortgages :)

[@Serena_2190]

Ma'am.... it is easier said than done...with what money???? explain lol half of us are legit struggling b//c of WAGES..NOT MATCHING LIVING EXPENSES..

[@mickal777]

I DID this in 2021 and felt so accomplished 🎉then in Jan 2023 I received a refund check for "loan forgiveness" and now in Oct 2023 I'm BACK IN REPAYMENT because the student loan forgiveness wasn't approved. I'm so upset with myself for believing that that money was mine. 😢

[@Illuvatar2k]

How much did they send to Ukraine and how much would it take to forgive student loans?

[@mdl2427]

It'd take $1,730b dollars to pay of student debt. Ukraine has been sent $45b or less than 2.5% of that amount. Student loan debt goes up about $50b a year as well.

[@JeanValjean875]

​@@mdl2427 Which is minor compared to what we spent on the war in Iraq.

[@waterdragon2012]

@@JeanValjean875I believe we’re spending more on Ukraine

[@marieabner]

Done!

[@joycoker4317]

This works if you didn't have piled up interest before the pause. Otherwise, you are required to pay off all accumulated interest before making any principal-only payments. Also, if people had money to pile on, they would have. This assumes that people actually have money.

[@bradyhack2428]

They need to educate themselves a little more. Not everyone’s loan is paused. So those who have loans that are not paused are paying on it. Again NOT ALL loans are paused. So ….

[@ChiChi_baby]

Please how can i apply for student loan

[@flutey28]

Not all of them and no I never got interest free. You have interesting "opinions"

[@katwilliams2950]

Yeah..... I put money in a high interest savings thats higher that the interest my student loans has. I used the time with no interest to build a safety net

[@neilyaremchuk6798]

No interest unless your loans are privately held.

[@Starray5757]

Yeah, but inflation on everything else…..

[@Foograble]

You can't control inflation. Nobody can control inflation. You should not stop concentrating on making payments and planning to reduce your higher rate debt.

[@tiger_vii]

Been trying to pay off my student loans, whilst working at 7-11 and living on the street

[@chaseyung1037]

I love it how they make this guy Dave Ramsey to be like he's some sort of a genius. He's like Dr Phil he never solves anything. We know damn well you got to pay off the loan... He never gives you a plan or a process on how to go about it. I find a funny these guys who declare bankruptcy become financial wizards

[@King_Arthur_]

🤦🏾‍♂️ I should have taken advantage of this during that time. Now the interest is pilling on hard.

[@kayamor7678]

This company sent me a email I'm not trying to get scammed by them

[@georgemartin1383]

My mother has 90k student loan debt, is on food stamps and lives rent free with my dad in a property i own. She is 60 and had these loans since I was a child only it started as 40k. My advice to her is to never pay it back and file taxes separate from my dad. She was the reason I served the anti-christian US military in iraq. Im taking care if my mom until the day she dies, the fed isn't getting there money back.

[@CozyJoney]

You actually should be getting more debt now if you actually knew how to balance your book-loans are free cash at 0%

[@devindunatov8598]

Disagree. I would open a savings account with high % Interest (can get upwards of 3-4% right now), and when the deferral period is over, pay off lump sum with the money that has been saved.

[@RedShiftedDollar]

Lol. We all know students can’t pay so eventually these loans will need to be forgiven one way or another. Either they will be forgiven directly or they will be allowed to default. Once the gov allows defaults, just take the credit rating hit and do that.

[@cisium1184]

Her hair is beautiful.

[@Ibomedin]

They are thinking wrong! Put that money into some stock which will 20-50% rally

[@tiffanysteen1845]

We cut ours in half I regret not paying more

[@chicagodoorstep]

This is a great tip and can make such a big difference 👏

[@josephfernandez7569]

this is not financial advice, this is psychological advice. this is incorrect from a financial advice. this is arguable correct from a psychological perspective

[@MeganWall1019]

With higher rent? Pretty hard to do. We are also all getting married and still putting off kids…….

[@user-oo8gb8op2p]

Damn I lost my job over Covid 😅

[@ThatGuyOnYoutube2]

Love all these "financial gurus" in this comment section telling you how to keep your debt around like a pet. Pay off your debt people. The money you have freed up can go 100% towards investments AND you are stress free. Let these clowns run constant math equations in their head to convince themselves the extra $1.36 they are making in interest is worth it

[@jenmitchell5912]

My loan provider wouldn’t accept payment during the freeze. They sent my payments back to me, literally refused and refunded the money I tried to send them. Anyone else experience this?

[@Love2Banime]

No. What is the name of your loan provider?

[@Operation9595]

I've started making payments$100 @ a time,even if its only once a month🥰🥰

[@NiceOCGuy1981]

Yeah, but even if you have no interest now. They'll just jack-up interest rates once it starts again. So yeah, if you can pay them off before that happens, great. Not all of us can attack our loans aggressively, even after making all needed sacrifices.

[@gb23a]

They are not going to do that. They're waiting for Joey to take care of them

[@blackbutterfly233ify]

Whatever happened to her? She is just gone

[@cobyfrost9304]

Me aswell

[@codymurphy146]

😂 if there isn’t interest on it then it’s free money. Better to invest and make interest. Then once the loans start up again put that gain to paying off the now ticking interest. Are you guys paid by Nelnet or something? Bad financial advise. Unless you don’t know how to invest or save, then yeah thumbass keep paying your schooling debt even though it’s virtually free leverage at the moment.

[@joeashbubemma]

The irony, these people have an "education", yet have no clue about basic finance.

[@toriambrr]

damn where was this a year ago 😭😭😭😭😭

[@shinyanovikov2502]

Borrowing money with 0% intrest in like my dream. I could invest in a verity of safe investments.

[@nickzema4683]

Yea right. People scared now the day after its all paid forgiveness will be granted. Can't put that hope genie back in bottle.

[@unbothered6357]

Where did this personality go ❓🤔

[@CynNiki]

3 years of interest free debt...can I get that on my mortgage?

[@takkmckinleyimstraightenup2619]

The government paid mine thanks Biden...

[@seandmoore6922]

Ramsey is dangerous….pure BS.