Not all Asian are rich, I'm asian and grew up poor, I went to community college and got engineering degree, paid for everything with my own cash, hard work, but possible!!
In my high school, the teachers would consistently push state and out of state schools onto everyone applying into college not even mentioning the student debt people would accumulate. The area where I lived and went to school was very low socioeconomically and it seemed ridiculous that instead of just telling students to go to city schools, live at home, and not accumulate any debt they would consistently push the idea of the "college experience". I got very lucky and will be finishing debt-free due to scholarships, financial aid, and living at home but unfortunately, many of my classmates will not be doing the same.
@ Any time I would try and call them out on it the teachers would brush it off because "It's worth the experience". Personally, I don't think any experience is worth spending your entire life in debt. After a while I just stopped bothering, obviously, no one cared enough until after they made the mistake already.
This whole story had me hyperventilating- crazy choice after crazy choice! This makes me so thankful I didn’t go to college until I was 25. I had money saved, I knew what I wanted to do and didn’t get into any of this mess.
Most shouldn't go in the first place. We are living in an era where we have Fiverr, Upwork, and Freelancer. You can easily make a living off of the internet, yet many still choose to take the college route. I just don't get it.
People need to realize you don't need a useless piece of paper in order to make money. It's the biggest SCAM perpetrated on the American people. All designed to keep you enslaved. Outside of S.T.E.M most degrees are useless. Liberal arts B.S.
Honestly, I always tell people to go to community college for your first two years. It saves SO much. I did that, got super good grades and then transferred to a 4 year university with it paid in full. Still going to graduate with the same diploma as those who have gone there for 4 years and spent like 4x what I did.
I think the biggest take away from this is that when you go into college, you must have a goal and a destination in mind with timeline. That's probably where you would have benefited the most if you had some guidance from someone. It's clear you are very smart and very hard working and independent but without a roadmap, you spent a lot of time and money mostly lost and spinning your tail. While it's nice to have parents who pay for tuition and all that, it's more important for them to guide teenagers on a direct and efficient path to adulthood. I hope you can apply your smarts and industriousness to climb out of this and lay out a better path for your children. Thank you for sharing.
I am Asian and yes culturally speaking, we generally fund our kids education. The idea is that you would take care of your parents. That is how it worked with my family. But the second generation is supposed to make enough to take care of their parents and fund the the third generation in college. There was a lot of pressure for us to be able to do both. My husband and I have saved enough that we can take of our parents, fund our own retirement and put our kids through college. But we live a much lower standard of living to be able to do all three. We hope to make it easier on the next generation. Btw a lot of Asians sacrifice their own financial well being to put their kids through college. They sell their home or use their own retirement funds to send their kids through college. That is not good either.
That is a noble thing to do but it is still complicated by the high cost of college and the amount of interest incurred on a parent plus loan. A solution that relieves some of that burden has to be found. I am willing to invest in my child's future has well but the amount I have saved has be used balanced with school choice.
I'm a African American man and my wife is Chinese who recently migrated to the USA 4 years ago. My wife's family has very strong values especially when it pertains to education. At first, it was difficult for them to accept me (especially after visiting her family for the first time in Shanghai) because they didn't understand how I was able to create wealth for myself for I never attended any secondary education or had any special training prior to starting my business in the US many years ago. I used to believe that only Americans had the belief that the only way to achieve financial independence is by attending college so that you can work to make someone else richer but this attitude is seen all around the globe. In reality, very few people embrace the possibilities of pursuing entrepreneurship because they were never taught about it growing up and by schools, or can't stand all the uncertainties and headaches pertaining to running a business. I live a standard of living that is far higher than what my parents and grandparents had lived and me and my wife has already established trust in place for our parents and our future children if we are blessed to have them.
@@deadcell1 People need to focus on building off their passion. Screw college and those who are forcing these young people to go so they can die in debt.
OMG that sounds very stressful. I'm German and the culture here is very different. Parents are expected to fund their kids college if they can afford it (the student loans here are also not as bad as the American ones), but kids are not expected to financially support their parents. It is a sort of one-sided money-transaction, but here it is seen as "my parents financed my college, I finance my kids college, they will finance my grandkids college." Elderly Germans without enough money often try to hide their poverty from their family and are very ashamed, when their kids offer to support them, because they don't want to take away money that is supposed to fund their grandkids education.
Our stories are so similar. Always working and always having to take out money to stay afloat. Definitely a difficult time. I am a school counselor and I am so honest with parents and students about my debt because I don't want them to be in the same situation as me. Family dynamics play such a huge part in student loans... I love my family but I wish we knew more then.
@@mohammadwasilliterate8037 I hope your day gets better! Anyone that resorts to name calling on a UA-cam video to a stranger is clearly miserable and in need of a strong cup of coffee. Tis the season for a pumpkin spice latte!
I’m sorry you had to go through and are still dealing with this. My parents had a lot of debt while I was growing up (credit cards, car loans, etc.) While I was in middle and high school, they got on to Dave Ramsey and payed it all off. I was very lucky that they decided to pay for my bachelors degree. They also taught me not to borrow money through loans and credit cards. I am now paying cash for my masters degree while I teach. I’m only taking what I can afford a semester, but I still should finish in 3 years. I do have an ideal situation because I’m not married and don’t have kids. I can see you paying off your debt and paying for Jenson’s college like my parents did for me. I feel like I’m ahead because most of my friends have student loans. You can do it!!
Love your story!! Thank you so much for sharing! Student loans are literally criminal!!!!!!!! I’m from the Bay Area and it’s absolutely impossible to become a teacher here without having to take out student loans. It’s so sad that soooo many teachers have to go through this! Enjoy your life and have fun when you can!
Thank you for your story. Will get my daughter to hear it .... This story blows my mind. Since I was a little child I was brought up to never go into debt. The same I am teaching my daughter. Good luck and I am happy to see that inspite of it all, you look great.
Your first year of college is what so many Canadians pay for almost their whole degree at some of the top schools in Canada. I don’t understand how the US and Canada are so similar but different at the same time. Also, speaking as one Asian family (because we are all different), my parents and grandparents had nothing in India. They worked so hard in their low skilled jobs so that their children would have a better future. We didn’t have Christmas presents, lots of toys, clothes and we didn’t go to restaurants. My parents saved and saved so that their children could have better lives than the ones they were living. Just because Asian parents pay for their kids’ university tuition does not mean our families are wealthy.
I'm Asian Canadian here and had very similar thoughts! My tuition was about $8000 a year. I considered doing my undergrad in the states but decided against it because of the significant cost difference. My parents came here on scholarships, which didn't really cover both tuition and rent. They had to redo their graduate degrees (as their degrees from China weren't recognized) while working low paying jobs. They saved every penny and once they got good paying jobs, they still kept on saving. I admit as a kid sometimes I would wonder why my parents were so "cheap". Their salary was certainly above average, but because they started out with nothing, we lived very frugally. My parents tell me now that they regret not giving me some of the things/ experiences my peers had... but I am still very grateful they were able to pay for my education.
So true! I finished my Bachelors of Engineering in Canada this year and I have 22k in student debt (which is manageable). My dad made an RESP for me and my sister since we were in elementary school so the RESP + entrance scholarships for good grades + bursary + gov grants covered most of the cost. ...But I'm hearing American students talk about 300k in debt and I'm thinking: WHAT?!
Omg, Megan this story was deep! So glad you overcame, the type of endeavors you mentioned here buries most to the point of no return. I have a huge affinity for educators and even more so for the passionate ones. You're clearly passionate and I commend you for all you've done and do. Thanks for sharing this, sooo many takeaways here. Your loans will be gone eventually, keep on keeping on 💪🏁
Thank you for sharing! I live in Mass and am currently getting my M.Ed. in Elementary Ed. It's nice to hear other teachers stories and to learn from them!
Your story is so inspirational, I kind of wanted to cry hearing all this. I'm currently an undergrad aiming for a teaching credential and have already been accumulating debt as well. But this gives me hope that you can live your life and pay off your debt at the same time and it shouldn't be something you should slave away desperately for.
I added this to my watch later list and finally found the time to watch it. I am totally in the same boat as you (minus mommy part). It is so nice to hear that I'm not the only one 🥺 I owe so much and don’t see any end either. Thank you for taking the time to share your story. I don’t want to push college on any future kids now.
I need to share your story with my seniors! So many of them have the same mindset and situation. I came from a poor family, no one had gone to college so I was on my own to figure everything out. I was super fortunate that Florida has a Bright Futures program, so I had the SAT scores to qualify for a 75% FL grant so I only had to worry about 25%. Unfortunately, Florida has raised the SAT requirements and I teach ELL so it’s very difficult for them to get the necessary scores, so I’m still trying to figure out how to get some of them in college and to give them more options.
It was true for me almost 40 years ago! Didn’t get my loans paid off after our second child !😜 We can only make the best choices we can with the information we have at the time! There’s light at the end of the tunnel. Thank you for sharing ❤️
Thank you so much for sharing your story!!! So many of us including myself can relate to the burden of student loan debt. Pretty crazy that 18 year olds can't legally drink but are allowed to take out hundreds of thousands of debt. I'm just happy I'll be able to teach my daughter much better.
Thank you for sharing your story. Our stories are very similar. Like you, I've always took pride in my self-sufficiency and hard work and therefore have always been reluctant to ask for help. As I get older, the more I realize that it's okay to ask for help. Frankly, it's HEALTHY to ask for help because life is hard! Teaching is hard! Parenting is hard! I'm so happy I found your account on IG and your videos. It helps to know others are struggling with the same issues. You are doing a good thing for so many people Megan. Thank you again.
THANK YOU. Gratefulness here for those women who give birth - especially for unplanned little humans who ARE important - God, has a plan for that precious spirit. Thank you for giving birth to the FUTURE of our planet. LOVE YOU😍
Thank you for sharing your story! I have quite a bit of debt as well - private school college student here - and it seems like it’s never ending and overwhelming. I have finally become content with my apartment living with my husband because I agree that we have to enjoy life. We teachers work our butts off way too much to put our entire paycheck to debt.
I guess my one question for you, is are .you willing to pay for your children’s education in full? Are you capable of paying for your children’s education in full, pay off your own debt, and fund your own retirement? This is not a judgment. Just a question
If they’re not a position to, they will definitely be able to help guide. Going to school and taking classes fresh out of high school may not be the best for everyone since it’s hard to make a lifelong decision at 17.
My niece had a friend. Her parents started a college savings plan when she was a baby and accumulated $60k by time she went to college. They turned the funds over to her and let her pick her path. She went to a very expensive private school, got great lodging and lived big. She came back at Christmas break and told her parents she had finished the money and needed more for the second semester. They told her there was no more money. After wiping her tears off the floor she applied to community college. So many people should listen to this video while still a junior or sophomore.
Bless you. I didn’t have student loans. But I was a single parent of two little ones. I did work study and was on welfare during college. It was definitely humbling. People treated you so rudely. I got done in 3 years and many semesters of 18 hours. We lived in run down married housing on campus since I had kiddos. Even when I graduated and had worked for several years, my girls still qualified for reduced lunch. College is a hard time for so many. Mine was hard because I was rebellious and hard-headed along with a bit of boy crazy. I’m sure it’s a huge burden to deal with and I am so sorry. I think your video offered much wisdom to seniors on the brink of making huge decisions in their lives.
We have such similar stories. You are definitely not alone. I think the hardest part is that we assumed that when we finished all the schooling we would actually make enough to reasonably pay back our loans. I never took loans thinking I wouldn't have to pay them. But I never imagined that my husband and I would be paying$1,200 a month to student loans. We have a very similar attitude towards our debt as well. I am all about increasing our income and not sacrificing every cent we can scrape together. I like @onebighappylife - their channel is great at explaining how to still enjoy your life while paying back your debt. Much love to you, Megan.
What's your philosophy now with your own kids? Do you think it's important to support them financially after high school for a little while, or do you want them to be self-sustaining right after HS like you were?
Thank you for being so honest about this. I was fortunate enough to graduate college debt-free, but had to take out loans for graduate school (that I consider to be significant). It can be really stressful to think about, especially when it feels like other people my age have parents that are still paying for their lifestyles. Even though my student debt feels overwhelming, I have virtually no consumer debt and I am currently single, which means I have the luxury of putting more of my salary towards my loan payments. I honestly don't know how people with families do it! You're amazing!
There were moments I thought this was me talking about my life. LOL Our stories are so similar. I now have a daughter that has started college and plan to try every way in the world to keep her from having to take out student loans. I wish every day, I knew then what I know now.
Im in my second year attending a private catholic university. Over the summer I started having breakdowns over my eventual debt plus interest. I actually dropped out for 2 weeks over the summer. I love my school but I couldn’t imagine spending 2 or so decades paying off a loan. I eventually decided to transfer back to my school but this time as a commuter. I commute a little over an hour everyday but I love it. Now that I am saving so much by not living on campus my dad is paying off the semesters so I don’t have to take out a loan. Of course this isn’t free money I’m going to have to pay him back eventually but not having to have the burden of interest Is really helping me. I still took out 5k state loan this year but it’s way better than my 25k loan I took out the year before. thank you for sharing your story.
Anyone thinking about going to school now- you can get many of your general education/intro classes done at a community college. If you are low/mid income you should qualify for federal grants. That can easily save you thousands.
Thank you so much for sharing your story. I have a similar student loan debt story. Listening to you made me feel like I am not alone. I am a 4th Grade teacher in Michigan. I wait tables on the weekends, just to make my student loan payments and buy groceries. My minimum monthly loan payment is just as much as my car payment. I truly hope that one day the government will better set teachers up for success. I love your videos!
4th grade teacher, hahaha, what a waste of time, I used to earn that sort of money as a 2nd year apprentice, now I own 4 homes and a wood farm DEBT FREE!
Yes, I have maybe 8-10 of those over the past six years on my channel! They're a little hard to find, but I think searching "back to school" might bring them up
Thank you for sharing your story. It was a long video but I listen to 15 minutes or so at a time while I do homework and study for school. I’m a mom of one little boy who wasted time in my early 20s. I didn’t take out any loans but I also accomplished nothing. Now that I’m almost 30 and a mom, I’m finally taking school seriously and trying to finish my teaching degree (History major, social studies and 7-12 education minor). I’ve had to take loans out because I stopped working. It scares me to be in debt but listening to you and how you enjoy your life with your husband despite the student loans helped release some anxiety about my future. Also loved the “it’s criminal” comment! Our education system is broken and in urgent need of a reform but with our policy makers agreeing on nothing, and the people not carrying for who we vote for, we will be stuck in this disgusting loop.
I have student loans [grad plus] that are at 8%!!! I'll get my first check from my first year of teaching this week. ...almost all of it will go to childcare (for 2 kids) and student loans.
Your point about the difference in cultures I think plays a big role. I grew up in an Indian culture (I grew up in the Caribbean but the values are the same amongst people of Indian descent) and there was definitely the pressure to succeed. On the other hand my family does take care of me. I'm in med school now and I got a full scholarship for tuition but my family takes care of living expenses and make sure I'm comfortable. I would say they gave me a little bit of leeway to choose my career path but the options were definitely narrow. Basically it was the typical doctor, lawyer, engineer, etc.
Hi! I'm from Europe (I'm French) and I'm a primary school teacher (in Spain). I've watched your videos for a long time and I can see you're a smart, engaged and hard-working teacher / person. Listening to what you say in the end of the video, I want to tell you to be proud of yourself for having such strong principles and beliefs in your life and for not letting "the system" bring you down because of your financial situation. You deserve so much better than what the American government allows you to have. Watching you from Europe I am shocked to find out you are in this situation... It's a shame... I studied 3 years in College in Spain to become a teacher and each year the tuition was around 1500 euros. And now I'm workingnin a school owned by the State so I am guaranteed a job for life and I'm paid every month of the year, even during the summer holidays. In fact I get paid more than usual twice a year. It's a right many workers have. On top of that, medical care is something everyone has and going to the doctor is absolutely free. I'm just telling you these facts because I am really angry at your government (current and past ones) for treating its people this way, with so little humanity... I feel sorry for the American people... And as I know you're interested in social justice I thought you would like to know that and even maybe start a kind of platform to show your indignation... Respectfully, Mathilde T.
I have the same opinion. Learning more and more about US social system, I just can't belive how this country could have became the world's leader... Starting with health care, through non-existing maternity leave to school system, it is just dissaster
I didn't know that the government cuts people off from student loans. I learned something today. Thank you for sharing your story. Your perspective is reasonable and insightful.
Thanks for sharing your story. Hopefully it helps other people. These stories keep me out of debt. I paid off my student loan a few years ago (a master degree of like $20k) God bless you and your beautiful family 🙏🙏
Thank you for being transparent and honest about your student loan debt story! I often question whether or not pursuing my master's is the "smart" choice, financially. However, at the end of the day, we only get one life, and if we have to "buy" our jobs and our raises, I guess that is what it takes to work in a profession we are passionate about. I am the mother of a 12 year old, so I am already thinking about HIS college career, and hope that his father & I can help in SOME way - but I already know that we won't be in a position to help with all of his loans. We've been a single income family for most of my son's life, and after we move (in 2 years), I hope to finally be able to work full time and contribute a paycheck to our lives! As adults we have a heavy burden of considering: personal debts, student loans, our children's education, "just living" day to day, family experiences, retirement, investments, etc. Money and financial responsibility is truly just overwhelming, in general!
A student loan payment of $1000/mo is probably over $100,000 in loans not including your husbands. Heartbreaking. Hearing you discuss them at the end is kind of depressing. Assuming that neither of you makes a drastic career switch to become a doctor (which includes more loans usually), It sounds like you've given up on repaying them, if that makes sense. Thank you for sharing this and providing an hour of your time. You are exactly what we need in the education system and it's a shame obtaining a degree is so insanely expensive. My wife is planning to become a teacher and I want to accelerate her so that she takes out as few loans as possible.
This is my story. I’m a teacher in Arizona, which has the lowest pay in the country. I teach piano lessons as my second job. I was the same way, wanting to go to my “dream school” and wanting to “be independent.” While it was well-intentioned, I definitely wish I had more guidance and thought through my decisions more practically.
I appreciate your transparency! I regret to hear of your situation. I pray that you get relief from your debt. A message to future students: Watch Dave Ramsey Research your major before pursuing Attend a local COMMUNITY COLLEGE Transfer to a local state college/university Live at home, if you can. If you don't know why you are going to college, DON'T GO! Lastly, please try to complete college with little to no debt (grants and scholarships).
It's very nerve-wracking to hear stories about student loans, and it's crazy to think about even just 10 or so years ago, this wasn't something that students going into college were thinking about. I am currently in my first semester of college, and I hate the fact that I have to think about student loans so many times per week. I'm constantly thinking about ways to save money by working all summer, becoming an RA, etc., but there really needs to be a better situation for college students. And things like FAFSA aren't that great, there really needs to be change. Thank you for sharing your story!
I feel like your story is similar to mine. I'm praying our loans are forgiven. I heard most people have not filed the paperwork correctly and that's why they are denied. Hope you get PSLF.
My son is currently in college working on a Bachelors in Business / Marketing, lives at home and did two years jr college and is now applying for local state colleges all of which we will bankroll for him because he didn’t go to New York like his theatre friends in massive student loans!
I hope this question doesn’t offend ❤️ but knowing what you know now, would you let Jenson take out loans? Or will you push him to go debt free using scholarships, grants, community college, local schools etc
@@toocoolformiddleschoolblog Thank you for responding. I was wondering how your student loans would influence your decision on financing your son's education. I stayed home and graduated from a community college. I did not have to pay rent or contribute to house bills. I completed my education at a state college as a commuter student, saved a lot of money. Fast forward, I was fortunate to pay my daughter's collge education. Proud mother of a college graduate. My parents helped me and I wanted to help my daughter. Thank you for sharing your reflections of your life decisions. This was valuable information for young teachers who are considering going back to school and young high school graduates.
I can 100% understand this!! I'm 22 now, haven't finished my BSN yet, and have an unbelievable amount of student loan debt from choosing to go to an expensive private university. Currently at my local community college while I apply to schools to finish my BSN, starting Fall of 2020. I've faced a lot of similar circumstances that you and your husband have - staying at home and commuting to community college wasn't an option because we couldn't even afford a 2nd car (between my mom and I) so I HAD to stay away at school, because straight through BSN programs do not exist online. Looking back five years ago when I applied to colleges, I didn't have the knowledge or true maturity to think about how my choice of college will impact my finances 10, 20, 30 years down the line. I was the first one in my immediate family to go to college, so I had no one to really look to for guidance on how to tackle financing college in the smartest way. The idea of "oh live at home, go to junior college, then go to a cheap/in-state public university to finish your bachelors" is smart in a perfect world, but it's not possible for everyone. I know I could have attended a cheaper school to live away from home at, but no one makes the most intelligent choices of their lives at 18 years-old. I know it wasn't a smart choice at the end of the day, and that my already unbelievable student loan debt amount is a great deal my fault. Sometimes I'm in near tears thinking about when I have to start making full payments once I start my nursing career, because I want so badly to have a husband, even one child, and a little apartment of our own, and sometimes it's hard for me to see the bigger picture of how that will be possible for me, because of my student loans. But I like your approach - still do all you can to enjoy/be comfortable in life, and do what you can to make it work financially, and try to increase your salary while not letting the quality of life you live suffer. I plan on getting my nurse practitioner degree in the future, and nursing has a clinical ladder of salary earnings, so I know it's possible for me to live a decent life when I'm a nurse, but as a young person it's sometimes hard to imagine how my life will be down the road. Thank you so much for this video Megan, I really needed to hear that I'm not alone in all of this!!
Neomah -1 His plans are not one-size-fits-all, and I don’t think they would really work for me. Everyone’s circumstances are different so while it can be a suggestion people make, it’s not going to work for every person
They have programs for Teachers in New York if they teach they pay for some of the Masters Degree. It appears you and Husband kept going to school hoping to reap the benefits.
Thank you for your insights! 😀. I am definitely going to take the advice you have given, pray, and ask God to help me in many areas in order to continue being what He wants me to be. I took out student loans for my Bachelors and Masters degrees, but I know I am going to lean and depend of the Lord, as well as remaining confident in the profession I chose to be in. Being a teacher has been an amazing blessing and I thank you for your continued inspiration! 😀
Occupation: Postdoctoral Fellow in Cancer Research Salary: $47,800 per year May 2016 Balance: $51,000 October 2019 Balance: $9,629 Earliest Zero Balance Date: July 1, 2020
@Grace Lily You are correct in thinking my PhD was funded. The funding took the form of a tution waiver and a stipend of $19,000. I went to community college (HVCC) for the first two years as an undergraduate. My grades were good enough to get me a scholarship to cover half my tution at RPI. The result was a bachelor's degree in biochemistry that would have cost $80,000 in 1996 for $20,000. When I went to UConn for my PhD in chemistry, I had to borrow $12,000 for housing (grad program funding only covers tution). So I borrowed a total of $32,000 for everything from freshman to PhD. I had been making student loan payments the whole time by that only slowed the accumulation of interest. It was only after I started my postdoctoral fellowship that I was able to to significantly pay down my loans. I will reach zero balance in 9 months, sooner if I successfully secure a research scientist position (Salary: $70,000).
I’ve got whiplash from all the course corrections in the giant snowball of debt story here. And FYI I have a BA no masters and make $150k with zero student debt in California because I stayed on track, did not switch gears and focused! Also I chose STEM. Engineering pays 💰!!
I almost went on a similar track. i started at csu chico, and i had no idea what was going on. i was taking random classes, and had no guidance. my mom went to college, but it was literally so long ago that the college system was completely different. then i dropped out after the first semester finished, and went to community college. the best choice for me, and i'm so grateful i did that. The amount I owe is doable. i'm currently in my credential program, and living at home. the csu I'm going to, is literally ten minutes from my house. I'm not sure if it's different now because there are less teachers in California, but the program is super reduced where I am.
The interest only loan debt crisis was horrific in mid 2000s. Unfortunately I purchased a house with the interest only loan which essentially is two mortgages where the person pays only the interest for ten years. Then the mortgages amortize in which the mortgages double in amount. So many people lost their homes. I was able to keep my home and get fixed rates for both mortgages. It’s been extremely tough financially as a teacher due to that and paying NYU tuition. I did lots of gigs: pet sitting, serving, teaching summer camps in the arts, and teaching ESL online including teaching as a music educator in public schools. Knock on wood, my car loan will be paid off this week including my 2nd student loan in October 2019. I’ve consolidated my credit card debt as well, working to become debt free. I didn’t qualify for the loan forgiveness program after teaching in Title I schools for ten years and paying on time. I was told that I didn’t have the right type of college loans which nobody knows that when you apply for them. A person can’t know ten years later which loans will be accepted for that program. The government doesn’t tell you that. Basically I think if a person lowers their interest rate like I did that it disqualifies you for that loan forgiveness program. I bundled the school loans and got a lower interest rate on them. However once I was disqualified, I figured out that a person can’t believe what the government says. Move on. Anyway, it’s taken years of hard work, no vacations, and living a simple existence to get to this point. People make mistakes, learn from them and live their lives. For me, a bad contract of any sort is a bad contract. Don’t sign them: house, car, college, credit cards or personal loans with a high interest rate. Live simply, love deeply, and live life.
You can still make space in your budget for Starbucks and fun things with the baby, don’t give up on creating real wealth. May be a little bit harsh but you are doing the same thing now; “we know what to do, we can do it on our own” etc... maybe, just maybe other people have the help and advise you’ve never received. The total money makeover, or attend financial peace university at a local church. I have paid 20000 in 3 months, I’m a single mom, I drive a reliable car, I have a Starbucks, and take my toddler for ice cream, free museum days, and many others free activities in the community. Hamster in a wheel will not be my accompanying synonym. I pray you take heed of others advise and proven plans.
You did well. If you start comparing you life with others' lives, you will always end up looking at life as being unfair. Don't discount your suffering, it definitely wasn't self-inflicted, it is a badge of honour.
Your story is my story....I pay over $800 a month on my loans and the only thing that helps is that my husband does not have any loans and he pays most of the household bills & I have been a teacher for 21 years and I will still be paying after I retire 🥵
Why are you on forbearance, when you could lower your monthly expenses and pay the most towards your loans???? I’m a bit confused on that. Getting out of debt is worth the sacrifice. But, anyways, wishing you and your family the best.
I think there's a balance to be had and I think my parents gave me that. I lived with them through university so I never paid for rent, transportation, groceries or utilities. My father had an RESP (education fund) for me and my sister so that combined with entrance scholarships, bursaries, and some student loans covered the cost of my education. I got a part-time job later on just for some pocket money and as a resume builder (my parents told me to only take 1-2 shifts a week). I learned the value of a dollar when I worked at that minimum wage job. Right now I'm fresh out of university and I have 22k in student debt. My dad offered to help me pay for that as well but I declined because I have a field-related job and can tackle that manageable sum now. I think it's important to financially support your kids when they're just beginning their education so that they don't have to start their careers with a six-figure debt. That 'independence' lesson shouldn't come with such a burdensome cost. I would take the same approach as my dad too.
Thank you for the video. I don't have a ton of advice but I would say, just to help you better understand your parents and your husband's parents (and maybe while you're thinking about your own child), you may want to, if you haven't already, read Unequal Childhoods by Annette Lareau to gain some insight into what both your parents may have been thinking. My story is similar to yours in some ways (the debt) and different in others (it sounds like I had more help with my undergrad education than you did). I went to a state school for a year before transferring to another state school (both in Florida) and finished my undergrad, after 5 years, with about 10K in debt. I was in a program called AmeriCorps for 2 years and had the ten k paid off through what is called an education award. During this time, my dad paid for my rent and my tuition (for the first four years). For my grad school work, I moved to another state but negotiated for in-state tuition. I still took out 60 k in loans but, because I lived cheaply and worked a second job, I was able to pay it off within two years of graduating. For me (and I say this with nothing but love and respect towards you and your husband), the key was focus. I made paying off my debt my number 1 priority in my life during this time. I was single without kids so I didn't have to convince anyone else of my plan but now (4 years later, completely debt free) looking back, I feel it was 100% the right decision. I wish you nothing but luck in your journey.
Did you look at public transportation to see if it's convenient enough for at least one of you to use to save money? That's what I did when I went to school. It was better to do that than to deal with student loans.
@@toocoolformiddleschoolblog I have a license now, but I still don't have a car. I'm waiting for the right moment. On a scale of 1-10, how willing would you or your husband be to use public transportation?
Not sure if you are looking for advice, but this is what I would tell you if you were a friend... Move to a cheaper area. You could do it for 5 years or so and knock out a huge amount of debt. It would be tough but the rest of your life (and Jensen's) would be better for it.
Cheaper areas also pay WAY less so our take home pay would just even out and then we would take a huge pay cut in our retirement so we certainly aren’t looking to move! We also have so many more opportunities for second jobs in LA 🤗
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i never went to school i went to skill trades .i paid my brothers loans and now i paid for my sons .They both know i love them i would gladly do it .Loans are a rip off my brother interest that was around 6 to 7 percent my son i paid cash so zero debt when hes done.the reason way i say this is skilled trades are a very good alt to school you can make 150 to 200 thousand a year something to think about debt free yah your folks might not like it my folks looked at me as a failure .when i paid my brother loans off they changed their mind lol
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No, she also failed to mention what her and her husband's total income is. This video serves as a teachable moment: Don't accumulate debt for a low paying/low market demand career.
If schools and teachers taught students about finances, if they taught them the alternative options besides pursuing secondary education in a institution such as entrepreneurship and equity investments a lot of people today will be in much better financial shape. The downside about going to college is unless you're pursuing a degree in engineering or medical (such as doctors), two industry that historically are on a uptrend and are difficult to learn outside of college then they run the risk of getting a degree in a industry that's in a downtrend and has a lot of competition making the degree not as valuable or even worthless. Unfortunately, it will take most people 4 years and thousands of dollars of debt to realized their failure with this route. Compared to starting a business, it will only take you up to a year to fail and even if you did the debt is not reflected on your personal credit, but rather the business credit profile. However, if you succeed your income potential far exceed that a college grad will make in their entire career.
There’s no benefit in making your child learn as much as they can about expenses because we will all have them some day. There is great benefit in teaching your child how to invest their money so that it mutiplies at an early age because fewer people ever do this or get to take advantage of time + compound interest. In order for a child to invest in this way you cannot make them pay for every thing because they will have little to no money for investing afterwards. Prioritize your child’s future financial freedom over teaching them how to be bill-payers.
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Not all Asian are rich, I'm asian and grew up poor, I went to community college and got engineering degree, paid for everything with my own cash, hard work, but possible!!
In my high school, the teachers would consistently push state and out of state schools onto everyone applying into college not even mentioning the student debt people would accumulate. The area where I lived and went to school was very low socioeconomically and it seemed ridiculous that instead of just telling students to go to city schools, live at home, and not accumulate any debt they would consistently push the idea of the "college experience". I got very lucky and will be finishing debt-free due to scholarships, financial aid, and living at home but unfortunately, many of my classmates will not be doing the same.
@ Any time I would try and call them out on it the teachers would brush it off because "It's worth the experience". Personally, I don't think any experience is worth spending your entire life in debt. After a while I just stopped bothering, obviously, no one cared enough until after they made the mistake already.
Very true.
This whole story had me hyperventilating- crazy choice after crazy choice! This makes me so thankful I didn’t go to college until I was 25. I had money saved, I knew what I wanted to do and didn’t get into any of this mess.
Most shouldn't go in the first place. We are living in an era where we have Fiverr, Upwork, and Freelancer. You can easily make a living off of the internet, yet many still choose to take the college route. I just don't get it.
People need to realize you don't need a useless piece of paper in order to make money. It's the biggest SCAM perpetrated on the American people. All designed to keep you enslaved. Outside of S.T.E.M most degrees are useless. Liberal arts B.S.
@@sheldonhollis3299 that’s not for everyone. That’s a hustle (and can be stressful) lifestyle.
Honestly, I always tell people to go to community college for your first two years. It saves SO much. I did that, got super good grades and then transferred to a 4 year university with it paid in full. Still going to graduate with the same diploma as those who have gone there for 4 years and spent like 4x what I did.
I think the biggest take away from this is that when you go into college, you must have a goal and a destination in mind with timeline. That's probably where you would have benefited the most if you had some guidance from someone. It's clear you are very smart and very hard working and independent but without a roadmap, you spent a lot of time and money mostly lost and spinning your tail. While it's nice to have parents who pay for tuition and all that, it's more important for them to guide teenagers on a direct and efficient path to adulthood. I hope you can apply your smarts and industriousness to climb out of this and lay out a better path for your children. Thank you for sharing.
Or just don't go at all. We have many platforms online where you can make money off your passion.
I am Asian and yes culturally speaking, we generally fund our kids education. The idea is that you would take care of your parents. That is how it worked with my family. But the second generation is supposed to make enough to take care of their parents and fund the the third generation in college. There was a lot of pressure for us to be able to do both. My husband and I have saved enough that we can take of our parents, fund our own retirement and put our kids through college. But we live a much lower standard of living to be able to do all three. We hope to make it easier on the next generation. Btw a lot of Asians sacrifice their own financial well being to put their kids through college. They sell their home or use their own retirement funds to send their kids through college. That is not good either.
That is a noble thing to do but it is still complicated by the high cost of college and the amount of interest incurred on a parent plus loan. A solution that relieves some of that burden has to be found. I am willing to invest in my child's future has well but the amount I have saved has be used balanced with school choice.
Or you can OPT out of having children and just fund your retirement yourself.
I'm a African American man and my wife is Chinese who recently migrated to the USA 4 years ago. My wife's family has very strong values especially when it pertains to education. At first, it was difficult for them to accept me (especially after visiting her family for the first time in Shanghai) because they didn't understand how I was able to create wealth for myself for I never attended any secondary education or had any special training prior to starting my business in the US many years ago.
I used to believe that only Americans had the belief that the only way to achieve financial independence is by attending college so that you can work to make someone else richer but this attitude is seen all around the globe. In reality, very few people embrace the possibilities of pursuing entrepreneurship because they were never taught about it growing up and by schools, or can't stand all the uncertainties and headaches pertaining to running a business.
I live a standard of living that is far higher than what my parents and grandparents had lived and me and my wife has already established trust in place for our parents and our future children if we are blessed to have them.
@@deadcell1 People need to focus on building off their passion. Screw college and those who are forcing these young people to go so they can die in debt.
OMG that sounds very stressful. I'm German and the culture here is very different. Parents are expected to fund their kids college if they can afford it (the student loans here are also not as bad as the American ones), but kids are not expected to financially support their parents.
It is a sort of one-sided money-transaction, but here it is seen as "my parents financed my college, I finance my kids college, they will finance my grandkids college."
Elderly Germans without enough money often try to hide their poverty from their family and are very ashamed, when their kids offer to support them, because they don't want to take away money that is supposed to fund their grandkids education.
Our stories are so similar. Always working and always having to take out money to stay afloat. Definitely a difficult time. I am a school counselor and I am so honest with parents and students about my debt because I don't want them to be in the same situation as me. Family dynamics play such a huge part in student loans... I love my family but I wish we knew more then.
So you signed for loans, SPENT THE MONEY and thought you wouldn't have to pay it back did you DUMBASS?
@@mohammadwasilliterate8037 I hope your day gets better! Anyone that resorts to name calling on a UA-cam video to a stranger is clearly miserable and in need of a strong cup of coffee. Tis the season for a pumpkin spice latte!
I’m sorry you had to go through and are still dealing with this. My parents had a lot of debt while I was growing up (credit cards, car loans, etc.) While I was in middle and high school, they got on to Dave Ramsey and payed it all off. I was very lucky that they decided to pay for my bachelors degree. They also taught me not to borrow money through loans and credit cards. I am now paying cash for my masters degree while I teach. I’m only taking what I can afford a semester, but I still should finish in 3 years. I do have an ideal situation because I’m not married and don’t have kids. I can see you paying off your debt and paying for Jenson’s college like my parents did for me. I feel like I’m ahead because most of my friends have student loans. You can do it!!
She isn't "dealing with this" she signed up for the loans and flew around the world doing whatever she felt like, her choice! DUMBASS.
Thank you for such a candid account. I feel so much for you and your husband and have such respect for your work ethic.
Parents helping with college expenses also depends on socio-economic background.
Love your story!! Thank you so much for sharing! Student loans are literally criminal!!!!!!!! I’m from the Bay Area and it’s absolutely impossible to become a teacher here without having to take out student loans. It’s so sad that soooo many teachers have to go through this! Enjoy your life and have fun when you can!
Thank you for your story. Will get my daughter to hear it .... This story blows my mind. Since I was a little child I was brought up to never go into debt. The same I am teaching my daughter. Good luck and I am happy to see that inspite of it all, you look great.
Great job with the video. I respect people with courage and self-awareness who help others.
Your first year of college is what so many Canadians pay for almost their whole degree at some of the top schools in Canada. I don’t understand how the US and Canada are so similar but different at the same time.
Also, speaking as one Asian family (because we are all different), my parents and grandparents had nothing in India. They worked so hard in their low skilled jobs so that their children would have a better future. We didn’t have Christmas presents, lots of toys, clothes and we didn’t go to restaurants. My parents saved and saved so that their children could have better lives than the ones they were living. Just because Asian parents pay for their kids’ university tuition does not mean our families are wealthy.
I'm Asian Canadian here and had very similar thoughts! My tuition was about $8000 a year.
I considered doing my undergrad in the states but decided against it because of the significant cost difference.
My parents came here on scholarships, which didn't really cover both tuition and rent. They had to redo their graduate degrees (as their degrees from China weren't recognized) while working low paying jobs. They saved every penny and once they got good paying jobs, they still kept on saving. I admit as a kid sometimes I would wonder why my parents were so "cheap". Their salary was certainly above average, but because they started out with nothing, we lived very frugally. My parents tell me now that they regret not giving me some of the things/ experiences my peers had... but I am still very grateful they were able to pay for my education.
Ikr! McGill is like $9K a year. If you're a quebec resident it's like nothing
So true! I finished my Bachelors of Engineering in Canada this year and I have 22k in student debt (which is manageable). My dad made an RESP for me and my sister since we were in elementary school so the RESP + entrance scholarships for good grades + bursary + gov grants covered most of the cost.
...But I'm hearing American students talk about 300k in debt and I'm thinking: WHAT?!
Thank you so much for sharing your story! Your story is so many of our stories!
Omg, Megan this story was deep! So glad you overcame, the type of endeavors you mentioned here buries most to the point of no return. I have a huge affinity for educators and even more so for the passionate ones. You're clearly passionate and I commend you for all you've done and do. Thanks for sharing this, sooo many takeaways here. Your loans will be gone eventually, keep on keeping on 💪🏁
Thank you for sharing! I live in Mass and am currently getting my M.Ed. in Elementary Ed. It's nice to hear other teachers stories and to learn from them!
Your story is so inspirational, I kind of wanted to cry hearing all this. I'm currently an undergrad aiming for a teaching credential and have already been accumulating debt as well. But this gives me hope that you can live your life and pay off your debt at the same time and it shouldn't be something you should slave away desperately for.
I added this to my watch later list and finally found the time to watch it. I am totally in the same boat as you (minus mommy part). It is so nice to hear that I'm not the only one 🥺 I owe so much and don’t see any end either. Thank you for taking the time to share your story. I don’t want to push college on any future kids now.
I need to share your story with my seniors! So many of them have the same mindset and situation.
I came from a poor family, no one had gone to college so I was on my own to figure everything out. I was super fortunate that Florida has a Bright Futures program, so I had the SAT scores to qualify for a 75% FL grant so I only had to worry about 25%. Unfortunately, Florida has raised the SAT requirements and I teach ELL so it’s very difficult for them to get the necessary scores, so I’m still trying to figure out how to get some of them in college and to give them more options.
It was true for me almost 40 years ago! Didn’t get my loans paid off after our second child !😜
We can only make the best choices we can with the information we have at the time!
There’s light at the end of the tunnel.
Thank you for sharing ❤️
Thank you so much for sharing your story!!! So many of us including myself can relate to the burden of student loan debt. Pretty crazy that 18 year olds can't legally drink but are allowed to take out hundreds of thousands of debt. I'm just happy I'll be able to teach my daughter much better.
Thank you so much for sharing this! ❤️
Thank you for sharing your story. Our stories are very similar. Like you, I've always took pride in my self-sufficiency and hard work and therefore have always been reluctant to ask for help. As I get older, the more I realize that it's okay to ask for help. Frankly, it's HEALTHY to ask for help because life is hard! Teaching is hard! Parenting is hard! I'm so happy I found your account on IG and your videos. It helps to know others are struggling with the same issues. You are doing a good thing for so many people Megan. Thank you again.
“Growing a human” 😂😂😂 Love it. You’re awesome. Liven’ a story to tell, girl. You were working hard to get ready for life as a teacher.
THANK YOU. Gratefulness here for those women who give birth - especially for unplanned little humans who ARE important - God, has a plan for that precious spirit. Thank you for giving birth to the FUTURE of our planet. LOVE YOU😍
Thank you for sharing your story! I have quite a bit of debt as well - private school college student here - and it seems like it’s never ending and overwhelming. I have finally become content with my apartment living with my husband because I agree that we have to enjoy life. We teachers work our butts off way too much to put our entire paycheck to debt.
I guess my one question for you, is are .you willing to pay for your children’s education in full? Are you capable of paying for your children’s education in full, pay off your own debt, and fund your own retirement? This is not a judgment. Just a question
If they’re not a position to, they will definitely be able to help guide. Going to school and taking classes fresh out of high school may not be the best for everyone since it’s hard to make a lifelong decision at 17.
Wow, thanks for sharing. Our student loan stories are so similar. Sad, but I'm happy to not be the only one in this situation.
Wow. Thank you for sharing that. I think your story is an important testimony in California history.
Pleased continue post more videos. This is what we need more of.
I really appreciate this video, thank you so much for sharing.
My niece had a friend. Her parents started a college savings plan when she was a baby and accumulated $60k by time she went to college. They turned the funds over to her and let her pick her path. She went to a very expensive private school, got great lodging and lived big. She came back at Christmas break and told her parents she had finished the money and needed more for the second semester. They told her there was no more money. After wiping her tears off the floor she applied to community college. So many people should listen to this video while still a junior or sophomore.
She was kicked beofre she even finished the year?! Yikes-
Bless you. I didn’t have student loans. But I was a single parent of two little ones. I did work study and was on welfare during college. It was definitely humbling. People treated you so rudely. I got done in 3 years and many semesters of 18 hours. We lived in run down married housing on campus since I had kiddos. Even when I graduated and had worked for several years, my girls still qualified for reduced lunch. College is a hard time for so many. Mine was hard because I was rebellious and hard-headed along with a bit of boy crazy. I’m sure it’s a huge burden to deal with and I am so sorry. I think your video offered much wisdom to seniors on the brink of making huge decisions in their lives.
We have such similar stories. You are definitely not alone. I think the hardest part is that we assumed that when we finished all the schooling we would actually make enough to reasonably pay back our loans. I never took loans thinking I wouldn't have to pay them. But I never imagined that my husband and I would be paying$1,200 a month to student loans. We have a very similar attitude towards our debt as well. I am all about increasing our income and not sacrificing every cent we can scrape together. I like @onebighappylife - their channel is great at explaining how to still enjoy your life while paying back your debt. Much love to you, Megan.
Thank you so much for sharing your story!
What's your philosophy now with your own kids? Do you think it's important to support them financially after high school for a little while, or do you want them to be self-sustaining right after HS like you were?
Thank you for being so honest about this. I was fortunate enough to graduate college debt-free, but had to take out loans for graduate school (that I consider to be significant). It can be really stressful to think about, especially when it feels like other people my age have parents that are still paying for their lifestyles. Even though my student debt feels overwhelming, I have virtually no consumer debt and I am currently single, which means I have the luxury of putting more of my salary towards my loan payments. I honestly don't know how people with families do it! You're amazing!
You’re such a hard worker!
There were moments I thought this was me talking about my life. LOL Our stories are so similar. I now have a daughter that has started college and plan to try every way in the world to keep her from having to take out student loans. I wish every day, I knew then what I know now.
Im in my second year attending a private catholic university. Over the summer I started having breakdowns over my eventual debt plus interest. I actually dropped out for 2 weeks over the summer. I love my school but I couldn’t imagine spending 2 or so decades paying off a loan. I eventually decided to transfer back to my school but this time as a commuter. I commute a little over an hour everyday but I love it. Now that I am saving so much by not living on campus my dad is paying off the semesters so I don’t have to take out a loan. Of course this isn’t free money I’m going to have to pay him back eventually but not having to have the burden of interest Is really helping me. I still took out 5k state loan this year but it’s way better than my 25k loan I took out the year before. thank you for sharing your story.
I have a similar story. I'm in 150k in student loan debt and I know how hard mentality/emotionalky/ physically it can get. Thanks for sharing!
Wow! Music major! Slash just practiced at home and he is worth $100 million dollars!!!
Anyone thinking about going to school now- you can get many of your general education/intro classes done at a community college. If you are low/mid income you should qualify for federal grants. That can easily save you thousands.
Very engaging and informative!!
Thank you so much for sharing your story. I have a similar student loan debt story. Listening to you made me feel like I am not alone. I am a 4th Grade teacher in Michigan. I wait tables on the weekends, just to make my student loan payments and buy groceries. My minimum monthly loan payment is just as much as my car payment. I truly hope that one day the government will better set teachers up for success. I love your videos!
4th grade teacher, hahaha, what a waste of time, I used to earn that sort of money as a 2nd year apprentice, now I own 4 homes and a wood farm DEBT FREE!
Can you do a video about the beginning of the school year, like how you start a class, teach procedures and rules, etc? That'd be really great.
Yes, I have maybe 8-10 of those over the past six years on my channel! They're a little hard to find, but I think searching "back to school" might bring them up
Thank you for sharing your story. It was a long video but I listen to 15 minutes or so at a time while I do homework and study for school. I’m a mom of one little boy who wasted time in my early 20s. I didn’t take out any loans but I also accomplished nothing. Now that I’m almost 30 and a mom, I’m finally taking school seriously and trying to finish my teaching degree (History major, social studies and 7-12 education minor). I’ve had to take loans out because I stopped working. It scares me to be in debt but listening to you and how you enjoy your life with your husband despite the student loans helped release some anxiety about my future. Also loved the “it’s criminal” comment! Our education system is broken and in urgent need of a reform but with our policy makers agreeing on nothing, and the people not carrying for who we vote for, we will be stuck in this disgusting loop.
I have student loans [grad plus] that are at 8%!!! I'll get my first check from my first year of teaching this week. ...almost all of it will go to childcare (for 2 kids) and student loans.
Your point about the difference in cultures I think plays a big role. I grew up in an Indian culture (I grew up in the Caribbean but the values are the same amongst people of Indian descent) and there was definitely the pressure to succeed. On the other hand my family does take care of me. I'm in med school now and I got a full scholarship for tuition but my family takes care of living expenses and make sure I'm comfortable. I would say they gave me a little bit of leeway to choose my career path but the options were definitely narrow. Basically it was the typical doctor, lawyer, engineer, etc.
Hi! I'm from Europe (I'm French) and I'm a primary school teacher (in Spain). I've watched your videos for a long time and I can see you're a smart, engaged and hard-working teacher / person. Listening to what you say in the end of the video, I want to tell you to be proud of yourself for having such strong principles and beliefs in your life and for not letting "the system" bring you down because of your financial situation. You deserve so much better than what the American government allows you to have. Watching you from Europe I am shocked to find out you are in this situation... It's a shame... I studied 3 years in College in Spain to become a teacher and each year the tuition was around 1500 euros. And now I'm workingnin a school owned by the State so I am guaranteed a job for life and I'm paid every month of the year, even during the summer holidays. In fact I get paid more than usual twice a year. It's a right many workers have. On top of that, medical care is something everyone has and going to the doctor is absolutely free. I'm just telling you these facts because I am really angry at your government (current and past ones) for treating its people this way, with so little humanity... I feel sorry for the American people... And as I know you're interested in social justice I thought you would like to know that and even maybe start a kind of platform to show your indignation... Respectfully, Mathilde T.
ua-cam.com/video/JbqbxtUQYnQ/v-deo.html
I have the same opinion. Learning more and more about US social system, I just can't belive how this country could have became the world's leader... Starting with health care, through non-existing maternity leave to school system, it is just dissaster
I didn't know that the government cuts people off from student loans. I learned something today. Thank you for sharing your story. Your perspective is reasonable and insightful.
Thanks for sharing your story. Hopefully it helps other people. These stories keep me out of debt. I paid off my student loan a few years ago (a master degree of like $20k) God bless you and your beautiful family 🙏🙏
Thank you for being transparent and honest about your student loan debt story! I often question whether or not pursuing my master's is the "smart" choice, financially. However, at the end of the day, we only get one life, and if we have to "buy" our jobs and our raises, I guess that is what it takes to work in a profession we are passionate about. I am the mother of a 12 year old, so I am already thinking about HIS college career, and hope that his father & I can help in SOME way - but I already know that we won't be in a position to help with all of his loans. We've been a single income family for most of my son's life, and after we move (in 2 years), I hope to finally be able to work full time and contribute a paycheck to our lives! As adults we have a heavy burden of considering: personal debts, student loans, our children's education, "just living" day to day, family experiences, retirement, investments, etc. Money and financial responsibility is truly just overwhelming, in general!
A student loan payment of $1000/mo is probably over $100,000 in loans not including your husbands. Heartbreaking. Hearing you discuss them at the end is kind of depressing. Assuming that neither of you makes a drastic career switch to become a doctor (which includes more loans usually), It sounds like you've given up on repaying them, if that makes sense. Thank you for sharing this and providing an hour of your time. You are exactly what we need in the education system and it's a shame obtaining a degree is so insanely expensive. My wife is planning to become a teacher and I want to accelerate her so that she takes out as few loans as possible.
What was your siblings experiences in college? Did they get into large amounts of debt, where did they attend?
This is my story. I’m a teacher in Arizona, which has the lowest pay in the country. I teach piano lessons as my second job. I was the same way, wanting to go to my “dream school” and wanting to “be independent.” While it was well-intentioned, I definitely wish I had more guidance and thought through my decisions more practically.
Yeah, well done dumbass, you chose the lowest paying job ever and took out a loan to get the job,,,,lol,,,,,Mc Dondalds employees earn more you fool.
I appreciate your transparency! I regret to hear of your situation. I pray that you get relief from your debt.
A message to future students:
Watch Dave Ramsey
Research your major before pursuing
Attend a local COMMUNITY COLLEGE
Transfer to a local state college/university
Live at home, if you can.
If you don't know why you are going to college, DON'T GO!
Lastly, please try to complete college with little to no debt (grants and scholarships).
It's very nerve-wracking to hear stories about student loans, and it's crazy to think about even just 10 or so years ago, this wasn't something that students going into college were thinking about. I am currently in my first semester of college, and I hate the fact that I have to think about student loans so many times per week. I'm constantly thinking about ways to save money by working all summer, becoming an RA, etc., but there really needs to be a better situation for college students. And things like FAFSA aren't that great, there really needs to be change. Thank you for sharing your story!
Student loans have been around for decades.
"first time I encountered rich people". So, so true
I feel like your story is similar to mine. I'm praying our loans are forgiven. I heard most people have not filed the paperwork correctly and that's why they are denied. Hope you get PSLF.
Your interest rate seems high. Is there a way to consolidate and get a better rate?
My son is currently in college working on a Bachelors in Business / Marketing, lives at home and did two years jr college and is now applying for local state colleges all of which we will bankroll for him because he didn’t go to New York like his theatre friends in massive student loans!
I hope this question doesn’t offend ❤️ but knowing what you know now, would you let Jenson take out loans? Or will you push him to go debt free using scholarships, grants, community college, local schools etc
I have that same question.
Our dream is to be able to pay for Jenson’s education. We both know how far behind you are in life when you start your career drowning in debt.
@@toocoolformiddleschoolblog Thank you for responding. I was wondering how your student loans would influence your decision on financing your son's education.
I stayed home and graduated from a community college. I did not have to pay rent or contribute to house bills. I completed my education at a state college as a commuter student, saved a lot of money. Fast forward, I was fortunate to pay my daughter's collge education. Proud mother of a college graduate. My parents helped me and I wanted to help my daughter.
Thank you for sharing your reflections of your life decisions. This was valuable information for young teachers who are considering going back to school and young high school graduates.
I can 100% understand this!! I'm 22 now, haven't finished my BSN yet, and have an unbelievable amount of student loan debt from choosing to go to an expensive private university. Currently at my local community college while I apply to schools to finish my BSN, starting Fall of 2020. I've faced a lot of similar circumstances that you and your husband have - staying at home and commuting to community college wasn't an option because we couldn't even afford a 2nd car (between my mom and I) so I HAD to stay away at school, because straight through BSN programs do not exist online. Looking back five years ago when I applied to colleges, I didn't have the knowledge or true maturity to think about how my choice of college will impact my finances 10, 20, 30 years down the line. I was the first one in my immediate family to go to college, so I had no one to really look to for guidance on how to tackle financing college in the smartest way. The idea of "oh live at home, go to junior college, then go to a cheap/in-state public university to finish your bachelors" is smart in a perfect world, but it's not possible for everyone. I know I could have attended a cheaper school to live away from home at, but no one makes the most intelligent choices of their lives at 18 years-old. I know it wasn't a smart choice at the end of the day, and that my already unbelievable student loan debt amount is a great deal my fault. Sometimes I'm in near tears thinking about when I have to start making full payments once I start my nursing career, because I want so badly to have a husband, even one child, and a little apartment of our own, and sometimes it's hard for me to see the bigger picture of how that will be possible for me, because of my student loans. But I like your approach - still do all you can to enjoy/be comfortable in life, and do what you can to make it work financially, and try to increase your salary while not letting the quality of life you live suffer. I plan on getting my nurse practitioner degree in the future, and nursing has a clinical ladder of salary earnings, so I know it's possible for me to live a decent life when I'm a nurse, but as a young person it's sometimes hard to imagine how my life will be down the road. Thank you so much for this video Megan, I really needed to hear that I'm not alone in all of this!!
take a look at dave ramsey's plan
Neomah -1 His plans are not one-size-fits-all, and I don’t think they would really work for me. Everyone’s circumstances are different so while it can be a suggestion people make, it’s not going to work for every person
We all make mistakes you will get through! Hindsights 20/20!
They have programs for Teachers in New York if they teach they pay for some of the Masters Degree. It appears you and Husband kept going to school hoping to reap the benefits.
Thank you for your insights! 😀. I am definitely going to take the advice you have given, pray, and ask God to help me in many areas in order to continue being what He wants me to be. I took out student loans for my Bachelors and Masters degrees, but I know I am going to lean and depend of the Lord, as well as remaining confident in the profession I chose to be in. Being a teacher has been an amazing blessing and I thank you for your continued inspiration! 😀
Occupation: Postdoctoral Fellow in Cancer Research
Salary: $47,800 per year
May 2016 Balance: $51,000
October 2019 Balance: $9,629
Earliest Zero Balance Date: July 1, 2020
@Grace Lily You are correct in thinking my PhD was funded. The funding took the form of a tution waiver and a stipend of $19,000.
I went to community college (HVCC) for the first two years as an undergraduate. My grades were good enough to get me a scholarship to cover half my tution at RPI. The result was a bachelor's degree in biochemistry that would have cost $80,000 in 1996 for $20,000. When I went to UConn for my PhD in chemistry, I had to borrow $12,000 for housing (grad program funding only covers tution). So I borrowed a total of $32,000 for everything from freshman to PhD. I had been making student loan payments the whole time by that only slowed the accumulation of interest. It was only after I started my postdoctoral fellowship that I was able to to significantly pay down my loans.
I will reach zero balance in 9 months, sooner if I successfully secure a research scientist position (Salary: $70,000).
People should be allowed to file for bankruptcy for student loan debt. If big corporations can get bailed out, why can't we?
I agree. It does ruin your credit score but the debt is ruining it already.
Yes student debt should be avoided if possible. So many students need to have their loans forgiven 100%
I’ve got whiplash from all the course corrections in the giant snowball of debt story here. And FYI I have a BA no masters and make $150k with zero student debt in California because I stayed on track, did not switch gears and focused! Also I chose STEM. Engineering pays 💰!!
What a pointless comment 😂
@@EmileeBreeana19 why
I almost went on a similar track. i started at csu chico, and i had no idea what was going on. i was taking random classes, and had no guidance. my mom went to college, but it was literally so long ago that the college system was completely different. then i dropped out after the first semester finished, and went to community college. the best choice for me, and i'm so grateful i did that. The amount I owe is doable. i'm currently in my credential program, and living at home. the csu I'm going to, is literally ten minutes from my house.
I'm not sure if it's different now because there are less teachers in California, but the program is super reduced where I am.
The interest only loan debt crisis was horrific in mid 2000s. Unfortunately I purchased a house with the interest only loan which essentially is two mortgages where the person pays only the interest for ten years. Then the mortgages amortize in which the mortgages double in amount. So many people lost their homes. I was able to keep my home and get fixed rates for both mortgages. It’s been extremely tough financially as a teacher due to that and paying NYU tuition. I did lots of gigs: pet sitting, serving, teaching summer camps in the arts, and teaching ESL online including teaching as a music educator in public schools. Knock on wood, my car loan will be paid off this week including my 2nd student loan in October 2019. I’ve consolidated my credit card debt as well, working to become debt free. I didn’t qualify for the loan forgiveness program after teaching in Title I schools for ten years and paying on time. I was told that I didn’t have the right type of college loans which nobody knows that when you apply for them. A person can’t know ten years later which loans will be accepted for that program. The government doesn’t tell you that. Basically I think if a person lowers their interest rate like I did that it disqualifies you for that loan forgiveness program. I bundled the school loans and got a lower interest rate on them. However once I was disqualified, I figured out that a person can’t believe what the government says. Move on. Anyway, it’s taken years of hard work, no vacations, and living a simple existence to get to this point. People make mistakes, learn from them and live their lives. For me, a bad contract of any sort is a bad contract. Don’t sign them: house, car, college, credit cards or personal loans with a high interest rate. Live simply, love deeply, and live life.
This is an example of focusing on everything EXCEPT your money.
Scott Cameron just like the beginning of the video said! Weird!
How much is the debt???
You can still make space in your budget for Starbucks and fun things with the baby, don’t give up on creating real wealth. May be a little bit harsh but you are doing the same thing now; “we know what to do, we can do it on our own” etc... maybe, just maybe other people have the help and advise you’ve never received. The total money makeover, or attend financial peace university at a local church. I have paid 20000 in 3 months, I’m a single mom, I drive a reliable car, I have a Starbucks, and take my toddler for ice cream, free museum days, and many others free activities in the community. Hamster in a wheel will not be my accompanying synonym. I pray you take heed of others advise and proven plans.
You did well. If you start comparing you life with others' lives, you will always end up looking at life as being unfair. Don't discount your suffering, it definitely wasn't self-inflicted, it is a badge of honour.
RHS Thank you for that!! 🤗💕
Your story is my story....I pay over $800 a month on my loans and the only thing that helps is that my husband does not have any loans and he pays most of the household bills & I have been a teacher for 21 years and I will still be paying after I retire 🥵
Why are you on forbearance, when you could lower your monthly expenses and pay the most towards your loans???? I’m a bit confused on that. Getting out of debt is worth the sacrifice. But, anyways, wishing you and your family the best.
I think there's a balance to be had and I think my parents gave me that. I lived with them through university so I never paid for rent, transportation, groceries or utilities. My father had an RESP (education fund) for me and my sister so that combined with entrance scholarships, bursaries, and some student loans covered the cost of my education. I got a part-time job later on just for some pocket money and as a resume builder (my parents told me to only take 1-2 shifts a week). I learned the value of a dollar when I worked at that minimum wage job. Right now I'm fresh out of university and I have 22k in student debt. My dad offered to help me pay for that as well but I declined because I have a field-related job and can tackle that manageable sum now. I think it's important to financially support your kids when they're just beginning their education so that they don't have to start their careers with a six-figure debt. That 'independence' lesson shouldn't come with such a burdensome cost. I would take the same approach as my dad too.
Similar story here.
Thank you for the video. I don't have a ton of advice but I would say, just to help you better understand your parents and your husband's parents (and maybe while you're thinking about your own child), you may want to, if you haven't already, read Unequal Childhoods by Annette Lareau to gain some insight into what both your parents may have been thinking.
My story is similar to yours in some ways (the debt) and different in others (it sounds like I had more help with my undergrad education than you did). I went to a state school for a year before transferring to another state school (both in Florida) and finished my undergrad, after 5 years, with about 10K in debt. I was in a program called AmeriCorps for 2 years and had the ten k paid off through what is called an education award. During this time, my dad paid for my rent and my tuition (for the first four years).
For my grad school work, I moved to another state but negotiated for in-state tuition. I still took out 60 k in loans but, because I lived cheaply and worked a second job, I was able to pay it off within two years of graduating.
For me (and I say this with nothing but love and respect towards you and your husband), the key was focus. I made paying off my debt my number 1 priority in my life during this time. I was single without kids so I didn't have to convince anyone else of my plan but now (4 years later, completely debt free) looking back, I feel it was 100% the right decision. I wish you nothing but luck in your journey.
Did you look at public transportation to see if it's convenient enough for at least one of you to use to save money? That's what I did when I went to school. It was better to do that than to deal with student loans.
Totally. Transportation is definitely the culprit.
@@toocoolformiddleschoolblog I have a license now, but I still don't have a car. I'm waiting for the right moment. On a scale of 1-10, how willing would you or your husband be to use public transportation?
Susanville sounds like it could be a Netflix show.
Centennial There is a documentary on it called “Prisontown USA” 😆
answer . get a job and pay your bills . it worked for me. i am sure it will work for you !
Not sure if you are looking for advice, but this is what I would tell you if you were a friend... Move to a cheaper area. You could do it for 5 years or so and knock out a huge amount of debt. It would be tough but the rest of your life (and Jensen's) would be better for it.
I do agree with you that you need to enjoy life now! I think more now about every purchase I make, but I can't lose all joy...
Cheaper areas also pay WAY less so our take home pay would just even out and then we would take a huge pay cut in our retirement so we certainly aren’t looking to move! We also have so many more opportunities for second jobs in LA 🤗
Classes for - 0 - CREDIT, one meal a day with little sleep...... music degree to pay - off in 30 years. Au HELL NA..... you out of your mind.
I also want to be a teacher. I still need to go back to school for that. I'm a teacher's aide right now.
How much did you owe,?
Did you two get married during the 2008 financial crisis?
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i never went to school i went to skill trades .i paid my brothers loans and now i paid for my sons .They both know i love them i would gladly do it .Loans are a rip off my brother interest that was around 6 to 7 percent my son i paid cash so zero debt when hes done.the reason way i say this is skilled trades are a very good alt to school you can make 150 to 200 thousand a year something to think about debt free yah your folks might not like it my folks looked at me as a failure .when i paid my brother loans off they changed their mind lol
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I’m so sorry you are in this position. 😔
Did she ever state how much debt they both have?
No, she also failed to mention what her and her husband's total income is. This video serves as a teachable moment: Don't accumulate debt for a low paying/low market demand career.
Shes said previously her debt is in the 100,000s
I will die paying student loans !!!! SMH
If schools and teachers taught students about finances, if they taught them the alternative options besides pursuing secondary education in a institution such as entrepreneurship and equity investments a lot of people today will be in much better financial shape.
The downside about going to college is unless you're pursuing a degree in engineering or medical (such as doctors), two industry that historically are on a uptrend and are difficult to learn outside of college then they run the risk of getting a degree in a industry that's in a downtrend and has a lot of competition making the degree not as valuable or even worthless.
Unfortunately, it will take most people 4 years and thousands of dollars of debt to realized their failure with this route. Compared to starting a business, it will only take you up to a year to fail and even if you did the debt is not reflected on your personal credit, but rather the business credit profile. However, if you succeed your income potential far exceed that a college grad will make in their entire career.
This is what i've been saying for years. We are living in an era where you can make a middle calss income on fiverr, upwork, and freelancer alone.
There’s no benefit in making your child learn as much as they can about expenses because we will all have them some day. There is great benefit in teaching your child how to invest their money so that it mutiplies at an early age because fewer people ever do this or get to take advantage of time + compound interest. In order for a child to invest in this way you cannot make them pay for every thing because they will have little to no money for investing afterwards. Prioritize your child’s future financial freedom over teaching them how to be bill-payers.
It does not help that California is so expensive.
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It sounds like you got a lot of value from your education. Did you learn a foreign language?
Yes she learned a foreign education she speaks utter garbage and debt collection you dumbass.
❤❤
Who is your dad? I might know him
Yeah right dumbass, I know your father also idiot.
Yes
Great story, just wish it was shorter