How I'm Paying Off Six Figures Of Student Debt | The Financial Diet

[@thefinancialdiet]

Looking to pay off your student loans faster? This video has great tips: kzbin.info/www/bejne/eH6QgWOkpLWlnZY.

[@OneBigHappyLife]

Very important: If you refinance/consolidate your loans with a private lender you will NOT be eligible for loan forgiveness.

[@MsYayMusic]

There are news sites reporting the government is currently telling people who were accepted into and completed the 10 year loan forgiveness program by doing a public service job that they actually don't qualify and the government administrative workers who sent confirmation weren't qualified to speak for the government. I wouldn't trust those programs if I were you.

[@OneBigHappyLife]

K Henderson, I'm not worried. The reports you are hearing about are people who were working in positions that may not have actually qualified for forgiveness based on the way the law was written. For example, as an attorney, merely doing public interest work is not enough. The organization would have to be a non-profit or funded by state, federal, or local government (like legal aid). The problem is the Dept of Ed certified these positions when they really shouldn't have. But still, I guarantee you that those people will win in court because the Dept of Ed wrongfully certified the employment and those people relied on that. Either way, I'm not in that boat. My employer clearly falls within the bounds of the forgiveness program. At the end of the day it's all about risk tolerance and opportunity cost. For some, having debt is an unbearable burden and they'd rather sacrifice everything to get rid of it. Me, I'm happy to leverage it to ensure my long term financial security, which I talk about a lot on my channel.

[@voltaireon]

I am currently in the process of paying down about $60k in student debt. My minimum payments are $350, but I make sure I always pay at least $500 automatically and toss a bit more in every month. I got a bonus from work and while I should have tossed the money at the loan with the highest interest, there were two loans in the mid-level range of interest rate that were only $500, so I just paid those off in full. Now I'm down from 17 loans to 15!

[@Hey_Ruthie]

Taryn Good It's an amazing feeling. I went from 10 to 7! With tax returns I'll get down to 6!

[@xoxoxoxo2828]

Taryn, join the army as an offcer they will pay off your loans for a few years commitment and you make starting around 65 k and 70k following year.

[@crow4834]

xoxo xoxo No one should have to pimp themselves out to the army just to pay off their debts

[@xoxoxoxo2828]

No one is pimping themselves out, you live in debt whereas I am debt free doctor able to retire with great benefits after 20 years... ARMY

[@xoxoxoxo2828]

I didnt kill anyone hahaha ! So no one will hunt me :D

[@HangNguyen-ih8rf]

Step one: make 100,000 a year. Step two: spend only 50% of it

[@shannysalcedo5327]

Spend only 20%

[@HangNguyen-qn4zq]

Hey it's another Hang Nguyen

[@tomisakin]

tax lol

[@CatmanBreeze]

the problem with this is in order to make $100,000 legally you probably need to have a master's degree and no less than 10 years of experience in the exact same field with consistent promotions offered every 18 to 24 months. For the vast majority of people this is not a practical goal by a long shot. Easy is not always best. And the best situations are not always easy.

[@leilanidru7506]

Ryan H. Lesley Wilson duh. I think the over simplicity of his comment was the point and joke I guess. Obviously for it was that easy to make a 100,000 then everyone would do it.

[@PlethoraShae]

I would love graphics/annotations that could quickly break down certain jargon you all use. I understand doing my research is important, but it would make these videos more accessible to me :)

[@johna9994]

"kinda like a mortgage" that's a mortgage and car payment in Oklahoma

[@LuzKaplanmusic]

I'm feeling pretty lucky right now. In my country (Argentina), the best university is public and tuition-free. In fact, a lot of Spanish and even non-Spanish speakers from Latin America come to live and study here because it's much cheaper and still prestigious education. I'm sorry in the US you have the big pressure of having to pay off student loans, and maybe the government or the enterprise that gives you the loan shouldn't have such high interest rates. Correct me if I'm wrong, maybe you think it's not so bad. I just wanted to give you insight about the situation in my country. Also a lot of people have the opportunity to study, but it's not always easy to get a job, that's a downside where I live.

[@malibu64]

Hey, I just wanna say how amazing it is that you are helping your husband. You guys are an amazing team. God bless you.

[@fashionerdxo]

Daamnnn! This is why I went to a city school. Got financial aid to cover me and pay for my books. Debt free!

[@Nunyabiz8787]

The better info would be how to avoid student loans in the first place unless you are going to be an engineer, doctor, or lawyer. I got my BA completely debt free (cheap college, working on campus 30 hours a week, working 40 hours a week during summer and Christmas breaks, and academic scholarship, no eating out). Then got my MBA for FREE using the educational benefits offered by my job.

[@jip230]

Also consider this - consolidating a loan when you're married takes an individual debt (student loans) and makes it a joint debt (marital debt). It's a huge deal in the event of a divorce, you can end up having to pay on your former spouses student loan debt. Consolidate carefully and wisely. Do it when you're single and realize that if your spouse consolidates, you may be on the hook for their debts

[@Amigps01]

Never been more grateful for my full ride

[@metapixusion]

this gives me so much hope ... I have so much student debt I was starting to feel hopeless

[@rachelsmith4558]

I am about to start a series on this as well. I find it VERY refreshing that you have six figures as well. It's VERY disheartening to hear others pay off $20K. We paid off $25K this year and plan to next year! We don't keep ours separate which I would say is a very big difference, but this is very cool to hear!

[@eibbore]

I wish TFD wasn't so US centric at times. Any recommendations for EU/UK based or just more global leaning financials blogs and sites?

[@levyshi]

they wouldn't be experts if they were talking about other countries though.

[@davidh9841]

I thought the EU had their glorious "Free College."

[@jananni123456789]

The student loan system is much more simple here than in the US - they have private companies (like banks) that provide their loans; we only have the Student Loans Company. You can just phone them up (Student Loans Company) and they'll talk you through it.

[@vladmatsnev]

David H we do have it and it's amazing, thank you

[@masterbuck]

David H we do, so that’s why we want different topics

[@tomisakin]

I Pay 2k every two weeks on the highest principle interest. Moved my ass back home. I get my hair cut every two weeks, eat at home, making over 6 figs live poor af tho. Bought a car with nice fuel economy for 2000$. Im going back to school to get an even better paying job. I'm putting myself through this time. Only thing that gives me comfort is my retirement plan is 12% every two weeks with a nice match (im 22 years old). Till this is payed off I work for the bank lol.

[@hannahgill1014]

This is crazy! I am so thankful I study in the UK. Student loans here get such a bad rep, but I only pay a tiny fee every month off 25K and above. It’s then written off in 25 years.

[@1928House_Washington]

This is great advice if you're 1. not underemployed, 2. have good credit, and 3. Have a partner to share the financial burden as well as the burden of running a home. I'm 34, single, have terrible credit (this was due to bankruptcy which was actually a good choice) and have been severely underemployed for the last decade, likely a result of graduating in 2009 at the height of the great recession. This advice doesn't work for people like me for the following reasons. I don't qualify for any kind of loan consolidation due to the fact that I'm chronically a temp (not considered stable work by banks) and have bad credit (I don't have an option for a cosigner). My chronic temp status means I don't receive any benefits which means if I ever want to retire or have medical insurance I have to pay for it out of pocket with less money. The going wage for my career sector for people with my skills and experience in my area is $25 per hour, I made at most $18. Finally working more hours with a 2nd job or side hustle isn't practical. I did this for several years and wound up in therapy due to chronic stress. Why this doesn't work is as a single person there is no one to share the load of running a home with. If I want to eat I'm 100% responsible for cooking it or buying it, cleaning, laundry, etc. all me. Also, I don't have a built in-person to commiserate with either, so if I need to vent or discuss my job-related stress I'm bugging a friend or family member who may or may not be available. Consequently, it's better for my mental and physical health to retain a good work-life balance rather than working 90 hours a week just to pay down student loans. Essentially this is okay advice, but I've heard it all before and it's really not practical or applicable for everyone. The real issue is that banks are permitted to charge more interest than they do on a home or a car. If I didn't have a cosigner on my student loans I'd stop paying, work under the table, and put myself on a do not contact list with the debt collectors. After 7 years they'd give up on trying to collect.

[@Argenswiss]

feeling so glad student loans are not a thing in Argentina

[@KayleeKapital]

Make sure you can get a job with what you're taking. I took History and regret it but at least I paid out of pocket..

[@lanaharper9798]

Hey, if you paid out of pocket, you cool. You don't have to figure student loan payments into any salary you might have.

[@sparksoffyou]

Something I've done that's been a big help is when I pay off a smaller loan, ($60/month), I shifted that money to other loans. It's helped me reduce my payments from $550/month to $225 (which is only that high because I pay a lot extra on them. Paying minimum would be about $200). I also make about $600-$1,000 in additional payments on loans per month depending on spending for that month.

[@Ralphdc19]

sparksoffyou I'm glad the snowball effect is working for you! May I suggest watching Dave Ramsey's videos?

[@Essentialoils4ujess-weagle]

Follow the Dave Ramsey snow ball method for paying off debt

[@jeremymartinez4438]

please do a video on credit builder loans

[@Papershire]

Holy crap! Even here in the UK with high cost of living, most people who do a 3 year bachelor degree only get about £40,000 in debt.

[@Espresso_plz]

Zenny Abanales the problem here in the US is a lot of people go to private schools, which are generally much more expensive than public schools.

[@Wisdom4life1]

Zenny, that is actually a lot of money. That is like U.S. $60,000 for 3 years of college. Even if it's a typo and you meant 4 years, that's still more than the cost of the average 4 year degree in the U.S. If you meant £4,000 for 3 years then you're making sense.

[@asadb1990]

i only had $20k of student loan debt. but took really long because i got fooled by my parents into giving them the money i saved up while working odd jobs after graduation. they saud they would pay it in full once they sold the house. 3 houses later and over $200k in profits, i only saw $2k and excuses. they didn't spend the money instead invested the money and living like kings. i wised up after moving out and now refuse to meet them at all.

[@Love2Banime]

I plan to start paying my loans starting in 2022. Wish me luck to pay off in a year

[@CatmanBreeze]

one thing to mention that I don't think was mentioned in this video is that when you refinance and you consolidate any form of debt you risk losing points and lowering your credit score,... which is already been severely compromised on account that you have a high volume of debt. if you increase your credit score by making consistent payments on your debt (which is one of the most reliable ways to do so!) if you refinance and consolidate your debt, you may lower your credit score in the process because it would be classified as another major draw or risky behavior on your financial Journey. If your credit score is too low (if you have pre-existing debt when you move out and try to rent an apartment for the first time; most apartment companies want you to have a credit score of at least 650 to 700 bare min.) you risk losing things that you already have like housing (yes, if you have financially responsible behavior when you first start renting an apartment but overtime show that you are less and less financially responsible; your landlord can refuse to renew your lease or rent contract) then you have multiple things that you cannot get such as a car or a credit card.

[@PileDownReviews]

I'm right there with you. Paying off 120k after school. But it is doable.

[@jehold2010ify]

If you have an interest in the military and live in the U.S. talk to a recruiter and see if you can join with a student loan repayment program. I wouldn't recommend it to everyone(the military really isn't for everyone) but if it's something you are already interested in it's a good option.

[@ingrossa]

Serious question: in the Netherlands my student loan will likely have about 0.01% interest rate by the time I graduate. I hate having debt but would it still be wise to pay my student debt off as quickly as possible or should I keep it there as long as possible since the rate is below inflation, and instead invest extra money into something with higher returns?

[@Hey_Ruthie]

Nynke Pay your loans now. Don't wait if you can pay now.

[@jmh-c6g]

This is an old question, but I'll try to answer it anyway. If you live in the Netherlands it is easier to pay off the minimum. You will only have a loan for a maximum of 15-20 years (depending on when you started studying). After this time period you don't need to pay off any leftover money you haven't paid during the time period of 15-20 years. So if: after 15 years you still need to pay back 5000, for example, you don't need to pay this back. For a large loan it can save you money by paying it off as slowly as possible. However, if you will pay off the full sum of money within those 15-20 years anyway (you can calculate this) it is easier to pay it back as quickly as possible. Especially for buying a house it can be best if you don't have a loan. I hope this helps!

[@craigistheman101]

Alway pay off debt!

[@jmh-c6g]

Overall: yes I completely agree! However, there could be some benefits to slowly paying of your student loan in the Netherlands. Especially, since you hardly pay interest over the amount (I did not say you should not pay it off at all). This is of course only the case if your student loan is of an extremely large amount, so 50.000 or higher.

[@ingrossa]

Thanks everyone for the advice!

[@sarahglover1262]

I'm going to a state school, and I'll need to take out a few thousand in loans each year, but hopefully with the degree o get up be able to pay off everything in full within a few years... doubt it, but hopefully

[@ingrid44556]

Sarah Glover hoping is not smart, be absolutely sure that your degree will translate into a profitable job, otherwise you will end up like the rest of them

[@richoombie]

MUST. SHARE. TO. ALL. GRADUATING. FRIENDS.

[@TheElysian7]

I love your channel! Im currently figuring things out with my job situation but I’m determined to get me and my husband debt free.

[@moneytalkswithjonathanthom4150]

Awesome video! GReat call out that increasing the income is key and may not happen right away!

[@scoobydoo7346]

I have four student loans to pay off. I expect to pay it off by April this year. Paying off the smaller one first, big ones last. Finished paying all collection accounts. I just have student loans left then I can focus on building credit payment history.

[@pnoipr8]

question, i wont be able to follow income based repayment plans anymore once i start refinancing/consolidating, is that correct?

[@corrieandjassie]

Why does this have so few likes!?! This is great advice. Wow, I was stressed at first about my 18k in loans. This was encouraging for me , thank you

[@josevences7765]

why not go to community college and transfer to university? its way cheaper! In my state (California) CC are basically free.

[@MichiganUSASingaporeSEAsia]

A_Plastic_Knife true and admissions may cheat for you too let you in since it’s California

[@AppleCrider]

Thank you for the valuable info!!

[@jdftba4164]

I'm a freshman undergrad going to private college and I am intending on going all the way for my PhD in Biochemistry. With my current scholarships, it looks like I'm going to be paying off somewhere around $150,000 just for undergrad. Do you have advice for decreasing that number while in school, and getting ahead on paying it off? Essentially, what should I be doing now to make my life easier later?

[@Opinionatedchic]

J dftba Transfer to a cheaper school.

[@jdftba4164]

Lol tru

[@Hey_Ruthie]

J dftba Start paying what you can now so that interest doesn't accrue. Even $5 a week is better then nothing. In the summer, work as much as you can and attack those loans. Get a part time job if you can and attack the loans. Some loans accrue now even when in school but you do get it back with taxes.

[@missnance12]

Save in undergrad by going to state college, then "spend" for PhD/masters. Also consider what you want to do with your PhD. STEM academia can pay very little, contrary to popular opinion. Especially if you end up doing research at a university. So in the future, consider working for pharma/industry to get higher pay. I went to and currently do research at a top private university. I know PhD people earning $60-80K, with $150K+ in debt. That's massive debt compared to salary. Keep this in mind when you decide career options in the future.

[@ingrid44556]

J dftba get a job and save a bit chunk of your salary, and most importantly do not get the loan, apply for grants and more scholarships, and if even then you don't have the money to pay for tuition you will be better off not having debt ,unlike all these college grads

[@Vxjx15]

You guys are doing great!

[@realazduffman]

$150,000??? Who's the doctor?

[@jsuisjo]

AZDuffman most doctors have higher student loans :)))

[@principle33llc28]

you sound like Dave Ramsey, lol

[@kaitlynkilpatrick36]

Joy Hope mine alone will be around 200k when it's all said and done. And that's cheap

[@fionagrek]

How did you budget your wedding? And do you have any good tips on how to save for one?

[@manuelgovantes882]

rz13 my wife and I have paid off our wedding and graduated university without debt basically by having zero lifestyle

[@sjsjzxkkd1871]

Is $106k a good salary..what about taxes..how much should I expect to get in my pocket after taxes....30k in loans..i need to pay it

[@Kibenwa]

WTF? Y'all Americans have it rough! My student debt is less than 3000 USD equivalent and I pay at 4% ...but then again I live in a 3rd world country...

[@lgee9027]

Charlie K nope they drink the kool aid!!! It can be done for free or really low cost!!! They elect to take loans then cry about paying them back 😱😨😰

[@3DPT]

Consolidation is generally NOT in your best financial interest with federal loans. Consolidated loans tend to be 20-25 year terms, and limit your payment plan options. Forgiveness takes 5 - 10 years to get if your in a qualified position. NEVER trust anyone that calls offering "Obama forgiveness " or "Lower your monthly payment for $ 500.00 with us " There are a lot of scammers looking for people desperate with student debt. Always call your loan servicer directly.

[@RealLifeEddy2K]

My loans were at 112,000. I decided that I needed to increase my Vacations from 1 a year to 3 or 4 a year. Also, decided any extra money I got I upgraded from coach to Business Class. After 34 months I was student loan debt...Oh I also got a better paying job lol.

[@rizalukman7982]

The one that understand that student Loan is a detah sentence are the one who understand what lifes all about

[@tonybradford678]

Well I'm on the process of paying my student loans, but they said I can't pay the principal amount till I finish the back payment? I do have quite a bit to pay back, but could I still do the principal amount?

[@amyb347]

If you're with a loan servicer from the US Department of Ed I did think they could necessarily dictate how your money is applied. For my servicer, I have to write a letter telling them I want my payments to go towards the principal first, then interest. If you missed a payment though, they probably do make you pay that back balance off first

[@kthename08]

great tips

[@Roll587]

I have 50k in debt, but am currently in graduate school so they are in deferment. Any thoughts on if it would be worthwhile to start putting money toward the loans even though there may be grants I can put toward them in the future?

[@PogieJoe]

I would do it! The grants are only a possibility and they may not cover the whole debt.

[@Hey_Ruthie]

WisMicYal11 Yes!!!! Pay what you can now!!

[@MsYayMusic]

Do it! Your interest is skyrocketing as we speak!

[@foreverXcinderella]

Pay now. Trust me. The interest is still adding more and more money by the day.

[@thedhive6512]

Didn't share schools or professions. Those things are critical to making any sort of strategy work.

[@mirasfanfiction]

Solid tips.

[@LoquaciousPint]

i have 92k on my own due to interest rates and inconsistent payments so this is so.helpful for me thank you

[@lwinston5950]

I have 6 figures of student loan debt and only make 55-60k...I don’t even know what to do ! Anyone who knows chime in! I feel so doomed

[@aleksandracanlas7619]

What about the IBR and the forgiveness after 10-25 years

[@kiterafrey]

I am a student now, will making small payments now or like $30 a month or some of my tips hurt my getting loans from Fafsa? Is it smart to pay now?

[@Ralphdc19]

Yes. You can lessen the interest and capital by paying some while you are enrolled in school

[@kiterafrey]

Thank you :) I'm going to look into putting some of my side income into that then :)

[@Hey_Ruthie]

Yes, do it! I wish I did it. I did also pay in the grace period after graduating.

[@LGnLA]

Yes very smart!! Start NOW... because the money you pay goes ALL to the principle (verify this with your lender) ...score!!! Good luck!!!

[@AshtonColby]

Seriously, don't go to college anymore unless you want to be a doctor or a lawyer. It's not worth it. Learn how to start an online business, passive income, market yourself. I went to business school at a top university and learned more on KZbin and google about modern business.

[@vanessakountul7639]

We are heading the Same wat in the Netherlands. Already saving for my kids if they want to study

[@sleepysartorialist]

Um, you can combine those loans as a couple through the department of education.

[@maggiegoodwin5703]

Say one has $140,000 student loan debt but is on an income based repayment plan. They are also in a public service related field (but not eligible for public service loan forgiveness). There was no other way to get into this field without paying this much for school. Yet starting out it will be $35,000 a year, may get as high as $70,000 in a decade or two. So they signed up for an income based repayment plan, meaning they have low minimum payments and the interest will continue to rack up at pretty crazy levels. BUT the loans will be forgiven in 20 years as part of that income based plan. Yet given contemporary political rhetoric, and that rising number. Not to mention no one willing to offer a mortgage... Ugh... WTF can such a person actually do?

[@Bobxchen333]

There is nothing such a person can do once he already owe 140K. Make sure you don't be that person in the first place. You can go to a trade like electrician or plumbing, you first year wage as an apprentice would be about 35,000 ( 15 - 18/hr). In 4 years you would be able to get your Journey license and you can easily make 60 - 80k. And can start when you are 18 and you will have almost 0 debt if you attending community college for your in classroom instruction hours.

[@vriendelijkegroet]

Like many other European countries, Universities are quite cheap. One year college where I live is like EUR 3,000 per annum. I did 2 master degrees with 0 debt. If you have to go into debt, currrently, governmental study debts intrest rates: 0%. Education is the basis of any developed society and should be accessible to everybody irrespective the size of your or parent's wallet. Otherwise, one might choosing or believing a wrong guy as president....

[@BrianWood]

Student Loan debt is a killer, but if you can get a three figure loan paid off in 10 years good for you and Joe!

[@Nessabirdie]

I tried to consolidated my loans but it didn't work ...

[@emmadawngarofalo]

you have this one correct

[@UdoADHD]

You look good with your hair like this

[@BewareTheLilyOfTheValley]

I have a bad habit of job hopping. I don't have a degree because after ditching my initial major, I'm not completely certain on what I want to do. I'm 28 starting pretty much from scratch. However, a tiny bit of progress has been made. While I'm job hunting now, my brother and I now room together. It took my brother a long time to find employment so it had been me and our mom handling bills when we all lived together. However, we could only ever just keep our heads above the water. Most of my check often went to helping her and the household. But my brother is very good with money so once I start working again, there's no reason he and I shouldn't be able to handle the bills with ease. That will be my ticket to paying my debts off and saving for going to school. I NEED a degree. I wasn't born with smarts that will take me far on my own, lol. They need to be honed. By moving out though and not using my mom as a crutch, I'm going to do my best to just stay at one job...though in order to ensure that works out, I need to stay away from soul-sucking call centers. Pretty much all customer service jobs are bad options since I'm an introvert but it's all my resume says I'm good at. Then again, the fact that I've hopped around so much also shows I'm ill-fitted for them. But I'm going to have to bear it until I get a degree. Easier said than done though...but I'll try my hardest.

[@truneilson]

Dave Ramsey, Dave Ramsey, Dave Ramsey! $100, 13 hour course called Financial Peace University worth EVERY penny!

[@kyleefaren3075]

Hm I got around 300K in student debt 💀

[@mimilovebug8503]

Kylee Pummelo what do you do? are you in grad school??

[@kyleefaren3075]

mimi lovebug out of state and med program

[@RealLifeEddy2K]

So an idiot. You chose to go out of state, to get the exact same education at 10 x the price. Congratulations.

[@derjalenrock]

BigD Travels not necessarily

[@maggiegoodwin5703]

Not every state has a med program one can actually get hired out of, not every state even has a med program.

[@digitalkamsa]

I have about 30K left to go

[@tomisakin]

you should find out how much interest builds on top of your head every day and use that to piss you off.

[@h30con2010]

why dont you just make the lowest monthly payment stretch it out as long as you can, to get the lowest payment then deduct the interest payment as a tax right off, then inflation will do 3% yearly and with the extra money not being spent on your student loans you can either place it with a wealth advisor and receive 6% annually or you can invest in a safe fortune 500 company and make money off the 20% conservative capital gains and/or dividends. annually

[@mayaalicia169]

Some people do that, but for others the physiological effects of being in debt is too much. Sometimes it is just better to get that burden off your shoulders once and for all. Plus, interest rates that high are either risky or uncommon.

[@TheMrKinks]

On paper it may seem like a good idea and in a perfect world it totally make sense. However, things don't always work out like they are supposed to. What happens if you have a job loss or become too sick to work? Debt is liability and needs to be killed if you are dumb enough to take any out. Just remember, you always find out who's skinny dipping when the tide goes out.

[@mayagibbes3208]

What about 350,000 for one person?

[@mkeptrangli]

Keep separate bank accounts until all student debt acquired before the marriage is paid off. Nobody not even a spouse should be paying for your loans you took out before even meeting them.

[@jananni123456789]

Wow I'm so glad I'm British!

[@leahmcdermott4189]

jananni123456789 Why? So I am. Born and bred and lived in London my whole life and I have more than 50K student loan debt. Student loans are just as crazy here as they are in America 🤷‍♀️

[@oco987]

The most important thing you can do is make alot of money

[@MoneyWithKazeem]

hat is degree in? is he a doctor?

[@vitamindubya]

What kinda school charges that much?

[@laurenconrad1799]

vitamindubya in the United States, a lot: Harvey Mudd, NYU, Columbia, Sarah Lawrence, Bard, University of Chicago, Oberlin, USC, and many others. I went to a public college but many of the private colleges on this list looked attractive to me at age 17 when I had no idea what I would have been getting myself into had I attended. Each of these charges about 60k per year, only including tuition and not including other expenses. College is usually takes 4 years in the US.

[@rebeccapowell9608]

I graduated from veterinary school with about $200k in debt, which was pretty average for my class/graduates from other schools that I've spoken to.

[@MISJPEREZ]

scary....I still agree with my high school ed. and trade school. Yikes>

[@throwaybye6173]

I have 64k, LESS THAN HALF OF HERS! Im not afraid because I have. Plan.

[@CutePokapipi]

I have 125,000 dollars

[@WallaceRoseVincent]

Is your husband a doctor or in the medical field?

[@ardscholar8208]

You are going to help pay your husbands student loan debt?! Wow....how nice.

[@lordfreeman6845]

Wake up you don't have to pay

[@hienienguyen6766]

wow this seems like a cringing nightmare!!

[@thecatbehemoth]

Watching this from Socialist Europe.... we don’t have student debt (yay!) but our taxes are higher when we really start to make good money (meh). Personally I’d rather have it this way than the American way; I can’t imagine being under the stress of having a six-figure debt just out of college!!! Yikes, that must be morally crushing... and if on top of that you don’t have universal healthcare to address your anxiety issues... sounds like a bad situation to be in...

[@mizark2029]

Those people chose to go into debt. You don't have a choice when it comes to your taxes.

[@turtle4llama]

300 sq ft?! I don't love my husband that much.

[@tomisakin]

In the words of my favorite cheerleader. be aggressive be be agggresive.

[@lorrainea.285]

Married or not I’m NOT paying ANYONE’s student loans!!🗣🗣🗣Especially as a woman, no Ma’am!! Did you say you throw your extra money towards his loans🤭😭😭😭

[@Uncharted95]

*Watches in socialism*

[@160p2GHz]

150K from two people with two incomes is laughable to me. There are *individuals* with more than that. Here's some advice from someone actually fucked: 1) Apply for student loan forgiveness. There are a few different programs and some of the shadier lenders (like Navient) will try to get you to change them when you call in saying one option is better. Do the research yourself, assume they will lie, and pick the plan that has you paying the least and sticking to it. (income based repayment doesn't care what the cost of living is where you are btw, it can make it much easier but it may still be quite high) 2) If you have government loans, consolidate them (you can't "refinance" them unless you are able to move them to a private lender which has a lot of downsides (usually higher interest and no loan forgiveness), preferably once you start struggling. This will reset the timer on loan forgiveness but also on things like deferrals (so it may be helpful to use those up if for the time being if you are pretty certain you'll consolidate). You have a limited number of months to defer payment (when you call in and say you have hardship or whatever they say "no worries" and dock one or more of those months to get you "current"). 3) If you have private loans you can refinance those AND you can essentially file for bankruptcy with them. Seriously consider this especially if you've already destroyed your credit (consider your dependents and near term goals of course). Private loans have a lot of downsides in not qualifying for federal forgiveness and tending to have higher rates BUT they have the benefit of not being as impervious as the government is-- they can be taken to court, they may settle with you on much better terms out of court, and you can claim bankruptcy against them. 4) Go to a bankruptcy lawyer who specializes in loans for advice (even if you're only thinking about it they can give you good advice). You should be able to find someone by calling around. They should be able to have a *free* consultation with you. 5) Apply for early forgiveness for government employees if you even think you might qualify. There are guidelines but some jobs are a little gray, if unsure after reading the guidelines just try it. You can get forgiveness then in 10 years instead of 20. 6) Work out your numbers. My parents, realizing they were cosigners on my private loans, asked for a break down. I went through and in a spread sheet wrote out the numbers of every single loan I had, the amount, the interest rate, etc. Servicer websites are set up so that these numbers are not all in one place on purpose. And different servicers use different terms for the same thing. It will be really confusing for a day when you write it all down but I promise it will make sense. And then you'll see where you are losing money fastest. This is especially important if you don't qualify for loan forgiveness. 7) Consider paying private loans (which can never be forgiven) off with savings, investments or even retirement with a withdrawal fee. Even with income based repayment I still had payments beyond my means (I lived in a very expensive city because that's where I got a job) and doing this has been the only way I've been able to finally afford an apartment, food, AND been able to save. You should consider the interest of your loans being paid off, the likely "interest" or returns on your savings/investment/retirement, the withdrawal fee, and whether you can realistically keep up without doing this. I do think you should have a rainy day fund that should not be depleted but if you have anything beyond that seriously consider tapping into it especially if you're really struggling to get by and constantly missing payments destroying your credit.

[@jcrowley1985]

Fake your death?

[@redarrowhead2]

#DebtFreeAt24WithMastersDegreeSwag

[@davesmith1574]

The key to repaying student loan is to have a relevant degree that pays well. Borrowing $50,000 to get a Mickey Mouse useless degree is a waste of time and money. These idiots end up working at StarBucks and want government to forgive loan. SMH. 😒