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My $50,000 Student Loan Debt Payment Plan | Consolidation / Refinancing

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My $50,000 Student Loan Debt Payment Plan | Consolidation / Refinancing

So I sat down to do my April budget and finally looked at how much I’d be spending on my student loan debt each month…and it’s a lot. In this video, I’m breaking down my student loan repayment plan, explaining consolidation & refinancing, and discussing why community college may have been a better option for me.

WATCH NEXT –
How Coronavirus is Impacting my Student Loan Debt | My COVID-19 Financial Plan – https://youtu.be/bFh1gRgcnlM
My College Degree is Useless | What I Wish I Knew Before Getting in Student Loan Debt – https://youtu.be/1U8JIGaoM9Q
When You SHOULD Take Out Student Loans | Are Student Loans Worth It??: https://youtu.be/CcqAGDZy-j8

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24 Comments

  1. sethjared
    July 20, 2021 at 11:36 am

    Good video!! It's mind blowing that an 18 year couldn't get a $5,000 small business loan but that they will give you $50,000 in loans with no real understanding of what you are getting into. Guys – college is not necessary in 2020. What you need to get are marketable skills like coding, digital marketing, sales, UX design, Cybersecurity or even trade skills. Employers do not care about the "BA" at the bottom of your resume, they care about what you can bring to the job.

  2. John F
    July 20, 2021 at 11:36 am

    FAFSA is an application for federal financial aid. No one takes out "FAFSA loans." No one borrows money from FAFSA. No one makes loan payments to FAFSA.

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  5. Will Colbert
    July 20, 2021 at 11:36 am

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  6. SD
    July 20, 2021 at 11:36 am

    I'm so glad I was super lazy to apply anywhere when I was in high school. I ended going to my local CC. My pell grant paid for my two years there. I eventually got a transferred scholarship at my CC, that with pell grant + my university grant ended up paying for university.
    Get this, ONE SEMESTER at my University cost MORE THAN the 74 credits + Fees + Books + parking (free :))i took at my CC, that includes one summer class per year.
    It's just insane how inexpensive CC is compared to universities. A 3 credit class cost $240~ whereas at my Uni it would cost $1000~.
    I also think CC is nice if you wanna take time to decide your major.
    I know that both are life changing routes. I always wonder how I would end up had I got to university first, but at the same time, I meet a lot of nice people at CC + made a few friends along the way + found an awesome major from a friend I made there.

    Just found out about your channel btw, love that you were also a business major!

  7. Jermaine Sam
    July 20, 2021 at 11:36 am

    For sure, more people SHOULD be doing the community college route. I'm so glad I am doing that! I was so impatient when I first started that I wanted to attend a 4 year from a freshman and I was out of state also BUT then I had to slow my roll haha. I've saved up cash for my last two years and hopefully will be graduating with little to no debt. please everyone! Consider the community college route!

  8. Hussein Rosé
    July 20, 2021 at 11:36 am

    Look into something called “SMMA” on YouTube -it’s what I’m doing and
    I never took out a loan for my college – you should try it – it could help you.

  9. College Liftoff
    July 20, 2021 at 11:36 am

    Before you go to college know what you want to get out of it. Know what type of job you want and how your going to get their. Most students end up as fifth year because they changed their major. Most scholarship only last four years so your fifth will cost more. If you need help preparing for college we can help.

  10. Mike Johnson
    July 20, 2021 at 11:36 am

    I got lucky here in florida we no longer have community colleges they changed the names to state colleges and they offered a bachelors in my field for way cheap my bachelors degree was only 23,000 dollars all paid by the Florida National Guard. I went for criminal justice. I was also fortunate because my state college had an agreement with FSU Online Masters program with guaranteed admission for criminology and the National Guard paid 50 percent of it while the other 50 percent got reimbursed by my state job as a crime scene investigator. My entry level pay is not all that bad 50,000 a year and the National Guard paying me another 2000 so 52,000 a year with no debt at all. I tried Cybersecurity as my major excellent major but jobs are extremely hard to get because of competition with veterans who have a top secret clearence and have done that job in the military.

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  16. Octavia Bailey
    July 20, 2021 at 11:36 am

    I owe $60k and my payment is $650/mo, which is a lower payment than initially. I kept my fed loans as-is and refinanced my private loans, taking my interest rate from 11% to 5%. My advice to others is to avoid debt at all cost. If you can attend school part time and work a FT job or internship, try that. After college, employers care more about experience than a piece of paper. The diploma only opens the door, but the experience gets you the job with high pay.

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    July 20, 2021 at 11:36 am

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  18. Makiah Roam
    July 20, 2021 at 11:36 am

    Community College is a good idea! Online classes aren’t bad either

  19. Katie McManus
    July 20, 2021 at 11:36 am

    Just be careful when consolidating federal student loans. You can lose access to programs such as federal service loan forgiveness but more importantly income based repayment. Income based repayment is a nice fallback if you were to ever lose your job. I’m sure you’ve probably already considered this but I just wanted to put it out there. Can’t wait until your debt free scream!!

  20. Sophia
    July 20, 2021 at 11:36 am

    Love this video!! Would also love to see a video all about community college with your thoughts & advice!!

  21. Alexis Carr
    July 20, 2021 at 11:36 am

    I can vouch for starting at a community college! If it makes more sense for your path, do it! I started at ACC for two years and now I am at UT. I plan to graduate in 2022, and at most I think I will be abt $15,000 in debt with student loans.

  22. Q Makes It Happen
    July 20, 2021 at 11:36 am

    When you said French Bull Dog I felt that! I love Frenchies! Dogs are hella expensive tho, and time consuming lol Aja Dang is the shit and she's absolutely right about the auto pay discount. I refinanced through Earnest and I got an extra .25% off my interest rate by doing auto pay. Last but not least this is the 3rd video in a row that I've watched of yours and that's rare for me. Your channel is hella binge-able!!! 💯😁🙏🏁

  23. You
    July 20, 2021 at 11:36 am

    what did you do? after high school right away went to university of texas? and how long did you stay there and what major? was it worth it? what would you have done instead?

  24. michelle boca
    July 20, 2021 at 11:36 am

    i love french bulldogs too !!! I always wanted one and plan on having one in the future, but I don't think you should get one right now esp. bc of ur plans for the student loans and french bulldogs are really expensive and takes a good amount of care to take care of them. Maybe have one a couple years from now once ur settled in with getting into the groove of your payments.

    I really wish I went to community college too! Im 28k in student loan debt but my parents have 92k debt in their name and I plan on refinancing their debt so they don't have to pay for my education. this is gonna take a lot of working lots of hours but I would hate for my parents to be in debt bc of me