Last month I finished paying my last student loan payment...its official I'm debt freeeeeee👍😂😂😂😂
@TheBemused4 жыл бұрын
Amazing!!! Congratulations!! 🎉🎉
@Sazonman4 жыл бұрын
@@TheBemused Thank you...feeling is amazingggggg ...I can slept much better now that I finished paying it all offfff.😁👍🏼
@TheKrazyKoala4 жыл бұрын
congrats on paying off! I also paid off $300,000+ in full 100% after i completed 3 of my degrees. i personally don't like to pay more than minimum payments, unless it's super high interest rate. i would consider the opportunity cost and use it to invest and generate more. so i actually use the money to invest instead of paying the loans, then i ended up tripling my investment, so i paid off my student loans fast that way. i just posted a video about how i paid off $300,000 on my channel. please check it out and let me know what you think too 😃
@pa-zx5ct4 жыл бұрын
When u pay loans off, did your credit score go down? If so, how many loans did u have and how many points did it drop?
@beigelover954 жыл бұрын
thats amazing!! well done!! I have £75,000 waiting for me
@MisterTutor20104 жыл бұрын
Occupation: Biochemist, Cancer Research PhD Completion: 2015 Salary: $52,000 per year May 2016 Balance: $51,000 March 2020 Balance: $4,292 Earliest Zero Balance Date: June 1, 2020
@hillaryc9844 жыл бұрын
Way to go!!!
@eberjom91194 жыл бұрын
WOW!
@Betty_Monroe4 жыл бұрын
MisterTutor2010 congrats 🎊
@kevinkidneyy4 жыл бұрын
Dang what state ?
@MisterTutor20104 жыл бұрын
@@kevinkidneyy Texas
@beatrixpoley91003 жыл бұрын
1. Set up auto-debit with your loan surfacer 2. Choose the right replacement method 3. Choose the right student loan payment plan (lowest minimum monthly payment) 4. Focus just on the loan you want to pay off first. 5. Make the payments as soon as you have the cash
@steffan6832 жыл бұрын
So grateful within the next week I’ll be 10k left to completely paying my off 100k debt.
@saanvi8482 жыл бұрын
@@steffan683 How were you able to do it?
@steffan6832 жыл бұрын
@@saanvi848
@steffan6832 жыл бұрын
@@saanvi848
@saanvi8482 жыл бұрын
@@steffan683 who is your financial coach, do you mind hooking me up?
@MisterTutor20105 жыл бұрын
Occupation: Postdoctoral Fellow in Cancer Research Salary: $47,800 per year May 2016 Balance: $51,000 October 2019 Balance: $9,629 Earliest Zero Balance Date: July 1, 2020
@TheBemused5 жыл бұрын
That's awesome! Congrats in advance on paying off your student loans!
@arieldickinson98655 жыл бұрын
Damn
@ashafreeman27305 жыл бұрын
How?!!
@laninacook3015 жыл бұрын
Wow
@Haliosman4 жыл бұрын
How much do you pay a month?
@LovelyNu7774 жыл бұрын
During COVID-19, there is 0% interest on certain loans. If you can still make payments on your loans, please do! This means all of your money goes toward your principle. I started out doing the snowball method and paid off 5 of my 7 loans. I am now switching to the avalanche method for the last two loans since they are the largest and will pay on the loan with the highest interest rate first. I now only have 2 loans left and plan to pay them off in 4 months. This means I would have paid a total of about $29,000 over a period of about 8 months all during COVID. Debt be gone!!!! You can do it!!!!!
@TheBemused4 жыл бұрын
Thank you for sharing!! Great progress! -Akeiva
@halimamohamud79272 жыл бұрын
How did you do it I owe $20,000 and I don't have a job right now at the moment give me tips please
@jandia51622 жыл бұрын
Please give more advice on how you did this? How long will it be 0% interest for ?
@kittensmitten3287 Жыл бұрын
You were paying $3500 a month? Unless you're making over 125k a year, which majority of folks aren't, not everyone can pay that much in 8 months. Ppl need realistic strategies
@LovelyNu777 Жыл бұрын
@@kittensmitten3287 You don't have to pay as much as I did. I was aggressive and I sacrificed alot! Like oodles and noodles alot. It's more about the method used to achieve the goal. This is all from Dave Ramsey. However, with the methods, you pay what you can afford and/or sacrifice.
@dezgarci102 жыл бұрын
I paid off $15k in 2017 using some of these methods. It took me 7 years of sacrifice, but I was so proud when I got that letter saying I paid off my student debt!!
@TheBemused2 жыл бұрын
Congratulations and thanks for sharing your journey! -Akeiva
@chrisd67364 жыл бұрын
Step 1: make a bunch of money Step 2: pay off your loans Step 3: profit
@chrisd67364 жыл бұрын
Graduate from medical school. Ha.
@colei87524 жыл бұрын
@@chrisd6736 Or a STEM major
@BridgetBanksBudget4 жыл бұрын
@@chrisd6736 ahaha
@TheIronChainMaster3 жыл бұрын
You can do better than that
@davidbrooks88093 жыл бұрын
Yes!!
@behindthelens50373 жыл бұрын
Omg I had no idea that if you set up auto debit, it decreases interest by a quarter of a percent. Thank you!!!
@TheBemused3 жыл бұрын
Yep! Thank you for watching! -Akeiva
@simonedishelle67202 жыл бұрын
Does it really work?
@Betty_Monroe4 жыл бұрын
I got a total debt of about 84K and I’m tryna pay this down by next year! I’m gonna give this a go. This quarantine will help me do this. Tfs!!
@TheBemused4 жыл бұрын
That’s one of the benefits of this weird time. You’ve got this! 💪🏽 -Akeiva
@Betty_Monroe4 жыл бұрын
The Bemused: Making Sense of Money 💰 thank you! 😊
@TheKrazyKoala4 жыл бұрын
I also paid off $300,000+ in full 100% after i completed 3 of my degrees. i personally don't like to pay more than minimum payments, unless it's super high interest rate. i would consider the opportunity cost and use it to invest and generate more. so i actually use the money to invest instead of paying the loans, then i ended up tripling my investment, so i paid off my student loans fast that way. i just posted a video about how i paid off $300,000 on my channel. please check it out and let me know what you think too 😃
@michaelsheridan10489 ай бұрын
I am doing a lot of what you did. Extended graduated payment program, auto debit to get the 0.25% reduction in interest, and $20 a week on top of my monthly payment. The $20 per week is split between my lowest balance loan and my highest interest rate loan.
@patient0x2 жыл бұрын
This should be 💯 shown to all high school seniors before they graduate. Just the thought that you are going to school to get a job to pay off going to school would be a wake up call.
@TheBemused2 жыл бұрын
Agreed! You should at least know what you’re getting into and have a plan before it’s too late. -Akeiva
@danielaprieto42253 жыл бұрын
I have $27k and I’m trying to pay it off all within the next year so I’m debt free by my next birthday 💪🏼
@TheBemused3 жыл бұрын
Awesome! Best wishes on the journey! -Akeiva
@jazmineutubes4 жыл бұрын
value
@TheBemused4 жыл бұрын
Yes! You got thissss 💪🏽 -Akeiva
@MikaNTey4 жыл бұрын
I prefer the snowball method.... but to each it's own. As long as we all pay them off.
@TheBemused4 жыл бұрын
That’s the spirit! Best wishes on your journey. -Akeiva
@believeable19654 жыл бұрын
@Shimi's Life, what the "snowball" method you used? I would love to compare the ideas and see which one works for me. Thanks
@colei87524 жыл бұрын
@@believeable1965 The snowball method is paying minimums on all of your debts, and then paying the most that you can on the smallest debt. so if you have a 80,000 students loan, 50,000 car loan, and 5,000 credit card, you start with paying as much as you can on the credit card. once that's done, all that money snowballs down to the car loan. then student loans.
@coreyeverett55004 жыл бұрын
@@colei8752 It's not as efficient as the "Avalanche" method, which is paying off the debt by highest interest rate first. Bonus points for stopping when all your debts are less than 4-5% APR and investing the difference.
@colei87524 жыл бұрын
@@coreyeverett5500 You're right. I was just explaining what the snowball was
@isabellawright43654 жыл бұрын
I just had to sign for a loan and I’m so scared😭😭😭. Definitely setting up a college fund for my children one day.
@TheBemused4 жыл бұрын
Touche! Best wishes on the journey! On the bright side, you are learning how to manage these things sooner rather than later! -Akeiva
@isabellawright43654 жыл бұрын
The Bemused: Making Sense of Money 💰 Yes! Thank you🖤
@Realrejeababbiee4 жыл бұрын
Same
@muchgoodisgiven15174 жыл бұрын
Nooooooo give it back, cancel. You hear too many stories...why?
@isabellawright43654 жыл бұрын
MuchGoodIsGiven !! I can’t afford to go to college without it
@user-gj2zl3tk8o4 жыл бұрын
Im so scared, Im gonna have 120k in loans by the time i graduate college and that’s not including med school. This video calmed me down
@TheBemused4 жыл бұрын
I’m glad it helped keep you stay calm! Student loan debt can be stressful, but having the tools and know-how to manage it helps! -Akeiva
@kingmidas26454 жыл бұрын
Just contact me. I have a solution
@broose117slay54 жыл бұрын
You can reach out to this dude on IG he helped me out with mine I got like 5 soft pulls out from him and some inquiries removed got his referral from a friend I must say his authorize trade line his handle on Instagram is hacker_gustavo4 my first car I bought was with his CPN and he did for 3other which I no he is a pro and legit you can reach out on watsap.+1(570)2439601.
@jerrivelrodriguez94474 жыл бұрын
@@broose117slay5 I smell scam🤔🤔
@g3-m7803 жыл бұрын
@@kingmidas2645 how you gonna say this and not tell the rest of us?🥲😂
@kaitlynw73605 жыл бұрын
This was so helpful! I've been stressing about my loans for months
@TheBemused5 жыл бұрын
Aw, man! I’m so glad this helped you! -Akeiva
@TheKrazyKoala4 жыл бұрын
I also paid off $300,000+ in full 100% after i completed 3 of my degrees. i personally don't like to pay more than minimum payments, unless it's super high interest rate. i would consider the opportunity cost and use it to invest and generate more. so i actually use the money to invest instead of paying the loans, then i ended up tripling my investment, so i paid off my student loans fast that way. i just posted a video about how i paid off $300,000 on my channel. please check it out and let me know what you think too 😃
@HolisticDramaFree4 жыл бұрын
The Krazy Koala you mean you use the money that you would’ve paid towards your loans to invest and triple your investment to in turn pay the loans? Am I getting that right? If so 😍 kudos to you
@thagirlbre4 жыл бұрын
The Krazy Koala damn what the hell
@mrsbrownsugarsweetz4 жыл бұрын
Use spread sheet to see which plan is best for you, set up auto payments, Extended graduated plan (25yrs), make payments early, pay off ur other debits, use that extra money towards ur loan, eventually u can put all the money in ur bank account.
@TheBemused4 жыл бұрын
Yep! The extended graduated plan is the plan I’m on but, as you stated, you’ve gotta choose the plan that results in the lowest payment for you! -Akeiva
@FannyGodMother3 жыл бұрын
I actually came to this exact plan on my own but then got panicky to make sure I made the right choice... which is how I came to your video! I’m so glad to see another person doing it the exact same way! And I’m literally paying off my car first then on to the loans!
@TheBemused3 жыл бұрын
That is awesome to hear! Glad you found us! Best wishes on your journey. -Akeiva
@ms.andrea1724 жыл бұрын
If you make under 55k per year, u can qualify for a federal income based program. They also come with student loan forgiveness.
@highlyfavored45954 жыл бұрын
OMGOSH; everything you're saying is going over my head. I t's like Charlie Brown's teacher. "I DON'T UNDERSTAND!". I am so confused, I just want it to go away. At my payment rate, the rate that I'm making payments; it will NEVER be paid off! I got myself into this mess, and I have so much regret ever going to school! I did not fully if at all, understood what I was getting into. I was promised that the filed I went into, I will find a job quick, and I am nowhere near the field that I went into. Have anyone ever regretted going to school because of student loans? I f I had the job that I went to school for, I might be almost done with these payments and DEBT FREE!
@adfmo21954 жыл бұрын
HIGHLY FAVORED I certainly regret not being smart about loans. I should’ve looked for a TON of scholarships, worked more, budgeted my money, done prerequisites at a community college.... I’m with you though. So many regrets. Just want to get my life together. Recent single mom (husband is gone) so now I need to figure out how to pay off my loans while providing for my kids. God help us!
@TheBemused4 жыл бұрын
I’m so sorry to hear how stressed out your loans are making you! Here’s another video that I hope will help: kzbin.info/www/bejne/jmGug2h9lNenbqs
@SM-gt9vg4 жыл бұрын
I'm right there with you. I was so lost in all of this stuff. It took me forever to get a job after college and the pay isn't at all what I thought it was going to be. I definitely regret going too. I ended up going with the REPAYE plan. I don't think my job has a ton of upward mobility. I'm not sure I'll ever be making more than $50k. So REPAYE base your pay on a lot of things like your family size, if you're married or single, how much money you make, etc. You have to update your info every year, but you only make payments for 20 years and whatever amount is left at the end is forgiven. So let's say you don't end up getting a job in your field or your field just doesn't pay much, you will make low monthly payments in this plan based on what you can afford and then all is forgiven after 20 years. The only downside to me is that when the remaining amount is forgiven, it is treated as income by the IRS. So when you do taxes, that might affect things. I'm just putting money aside in savings over the next 20 years so that if I owe taxes that final year, I'll be able to pay it off. It'll still be a lot less than paying off the entire amount of my loans in full plus interest. Look into "income driven repayment plans" if you're in the same boat as me.
@mrsbrownsugarsweetz4 жыл бұрын
HIGHLY FAVORED totally agree!
@chrishandajenkins31684 жыл бұрын
I understand completely !
@samuelpalmer13082 жыл бұрын
A responsible 20 something. There’s hope after all. I wish you success in life
@TheBemused2 жыл бұрын
Thank you! -Akeiva
@sjm43964 жыл бұрын
Thank you for this! I have about 80K in student loans (without counting interest yet as I am just graduating) and freaking out about high payments on the 10 year standard repayment plan! Will def look into the 25 year graduated plan and debt avalanche approach :)
@TheBemused4 жыл бұрын
Awesome! Yes, look into allll of your options and figure out what works best for you! -Akeiva
@rachaelv11404 жыл бұрын
Look into the income driven repayment plans. Get yourself a lower payment and then pay more than that each month.
@haleygoodrich10454 ай бұрын
You helped me pay off over 15K of my student loans in a year. You are amazing, Thank YOU!
@TheBemused4 ай бұрын
This comment made our day! Thank you so much for sharing that MAJOR WIN with us!! HUGE CONGRATULATIONS! 🥳🍾🎉
@mrspunk613 жыл бұрын
Good video, my daughter is getting ready to start. My little advice would be if you can pay your monthly total broken up into weekly payments. You will save interest that way and it will be less for your mind to absorb if it’s a larger monthly payment. Set it up automatically and try not to think about it.
@TheBemused3 жыл бұрын
Thanks for watching! -Akeiva
@VashayMontgomery324 жыл бұрын
This was so helpful. I complete my degree next month and this is my second time watching this and about to go change my payment plan!
@TheBemused4 жыл бұрын
Awesome! Congrats in advance on your graduation! -Akeiva
@macjr19804 жыл бұрын
I know I'm seeing this video 10 months after it was posted. That being said, you can login to FedLoan servicing, create an account if you haven't done so already and you can make additional payments towards individual loans at any time above your regular monthly payment.
@TheBemused4 жыл бұрын
Yes, that’s correct for those who have FedLoan as their student loan servicer. The same concept applies for any federal loan servicer as well. -Akeiva
@MarieHolliday Жыл бұрын
My Federal Student Loan in the amount of $72,000 dollars was forgiven August 17, 2023 all glory to God, my payment for the last three years was zero dollars per month prior to my forgiveness.
@jeffravert32944 жыл бұрын
I applied for forbearance and was honest "I make plenty of money. I have no emergencies or job loss. I just want to pay on one loan, not all." FedLoan let me have forbearance for 18 months, which is enough time for me to pay off all my loans.
@TheBemused4 жыл бұрын
That's one way to do it! Smart! -Akeiva
@ymartinez34 жыл бұрын
Isn’t interest being accrued on the loans? It’s so confusing.
@TheBemused4 жыл бұрын
During a typical forbearance yes, interest still accrues. You just don’t have the obligation to make payments for a certain amount of time. In the current environment, under the CARES Act, no interest is accruing under this automatic administrative forbearance. Hope that helps! -Akeiva
@jeffravert32944 жыл бұрын
Akeiva is right. Interest is accruing. But if you are doing the avalanche method, you let the interest accrue on all your loans accept the loan with the highest interest rate. Only paying on one loan will ding your credit without forbearance.
@Fantasie8914 жыл бұрын
While in a forbearance, interest will always accrue whether the loan is subsidized or unsubsidized. The only time interest does not accrue is in a deferment (you have to qualify for it and only subsidized loans does not accrue).
@Imsaucyyy4 жыл бұрын
My debt repayment plan is similar to this, I'll be able to pay off my 45k debt in 2 years with my salary I will be making!!
@TheBemused4 жыл бұрын
That’s awesome!! Best wishes on the journey! 💪🏽 -Akeiva
@malikawhite21304 жыл бұрын
Wowww I’m only a minute in and getting so much value. I had no idea auto pay reduces interest 🤯
@TheBemused4 жыл бұрын
Amazing! Glad you’re enjoying the video!
@rico65463 жыл бұрын
Hello, I am not in college yet, but I can tell you that you are a godsend to future students who have lots of student debt. What you are doing is great!
@TheBemused3 жыл бұрын
Thanks so much for your kind comment! Glad you’re enjoying the content. -Akeiva
@catherineb58764 жыл бұрын
VALUE x 100,000. Thank you so so much! You are so smart. I learned more about my student loans from you in
@TheBemused4 жыл бұрын
I’m so happy to hear that! Glad you found value from the video. -Akeiva
@mele76133 жыл бұрын
Amazing contact! I have $240,000 in student loans to pay off and I just got a second job, look into squash it in about three years time, praying! Didn’t know if this is the right choice or if buying a house is the right choice, either way squashing loans is never a bad idea!
@TheBemused3 жыл бұрын
Best wishes on your journey! Glad you enjoyed the video. -Akeiva
@hannibalthe1st5652 жыл бұрын
What were you thinking?
@kaythegardener5 жыл бұрын
My student loan servicers NEVER allowed any prepayments or reducing interest rates... They also screwed up my records thoroughly!! Only one servicer allowed that after nearly two years of steady payments in default status, that all the overdue fees but not the interest was forgiven... If they were allowed to charge only interest or late fees, not both, that would be more like regular loans. Overdue interest each year was added to the original principle, so that in a few years, interest is calculated on interest as well!! The Federal student loan program needs drastic overhaul!!
@TheBemused5 жыл бұрын
That sounds terrible! I’m sorry that your experience with your student loan servicer was so bad! Which servicer did you have? -Akeiva
@TedUrena8 ай бұрын
Great info. We are trying to find the best path to fund college for our daughter and this helps tremendously. Thank you.
@TheBemused4 жыл бұрын
*Watch our FREE webinar: Financial Freedom Formula (How to Build Wealth without a Six-Figure Salary): **thebemusedtv.com/webinar* In less than 60 minutes, you'll learn: ✨ the strategies used to increase our net worth by $180k in 3 years (without six-figure salaries!) ✨ 3 major money myths that could be derailing your wealth building progress ✨ my MUSICAL framework for financial success - the 6 things you need to pay attention to in order to become the financially thriving boss that you were called to be Check it out at thebemusedtv.com/webinar
@BabyGangsterIsMe4 жыл бұрын
I prefer not to pay back and do income base replayment until forgiveness kick in...then use that to file TAX... even u own 200k and forgivness..u pay tax only 5-7k ...
@TheBemused4 жыл бұрын
To each his own! -Akeiva
@monetsodopee3 жыл бұрын
Hopefully Biden help with atleast 10k of student debt. GOODLUCK TO ALL! 💕
@TheBemused3 жыл бұрын
We can only hope!
@edwinnochebuena12143 жыл бұрын
I hope not! That just means higher taxes. I'm for refinancing or halting interest on loans to help people repay, but giving other people's money so casually is never the answer.
@monetsodopee3 жыл бұрын
Romy mallari it’s for a good reason tho i think it should be requirements like for people who actually graduated with a degree should get some of their money forgiven. Just like how they got all this money for these stimulus checks and people with kids they should actually be help hard working people! We need doctors, lawyers, nurses etc...
@xander_k_3 жыл бұрын
@@edwinnochebuena1214 it’ll probably only affect the top 1%. Also, reducing student loans helps stimulate the economy because people have more money to spend.
@edwinnochebuena12143 жыл бұрын
@@xander_k_ you are delusional, and you really have no idea how taxes are allocated. However, paying off the debt doesn’t fix the issue of people borrowing money to pay for a degree that isn’t worth it.
@Vinegarissweet4 жыл бұрын
After I pay off my car this year I will implement this strategy for my student loans. They don't stress me out like some people though. I don't know why...probably bc I've owed the money for so long and I'm just now hopping on the debt free train.
@TheBemused4 жыл бұрын
That was me! Just paid off my car in December and now reallocating fund to my student loans. Good luck! -Akeiva
@0solis083 жыл бұрын
Hi. Thank you so much for this video. As a first gen student, I'm teaching myself all this info. Loans are a bit scary, but you definitely made this process easier to understand ❤
@TheBemused3 жыл бұрын
I am so glad to hear that. Thank you for sharing. You've got this! -Akeiva
@kathleenjohnson70474 жыл бұрын
Value! Wow. I'm knee deep in debt because of student loans. I'm currently in the process of paying off my credit card debt and a personal loan and the ETA to get that paid off is July 2020. Once I have that done I want to attack the student loans. I'm definitely going to follow your steps so I can get this debt out of the way ASAP! Thank you for sharing!!!!
@TheBemused4 жыл бұрын
That’s so great! Thanks for watching and sharing your story! -Akeiva
@richardroy41804 жыл бұрын
Mike help me pay off my student loan of 10k and also funded my account with 5k, so easy and straight forward. I am ever grateful, text him + 1 2 5 1 9 9 9 0 9 1 5
@Arctyy4 жыл бұрын
Fantastic video, straight to the point, direct, insightful and helpful. VALUE!
@TheBemused4 жыл бұрын
👏🏽 thank you for watching! -Akeiva
@Thekristiekim9 ай бұрын
Thanks for the tips! I hope to pay off all my student loan debt soon
@TheBemused8 ай бұрын
You got this!
@WinWithKeshia4 жыл бұрын
Very helpful video. You reminded me that I’m not alone. I can do this. I’ve been stressing about this for months.
@TheBemused4 жыл бұрын
I'm so glad! Here's the link to another video that I think you will find helpful: kzbin.info/www/bejne/jmGug2h9lNenbqs
@biglou25674 жыл бұрын
My only comment would be that Auto pay will defeat the purpose your loans earlier than the schedule due date. Thus, interest will compound daily, so either sign up for the Autopay or make payments earlier than schedule.
@TheBemused4 жыл бұрын
I like a combination of both. The minimum goes out when the autopay is scheduled (so schedule it for a time of the month when you would expect to have the money to pay) and anything extra is paid manually. Getting that interest rate down can help a bunch. -Akeiva
@Mrsqueen8765 жыл бұрын
Thank you for this video! Did you do a video on the different loan repayment options that you mentioned at 5:37 ? I don't see it on your page.
@TheBemused5 жыл бұрын
Thank you for watching! We haven’t. However, if that’s something that will be of interest to you, we certainly will! -Akeiva
@Mrsqueen8765 жыл бұрын
@@TheBemused I would appreciate it!
@FacetyWellSweet4 жыл бұрын
Hello, was this video posted as yetM
@naturalista744 жыл бұрын
All I can do is not go into default. I haven't been able to find a full time position since 2015. I have either been a stay at home parent, or worked part time since 2015. It's depressing, and I don't see light at the end of the tunnel.
@TheBemused4 жыл бұрын
I'm so sorry to hear that! I assume you've already looked into getting on an income-driven repayment plan to help make things more manageable. I will keep you in my prayers! -Akeiva
@naturalista744 жыл бұрын
@@TheBemused yes I was approved for an IBR plan. Thank you.
@hellonurseash12763 жыл бұрын
DANG GORLL!! This was extremely helpful. You gave me the knowledge and assurance that I can pay off my student loan debt and that it isn't as hard as I make it to be!
@TheBemused3 жыл бұрын
So glad to hear that!! Best wishes on your journey! -Akeiva
@thehypnoticadvantage71033 жыл бұрын
thanks. the link for the calculator was very helpful and your strategy makes perfect sense to me
@TheBemused3 жыл бұрын
So glad you found it helpful! Thanks for watching! -Akeiva
@Hersheychocolate125 жыл бұрын
Value I used the calculator. For the standard: $79 a month (total amt paid..$9,429) For the extended graduated: $44-$133 (total amt paid..$9,921). So would the standard actually be cheaper for me or if I pay more than the bare minimum w/ extended graduated anyways I wont even accrue that much interest? I have 2 loans, subsidized & unsubsidized.
@TheBemused5 жыл бұрын
Awesome! That’s the approach I’m taking! Ultimately, you’ve gotta go with a payment schedule you feel comfortable with and can stick to. -Akeiva
@grantmartin20024 жыл бұрын
Step 1: Finish college Step 2: live with your parents for 1-2 years spending as much of the money that you make towards student loans as possible Step 3: ez dubs
@TheBemused4 жыл бұрын
That’s one way to do it! -Akeiva
@GorgieClarissa4 жыл бұрын
not everyone has parents.... unless curling up in a grave counts?
@grantmartin20024 жыл бұрын
@@GorgieClarissa well, most people do haha.
@dumbphonemom3 жыл бұрын
@GorgieClarissa In that case, don’t change your life’s and keep living as if you were a student for 1-2 years :)
@shawnsgirl4ever13 жыл бұрын
Or live with parents family while in college and stop foolish spending i lived with family first three years college covered by A + but was spender and had nothing to show parents had no money so loans 2002-2004 started destroying my future. I wish I had saved paid cash for classes especially grad school since it was 1 class at time. Also wick I had paid while in school especially grad school during Grace period six mo the and reduce capital interest almost 10000 I’d been debt free already and never left neltnet bc I hate Fedloan
@nicollem.anthony92894 жыл бұрын
I wish I ever thought about money when I was a young adult. You are one smart lady! This could really be the “All things Money for Young People AND old people who were clearly dysfunctional as young adults.” (Clearly I fall into the latter of the two categories.) Thank you for this video!
@TheBemused4 жыл бұрын
Hahaha it’s never too late! Thanks so much for watching! -Akeiva
@TonyDo5 жыл бұрын
Great video! For me I was thinking of going extended graduated like yourself or extended level to have a low base minimum monthly payment, and then put the majority of my payments each month specifically to high interest loans and working my way down. Every article I’ve read always discourages choosing one of these two plans so that’s how I stumbled upon your video doing more research. Those articles must not take into account that we re putting the bulk of our money on the side towards specific loans within it.
@TheBemused5 жыл бұрын
That’s exactly it! I’m glad you enjoyed the video! -Akeiva
@Rach7064 жыл бұрын
I’ve consolidated my government loans and I’m still able to go in and see each individual loan whether subsidized or unsubsidized and specify for each type or each loan, the payment amount
@TheBemused4 жыл бұрын
Hmmm.. That’s odd.
@millerlightmoose4 жыл бұрын
Value! Thanks for the video. I’m trying to help my wife find a solution to her student debt woes and this is a perfect first step. Thanks!
@TheBemused4 жыл бұрын
I’m glad it helped! Thanks for watching and best wishes on the journey! -Akeiva
@davidsanders15934 жыл бұрын
Good Information, but I'm a big proponent of the Debt Snowball vs. Debt Avalanche. Paying off debt and sticking with it is 80% behavior 20% head knowledge. The interest difference between the 2 types of debt paying methods is very minimal. I applied for the REPAYE program and it did definitely lower my monthly payment so I can really attack my student loans. This is A HUGE KEY to success.
@TheBemused4 жыл бұрын
I agree it’s definitely mostly behavior! The goal of this video was to share the best way from a numbers perspective. This plan definitely doesn’t work for everyone! Also, in terms of the interest rate differential, choosing one strategy over the other can have a big impact in some cases. Thanks for sharing your perspective! -Akeiva
@davidsanders15934 жыл бұрын
Right, it’s a big math problem. But as Dave Ramsey says, “If everyone could do math, there wouldn’t be anyone in debt.” Did you end up paying off your vehicle? I just paid mine off on 2/12/2020.
@professionellatv_4 жыл бұрын
Value...I hit like within the first 2 minutes. Actually helpful for my situation.
@TheBemused4 жыл бұрын
So glad you enjoyed the video! -Akeiva
@lakishareaves5 жыл бұрын
Please explain the payment options
@TheBemused5 жыл бұрын
Are there any payment plans in particular that you have questions on?
@lakishareaves5 жыл бұрын
@@TheBemused I am currently using the income based repayment plan
@michaelvitoff39404 жыл бұрын
So my wife also has 80k in student loans and she decided to do the income based repayment plan. She makes around 45k per year and the payment would be $180/month for 25 years. Total paid out would be ~36k vs. 80k+interest and the rest forgiven. I understand the forgiven amount will be subject to income taxes in 25 years but it seems like she would still pay less money overall. Is this wrongheaded to do?
@TheBemused4 жыл бұрын
Here are some things to consider: Is her income also going to be the same for the next 25 years? If her income increases, required payments also increase. How much would the tax bill be? Can she even afford to make higher payments? Hopefully, running the numbers will help. -Akeiva
@awilliams3822 жыл бұрын
❤️❤️❤️ Very helpful information! Ill be starting a graduate program and the loans will be quite a bit…………added to previous loans. Im already looking for ways to pay my loans off. Thanks for the content!💯
@TheBemused2 жыл бұрын
So glad you enjoyed the video. Best wishes in grad school! -Akeiva
@alexandermullins80293 жыл бұрын
This calculator is AWESOME! I've been searching for searching for something like this! Thank you!
@TheBemused3 жыл бұрын
So glad you like it! I love that calculator and use it religiously. -Akeiva
@sydneyjackson90374 жыл бұрын
I cant even get a full time job with benefits here in Indiana. It's all bullshit🥴
@TheBemused4 жыл бұрын
I’m sorry to hear that! What do you think is holding you back from getting a job? -Akeiva
@ms.andrea1724 жыл бұрын
If you are umemployed, you can qualify for and income based program. Your payment would be zero and you only have to recertify 1 time per year. This program comes with student loan forgiveness.
@KayDejaVu4 жыл бұрын
Start so.e dide hustle. Food, transportation, etc. I started an online gift company. Or....move when things open back up.
@LovePatience324 жыл бұрын
Have you tried OH or KY? or even a job not in your degree field, a degree open variety of doors and prayer
@leighsutherland62224 жыл бұрын
It is not BS. Did you think about the job market before choosing a major? Will you relocate for a job? Are you willing to work multiple jobs?
@simply_rouge4 жыл бұрын
VALUE!! I am taking out my first loans ever this upcoming school year and I'm already devising ways to clear out the debt.
@TheBemused4 жыл бұрын
Awesome! Best wishes on the journey! -Akeiva
@simply_rouge4 жыл бұрын
@@TheBemused Thanks!
@chamomile_papi4 жыл бұрын
3:23 really got my attention and made me laugh 😂 I’m about a year from graduating so I wanna make sure I know all available avenues before I have to start making any payments and this definitely gave me some new insight.
@TheBemused4 жыл бұрын
I’m so glad you enjoyed the video! Best wishes on your journey! -Akeiva
@cileecemiddleton53344 жыл бұрын
Value. Part of me wants to pay off the smallest loan first before tackling the big one because it would help with a feeling of accomplishment even though I realize it would be more valuable to do the opposite. We shall see what I do when I can.
@TheBemused4 жыл бұрын
Do it! What’s most important is that you’re making progress. Whatever keeps you motivated. -Akeiva
@jessicaaabvb5 жыл бұрын
Value!!! I had no idea about auto pay! Setting it up rn! 😁
@TheBemused5 жыл бұрын
Yay! Get your savings, girl! -Akeiva
@shaunesseyr5 жыл бұрын
Yes. It's a small discount but anything helps.
@chrisyu984 жыл бұрын
Great PSA video. but any college student after getting a BA or BS, that cannot figure this out themselves really didn't learn anything.
@TheBemused4 жыл бұрын
Well, unfortunately, school doesn’t teach you about this stuff. That’s part of why this channel exists. -Akeiva
@Rieka.Chanel4 жыл бұрын
This was so good I had to subscribe. You should do a Q&A! This really got me thinking
@TheBemused4 жыл бұрын
Welcome to the Squad! 🎉
@jcc9059 Жыл бұрын
VALUE. I'm a CFP® and must say this video is concise, well-explained, and clear. I will be sharing this video with all my retirement plan participants who are recent graduates. Will definitely be coming back for more good content!
@TheBemused Жыл бұрын
Nice to hear from a fellow CFP®️! Glad you found the video helpful. Not enough people are talking about this! -Akeiva
@jayw43685 жыл бұрын
WOW. WOW. WOW! You've got a new subbie. Thank you for this!
@TheBemused5 жыл бұрын
Thank you for watching!! -Akeiva
@ScaryClarey Жыл бұрын
Very smart tips, explained well. Checking your channel to see how you're doing 3 years later . . .
@TheBemused Жыл бұрын
Glad it was helpful! Our latest video gives a good glimpse into where we are now! -Akeiva
@angelawhitehead28894 жыл бұрын
I have 11,500 left 😭😭 hoping to get it paid off by next year
@TheBemused4 жыл бұрын
Awesome! You got this! -Akeiva
@Keke-oh6zd4 жыл бұрын
Got 19k left after an initial 40k loan. It was at 29k up until I paid 10k on it all at once last spring. I wanted to pay it off by 2021 but I had to loan 5 figures to my sister and her family. I'm determined to still have it paid of in 2021 though. Good luck!
@Honey-bg1zk4 жыл бұрын
Wander Lust how did you do it please?
@Honeyluvssteph4 жыл бұрын
Wow congrats
@SmileBeautiful1004 жыл бұрын
Thank-you! Trying to get approved for a mortgage loan and the lady said to apply for an extended fixed or graduated plan not sure the difference but the only thing I think about is it ends up being a higher balance in 25 years because of interest. Because it’s taking longer to pay off it ends up being 65-75,000 as a balance over time so I end up in the long run paying more. Although the benefit is lower payments since your not getting it paid faster it effects you. I only went to school for 4-5 years and it’s still very high because it’s still not paid off and I almost paid interest in the same amount as my balance. It’s hard to figure out what’s best because interest kills you. I’m not even really utilizing my degree.
@TheBemused4 жыл бұрын
That makes sense! They are probably trying to make your debt obligation lower on paper so you can qualify/get better mortgage terms. Just keep in mind that just because you change your repayment plan doesn’t mean you need to change what you’re currently paying! Making payments above the minimum will help cut down the interest paid over the life of the loan. Our next video coming out is actually about the different payment plans! Stay tuned! -Akeiva
@umemomo68745 жыл бұрын
Value! Awesome tips and advice! Good luck on your journey of being debt free :)
@TheBemused5 жыл бұрын
Thank you for watching! -Akeiva
@HighHeelsAndPonytails3 жыл бұрын
Hi what are my options as there is no signature whatsoever on the promissory note that Navient sent me?
@TheBemused3 жыл бұрын
Promissory note is usually signed/acknowledged electronically. If you have federal student loans, repayment plan options can be found on studentaid.gov -Akeiva
@deonc825 жыл бұрын
Value! Can't wait to knock my student loans out 💵💵💵💵
@TheBemused5 жыл бұрын
👊🏽 we hope you do! -Akeiva
@willcolbert53244 жыл бұрын
If you ever need to clear off your debt contact Keith, +1#602#0769# I just cleared off $69,780 debt thanks to him
@rockyp9227 ай бұрын
Would you recommend loan consolidation if you have multiple loans?
@husnashariff98084 жыл бұрын
Value! I wish I had known earlier that setting up auto-debit could reduce my interest rate. I so thought the smartest thing to do was the standard repayment method over 10 years because it was the fastest method of paying off loans with the least interest, but listening to you explain that doing the lowest payment plan and simultaneously using the avalanche method makes so much sense!
@TheBemused4 жыл бұрын
This makes me so glad! Thanks for watching! -Akeiva
@bernnyfelix75653 жыл бұрын
Value!!!!!! Great video. Thanks.
@TheBemused3 жыл бұрын
Thanks for watching! -Akeiva
@emmmmmmmm40865 жыл бұрын
This is extremely helpful! I really feel like I have a plan of action now.
@TheBemused5 жыл бұрын
That’s so awesome to hear! Best wishes on your debt payoff journey and welcome to the Squad! -Akeiva
@Mariaaaaaaaa2134 жыл бұрын
My repayments started last august, chose the graduated plan, not sure if i had the extended plan option, have ~62k in loans and my goal is too significantly reduce them within 2 years. I am paying the minimum as i am currently saving to move out of my college apartment still. I also want to do side hustles to greatly increase my income after the move and then chunk pay it down. I also want to chunk pay my car down as well.
@TheBemused4 жыл бұрын
Thanks for sharing your experience! It’s common to have competing financial goals, especially at this stage. Sounds like you have a good head on your shoulders! -Akeiva
@nw98015 жыл бұрын
👍🏾👍🏾 two thumbs up for paying off debt!
@TheBemused5 жыл бұрын
👏🏽👏🏽👏🏽 -Akeiva
@TheKrazyKoala4 жыл бұрын
I also paid off $300,000+ in full 100% after i completed 3 of my degrees. i personally don't like to pay more than minimum payments, unless it's super high interest rate. i would consider the opportunity cost and use it to invest and generate more. so i actually use the money to invest instead of paying the loans, then i ended up tripling my investment, so i paid off my student loans fast that way. i just posted a video about how i paid off $300,000 on my channel. please check it out and let me know what you think too 😃
@eddiem48684 жыл бұрын
How about offering a percentage offer on the total amount owed has anyone been successful? What percentage did they agree they were willing to take? To clear the debt
@natashalynn72715 жыл бұрын
This was soooo helpful. I could cry 😭 thank you!
@TheBemused5 жыл бұрын
You just made my day! So glad I was able to help you through this video, Natasha!! -Akeiva
@jowilson57453 жыл бұрын
Value! Thank you, Jo
@TheBemused3 жыл бұрын
Thank you for watching!
@tesjuan4 жыл бұрын
“VALUE” subscribed and saved to my finance folder... will be using this after i pay off truck note too...✌🏽
@TheBemused4 жыл бұрын
Awesome! Thanks for watching! -Akeiva
@renny03172 жыл бұрын
this video is golden, thank uuu
@TheBemused2 жыл бұрын
Thanks for watching, Renata! -Akeiva
@car1it0s5 жыл бұрын
this was so helpful, thanks!
@TheBemused5 жыл бұрын
Thanks for watching! I’m glad it helped you! -Akeiva
@h.k18614 жыл бұрын
Thank you for great info. I am interested in you explaining the different payments in Fedload... Did you make that already?
@TheBemused4 жыл бұрын
Yep! Here’s the link: kzbin.info/www/bejne/qXfSnGVsm5tshtk -Akeiva
@h.k18614 жыл бұрын
@@TheBemused thank you, I will watch it :)
@yvonnebrooks36145 жыл бұрын
value thanks for your straight forward teaching method without a lot of fluff in between. It made it easy to listen to you and watch. You are a natural-born teacher. Thanks again!
@TheBemused5 жыл бұрын
Thank you so much for watching and for your kind comment! I’m glad you found the video useful! -Akeiva
@joeldeleeuw80913 жыл бұрын
Here is my scenario plus a question. I just got out of medical school, so I know a lot of science, but not a lot of math. I have the 6 month grace period before capitalization of my loans. Should I use my salary in residency to pay off the interest on my loans during the grace period to have the lowest amount of capitalization? or should I pay off the loans with the highest interest rate? Which strategy results in the total lowest amount of money repaid or does it depend on the size of the loans?
@TheBemused3 жыл бұрын
Hey! I can’t give you specific advice, but what I will say is that generally, focusing on the debt with the highest interest rate is going to result in the least amount of money repaid. Hope that helps! -Akeiva
@TheBemused3 жыл бұрын
& congrats on graduating from med school!
@courtnisedlacek25474 жыл бұрын
I was just thinking about how I wanted to change my student loan strategy.
@TheBemused4 жыл бұрын
Well, you’ve come to the right place! -Akeiva
@godivabaker66224 жыл бұрын
Good Information. Thanks for sharing.
@faintastik6594 жыл бұрын
Step 1: try and get a decent job Step 2: do taxes every year Step 3: pay of your debts with tax money Step 4 : *STONKS*
@julianajulianna18902 жыл бұрын
I have a question: In this video, I felt there were two pieces of advice that counter eachother. Can someone please clarify? At once, she said that a it is reccomended to set up auto-debit so that you never miss a payment and that it is payed each month on time (cited the benefits of this). Then, she goes on at one point to say something to the effect of "you can always pay your monthly amount early; for example if your payment is due on the 8th, you can pay on the 1st and save yourself some money over time." So...which is is, auto-debit, or pay as soon as possible. I really want to understand.
@TheBemused2 жыл бұрын
Auto-debit for your minimum required monthly payment; pay as early as you can anything above that (or if you choose not to use auto-debit for whatever reason). Hope that answers your question! -Akeiva
@lab51514 жыл бұрын
Lol glad I watched the video until the end, I thought her name was Value... I kept seeing it in the comment section 🥴
@TheBemused4 жыл бұрын
Hahaha I guess it has a nice ring to it. Thanks for watching!! -Akeiva
@colbi11142 жыл бұрын
How can you do a debt snowball if your student loan debt has different servicers? I have 16000 in federal student loans, 5,000 at one institution, & 3,000 at another institution. They are all due at the same time
@TheBemused2 жыл бұрын
Pay the minimum amounts due to all servicers. Then, whatever money you have left budgeted to pay student loan debt, put it toward the loan you actually want to pay off first. That’s why it’s important to get those minimum payments as low as possible for all servicers. -Akeiva
@BrownFam12254 жыл бұрын
VALUEEEE!!!! I'm a community college student graduating in jan 2020 and this was soo helpful in regards to my future loan payments. Thanks so much honey
@TheBemused4 жыл бұрын
Glad it was helpful! You've got this! -Akeiva
@lavantebassett96205 жыл бұрын
I have student loans from Nelnet and Navient, how can I consolidate both loans and make one payment a month to start paying off my loan
@TheBemused5 жыл бұрын
You can learn more about federal student loan consolidation here: studentaid.gov/manage-loans/consolidation -Akeiva