y’all are the cutest
You speak of shame, Mr. Hallease. Let it go! You invested in yourself; feel no shame. Capitalize on the education gained, and the loan will be taken care of in due time.
Twins!! We have the same amount of student loan debt!!!
As someone in about $31,000 worth of student loans, I resonate so much with the nest egg. It’s not hidden from a partner as much as from family.
I cannot stress enough that people organize themselves, I have a simple excel sheet that just organizes my payments by principal/interest/total payment. It’s simple to set up and you can begin to KNOW where your money is going. It’s so helpful because when you’re paying minimum or when you’re paying extra and aren’t organized, you might just be unknowingly paying more interest than necessary. I’m still learning but doing this helped me close 2/14 of the loan accounts I have because mine aren’t consolidated
Also, I have a student loan of $160,000 from a PhD and two MAs. As long as I’m employed, I will pay my loan just like I pay utilities every month because I know that ignorance and poverty are just as costly, if not more, than being educated with student loans. I encourage students to avoid loans if they can, but if they need them, then they should understand the consequences of their choice and be willing to deal and live with it.
Buy properties with the money you have in savings.
Currently graduating but I’m going back for masters and I just can’t deal right now with the debt.
Mr. Hallease is a nurse?!? 💶💸💶💰 Dude, you have a skill for life. Don’t be afraid of your student loans, you’re in an awesome profession. You’ll have a job where ever you go! 143k is reasonable. We all got some sort of debt.
Asia Dang here on YT just paid hers off and I followed her journey. She was very transparent during the whole process lol
Whew!!!! I needed this. I'm on the forgiveness loan program since I work for the Federal government. However, I want to pay it off before the 10 year mark because after the 10 year mark or number of payments, the government forgives the remainder. My plan is to accept another assignment in Europe which will allow me to save a considerable amount of money in a shorter time. While still enjoying life in Europe which I love. My son graduates from High school in 2021 and he has begun to research alternative options to pay for college other than Federal loans. I along with my aunt have already set up college funds for him so that will help in conjunction with grants and scholarships.
You paid that stuff Down!!!
I am so Happy!
Very smart. Even still today, there are a lot of people who try to pay the big loan off first and the little debt is just accruing interest and getting bigger. Congrats on that.
8:18 #Scooby1961 did a similar video about debt and specifically about car loans and car payments. Some people don't have a choice. They have a car that gets totaled by some !^%#@*& and the insurance gives them $2K – 3K for what? That's basically a down payment on a car that's decent. And also some people don't know how to handle debt and just trust they won't get screwed by a dealership or bank or they fall for variable rate mortgage scheme and end up with a 15% interest rate on a home. Now I'm ranting. The car thing is a valid argument though. Some people don't have a choice.
I don't know if it helps my credit in anyway, but I do small purchases on my credit card. It might not help my credit, but I also get rewards points, so I that's another thing I think everyone should have… A rewards points credit card. It's supposed to trick people into making big purchases that they can't afford and thus paying interest, but small purchases work. I've paid for a months groceries with rewards points gift cards.
I love this! I started on Dave Ramsey’s program and I’ve been successfully paying off debt this past year. I do find that my new mindset causes a bit of anxiety. It’s like I’m becoming obsessed with being debt free and not enjoying life. Anyway, I appreciate Mr. Hallese’s transparency! I’d love to see more videos about finance!
Big thing is whenever you make an extra payment, make sure it goes towards the principle. Some loan holders will take an extra payment and pay off future or current interest instead of the principle.
I’m really glad you guys are having this conversation about debt! We need to talk about it more! I fully relate and have been very much interested in learning more about how to manage student loan debt and trying to improve my situation. It’s so true that people are absolutely not taught enough about how to manage finances which is crazy considering how vital it is to be able to survive. Keep up the great content you guys! 🙂
I’m very happy that you guys did this video. Talking about it helps erase the shame. A lot of people think they’re out here alone and they aren’t. I handle it like I do utilities or any other bill. It is what it is. If I didn’t have them, my family and I would be living below the poverty line without my Masters. My salary also doubled. Keep your head up and trust God
I too have over 100k in MSN debt plus cc debt from my years in school. And while i don't see if as shameful, it is incredibly frustrating. My hubs and I mainly rail against the system that created this, then sigh cuz we just have to work on paying it off. Either way, I feel that stress. Wishing the best for yall and I'll be staying tuned for any tips.
My only debt is student loans. I recently created a budget which, will cause me to eat ramen with a sliver of carrot. The plan is to pay of 8k in 1 year then work on the others.
Nobody can ever take your education away from you.
Honestly, I really needed this. As someone trying to navigate a Master's degree by myself who had to take out loans for both this program and my undergraduate, it has been terrifying. Just the description of it as a looming monster is so accurate because I'm already worried about paying it back even though I'm not even halfway through yet. Thank you for reminding me that there is a way out, that I don't have to live in terror of repayment, and that my education will most certainly be worth it❤
I use an app called YNAB. I don’t work for them, I don’t get paid or anything. I’m just a huge fan of the app and how it has changed my life when it comes to loans and debt repayment.
I did Dave Ramsey's Peace University and it helped me figure out a way to save on a very small income. I'm still working on my snowball. One thing that I found is that saving and paying off debt is not mutually exclusive.
On YT I like the Financial Diet, His and Her Money and, Rachel Cruz.
Good books -Get a Financial Life by Beth Kobliner Girl get your Money Straight by Glinda BridgeforthI also like NPR'S podcast on LifeHacks- there are a few on money and student loan debt.
I love how you two are each other's cheerleaders.
Lol I accept your congrats. You guys are awesome and should be proud of yourselves. ❤️
Thank you for talking about this it is so important! That said, I recently learned that my bank allows me to pay off my loan principal only rather than having payments go to interest. I set it up by filling out a specific form to make the request. My bank is a Credit Union so not at all sure if this is an isolated situation but I just wanted to put it out there as it could be helpful
Mr Hallease, you shouldn’t be ashamed of your debt, you used it to gain something priceless, your education!
Also #Yang2020 with plana for debt forgivieness and plans forward. He talks about your case alot Andrew Yang
I may have missed this (and maybe I’m being super naive), but why worry about student loans if you can do public service loan forgiveness? You should do the lowest payments possible (even if you’re barely making a dent in the interest and no dent in the principle) and then it is all forgiven after 120 payments.
Does Mr. Hallease not work for a not for profit organization?
And if he doesn’t, isnt it easy (in his profession) + worth it to work for a not for profit for 10 years knowing that after 10 years you have 100,000+ less
Love watching you guys!
I have to agree with the point that you made about young kids transitioning into college not being educated about taking out loans. I myself fell victim to taking out loans to live during my college years. I did not know a lot about finances which I feel is a reason why I just kept taking loans out every semester. I feel like college students need to be more educated on how to get through school while minimizing the need to accept student loans.
My tip for reducing debt loads: If possible, look into working for the school you want to get an advanced degree in OR (if in a committed legally recognized relationship) discuss with your partner would consider working at the school. Many schools have educational discounts for current employees, spouses/domestic partners, and children/dependents. The discount could be 2/3rd tuition discount to no tuition charged at all.
Well hot damn you must of did a lot of partying. I know I did to wrack up 112k in student debt. I paid it off many years ago though, worth it
I really appreciate the last couple of podcasts/videos. I feel like I have good foundational knowledge about money when it comes to buying homes and paying off loans, but it's helpful to see those things implemented in practice from real life/relatable people. I'm very encouraged by you two and I'm learning a lot. Congrats on all of your growth and progress!
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