What It’s Really Like To Be $120K In Debt

[@kuhndj67]

I think it's reprehensible that we ask our kids to sign up for insane levels of inescapable debt YEARS before they can even drink alcohol. IMO all universities should be required publish full specs regarding the average graduation debt, average starting salary, and median time to payoff... for EVERY major.

[@deannaladd5710]

I totally agree

[@taylor3950]

Not only that, they should have a mandatory exercise where you budget for loan payments and average expenses using that starting salary. I certainly didn’t know what my loan payment would look like even though I was probably more informed than average. I was just lucky that the math worked out.

[@kyleflournoy7730]

If this was any other circumstance where in 18 year old walked into a bank and asked for a hundred thousand dollars worth of loans... They would get politely, yet firmly, escorted out of the building immediately. And laughed at for days afterwards.

[@kalasue7]

I also wish we lived in a society where the value of education was so important that we invested in it just for educations sake instead of for the promise of a well paying career.

[@nikkijohnson5147]

I believe it was the Wall Street journal that published a great guide that tackles a lot of what you just posted. I agree, full transparency is helpful. I wish I would’ve had that help over 20 years ago. I didn’t understand how debt worked when I went from not really planning to go to college, to being auto accepted into the local university with a small scholarship, then using grants and loans for the rest b of my education. I made a million mistakes and if that was more recently I would’ve been swamped with debt. Fortunately, tuition was low enough when I attended, and my household income is now high. We took all the lessons we learned and my son recently graduated debt free with two bachelors of science. I feel for her though as she talks. I often wish I had more knowledge of finance and debt when I was younger.

[@melaniehomburg3366]

I got a degree in 2006 but decided to go back for classes in 2017. When I applied for FAFSA and talked to the financial lady at school she was like, "OH WOW!! You were approved for a lot!" My response, "Ok, but is that grant money or a loan?" "You were approved for $15k." ......"BUT IS THAT A GRANT OR A LOAN?" ....."Well technically it's a loan but you won't have to worry about that for a while...." It was like pulling teeth to get that information out of her. I mostly cash flowed the classes I needed and took out a small loan to cover the gap.

[@FireSilver25]

That was smart

[@tarablue4472]

That conversation sure really shows the predatory side of these loan sharks. And that's what they are, LOAN SHARKS🦈😡. The fact that you really had to press on to get that out of her. And then she tried to downplay that it's a loan and not a grant. I hope young people are reading this.

[@karimelupus]

I'm giving this a thumbs up because they REALLY ARE LIKE THAT. When there are people that claim that a loan is a loan and students shouldn't have taken them, this is why. Even in 2017 they're still trying to pull this.

[@selalewis9189]

I had the same challenge as you had, even when I was a college student in the early 2000s. It shocked me how much money in student loans my financial package was willing to give me, well beyond what covered tuition, housing, books, supplies, transportation, and food. By my senior year I had to tell the loan officer to decline a few of the loans because it didn’t make sense for me to take out an extra $12,000 I didn’t need if I would have to pay it back in less than six months. But I know not every young person is willful enough to stand up for themselves.

[@tarablue4472]

@@selalewis9189 I'm not a very assertive person due to autism but not even I would accept a huge load I don't need. It's unsettling that young people are given the impression that's it ok to take out huge student loans. That's why I gave a Like to this TFD episode. This needs serious discussion.

[@MisterTutor2010]

I remember my parent's telling when I was a kid in the 1980s that if I didn't go to college, I would end up working at McDonald's. Funny Story: Worked at McDonald's for 18 months following the completion of my master's degree in biochemistry in 2001.

[@Somebodyelse141]

What position?

[@steadystackin7250]

There is a common theme of parents pushing their kids to go to college, but being unwilling to foot the bill for that experience. Parents have to do better in steering their kids in the right direction. And if you have very little knowledge on the topic, like her parents did, then simply stay quiet on the matter.

[@shanishine38]

You're absolutely correct. Many parents seem to think financial aid will pay for EVERYTHING, and they won't need to lift a finger. Kind of like the parents who expect teachers to do their job for them. 😮‍💨

[@Ann-op5kj]

Parents themselves don't even know the right direction.... That's all part of the issue and also A LOT have changed since they were a young adult themselves. They were indoctrinated into these thoughts and at one point it was true but not now, not today.

[@Ann-op5kj]

​@@shanishine38 I can see your point. When you have kids will you make sure to have them ONLY when you can BE SURE to pay for their college tuition? I'm not in any way attacking you so don't take it that way I'm just critically thinking about your comment

[@precilla4661]

A lot of first generation parents do stay quiet on the matter and tell their kids that they need to back breaking work. In Mexican culture that’s our norm but where are kids supposed to get the “right information“ if your parents simply don’t know. If your parents have been here for generations they have some idea how loans, universities, the job market etc work. 😊Why not critique the institutions that prey on low income students?

[@Jice-w7n]

@@Ann-op5kj I believe the point here is. Don't force your kid to get a degree and not pay for it. If the kid doesn't want to go to collage and their parent force them to go then yes the parent should pay for it.

[@jae-annedanae4512]

I love how honest this woman was. I know it must not be easy to let everyone know about your finances like this

[@MB-ig3tm]

I agree!

[@nperegri]

I'm rooting for her. At 33 i had over 60k in private and federal loans. 90% was private and when the pandemic hit i did not get any help whatsoever. No 0% interest, no pause, no nothing. I also had about 4k in credit card debt. The pandemic made the alarm bells go off harder than they ever have. For 4 years I lived like a pauper and gave every spare penny I had to my debt. At 38 I became debt free. No one is coming to save you. This is not the way things should be and a lot of it isn't our fault. But the good news is that freedom is attainable. Painful, but doable. It is life or death for us.

[@kimberleecitizen1414]

that's an amazing turn around, congrats!

[@kcltube3]

it's only achievable if you have a job that pays enough, don't have kids to put into daycare or get a sitter, etc etc etc. so many ets!! like disabilities, like people that have hardship during that time of paying their debt like getting cancer, or having to be a caretaker for their parent which I had to. you are assuming that people have 'spare pennies' even, a lot do not, your 'spare pennies' must have been pretty dang decent to pay that off, and it still took you 5 years of your life to do so. plus she has double your debt. people looove a narrative like yours but it is actually a privileged one, it's literally the only thing you are saying here.

[@itsacookie1]

​@@kcltube3Absolutely false, stop playing the victim and making excuses. It's absolutely possible to follow a strict budget and pay off debts.

[@dannelle17]

@@itsacookie1Childcare is $1500 a month. Medical bills can take someone’s house if they pile up enough. Have a heart, kid.

[@itsacookie1]

@@dannelle17 As a household her and her husband most likely pull in more than 250k a year. There is absolutely no reason, let alone a kid, that they should be in debt.

[@MissAthena34]

We need to fight back against so called prestigious names/institutions. I am a MD and my undergrad school was local/state funded so was my medical school. None of my patients or colleagues care and I am working along side Harvard grads and people with MD PhDs just the same. It’s the DEGREE that matters not the NAME! For anyone interested in the financials of becoming a MD. I was privileged enough to have a family that paid for my undergrad, some med school tuition and living costs so I only graduated with 130K in student debt compared to the average 250K for MDs. Still in training but have gotten it down to 90K!! I tell those interested in starting medicine as a second career to strongly consider RN or PA as these are a better financial decision versus MD/DO.

[@vulpixelful]

May I ask why you are paying off your loans and aren't considering PSLF? Despite what the internet says, plenty of people have gotten approved and they just rolled out changes to track the eligible payments better. I ask because most health professionals can work at qualifying institutions while making good money. They don't take the same salary hit working in the public sector that most other professions do.

[@Veryfancyflamingo]

For what it’s worth, if your family is lower income, “prestigious” undergrads will often be cheaper because they meet 100% of financial need. Just wanted to mention this because I think a lot of high schoolers and their families aren’t aware!

[@MissAthena34]

@@vulpixelful This is a great question. PSLF is the better option if you have a large loan burden say 200K+ , you don’t have as high of an earning potential in your specialty (for example family medicine or pediatrics) or you have “life” to consider such as getting married, having kids ect that you don’t want to delay. For me due to having a lower balance, middle of the road earning potential and being a single woman I will be able to pay off my loan fully within one year of being an attending meaning 7 years time versus “waiting” an extra 3 years for PSLF to kick in. Also another consideration is that interest has been paused since 2020 and because I am on the SAVE plan I also currently have no interest. If I was spinning my wheels with interest I probably would have opted for PSLF. Another important point is to qualify you must work for a non-profit hospital. Most jobs and specialities this is where you would get a job anyways. I plan on working in private practice (which in my speciality makes nearly double of a hospital position). This is another reason why PSLF was likely not an option for me personally.

[@MissAthena34]

@@Veryfancyflamingo This definitely is true they have larger endowments so students should apply broadly and see what packages they are offered! They just shouldn’t feel pressured to pick the more expensive option just because it is the better “name”.

[@dm96177]

Yes we have a shortage of healthcare providers because schools are so crazy expensive. You can either be elite and pay tuition or put yourself on the stake and take out loans. Our healthcare providers take on personal financial burden to then take care of our society. It’s sad.

[@monicamorariu4831]

Anyone immediately get concerned hearing a financial advisor recommend paying only the minimums on loads of debt?

[@usethebrick]

She might be talking about the programs that forgive the remaining debt if you've been making the minimum payments and still have student loans after a certain number of years. Since she has 6-figure loans, but a nurse's salary she might actually be better off waiting it out since she might not ever be able to make enough to pay off the loan, nor will the government make her pay more than a certain amount of her income

[@Billybobthor]

I thought the same thing. But then the guest goes on to say she has a lot of high interest credit card debt. That is smarter to pay that off first since the interest rate is probably 3x the student loans. But overall she has a very low level of financial literacy. And that is sad.

[@kimallnaturelle]

I was. She set her up to pay so much in interest with that advice.

[@shee3073]

So a few people are accepted for debt forgiveness. It’s like a scam.

[@nomnomnom298]

The fact that no red flags are raised when students (BARELY ADULTS) are taking out loans that are comparable to home loans, that is scary. I wish there was more awareness in high school regarding personal finance and loans in general and how it can affect your future. I feel so sad when hearing about these cases since decision made so early on in life will haunt them for rest of their life.

[@stevenponte6655]

so true. Imagine if banks came to schools in their senior year to sign them up to a home loan!

[@ryoknits]

But that’s not how it works. Year one you get a mix of grants and small loans (like 2-3k). The next year, oh the grants dried up but here are some more loans (5-10k). No one is taking out one big loan at once.

[@Praisethesunson]

If the poors knew why they were being shackled with debt. They might organize to stop it. Best to leave them in the dark. -the rich

[@BRBRidingMyHorse]

Keep going girl. I was you 10 yrs ago. I paid off $160k of law school debt at age 38. I’m 43 and now have a net worth over $400k in investments (no house yet and maybe never bc I like renting.) I’ve never worked in Big Law and when I paid off my debt I was still making 5 figures. You can do it. More people can than we think. It’s hard but doable, and being debt free is the best choice I ever made.

[@Janitabonita19]

That’s so inspiring I know I can get to that eventually. I’m so happy for you!!

[@user-vu9gd8ed1h]

Why do you like renting?

[@marylynn8386]

@@user-vu9gd8ed1h flexibility, moving when you please to, not being responsible for fixing stuff in your house - esp the expensive things like roof, heating system etc., not responsible to insure the building for catastrophes e.g floods or whatever. the list is endless

[@markigirl2757]

@@user-vu9gd8ed1hdepending on their state so take my advice with a grain of salt-owning a home is hella expensive and not lucrative if u don’t have the funds to afford the best home owners insurance and hoping it can be matched with ur car insurance depending on ur house value ect. There is way more to it and insurance agent would know better but I did ask the big questions and found why being a homeowner is gonna be impossible for most of my millennial friends. My husband had dumb luck owning a home bc his parents couldn’t haha.

[@Praisethesunson]

Because this is fake​@@user-vu9gd8ed1h

[@aknorth1053]

I think shame plays a big part in not wanting to talk about money. What really sobered up my relation with money is when I ran a networth calculation in my early 30s and it was negative. I started working when I was 14 and to think the sum total of all my work in my life was less than nothing was pretty scary

[@deniseseesfleece]

Janet's candid transparency and vulnerability is so powerful. These stories are so important. Thank you!

[@Kingtexaschaos]

I come from a very similar background. Mother wasn’t even allowed to learn English bc of the machista mindset. Wish the best for her. I didn’t qualify for a $12k car loan due to low income but they told me I had no limits on how much I could take out for student loans.

[@karimelupus]

Yes, I myself did not qualify for Financial Aid, but the way my classmates were talking to me about it and giving each other advice, was "you never have to pay those back". That and the "you should really go to a prestigious school" myth, jesus, do I know several people that fell for that one too...

[@ruthosornio7779]

My grandma wasn't allowed to learn English...but she learned from TV behind my grandpa's back....crazy times :(

[@markigirl2757]

@@karimelupushats even worse is that when I questioned people on that mentality they were quick to scream or gaslight me to think twice 😅

[@Recoveringred]

Thank you for sharing this honest conversation. It’s relieving to hear someone not shame someone over student loan debt and actually take time to understand where they’re coming from. ❤

[@Janitabonita19]

Chelsea was so graceful and amazing during the filming of this episode, she really helped me feel heard and I’m so happy I did this.

[@Recoveringred]

@@Janitabonita19 hey girl! You’re doing great and your daughter is so blessed to have you as her mom. I’m sure all your hard work will pay off.

[@Janitabonita19]

Thank you❤

[@nikkijohnson5147]

@@Janitabonita19I loved your interview and while not quite the same circumstances, I certainly could relate to not understanding money and finance and debt when I was very young. I married young, had a child young, and we slowly moved up in the world learning about money along the way. Now at 42 and 44 we’ve got it (finances and money) down and things are good. From what I can tell, you’re going to make it to that point. I wish you the best.

[@Janitabonita19]

@@nikkijohnson5147 Thank you so much, I appreciate you.

[@DiegoAguilar-vg2kg]

I admire your honesty Janet! It’s not easy being this vulnerable. You make a difference in so many people’s lives and I know god will repay you for that. You’re a great wife, mom, and prima ❤ Keep trailblazing CHINGONA!!! And to all of those that are taking the time to write hateful comments, I challenge you to look in the mirror and find something you can improve on.

[@Janitabonita19]

I love you chingon ❤

[@ErikaJadeLives]

I just want to know how many others out there just signed a piece of paper that your parents told you to not even knowing what it was as a teenager…. Only to find out that you owed thousands of dollars after graduating and getting your first bill. I swear this should be illegal.

[@Ann-op5kj]

Absolutely. I bought a house right before the market crashed in 2008... I was 20... I didn't know anything about anything. Corporations do not care if you destroy your life. They know bankruptcy will ultimately pay their loans or once you file they can slap you with debt all over again. Regardless the system generates money even when a few people default.

[@Recoveringred]

Yes.

[@she_fell_out7842]

Where do we draw the line for accountability? Yes these private student loan companies are predatory but they aren’t forcing anyone to sign. People need to read what they’re signing. If they don’t understand then don’t sign. Needless to say, hindsight is 20/20 🫠

[@ErikaJadeLives]

@@she_fell_out7842teenagers should though? Not sure about that. When your parent says… sign this so you can go to school… not many children would question that. That is a parent and loan institution issue. People that are older. It could be a requirement that a college counselor or someone explain to students what their options are. I think the fact that children can have all of that dumped on them is beyond wrong. Why can’t children drink alcohol but are allowed to go into thousands upon thousands of dollars in debt. The system needs to change because obviously it’s not working

[@Recoveringred]

@@she_fell_out7842 maybe draw the line where all other loans do. Somewhere around having to have an income, good debt to income ratio, etc.

[@bread.first.search2238]

For California students: some community colleges offer transfer agreements with state 4 year universities. You graduate the community college with an AS-T (T meaning transfer), and then get a guaranteed spot in a 4 year school. The school may not be your first pick depending on your field of study, but its MUCH easier than competing on high school grades and test scores for freshman spots at UCs and CSUs.

[@DianaPrinceitiswhatitis]

Yes! I have a teen that’s doing this!❤

[@RogueDonut87]

On the topic of shame related to student loans, remember the government decided to stop funding public schools at the same level they used to. We didn’t ask for this financial environment and we all should have been given financial coaching in pre college schooling to help navigate the job/education market. It’s not our fault and we didn’t create this situation. Take each step one by one and talk about finances with more friends/family. Let’s not let the next generation deal with this

[@vulpixelful]

Unless those are private loans, PSLF was made for this person. Nurses and other healthcare providers make great money in the public sector, so she wouldn't be sacrificing a lot to receive forgiveness in 10 years, tax-free. Edit: Kaiser healthcare providers may now qualify for PSLF, check the new rules!

[@twells1865]

I was just getting ready to suggest pslf for her. I hope she uses it for the federal loans.

[@michelleswanston5882]

Yes! I recently had my student loans forgiven under the new rules for PSLF. I had over 65k in student loans to become a Social Worker, and have worked in various non profit and government agencies over the past 10 years. My time at the non profits didn't previously count towards forgiveness, due to my income being so low that I was in a hardship deferment and not making 'qualified payments' to be eligible for forgiveness. Under the new rules, they were able to count that period, I qualified, and had my student loans completely forgiven! No tax implications!!

[@Fatally]

Came to the comments looking for this. My $120k debt doesn't sit too heavy on me because the payments are reasonable on my income within the PSLF program. I will end up with quite a bit more than half forgiven for my commitment to service in the public sector. I don't plan to leave the public sector at any point, but I'd love to see the data on how careers do or don't transition following PSLF forgiveness.

[@vulpixelful]

@@michelleswanston5882 Congratulations 🎉

[@michelleswanston5882]

​@@FatallyI felt such a weight lifted after my loan forgiveness, not just financially, but i felt free from indentured servitude! I always imagined that I would transition to the private sector where I could make more money, finally lol but having a career with the (federal) government does provide a degree of job security/stability, I've pretty much mastered living below my means, and I can see a very comfortable retirement in my future! so, i'm still here, for now lol

[@osabhopeful]

Thank you, Janet, for speaking openly about being a first gen AND eldest daughter navigating a different culture from your parents. Not only do we as first gens have to deal with the generational gap, but also a cultural and educational gap as well. Not to mention a financial one if our parents are still considered low-income. It's a challenge!

[@CaraMarie13]

The only reason I didn't leave my college education with at least 80k in debt is because I decided to go to community college instead of private school after my guidance counselor, and i realized now she was strongly guiding me, knew my my family was poor and that my mother would be taking on a lot of debt for me. Those were the magic words. No way was I going to let my mother get into debt because of me. "I got no money" was something I started hearing way back in August 2002 when we arrived in this country. We started doing well relatively fast, but 2008 happened, and the motto was back with a vengeance. What i think am saying is, thank you scarcity mindset (and actual scarcity that resulted in a free ride for undergrad) for the low debt.

[@MaxWell-pp9zs]

A carefully chosen mix of assets can improve any financial situation. I started contributing to my IRA later in life, so I couldn't rely on compounding from ETFs alone. I researched and opted for an alternative strategy that led to a strategy that works for me. I'm debt free and retiring with at least $6 million.

[@DaliTaliani-wz4ti]

it’s worth noting that luck often plays a significant role in investing, sometimes even more than the resources involved

[@MaxWell-pp9zs]

when results become consistent, its not considered luck. research was the challenge till it led to Emily Ava Milligan, a top fund manager, her strategy made 510k into this and counting

[@DaliTaliani-wz4ti]

I just searched for her name, and her page was the first thing that popped up. I realized she's in high demand. Thanks for the tip

[@nedas9187]

@@MaxWell-pp9zs in a two-year time frame it's hardly a matter of "consistency". You got very lucky, if your story is even true.

[@goosewithagibus]

To anyone seeing this comment, this Max account is a bot. They scam like this in every comment section about finances

[@panicfanzy]

Currently 29 in my last year of veterinary school. I'll be graduating with 170k of loans, so this is very relevant to me unfortunately

[@gabyszabo9615]

When the guest said, “The student loan is…crippling.” my heart broke for her. I think even the interviewer looked upset by that.

[@lot2196]

My youngest son went to trade school for electronics/robotics. An 18 month course at UNOH in Lima, Ohio. He made $92,000 last year. He cash flowed so had no student debt. He is 27.

[@nikkijohnson5147]

That’s fantastic!

[@IzzyFeegs415]

This literally happened to me. My parents pushed me to go to college but couldn't afford to send me so they had me take out private loans to pay for it. I ended up with a liberal arts degree and six figures in debt. My life was ruined before it even started.

[@Jice-w7n]

liberal arts degree is the problem here. I am not sure why people are encourage to get degrees for jobs that don't need it.

[@IzzyFeegs415]

@user-hc7yn8rf7l I majored in history and got a certification to be a teacher. I watched my parents get jerked around in the private sector so the decision made sense at the time. Now I work in human resources so go figure. Hindsight is 20/20.

[@she_fell_out7842]

@@IzzyFeegs415history teacher is a pretty good backup job though! Teachers are paid pretty decent in some places like California

[@nomnomnom298]

I am sorry to hear that, the system is truly broken. Why are students with no stable income and credit able to take on loans half the size of home loans? That just seems to be taking advantage of the lack of education of students that need the most help. Very slimy practice all around.

[@ft35745]

My parents too couldn’t afford to pay for my education. I didn’t get a liberal arts degree but a bs in management, even so $12-$13 hour back in 98 to begin with $60k in loans that eventually ballooned. My life too was over before it began.

[@carlynsykes6053]

It’s not just Mexican households that don’t teach the kids or generally talk about money. My white household didn’t either, she got more than I did with that credit card and how to balance her checkbook. My mom helped me open a checking account and get a debit card as a teenager but that was it. No talk about debit, credit, expenses, running a household just that vague push do be better than she was and no make the same mistakes she did (but with no explanation about what those mistakes were). It seems to me than I’m no better off now at 40, and maybe worse off, than she was at the same age but she’d also raised 2 kids and I still haven’t had any. Wait, she did eventually get a college degree and I never did so there’s that. But I watched her struggle through night school to get her degree, I remember going to her graduation and it was great for her but I also didn’t see anything change after that except that she wasn’t doing homework with us kids anymore and she was home more nights. We were taken out of private school. We still lived off hamburger helper and Blue Box Mac and cheese.

[@TheGenflute]

This is one of my top five favorite TFC episodes. The realness and honesty; the authenticity is so refreshing, encouraging and relateable!! This episode actually sparked me to think about how my liflong debt and financial struggles are part of my emotional struggles too. Much love to Janet for her honest conversation!

[@Janitabonita19]

I’m so happy this episode is in your top five! Thank you for watching ❤

[@jonkuderer]

I went to a private university for Mechanical Engineering. Cost was $40k a year which I brought down to $10k a year through scholarships. I knew exactly what my loan was and the 10 year payment plan. I was able to compare that against my estimated starting salary. It's not hard to calculate everything out, but you have to know what a loan is in the first place. Minimum acceptable payments are not the same as minimum payment to pay off in X years.

[@katiehope2132]

34:30 this whole point is so important. Im the younger of two kids but also the only daughter, and I know that the burden of taking care of my parents will fall on me. That thought alone was what led me to have honest conversations with my mom about what I need to do in various situations. Her guidance has eased a lot of the anxiety I was previously feeling, and now I know that if/when I do take care of her, it’ll be a more beloved experience without financial resentment.

[@rg8162]

Why does you being the only daughter mean you have to take care of her?

[@emilyhannon9546]

It frustrates me that Janet starts out by saying that she was given loan paperwork but didn't realize she had to pay back the money. Does she mean payback with interest? Or is she just thinking she was being given money with nothing in return? Was she confused about grants vs scholarships? I was also 18 years old when I signed loan paperwork, but read through the entire promissory note before signing, which was required. Additionally, I had to complete exit paperwork once graduating that set the terms of the loan once again. How was all of this signed without understanding the terms?

[@ryanwilliams989]

Scholars who study the stock market’s historical performance estimate that over time, the payment (and reinvestment, and compounding) of dividends have contributed anywhere from 30% to 90% of the S&P 500’s total returns. I want to spread across $400k into profit yielding dividend equities but unsure of which to get into.

[@TheresaAnderson-kf5xw]

Simply put, if you’re not investing in dividend stocks, you’re doing it wrong.I stopped listening and taking financial advise from these KZbinrs, because at the end of the day, I end up with a bunch of confusing stocks without knowing when to take profit, In reality, all I needed was professional advice to take advantage and make profits.

[@maryHenokNft]

Very much appreciate it Scholars who study the stock market’s historical performance estimate that over time, the payment (and reinvestment, and compounding) of dividends have contributed anywhere from 30% to 90% of the S&P 500’s total returns. I want to spread across $400k into profit yielding dividend equities but unsure of which to get into.

[@maggysterling33254]

@@maryHenokNftI actually subscribed for a few training courses but it didn't help much, been getting suggestions to use a proper financial advisor, how did you go about touching base with your coach?

[@maryHenokNft]

Definitely! All of this happened in less than a year after *Gertrude Margaret Quinto* told me what to do. I started with less than $100,000, and now I'm about 17,000 short of having a quarter million dollars.

[@BiancaSherly-qt6sb]

My needs are kind of unique and complex. I'll contact her nonetheless, and I hope I'm able to make something out of it.

[@acivilright]

Listening to this now, and I'm a nurse and no way in hell I'd put my parents in a nursing home. I disagree with her... It is BOTH the care and the loneliness. It's not a pleasant way to spend the end of life. Also you can absolutely get a nursing undergrad degree without going this much into debt. I got an academic scholarship and got every scholarship I could find. Avoid any private or for profit school. It's better to go to a less known or less prestigious state college and graduate with minimal to no debt. Sometimes that means going to nursing school in like, Tennessee and not California. You can write the board exam and apply for your first license I the state where you train, but you can easily get endorsement and apply for a license in a state like California later. Grad school for nurses can also absolutely be debt free if you want to be a nurse educator, Nurse practitioner, etc.

[@Janitabonita19]

I was being diplomatic when speaking about nursing home care 😶

[@ae-holo5972]

For anyone out there in So Cal that are thinking about a Nursing Program in a Community college, and get discouraged about wait list “just apply!”. Don’t overthink it and apply, I’m living proof that you can get in a ADN program with no wait. Also don’t feel bad about community college instead of going to a 4yr university. There are tons of technical jobs that pay extremely well.

[@Draggonny]

You may as well apply because the worse that's going to happen is that they say no and at least it gives you the chance of them saying yes. In the UK we apply to 5 universities at a time and if we don't get the grades we were expecting there is a second round of applications for any unfilled university places.

[@jenniferparker7588]

Exactly. I was on an unending waitlist when I applied and still ended up getting in the following semester. People will drop out because of one reason or another and you'll move up the list pretty quickly!

[@Adardidnothingwrong]

It's wild that such an important and essential job has a wait list

[@Polypteridae]

Hey I love your stuff! But could you make the different 'shows' you have more distinctly different on the thumb nail or titles? I rather listen to the podcast in podcast form so then your video essays get lost in all the uploads for me

[@yuiwilliams5125]

Thank you for your honesty and sharing your experience with us. This episode is one of my favorites in TFD. Even though I may not be dealing with the exact same situation, hearing how she’s dealt and is currently handling was so encouraging. Thank you. 🙏

[@katiehope2132]

I appreciate her honesty. Genuinely rooting for you girl!

[@steveneptun7580]

Don't assume that a private school is more expensive than public. A lot of private colleges have lots of money available in scholarships and can be less expensive than public. But obviously don't go to any school without knowing what it will cost.

[@daniellejennings9016]

Very true! Of course it’s not always the case that private universities will offer scholarships or grants, but public schools don’t have the same money to throw around. In HS, my dream school was San Francisco State, but the University of San Francisco was the cheaper option because they gave me a sizable tuition scholarship and SF State only gave me loan options. I also was able to graduate in four years where a lot of my HS friends at state schools had to stay for extra semesters, and/or take summer classes, because classes were so impacted.

[@cifuentes25]

Thank you so much for sharing and spotlighting stories like these. I am first gen without any guidance regarding college, career goals, financial literacy, etc. and so important for people to hear and learn from us and things we’ve overcome. ❤

[@Cozybunnyarts]

The first 10 minutes made me do a double take, as this is also mine and my parents story. Thank you for sharing your experience.

[@Michaellopez71]

One of the things not touched on here is the fact that many folks with student debt who are actually able to pay consistently don't ever make a dent in the principal. Some folks even end up paying more than they initially owed, and still end up with a higher balance. So when we talk about debt forgiveness as a part of a larger, comprehensive plan to solve this issue, the naysayers gotta ask themselves who that interest-only payment is really benefiting 🤔

[@theclown888]

Whether a payment reduces someone's principal balance is beside the point. We can't control how much someone chooses to put toward paying down their debt, just as we had no control of their decision to be so irresponsible in taking out a gargantuan amount of money in the first place.

[@Draggonny]

​@@theclown888 For most other kinds of loans the minimum repayment is supposed to pay off the balance within a fixed timescale. The idea that you can lend tens of thousands of dollars to someone with no ability to pay and make the loan ineligible for bankruptcy is a completely alien concept outside of the US. Its predatory lending that is targeted almost exclusively to barely legal adults. Absolutely vile behaviour from these lenders. I also can't believe this poor woman is getting advised to pay the minimum repayments and not aggressively tackle the debt using snowball or avalanche methods is pretty horrifying. Not just bad advice but actively harmful misinformation. The financial literacy levels in the US are appalling.

[@nikkijohnson5147]

Yes, for the longest time I didn’t really realize I wasn’t making much progress with my Income-driven plan. I can remember thinking that our (my husband and I) income went up, so shouldn’t my payment go up. But we were young and had just bought a house, had two sets of student loans and other small debts. I didn’t pay enough attention to my student debt (even after becoming interested in finances) until the conversations around student debt began to change. I began to see words like “predatory” where in the past student debt had largely been viewed as “responsible debt”. I’m old enough my loans weren’t too heavy on my household despite carrying a good bit of the cost of my son’s daycare. And I realized a good 6 years ago what was going on but I wanted to see where loan forgiveness went. For me that was nowhere. My interest payments weren’t halted during Covid and recently shot in. In the last 6 years I estimate we put about 7-8,000$ to them while also paying any bill for our son’s college costs that his scholarships didn’t cover. (He just graduated debt free, we learned from our own mistakes.) I’ve more than payed off my original debt. If it was forgiven now, it would not mean that I went to college for free and shirked my responsibility. It would mean the predatory lending practice that I fell victim to has been rectified.

[@Praisethesunson]

​@@DraggonnyFinancial anything is for the rich. The poors are meant to live in debt. So they are more easily forced to toil making the already rich even richer.

[@mirithilrose54]

Her honesty is so refreshing. We need more of it! I'm not from the U.S. but when I was in college over 30 years ago, I could already see the inflation happening. I wasn't sure what I wanted to do yet so I chose the course to become a history teacher. The boomers that came before me had always been able to choose 2 subjects (eg history and English), which gave them more options on the job market. It was also easy for them to switch to another subject. On top of that, no one batted an eyelash if they took 6 years to finish a 4 year course. And they were all able to do this with minimal or no debts. By the time I got to college we already had to work harder, faster and take on loans because they didn't want "forever students" living an easy life off government grants. This attitude only increased and young people are getting screwed over. Their education levels aren't worth as much as they used to be and their debts are nearly impossible to pay off. It's honestly a disgrace!

[@Draggonny]

Yeah, when I went to uni tuition fees were £1000 per year. Now they're just under £10,000. The loan terms in the UK are way better than in the US but I find that massive increase to the fees to be appalling, especially given how low paid a lot of graduate jobs are. A lot of people won't get any value from that huge financial cost, it's just the entry fee for many careers.

[@Praisethesunson]

It's a tool of control used on poor people like you by rich people you will have to work for.

[@jae-annedanae4512]

I just want to say, I love how well the long video essays have been doing on this channel. Fantastic idea 🎉🎉

[@galacticgardevoir9496]

I achieved a bachelor's degree in Environmental Biology for the steep price tag of 120k, one year from graduation, I'm at a job that pays 29k AGI. 1/2 of my monthly income goes to student debt. I have no idea what to do or how to raise my income. Fortunately, I have very supportive family who are willing to keep a roof over my head for free, but I'm lucky if I manage to squeeze in saving $500 a month after all my expenses. I don't think I'll ever be able to afford actually living

[@jae-annedanae4512]

I think the opportunity to ask these guests audience questions would be great. Not sure how we’d do that if they’re not live streamed though

[@andrewh2u]

The educational / tuition costs in the USA are extortionate, I completed my BSc and MSc in Engineering in the UK for GBP 19500 whilst working a job. Never used the degrees really, since the jump start of working simultaneously gave me enough professional experience and contacts to launch.

[@caryn1158]

My graduate degree costs me 120k... I wanted to go to a good school, but regretting it at this point but it did enable me to get a good job which I am grateful, I have pledged an extra 3k a month and will be out of debt in 3yrs... its hard thankfully I bought my home in 2020 before going back 2 school, don't think it would be affordable at this point in today's market also any bonuses go to my debt... I remodeled most of my home cash so now its just the debt and then my focus will be maximizing and creating other streams of income for retirement 35 now; but I have a long way to go!

[@Soundsliketara]

I think this speaks to how much of a failure high schools are in the US because there is no reason why a graduating senior should have no idea how paying for college works, regardless of the knowledge their parents have on the subject. Where the guidance counselors??

[@margaretreefer1145]

Gov't scam.

[@nikkijohnson5147]

I think there was 1 maybe 2 guidance counselors to several hundred high-school students my son’s senior year. The parent info meeting for graduating seniors pushed filling out FAFSA with no financial advice included. It was literally a graduation requirement. We refused to do it. My son had a full academic scholarship and my household did and still has (very reasonable) student loan debt so I was very opposed to it. My son would’ve had to request a meeting to get a face to face with his counselor and he was a highly academically successful student. Fortunately for him, we knew being smart with attending college and keeping debt down or at zero was important for his future financial life.

[@ryoknits]

The reality is that many high schools, especially those with high numbers of students of color, don’t have guidance counselors but just military recruiters.

[@Praisethesunson]

​@@margaretreefer1145Capitalist scam actually.

[@Praisethesunson]

You don't know why college is expensive and it shows. Spoiler. It's because when poors have higher education and no debt. The poors use that book learning to successfully challenge the interests of the already rich.

[@michelleswanston5882]

Very relatable conversation as a first generation American and college student, oldest daughter of West Indian/Caribbean immigrants. I don't have any children, but do feel the pressure/obligation of having to financially support my parents as they get older. Regarding student loans, I feel very fortunate that I only took out federal student loans, and have been working in public service so they were recently forgiven, but they were definitely a burden up until that point. She should definitely see if she qualifies for PSLF (Public Service Loan Forgiveness).

[@bobbert1945]

First of all, what a brave, smart young woman. It blows my mind that some parents (or whoever) encourage their children or themselves to get in huge debt to go to college, but it happens all the time, and for understandable reasons. I did have student loan debt, but I went to the cheapest school available for my degree, and my degree pretty much guaranteed I'd have a job. So I was able to pay it off. But that was almost 30 YEARS AGO, back when a cheap education could be found. Obviously, education is much much much more expensive now. We have to make student loans forgivable somehow, or if not, at least allow the loans to be dismissed through bankruptcy. If these predatory student loan companies knew that these loans were dismissible by bankruptcy, I bet they'd be much pickier in who could receive them, what majors they'd pay for, and the amounts they'd loan. Fewer people might go to college, but fewer people would have their lives ruined by debt. Having generations of young people in debt is not the way to ensure a sound country. Anyway, this was a great show as usual.

[@tatianastarcic]

Building wealth from nothing involves consistent saving, disciplined spending, and strategic investments. Begin by creating a budget to track expenses and identify areas for savings. Prioritize paying off high-interest debt and establishing an emergency fund. As you build a foundation, start investing in low-cost options like index funds, and focus on continuous learning and improving your skills for better income opportunities.

[@berniceburgos-]

Impressive insights! For beginners like me, managing and staying updated can be overwhelming. Are you an experienced investor or do you have a strategic approach for staying informed?

[@nicolasbenson009]

It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.

[@BridgetMiller-]

That's quite remarkable! I'm genuinely interested in benefiting from the guidance of such experienced advisors, especially considering the current state of my struggling portfolio. May I know the name of the advisor who has been assisting you in navigating these financial challenges?

[@nicolasbenson009]

Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.

[@Michaelparker12]

Thank you for the information. I conducted my own research and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call. Her expertise is impressive, and I'm eagerly anticipating our conversation.

[@mutedearthvirgo]

2 degrees and $80,000 in student debt and I've never even seen a $60,000 salary

[@Praisethesunson]

Unionize or be crushed. Those are your options as a worker

[@itsacookie1]

Sounds like you majored in hobbies or you need to apply yourself and get better jobs.

[@OrfaGF]

This story gives me so much anxiety for her😢 I feel Mexican parents really push going to college because in Mexico we have the option of public Universities where it’s only $200USD the semester that are good. So even for people that have nothing it’s a little easier for families to cover it, but they think in the US is the same and are unaware of the financial consequences😢 (in Mexico there’s also private universities with really expensive monthly tuitions, but there’s scholarships to cover 25%, 50%, 75% or full ones)

[@wickedsur1]

Our stupidity got us here. Now we must use our intelligence to get out.

[@duncancassie7747]

My dream has always been to live in Mont Calabasas CA. No longer a dream, my family own a house there. This started from a venture that gets me $125,000.00 every two months

[@sabrinalysa]

Dreams come through yeah?

[@sabrinalysa]

What is this other venture you mentioned though? How do you get that much in that period of time

[@duncancassie7747]

It is simply the digital market. A lot of folks in the US amd abroad are getting so much from it

[@duncancassie7747]

And to think that I started with the sum of $18,500 remains a miracle

[@duncancassie7747]

I would have her info in the comments

[@jenniferesein4813]

Those $4000 sectionals really have people in a chokehold. *gasp* 😲 indeed.

[@Janitabonita19]

Looking back yeah it was dumb but damn I love that sectional 🫠

[@davisamills597]

I bought a $4,000 sectional in 2021 as well! You're not alone! And I LOVE my sectional too lol!!! ❤

[@madisontran3020]

I’m not shocked. That’s how much a decent sectional cost

[@leafleafkris]

Signed up for crazy college debt at 17 years old before i even knew how to pay a bill 😭😭😭😭 10yrs later and i'm only halfway done paying it off.... getting closer every month though.

[@ellim1585]

Oh man. I WISH I was one of those ppl in the intro who did 1 or 2 years of law school and left… After first year I knew I didn’t want to practice but convinced myself I could find a spot in the sliver of law I actually did enjoy and so stayed in BECAUSE I already had $50k. I graduated, finally admitted it was highly unlikely I’d get to practice in what I wanted and I could do the work I wanted without a licence (or a law degree). Anyway, working in policy research, analysis and amendment, and while I won’t claim the knowledge I got from law school doesn’t help in this field, a law degree is very much not required, so I ultimately definitely wish I’d left with just $50k in debt… Sunk cost fallacy definitely got me

[@sarahmoy2610]

I hope Janet knows how brave she is talking about this, which I'm sure is the same situation of many, many people. The student loans system and lack of regulations and support in the US is absolutely coconuts. Hopefully this will change in the future. I wish her all the best.

[@ThePetit1989]

Graduated from UT in 2013, and I finally bit the bullet and paid off my loans, eleven years later. Had to sell all my RSUs and some savings to do so. It’s crazy that it took that long, and would’ve taken longer. We were so miseducated about the cost of university. Especially children of immigrants and low income students. We just had to go cos that was the way out, according to parents and counselors.

[@kyleflournoy7730]

I spent this entire video wondering about Mexican family Dynamics. Like, did Janet ever really address her parents with regards to this situation? They put a lot of pressure on her to make choices they didn't even really fully understand that essentially put a lifelong curses worth of debt on her. And then implicitly expect her to take care of them in old age even though they were seemingly FAR more successful in life than she was. How does she square that with them? That's what I wonder. There's always so much info being obscured from us that we really need to have these hard convos about.

[@Janitabonita19]

Great question! It’s been a complicated topic to bring up with my family. There’s a lot of context missing but I will say the 2008 financial crash really impacted my parents finances negatively. I started college in 2009. But the dynamics of talking about money are so difficult, I’m working through it with them and in therapy. I hope to be able to have a healthy relationship surrounding money and pass that on to my daughter.

[@kyleflournoy7730]

@@Janitabonita19 I understand the recession aspect well. I was in college from 06-08. And my parents were hit hard as well. But I got out without too much damage and even though they didn't take as much initiative as I'd like, they were always open to talking through finances with me and answer my questions honestly. But I totally get why it would be hard. If I could justifiably blame them for me being in six figures of debt Id probably need to be in therapy too. Especially if I learned afterwards that they didn't understand as much as they might have led me to believe. I'm hoping and praying that you stay on the road to A healthy Futurw. In your relationship with money your parents AND your kids

[@Janitabonita19]

@@kyleflournoy7730thank you so much, I appreciate you.

[@nikkijohnson5147]

@@Janitabonita19 My parents never talked about money with me. I am 42 now. I married young and my Mom remarried shortly after I did. The entire time my mother’s new husband was planning to use investments to retire as a multi millionaire, my husband and I didn’t get one conversation from them about finance or investing or staying out of debt. In my early young years I was transparent about my financial hardships and “poor” decisions. I brought these topics up eventually as I aged but we were never advised or mentored. That was over 20 years ago and they are about to retire having reached that goal. So at first my childhood family was too poor and then my new step-parent was simply unconcerned about our future to talk about money with my husband. Thank goodness over time I learned about money and how to build wealth on my own bc I wanted what was best for my son and little family. (I do admit knowing my mother will be well off majorly lessens the worry that I, as the oldest and most financially secure sibling, my husband is the earner, will at the least be managing her care at the end of the life and at the most have her living with us.)

[@Batirtze-b6x]

Go Janet!!!! Get started and go for it, mamacita!!!!

[@noseporquien]

If you’re 18 and don’t even know what a loan is… what happened? I know we all have different circumstances but have you never loaned a book out from the library? You have to give it back…

[@Janitabonita19]

Critical thinking wasn’t my strong suit at 18. I’ve for sure learned the hard way years later.

[@IBx27]

The problem isn’t that student loans exist, it’s that the positions that require degrees don’t pay wages that cover the costs, even for STEM positions. If you don’t think loans have to be repaid when you take one out then that’s totally on you.

[@Praisethesunson]

Every problem you listed is caused by the rich making a system to keep poors like you from effectively challenging their rule over your life.

[@jenniferparker7588]

100K for a degree in nursing??? There are cheaper programs...a lot of cheaper programs that are also very good. I went to a private nursing school that was affiliated with a local hospital system and it cost me less than half that. 😬 This person needs to go work for non-profit hospitals, get on the SAVE repayment program, and then apply for PSLF.

[@beddythecorgi4269]

Shes got a freaking nursing degree! She can pay back so much if she just becomes a traveling nurse for a few years. Here in my city they are paying them housing etc and they are making 3x what a lawyer makes. Only 100k in debt as a nurse! She's got it made in the shade. If you can't pay back your loans when you have THE hot job then that's on you. I'm sick of these cry baby stories. Bring us a normal person who studied like chemical engineering at a state school. Dont feature people who went to the stupidest debt private school. Someone who doesn't sound like a moron saying I didn't know loans had to be paid back. Like for real. College is not for you if you haven't mastered scholarship vs loan. She moved to the bay area? Seriously? Bring us a normal person who moved to like a burbs of Chicago!

[@jenniferparker7588]

@@beddythecorgi4269 She said in the video she IS travel nursing...so I'm not sure why her financial advisor (who doesn't sound very smart btw) would recommend she only pay the minimum when she's perfectly capable of paying more. And, like I said, if she applied for public service loan forgiveness, she could have her debt erased after ten years of paying. It's not that hard to figure out if you do your research.

[@uchewb3]

@@jenniferparker7588Most applications for PSLF are not approved even once ppl meet the 10 year of consistent payments thing

[@dm96177]

Yeah idk why she actively chose to move states to attend a private college that was clearly overpriced. She could have made smarter choices and still became a BSN. 🤷‍♀️

[@taylor3950]

@@jenniferparker7588 17:00 she is paying off credit card debt and building up her emergency fund. In my opinion that’s a much better idea than aggressively paying off loans.

[@itsacookie1]

In almost all cases of student loan debt, its entirely due to a spending problem and financial literacy. People spend way too much on wants and way too little on needs. This person most likely earns over 150k a year and has a husband that probably earns similar (just due to how women mate select). I am sure her rent is expensive but I can guarantee it isn't expensive for a combined income over 250k. She racked up credit bills, spent irresponsibly ($4000 couch) and ignored her student loans. If she spent $4000 on a couch, she probably drives an expensive car, goes on expensive vacations, and spends thousands per month on delivery/going out food. Again, she probably has a combined household income of over 250k.

[@Janitabonita19]

Hi! Thanks for watching the video. A little background, my husband has been a stay at home dad now for almost two years. We only have one car, a Camry. I’ve only ever been to Mexico aside from NY and Nevada, never have been able to afford expensive vacations. I did recently land a high paying job where I’ll be making enough to pay down my school loans and live comfortably on one income. Since this video went live lots of great things have happened that will help me pay my debt down. All my consumer debt is paid off and my emergency fund is looking great. I’ve definitely become more financially literate in the last 7 years but yes, lack of financial literacy definitely landed me in that much debt and FOR SURE poor financial decisions. That 4000 dollar couch is actually the best investment we’ve made as far as furniture goes believe it or not lol it’s got storage and a sleeper so it’s been so useful when we have guests stay with us. Again, thanks for you watching the video and I appreciate you taking time to comment your take. 😊

[@milikoshki]

man, it is just so hard when you start off with limited/no knowledge in your family about debt, financial planning, university, etc... then you get in deep and have to claw your way out while learning how it all works for the first time. I'm glad Janet is working with a planner and hope she can realize her dreams and set her daughter up for a more stable financial future. Mega respect that she had the guts to come on here and share her story- it will absolutely help others, just like she helped out her sibs.

[@erinklatt3093]

Yeah with the planer for almost 7 years and debt has increased 😮

[@elbucles3973]

Genuine question, why don't students in the U.S. opt for an education abroad then go back to the country once done, even if it means getting a loan? Are student loans only granted provided you go to a U.S. university? I met several American and Mexican students doing master degrees while in the Netherlands because it was waaaay cheaper. I'd imagine you could pursue an education abroad if you go to medical school, I.T., or any degree that does not need country-specific knowledge. But maybe your title won't be valid once back in the U.S. and will take a bunch of paperwork?

[@erinklatt3093]

Cuz they don't have the balls to look outside if the usa cuz they probably also think it's going to be more expensive and less of an education since the US touts such a self greatest theam

[@amberallen7809]

People in the US for the most part never think about it. It's also never presented as an option. It's something you have to think about and research on your own. It goes against the "America is the greatest" narrative we get shoved down our throats. It is often cheaper, I did my masters in the UK for half the price (because I could complete it in half the time) but I wish I'd thought about it for undergrad. I'm sitting on 90k of debt (from both of my degrees) and nearly 10k of it is interest. I met an American while abroad who was studying in Germany, he said he was going to graduate with virtually no debt and he was able to study what he wanted to study, he was just required to take German classes as part of his studies. If I would have met the guy 3 years earlier, I think I would have made a very different choice for my post high school academic career.

[@WatermelonSugar1209]

3:17 I find it a bit weird when people say my degree isn’t useful for my job. College is also preparing you for the world, exposure to people from different backgrounds, different ideas, develops critical thinking, get independent. I do understand one shouldn’t get into 100k in debt for this.

[@Praisethesunson]

That 100k of debt is too keep those kids from rocking the boat the rich are in charge of.

[@Hippidippimahm]

I used to be upset that my parents didn’t push me to get a college education. Now I’m SO grateful they didn’t. I’m oddly much better off with no education and no debt. I want to start my own business and you don’t need a degree to do that.

[@NoelleTakestheSky]

My husband didn’t get a degree. By the time he was 22, he had worked for a few years to build rapport, and his was at a better place than his newly-graduated buddies. Sure, they started at 50 cents more an hour than he started a few years earlier, but at that moment, he was making more due to experience. Fast forward to now, 20 years later, and who owns a home and who is finally paying off debt? There’s a lot to be said for spending those few years building rapport and networking and having a resume. Ironically, I’m now $45k in debt and have another year and a half to go on a music degree I have no plans to use. BUT! It’s done with my eyes open and for personal enrichment as much as it was started to give my daughter a homework buddy during the lockdowns and to show her that hard work pays off and that education for the sake of education is good. So it’s debt that’s worth it to us. But she’s also very well aware that college debt isn’t the only way to a good life-she’s that kid who goes to Paris and has a mom who flies airplanes for a hobby, and the only income is that dad who didn’t get a degree, but who worked his way ahead while his buddies worked their way into debt. The sad thing, though, is that the thing that saved ME from debt when I was 18 was that my parents forced me to drop out of high school halfway through my senior year. So I ended up unable to go to school at that time.

[@Praisethesunson]

You need capital to start a business. Which you also don't have. Your access to upward economic mobility is being artificially and perniciously paywalled and you don't even notice.

[@revelreads]

The students often get the greatest attention paid to them for the student loan crisis (for good reason), but speaking as a financial aid administrator at a Big Ten university, the parents also take on HUGE amounts of debt to put their kids through college. I see parents taking out unsubsidized loans of 40-50k a year because their student is desperate to go to our university, and while I understand, I really wish I could impress upon them how little it actually matters where you get your diploma from.

[@Justauri-asdfghjkl]

Considering going to school to study aviation and that will put me in about $120k of debt even if I work full time through school so this was super beneficial

[@cherylhills3227]

With around $250k to invest, what's your advice on entering the market? I'm considering replicating the strategies of experts instead of investing independently to avoid both financial losses and emotional stress. What are your thoughts on this approach?

[@V.stones]

Consider diversifying your portfolio with a mix of stocks and stable assets. Seeking professional advice now could provide valuable insights and strategies to navigate market uncertainties and protect your investments.

[@sebastiaanthijn7982]

This is an insightful perspective to consider.

[@georgeearling905]

Agreed, my portfolio is well matched for every market season yielding 60% from early last year till date. I and my advisor are working on a 7 figure ball park

[@ericbergman7546]

@@georgeearling905 Your financial advisor must be really good, I hope it's okay to inquire if you're still working with the same Advisor and how can I get in touch with them?

[@georgeearling905]

That would be Eric Paul Elmer

[@StarletOfDavid]

She thought it was free money 😢. I’m almost 40 never had a car loan or anything cause it’s something you really deliberate over - in the sense of „can I deliver and pay that off“.

[@CassandraHall-xj6vh]

I think she needs hope and a game plan. From what I’ve seen, she could be making $200k or more a year as an RN in CA plus whatever her husband makes. She could definitely pay off that debt. I also wonder about her lifestyle because she made a comment about how a $4k couch really wasn’t that bad since they live in a large space. She just needs to decide if she wants the debt gone badly enough

[@michaelOB1986]

I think it's younger people feeling a sense of hopelessness. If you are $100,000 in student loan debt and can't make a dent in it, why not just charge the shoes you want to bring some joy into your life. I really think that if student loan debt wasn't a problem like it is we would not only have financial freedom but would have a different appreciation about money and concern when it comes to debt.

[@Praisethesunson]

If you had financial freedom you would be able to effectively challenge the status quo making billionaires at your very literal expense. The rich decided you shouldn't be able to do that.

[@PurpleStarsaver]

As a person who has worked in higher education for almost 20 years, I wished things were different when it comes to the financial aid office. There are people who are passionate about their work but there’s more people who just don’t care and don’t share the information about loans. Although I did work for a University that did share that information, the young student didn’t care because their parent didn’t care. We all should care more about money!

[@andratoma9834]

Your beautiful guest has debt BECAUSE she is NOT paying her debt! I mean, as an RN in California she makes over 130k a year! She should be able to finish this loan in 2-3 years maximum! Especially during pandemic, we all in medical field were paid crazy money… I paid ALL MY DEBTS with that money and put down a due payment for my new condo … This young person is very nice and also NAIVE WITH MONEY…. She really needs to use her brain , stop listening to other people financial advice

[@judyfabion8849]

100% agree with you. The travel nurses I know who worked during the pandemic were paid crazy amounts of money. Paying $150/mo with a high salary means that she isn't really managing her money well. Cut up the credit cards and cut your lifestyle until all of your debts are paid off.

[@naheed2023]

​@@judyfabion8849 I'm not sure how much RNs make in the States, but so many things she said were confusing to me. Why move to the *most* expensive area (SF)? Why only pay the minimum, unless you are using the rest to invest in something with a much higher return? Why buy something with a depreciating value (I really hope her car was used)? I'm a similar demographic, although Canadian, but also first-gen, oldest daughter, only one parent has high-school education. Have had to financially support my parents many times throughout my adult life. I have 4 degrees (2 bachelor's, a Masters, and a Phd) and a *third* of her student loan, none of which is private. I feel that there is a lot of "education bashing" that goes on on social media, especially for higher education. And I agree that the corporatization of publics universities is disgusting. However, holding up this woman, who seems absolutely wonderful in other ways, as an example of why student debt can be crippling is just not honest; she just seems bad at money.

[@snoreproductions]

You know people have to pay for rent, groceries, electric bill, water, trash, medical, etc., etc, right? 130,000 is not much in California.

[@goosewithagibus]

​@@snoreproductionsWhat do you mean 130k ain't much in Cali?? I know it's expensive, but that's still a very livable wage anywhere in the states as a single person with no kids

[@snoreproductions]

@@goosewithagibus no, it's not a livable wage in a lot of places. Especially California.

[@geraldinegranger9186]

Why should anyone- parent or child - have to mortgage their life to go to college? Yeah, maybe not perfect decisions, but there are lots of worse decisions than going to school. It doesn’t need to be this way, which makes me wonder who is profiting handsomely to keep this system alive.

[@Praisethesunson]

Because when the poors in the 1970's got debt free schooling. They used that book learning to successfully challenge the status quo's benefitting the rich. The rich decided that can never happen again

[@thedman05]

I grew up in East LA and this story is incredibly depressing and hits close to home. I can guarantee that while the woman in this story did make a lot of poor decisions to lead to the debt, she never really had a chance because she was set up to fail. I knew LOTS of kids who were like her that had essentially next to no financial literacy… and as we see here she herself admits she bought that furniture and still traveled despite being in such levels of debt. This is incredibly common. If you combine ignorance with a lack of self control… that’s a potent combination to end up in extreme debt. All that being said, I feel sad for her. No one at any point clearly sat her down and explained how debt works, and it’s clear she just didn’t have the financial literacy to properly make an informed decision on her student loans. It’s sad, and a tragically predictable outcome given the pressures she was under. The debt will shape her entire life 😕

[@Nimrukkti]

I could be wrong, but I sensed Chelsea being negatively taken aback by this woman's financial advisor's advice to just pay the minimums and carry on 😬

[@Adardidnothingwrong]

There's this idea about the privilege of knowing. I earned 2 degrees from my local community college in Southern california, and paid almost nothing for them. Because, I knew that what I needed to do was not go to the financial aid office but fill out the Fafsa. I was approved for the Pell grant, ACG grant, boggs tuition waiver, you name it. I did take out some loans to cover my bachelor's in the last 2 years, but I only owe $20,000 for it. The reason that I knew this is because my mom used to be an English professor. If I didn't have the privilege of knowing, I could have easily been steered down the wrong path like this woman was.

[@UNDERDOG18UNDERDOG18]

Most people don’t have children they can’t afford. Pay your bills first. Children second.

[@UNDERDOG18UNDERDOG18]

I can’t carry any more people on my taxes!

[@elicastle93]

I was really lucky and blessed, I was a smart 18yr old and decided to go to college to get my general education for cheap took me almost 6yrs to graduate with an art degree but my debt was 27K compared to the 90K they we're trying to convince me to take and by luck and the Lords blessing I'm actually working in something very similar to what I study and paid off my debt during the pandemic pause. Granted I have sacrificed things, which is I lived with my mother still into my late 20's and I'm barely saving in my 30's for a house and retirement but I have not debt.

[@tmi4507]

I graduated with an engineering degree and it was paid for by the GI bill because of my military service. All I can say I can’t fathom what having this much student debt feels like. Like let’s be honest. The whole point of college now and days is to put young people into massive debt for 20 years. I think the government and the wealthy WANT younger generations to be in this type of debt so people in this situation are forced to work longer and potentially never get to retire.

[@Praisethesunson]

You are so close. Debt is a tool to keep the poor quiet and desperate enough to toil making the already rich even richer. That's why student loans exist. Without that debt. You college kids would selfishly work for your community of fellow poors. Instead of for the U.S empire or for Jeffery Bezos next yacht.

[@yuliyamoshkovskiy199]

I have no college debt and it is such a nice feeling.

[@Py16777216]

I was lucky to test out of every general education requirement. I think it would have been difficult to get out in 4 years otherwise. Nursing would be way to much. I'm debt free and self employed. It's a mess. I'm glad she became a nurse but it really takes privilege to buy qualifications otherwise it may take decades to pay off the huge education debt. You're probably better off to work a lot first and then pay the education as you go as well. So then you graduate 2 to 6 years later with no college debt. Then you can rent an apartment that's not trash and save up to buy a nice house that can fit the sectional and then you can retire at 55 or before with only a little bit of house debt if that remaining.

[@mey7579]

I am a retired special education teacher. I am partially paying for my grandson’s college degree so he will graduate with little to no debt. Right now he is in his second year at our local community college which is extremely affordable. This college has an agreement with our state universities that all credits will transfer assuming he gets at least a C in each course. He has a 3.0 average overall. I will continue to pay for his tuition at the state university. I am determined he will have very little debt from college.

[@borkbork4124]

Exactly what I did. One year left at uni, but did junior college and followed the degree transfer pathway with a state uni. Once I hit 60 max transfer credits, I transferred. A big downside though is a lack of college culture/friends. I am involved no doubt at my college (clubs, jobs, attend campus events) but these are still children and a lot join as a freshmen and make friend groups then. Coming in as a junior and a few years older than other juniors, it was that much harder to find my circles because they were already established in my class, and I had to search for them. It is doable, but socially you are playing catch up.

[@mey7579]

@@borkbork4124 good for you! My grandson isn’t someone who cares for socializing in large groups but I totally understand your point. Best of luck to you

[@nikkijohnson5147]

We just did this for our son; after his scholarships, we covered tuition, fees, books, and he lived at home. What a great gift to your grandson! My son graduated debt free Saturday with degrees in Physics and Mathematics. I’m so grateful to see this conversation. I have a small amount of student loan debt left. Fortunately, it hasn’t been a hardship for our household but I didn’t realize I was in a predatory repayment scheme until about 6 or 7 years ago. I’ve repaid my original loan amount but still owe and that’s only gone down significantly bc of the extra I have put on it in the last 5 years. Then we waited to see if loan forgiveness would happen while reducing the amount reasonably. And I’m a smart person who over a decade ago intentionally began learning about money and it still took time for me to realize the student loan debt market is willfully predatory. I was literally too naive to put it together until it became a huge topic of conversation and I’m a smart person.

[@mey7579]

@@nikkijohnson5147 it’s predatory to sign teenagers up for a debt they could spend a lifetime paying back. My daughter and I were determined my grandson was not going to incur much student debt. I co-signed (and co-own) his car, too so he could get a low interest rate, but he makes the payments.. He’s quite responsible and a very hard worker. I am trying to mitigate the present economic circumstances for him. God willing I will leave him enough money for a house down payment. Your son is lucky to have parents like you.

[@JojoSavice]

I went to college in the 90s and Im also first gen who came to America right b4 college due to a civil war. The fact that she is claiming she did not know a loan had to be paid back is crazy! Saying u were unaware of the payment terms is one thing, but what did she think she was signing as she signed the note? .

[@katelynozdemir7536]

Did she really say she didn't know she would have to pay back a loan? Its literally the name of it?!? Loan, as in like not yours?!????

[@rachelmarie8319]

I work in financial aid at a private nonprofit university. We are VERY transparent about grants/scholarships vs. loans and the fact that taking on a significant amount of debt (whether it be the student or the parent) may not be the right choice for every family. I obviously can’t speak for financial aid professionals at every school, but I can promise that most of us do our jobs because we genuinely want to help students achieve their higher education goals, if it the right choice for them (financially and otherwise). It is a HARD job and we genuinely just want to help students and do the right thing.

[@teresamadison2928]

Wow!! I am a nurse with a post-grad education. No one should attend a private, pricey college/university for a nursing degree at any level. I am horrified this young lady was taken advantage of to the tune of $120k+.

[@theessentialforager6658]

Nothing to do with the conversation, but could she be anymore stunning???

[@urafudgehead]

I haven’t finished watching yet, but if your degree is for registered nurse we start at $56 an hour here for a community college associates degree RN in California. And up from there. I make $63 an hour a double time overtime graduating from community college with an associates degree in college. It is a difficult job - I’ve brought people back to life from vfib arrest and had them beg me not to do that again, but had to because their family called all the shots… but that’s another thing entirely. You can make a great living and pay that off. If you don’t want to move to California, just take a travel RN contract for a few months. Live out of an apartment for a few months and make $90 to over $100 an hour and just grind to pay your debt off. There are MANY travel nurses I meet from Florida, Connecticut, Pennsylvania, and more who do this.

[@erinklatt3093]

I'm just so confused cuz she has been in California the whole time and if I'm thinking correctly she would have been working full-time by roughly 25 and also with this financial advisor since about the same ish time.... so how are things so bad... I wish we know how much debt she graduated with and how long she has been working cuz this is so hard to make sense of 😮

[@jamesandrew6153]

The crazy part is I’ve learned that it’s actually better to keep the low interest rate debt the gov gives you i.e., student loans And invest in assets that appreciate For whatever reason asset prices continue to appreciate so anything held in dollars is bad for the institution

[@tarablue4472]

Kudos to TFD for putting this out there. This must have been difficult for Janet to give this candid interview but I appreciate she did. Her background explains why she did what she did and I for one do not judge her for it. I hope this reaches out to gen Z. Young people are told you must get a degree at all costs. So everyone and their dog went to university and now there’s credit inflation and a glut in the market. For many years now there have been more job seekers with degrees than there are job postings that require it. Let that sink in. You may or may not get a good job, a degree doesn't guarantee you that but you will be set back for a few years or even more. People, you do not need a degree from an expensive school. But alas, we're in a catch-22 where you can't get a decent job unless you have a degree but degrees are so prohibitively expensive that it'll set you back a decade. Unless you're going for a profession like MD, dentistry, engineering I would advise to just get a 3 year degree from a good but INEXPENSIVE university. Once you get job experience, employers don’t care about your degree.

[@gabriel-gc4uf]

I know you're the CEO and founder of this channel, but even though you made it and now you're wealthy, it's refreshing to see how down to earth and empathetic you are !!

[@jordanguillory7180]

I think the most shameful part abt all this is how many ppl pay back their original loan but are still only half way finished paying off their interest. Thats disgusting.

[@darbyh.8255]

Chelsea! I have a junior in HS graduating next year…stellar grades, well rounded, all the things… but do you have a resource you can share that can help us decipher and decide the world of financial aid, scholarships, grants, best thought out plans for post HS education. She wants to be a veterinarian and will need the education. We are trying to navigate the system and we feel overwhelmed and don’t won’t to make mistakes ( or at least as best we can). Thanks so much!

[@nikkijohnson5147]

My local public university gave my son a full academic scholarship with early acceptance (Dec of Senior year). The gpa requirement was not intense but the high ACT score requirement took a few tries. They also offered half scholarships. I noticed many of the postcards from public universities all over that he received were offering the same deal. Also, after he got in he got more scholarships through his department and also through the honors college program. They funded his summer classes and part of his European travel short course. This was a separate acceptance application from the college acceptance. I think the Wall Street journal has a good college guide with costs and averages of income and debt of graduates for various majors. I read it just can’t swear that’s the publication that put it out. But it does exist. I did read regularly that private colleges can ultimately cover more than public universities, so don’t dismiss that idea outright. We aren’t poor and fall into a higher income range but not so high we could swing huge college costs so we didn’t try that route. But I see people commenting who have. Hopefully the issues with FAFSA this year will be sorted out by next year bc it’s supposed to HELP students. We didn’t need to do that so I’m no help there.

[@Praisethesunson]

​@@nikkijohnson5147yes. The Powell memorandum explains everything about how to manage college debt.

[@queens6583]

Veterinary school is a 5 year program and not as prolific in some states and therefore extremely competitive and expensive.

[@alona724]

Ha. I’m in half a mil debt ($350k house). It’s nothing to laugh at or take lightly… risky and I wouldn’t recommend it. At the same time, I have a beautiful life… have a plan to tackle the debt and am at peace with it… as a former debt slayer who got out of consumer debt before… that’s something I never thought I’d say. BUT… I only have $32k in student loans and most of that will be forgiven in a few years. So, maybe I would feel worse if it were all student loans.