The BEST Strategy for Paying off Federal Student Loans FAST (It’s not what you think!)

[@Sazonman]

Last month I finished paying my last student loan payment...its official I'm debt freeeeeee👍😂😂😂😂

[@TheBemused]

Amazing!!! Congratulations!! 🎉🎉

[@Sazonman]

@@TheBemused Thank you...feeling is amazingggggg ...I can slept much better now that I finished paying it all offfff.😁👍🏼

[@TheKrazyKoala]

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-zx5ct]

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?

[@beigelover95]

thats amazing!! well done!! I have £75,000 waiting for me

[@MisterTutor2010]

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

[@hillaryc984]

Way to go!!!

[@eberjom9119]

WOW!

[@Betty_Monroe]

MisterTutor2010 congrats 🎊

[@kevinkidneyy]

Dang what state ?

[@MisterTutor2010]

@@kevinkidneyy Texas

[@beatrixpoley9100]

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

[@steffan683]

So grateful within the next week I’ll be 10k left to completely paying my off 100k debt.

[@saanvi848]

@@steffan683 How were you able to do it?

[@steffan683]

@@saanvi848

[@steffan683]

@@saanvi848

[@saanvi848]

@@steffan683 who is your financial coach, do you mind hooking me up?

[@MisterTutor2010]

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

[@TheBemused]

That's awesome! Congrats in advance on paying off your student loans!

[@arieldickinson9865]

Damn

[@ashafreeman2730]

How?!!

[@laninacook301]

Wow

[@Haliosman]

How much do you pay a month?

[@LovelyNu777]

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!!!!!

[@TheBemused]

Thank you for sharing!! Great progress! -Akeiva

[@halimamohamud7927]

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

[@jandia5162]

Please give more advice on how you did this? How long will it be 0% interest for ?

[@kittensmitten3287]

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]

@@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.

[@behindthelens5037]

Omg I had no idea that if you set up auto debit, it decreases interest by a quarter of a percent. Thank you!!!

[@TheBemused]

Yep! Thank you for watching! -Akeiva

[@simonedishelle6720]

Does it really work?

[@isabellawright4365]

I just had to sign for a loan and I’m so scared😭😭😭. Definitely setting up a college fund for my children one day.

[@TheBemused]

Touche! Best wishes on the journey! On the bright side, you are learning how to manage these things sooner rather than later! -Akeiva

[@isabellawright4365]

The Bemused: Making Sense of Money 💰 Yes! Thank you🖤

[@Realrejeababbiee]

Same

[@muchgoodisgiven1517]

Nooooooo give it back, cancel. You hear too many stories...why?

[@isabellawright4365]

MuchGoodIsGiven !! I can’t afford to go to college without it

[@chrisd6736]

Step 1: make a bunch of money Step 2: pay off your loans Step 3: profit

[@chrisd6736]

Graduate from medical school. Ha.

[@colei8752]

@@chrisd6736 Or a STEM major

[@BridgetBanksBudget]

@@chrisd6736 ahaha

[@TheIronChainMaster]

You can do better than that

[@davidbrooks8809]

Yes!!

[@Betty_Monroe]

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!!

[@TheBemused]

That’s one of the benefits of this weird time. You’ve got this! 💪🏽 -Akeiva

[@Betty_Monroe]

The Bemused: Making Sense of Money 💰 thank you! 😊

[@TheKrazyKoala]

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 😃

[@kaitlynw7360]

This was so helpful! I've been stressing about my loans for months

[@TheBemused]

Aw, man! I’m so glad this helped you! -Akeiva

[@TheKrazyKoala]

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 😃

[@HolisticDramaFree]

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

[@thagirlbre]

The Krazy Koala damn what the hell

[@MikaNTey]

I prefer the snowball method.... but to each it's own. As long as we all pay them off.

[@TheBemused]

That’s the spirit! Best wishes on your journey. -Akeiva

[@believeable1965]

@Shimi's Life, what the "snowball" method you used? I would love to compare the ideas and see which one works for me. Thanks

[@colei8752]

@@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.

[@coreyeverett5500]

@@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.

[@colei8752]

@@coreyeverett5500 You're right. I was just explaining what the snowball was

[@jazmineutubes]

value

[@TheBemused]

Yes! You got thissss 💪🏽 -Akeiva

[@user-gj2zl3tk8o]

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

[@TheBemused]

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

[@kingmidas2645]

Just contact me. I have a solution

[@broose117slay5]

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.

[@jerrivelrodriguez9447]

@@broose117slay5 I smell scam🤔🤔

[@g3-m780]

@@kingmidas2645 how you gonna say this and not tell the rest of us?🥲😂

[@ms.andrea172]

If you make under 55k per year, u can qualify for a federal income based program. They also come with student loan forgiveness.

[@highlyfavored4595]

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!

[@adfmo2195]

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!

[@TheBemused]

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-gt9vg]

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.

[@mrsbrownsugarsweetz]

HIGHLY FAVORED totally agree!

[@chrishandajenkins3168]

I understand completely !

[@patient0x]

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.

[@TheBemused]

Agreed! You should at least know what you’re getting into and have a plan before it’s too late. -Akeiva

[@sjm4396]

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 :)

[@TheBemused]

Awesome! Yes, look into allll of your options and figure out what works best for you! -Akeiva

[@rachaelv1140]

Look into the income driven repayment plans. Get yourself a lower payment and then pay more than that each month.

[@VashayMontgomery32]

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!

[@TheBemused]

Awesome! Congrats in advance on your graduation! -Akeiva

[@grantmartin2002]

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

[@TheBemused]

That’s one way to do it! -Akeiva

[@GorgieClarissa]

not everyone has parents.... unless curling up in a grave counts?

[@grantmartin2002]

@@GorgieClarissa well, most people do haha.

[@dumbphonemom]

@GorgieClarissa In that case, don’t change your life’s and keep living as if you were a student for 1-2 years :)

[@shawnsgirl4ever1]

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

[@FannyGodMother]

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!

[@TheBemused]

That is awesome to hear! Glad you found us! Best wishes on your journey. -Akeiva

[@jeffravert3294]

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.

[@TheBemused]

That's one way to do it! Smart! -Akeiva

[@ymartinez3]

Isn’t interest being accrued on the loans? It’s so confusing.

[@TheBemused]

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

[@jeffravert3294]

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.

[@Fantasie891]

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).

[@0solis08]

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 ❤

[@TheBemused]

I am so glad to hear that. Thank you for sharing. You've got this! -Akeiva

[@monetsodopee]

Hopefully Biden help with atleast 10k of student debt. GOODLUCK TO ALL! 💕

[@TheBemused]

We can only hope!

[@edwinnochebuena1214]

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.

[@monetsodopee]

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_]

@@edwinnochebuena1214 it’ll probably only affect the top 1%. Also, reducing student loans helps stimulate the economy because people have more money to spend.

[@edwinnochebuena1214]

@@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.

[@mrsbrownsugarsweetz]

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.

[@TheBemused]

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

[@mrspunk61]

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.

[@TheBemused]

Thanks for watching! -Akeiva

[@dezgarci10]

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!!

[@TheBemused]

Congratulations and thanks for sharing your journey! -Akeiva

[@TheBemused]

*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

[@danielaprieto4225]

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 💪🏼

[@TheBemused]

Awesome! Best wishes on the journey! -Akeiva

[@Arctyy]

Fantastic video, straight to the point, direct, insightful and helpful. VALUE!

[@TheBemused]

👏🏽 thank you for watching! -Akeiva

[@malikawhite2130]

Wowww I’m only a minute in and getting so much value. I had no idea auto pay reduces interest 🤯

[@TheBemused]

Amazing! Glad you’re enjoying the video!

[@macjr1980]

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.

[@TheBemused]

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

[@michaelsheridan1048]

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.

[@hellonurseash1276]

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!

[@TheBemused]

So glad to hear that!! Best wishes on your journey! -Akeiva

[@rico6546]

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!

[@TheBemused]

Thanks so much for your kind comment! Glad you’re enjoying the content. -Akeiva

[@catherineb5876]

VALUE x 100,000. Thank you so so much! You are so smart. I learned more about my student loans from you in

[@TheBemused]

I’m so happy to hear that! Glad you found value from the video. -Akeiva

[@haleygoodrich1045]

You helped me pay off over 15K of my student loans in a year. You are amazing, Thank YOU!

[@TheBemused]

This comment made our day! Thank you so much for sharing that MAJOR WIN with us!! HUGE CONGRATULATIONS! 🥳🍾🎉

[@awilliams382]

❤️❤️❤️ 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!💯

[@TheBemused]

So glad you enjoyed the video. Best wishes in grad school! -Akeiva

[@nicollem.anthony9289]

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!

[@TheBemused]

Hahaha it’s never too late! Thanks so much for watching! -Akeiva

[@angelawhitehead2889]

I have 11,500 left 😭😭 hoping to get it paid off by next year

[@TheBemused]

Awesome! You got this! -Akeiva

[@Keke-oh6zd]

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-bg1zk]

Wander Lust how did you do it please?

[@Honeyluvssteph]

Wow congrats

[@MarieHolliday]

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.

[@professionellatv_]

Value...I hit like within the first 2 minutes. Actually helpful for my situation.

[@TheBemused]

So glad you enjoyed the video! -Akeiva

[@kaythegardener]

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!!

[@TheBemused]

That sounds terrible! I’m sorry that your experience with your student loan servicer was so bad! Which servicer did you have? -Akeiva

[@WinWithKeshia]

Very helpful video. You reminded me that I’m not alone. I can do this. I’ve been stressing about this for months.

[@TheBemused]

I'm so glad! Here's the link to another video that I think you will find helpful: kzbin.info/www/bejne/jmGug2h9lNenbqs

[@kathleenjohnson7047]

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!!!!

[@TheBemused]

That’s so great! Thanks for watching and sharing your story! -Akeiva

[@richardroy4180]

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

[@millerlightmoose]

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!

[@TheBemused]

I’m glad it helped! Thanks for watching and best wishes on the journey! -Akeiva

[@jcc9059]

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]

Nice to hear from a fellow CFP®️! Glad you found the video helpful. Not enough people are talking about this! -Akeiva

[@nw9801]

👍🏾👍🏾 two thumbs up for paying off debt!

[@TheBemused]

👏🏽👏🏽👏🏽 -Akeiva

[@TheKrazyKoala]

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 😃

[@alexandermullins8029]

This calculator is AWESOME! I've been searching for searching for something like this! Thank you!

[@TheBemused]

So glad you like it! I love that calculator and use it religiously. -Akeiva

[@sydneyjackson9037]

I cant even get a full time job with benefits here in Indiana. It's all bullshit🥴

[@TheBemused]

I’m sorry to hear that! What do you think is holding you back from getting a job? -Akeiva

[@ms.andrea172]

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.

[@KayDejaVu]

Start so.e dide hustle. Food, transportation, etc. I started an online gift company. Or....move when things open back up.

[@LovePatience32]

Have you tried OH or KY? or even a job not in your degree field, a degree open variety of doors and prayer

[@leighsutherland6222]

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?

[@samuelpalmer1308]

A responsible 20 something. There’s hope after all. I wish you success in life

[@TheBemused]

Thank you! -Akeiva

[@yvonnebrooks3614]

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!

[@TheBemused]

Thank you so much for watching and for your kind comment! I’m glad you found the video useful! -Akeiva

[@lesliebenitez8506]

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!!

[@TheBemused]

That’s awesome!! Best wishes on the journey! 💪🏽 -Akeiva

[@TonyDo]

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.

[@TheBemused]

That’s exactly it! I’m glad you enjoyed the video! -Akeiva

[@Vinegarissweet]

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.

[@TheBemused]

That was me! Just paid off my car in December and now reallocating fund to my student loans. Good luck! -Akeiva

[@husnashariff9808]

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!

[@TheBemused]

This makes me so glad! Thanks for watching! -Akeiva

[@mele7613]

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!

[@TheBemused]

Best wishes on your journey! Glad you enjoyed the video. -Akeiva

[@hannibalthe1st565]

What were you thinking?

[@tesjuan]

“VALUE” subscribed and saved to my finance folder... will be using this after i pay off truck note too...✌🏽

[@TheBemused]

Awesome! Thanks for watching! -Akeiva

[@TedUrena]

Great info. We are trying to find the best path to fund college for our daughter and this helps tremendously. Thank you.

[@jessicaaabvb]

Value!!! I had no idea about auto pay! Setting it up rn! 😁

[@TheBemused]

Yay! Get your savings, girl! -Akeiva

[@shaunesseyr]

Yes. It's a small discount but anything helps.

[@davidsanders1593]

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.

[@TheBemused]

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

[@davidsanders1593]

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.

[@deonc82]

Value! Can't wait to knock my student loans out 💵💵💵💵

[@TheBemused]

👊🏽 we hope you do! -Akeiva

[@willcolbert5324]

If you ever need to clear off your debt contact Keith, +1#602#0769# I just cleared off $69,780 debt thanks to him

[@Rach706]

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

[@TheBemused]

Hmmm.. That’s odd.

[@faintastik659]

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*

[@cileecemiddleton5334]

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.

[@TheBemused]

Do it! What’s most important is that you’re making progress. Whatever keeps you motivated. -Akeiva

[@chamomile_papi]

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.

[@TheBemused]

I’m so glad you enjoyed the video! Best wishes on your journey! -Akeiva

[@Thekristiekim]

Thanks for the tips! I hope to pay off all my student loan debt soon

[@TheBemused]

You got this!

[@natashalynn7271]

This was soooo helpful. I could cry 😭 thank you!

[@TheBemused]

You just made my day! So glad I was able to help you through this video, Natasha!! -Akeiva

[@chrisyu98]

Great PSA video. but any college student after getting a BA or BS, that cannot figure this out themselves really didn't learn anything.

[@TheBemused]

Well, unfortunately, school doesn’t teach you about this stuff. That’s part of why this channel exists. -Akeiva

[@Hersheychocolate12]

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.

[@TheBemused]

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

[@lolomissa]

omg omg omg! this is my plan format! i didnt even know a video existed on this! i developed my strategy after YEARS of debating the various methods (while in school then during the pandemic) and I could have saved all that time by just watching this video! omg im sure you have helped so many people! this even gives me hope to know my plan is a good one because its exactly what you mentioned, thank you! 🙏

[@TheBemused]

Love it! Best wishes on your debt paydown journey!! -Akeiva

[@Rieka.Chanel]

This was so good I had to subscribe. You should do a Q&A! This really got me thinking

[@TheBemused]

Welcome to the Squad! 🎉

[@leapthroughtime]

switched my repayment plan right after watching this vid!! bless ur soul😭

[@TheBemused]

I hope the video provided some clarity for you! Thanks for watching and best wishes on your debt payoff journey! -Akeiva

[@BrownFam1225]

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

[@TheBemused]

Glad it was helpful! You've got this! -Akeiva

[@MissTyraB]

YES VALUE, this was so helpful. Teaching me things I didn’t know I didn’t know. I’m hooked!

[@TheBemused]

🙌🏽 Welcome to the Squad & thank you for watching! -Akeiva

[@lab5151]

Lol glad I watched the video until the end, I thought her name was Value... I kept seeing it in the comment section 🥴

[@TheBemused]

Hahaha I guess it has a nice ring to it. Thanks for watching!! -Akeiva

[@barbaraquaye9273]

Super insightful and not cliche at all! Thank you for teaching me how to be smarter with my loan payments!

[@TheBemused]

Thank you for watching!! -Akeiva

[@emmmmmmmm4086]

This is extremely helpful! I really feel like I have a plan of action now.

[@TheBemused]

That’s so awesome to hear! Best wishes on your debt payoff journey and welcome to the Squad! -Akeiva

[@nicoletuck9283]

Very valuable information. Thanks

[@Mrsqueen876]

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.

[@TheBemused]

Thank you for watching! We haven’t. However, if that’s something that will be of interest to you, we certainly will! -Akeiva

[@Mrsqueen876]

@@TheBemused I would appreciate it!

[@FacetyWellSweet]

Hello, was this video posted as yetM

[@naturalista74]

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.

[@TheBemused]

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

[@naturalista74]

@@TheBemused yes I was approved for an IBR plan. Thank you.

[@umemomo6874]

Value! Awesome tips and advice! Good luck on your journey of being debt free :)

[@TheBemused]

Thank you for watching! -Akeiva

[@Elise10000]

This is great. Your target audience is “young upwardly mobile” grads but many still paying loans can benefit from some of this info (while regretting not knowing earlier). There’s so little real counseling on these loans. Most interesting was consolidation downside (inability to avalanche high interest loans, well that ship has sailed) and reminder of interest accruing daily (we all like to take as much time as possible to pay monthly bills, clearly one should pay student loans asap). I subscribed.

[@TheBemused]

Absolutely! Glad you got a lot of value from the video and thanks for sharing your insights. Welcome to the Squad! -Akeiva

[@jayw4368]

WOW. WOW. WOW! You've got a new subbie. Thank you for this!

[@TheBemused]

Thank you for watching!! -Akeiva

[@Mariaaaaaaaa213]

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.

[@TheBemused]

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

[@courtnisedlacek2547]

I was just thinking about how I wanted to change my student loan strategy.

[@TheBemused]

Well, you’ve come to the right place! -Akeiva

[@simply_rouge]

VALUE!! I am taking out my first loans ever this upcoming school year and I'm already devising ways to clear out the debt.

[@TheBemused]

Awesome! Best wishes on the journey! -Akeiva

[@simply_rouge]

@@TheBemused Thanks!

[@Yoongiswife7]

I’m just try to pay off my 10,800 debt so I can go back to college

[@TheBemused]

Good luck! -Akeiva

[@mercedes5425]

And I’m trying to pay 9,000 ! It seems as if it’s impossible

[@MS-pg4ky]

Thanks! Lots of valuable info!

[@lakishareaves]

Please explain the payment options

[@TheBemused]

Are there any payment plans in particular that you have questions on?

[@lakishareaves]

@@TheBemused I am currently using the income based repayment plan

[@biglou2567]

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.

[@TheBemused]

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

[@car1it0s]

this was so helpful, thanks!

[@TheBemused]

Thanks for watching! I’m glad it helped you! -Akeiva

[@BabyGangsterIsMe]

if u pay off loans fast, u have no money to invest in STOCKS.... money inflate from time to time... so just do income base repayment and use extra money to PLAY STOCKS to get more income

[@TheBemused]

“Playing” stocks is a dangerous game. That can work depending on the interest rate of the debt vs how much you expect to reasonably make investing. Personal psychology also plays a big role. -Akeiva

[@BabyGangsterIsMe]

@@TheBemused dont be chicken...just invest in stocks...market is down..it's good time to be rich... rememeber 2008>>>? stocks did rebounce more than 500% on every stock in 2009... so this is a good time to buy low

[@slphillips1986]

My husband and I are in about 50k combined student loan debt. In a few months we could either completely pay off our student loan debt or use that windfall of cash on a down payment for a house.... Decisions decisions

[@TheBemused]

I can relate! I’m sure you’ll make the choice that’s best for you and your husband. -Akeiva

[@marcussavina2726]

Half and half!

[@TheBemused]

Awesome! Thanks for letting me know what you decided! -Akeiva

[@ScaryClarey]

Very smart tips, explained well. Checking your channel to see how you're doing 3 years later . . .

[@TheBemused]

Glad it was helpful! Our latest video gives a good glimpse into where we are now! -Akeiva

[@jesselam2413]

If I have 2 different federal loans, one at 6.08% and the other at 7.08% interest rate. If I consolidate them into one. Will I reduce the overall interest rate?

[@TheBemused]

It would be the weighted average of the two rates. For example, if both loans have the same balance, the new rate on the consolidated loan would be 6.58%. -Akeiva

[@manuelamisiak6402]

Fantastic! Thanks God for your education for pat off student loan. I follow you right away!!!!!!!!!!

[@TheBemused]

Thank you for watching! -Akeiva

[@andrewschonberger6455]

This video is great. Better than the 10 or more articles I read about this topic. Thank you 🙏

[@TheBemused]

So glad you found it helpful! -Akeiva

[@thehypnoticadvantage7103]

thanks. the link for the calculator was very helpful and your strategy makes perfect sense to me

[@TheBemused]

So glad you found it helpful! Thanks for watching! -Akeiva

[@nwash0080110]

thanks for clarifying the proper repayment plan, i was wondering why anyone would want to choose a repayment plan with a higher minimum payment when you can't choose how that minimum payment is allocated.

[@TheBemused]

Precisely. Thanks for watching! -Akeiva

[@BabyGangsterIsMe]

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 ...

[@TheBemused]

To each his own! -Akeiva