My Student Loans Are Giving Me Anxiety!
Вставка
- Опубліковано 28 вер 2024
- 💵 Create Your Free Budget! Sign up for EveryDollar ⮕ ter.li/6h2c45
📱Download the Ramsey Network App ⮕ ter.li/ajeshj
🛒 Visit The Ramsey Store ⮕ ter.li/7vyom2
📞 Have a question for the show? Call 888-825-5225 weekdays from 2-5 pm ET or send us a message ter.li/n88ly5
Explore More Shows from Ramsey Network:
🎙️ The Ramsey Show ⮕ ter.li/ng9950
🍸 Smart Money Happy Hour ⮕ ter.li/9gcp3d
🧠 The Dr. John Delony Show ⮕ ter.li/2u3mc0
💰 George Kamel ⮕ ter.li/1elws8
💡 The Rachel Cruze Show ⮕ ter.li/n2u6jc
💼 The Ken Coleman Show - Highlights ⮕ ter.li/1rbjr2
📈 EntreLeadership ⮕ ter.li/ktxv2k
Ramsey Solutions Privacy Policy
www.ramseysolu...
Having anxiety about student loans in 2019 and making a plan before the pandemic even happened is what saved me. With 0% interest, I paid off $22k in 14 months.
same! i feel so much better now too. Good job!
Same! October 2019 was when the anxiety set in. Took advantage of pandemic to attack debt even more.
I had all my loans forgiven through the borrower defense to repayment, it was $137,681 but still I get so mad that people don’t give me the credit as someone who paid it off like you
Hope for the best (student loan cancellation/discounts) and plan for the worst (pay it back while you're hoping).
You're ahead of so many others in your drive and mindset.
Good job man, feels releaving
I remember people like this back when I went to college.
They would take out loans (max amounts) for no other reason than to update their lifestyle while "living the life" in college.
When you live that type of life, you eventually have to reap what you sow.
This is important to state. While we don't know the particulars of any one person's situation, just because we hear about the horrible reality someone is facing today, that doesn't mean they didn't happily skip every step along the way on the path to the edge of the cliff. So so so often they did make those reckless choices that led them to that disaster.
That part at the end got me. I just lived through 5 years of basically hell financially putting my life back together. My last one was student loan debt as well. Now, when I see all the fuss about it, I feel like she said, looking down it and being glad I no longer have anything to do with this mess. I had my Coming to Jesus moment about finances and did exactly like they say, second jobs, tax returns, etc. It can be done folks, I am living proof along with a whole lot of others. Persevere was my motto, and I did.
My husband and I got married at 23. We lived off one income for 3 years & used the other income to pay off my husband’s student loan. In the same 3 years we also saved 10% for a down payment on a house. We bought two “cheap” cars all cash. No one even talked about forgiveness. We just paid it off. Once it was paid off and the down payment saved we “bought” a modest home & had two children. I’ve never had all the nice things, but it’s been a blessed life. We definitely budget and when things got rough, getting in horrible medical debt, I used the Ramsey principles. I would have not expected anyone to be responsible for our student loans. It wasn’t fun dumping an entire income on it for so long … but it’s part of the process.
I’ll add we are 34 now, no not boomers 😝
The problem is college does cost money but a lot of college students walk around like they are rich they stay in the nice houses, eat whatever they want and have play money but its usually All borrowed. Its all a loan then 10 years later they want someone else to pay for it
Well yeah I mean why wouldn’t they want someone else to pay for it?
Let the hunger games begin
May the odds be forever in her favor 😂
Big fan of Ramsey and crew, but glad I didn’t take their student loan advice. PSLF is legitimate if you meet the requirements. Got over $100K in forgiveness (tax exempt) for my 10 years of service at a 501(c)(3) healthcare institution. PSLF shouldn’t be dismissed out of hand like they do here.
Gratz on joining on getting into the 1.8% acceptance rate. Super diligence with auto-payments and principal. Providers really try to break up payments on "qualifying" loans, by throwing ones that don't qualify into the auto payment mix, breaking the 120 payment qualification cycle.
I don't think others should rely on this hope as part of a plan, I think the team is well within reason to dismiss the 9/500 chance this occurs.
@@theApeShowThx. Definitely have to be on top of it. My initial application got rejected and I had to file an official complaint through FedLoan for a supervisory level review of my account. It shouldn’t be so hard, but it can work if you are on top of the details.
❤PAY OFF THOSE DEBTS, AND GO GET YOUR FREEDOM & GO GET YOUR PEACE ❤🎉🎉🎉🎉 LOVE THIS❤😊
Love how you started off thanking her
This is why I’m so thankful that I took out as little as possible. I either got free PDF books or rented them for dirt cheap through Amazon for college (paid my own cash) and only used student loans for classes. I only requested the amount for the tuition amount. This resulted in me only owing about $25k for a 4 year degree in programming, and now it’s paid off
What I would do with an IDR is get the minimum payment lower in case I have an expensive month, but pay as much as possible on the smallest debt to knock it out faster. IDR plans are not bad, but you'll never pay off the debt if you only make the minimums.
Makes 💯 sense! Thank you! I only have 7k to pay on my student loans. I cannot wait to be done with it. I been making 400-500 $ payments every single month. But since I want to pay it off asap I’ll be paying 1220 a month.
People might be having anxiety on everything from forbearance loans to students' loans
Sell everything work 100 hours a week like i did and quit whining
Yeeeeees
Na, they'll just vote democrat again.
@@lot2196 probably
You're backdoor bragging which is sounding like whining.
I don't want to downplay the effect of $10k forgiveness... But these people who owe $100k, $10k wasn't going to make a difference anyway.
My student loans was 500k+, 10k would have been be a few months of interests 😂… the interest pause saved me significantly more money than 10k
@@UtotheJ Dentist?
I think this the best video the Ramsey Show has ever done on student loans!!!
He said people might have to sell their house. I said it first, and people will be forced to sell
They only real cure to this type of Anxiety, is to pay them off. The Government isn't going to come and save you. Sorry, but never had a Government every help me with anything aside from taking money from me (aka Income tax).
She sounds like she knows what she's talking about. Student loans are strange. They are non-bankruptable and you don't want to miss payments.
Just get in the save plan if you can’t afford it right now. Then once you are able to work knock it out
5% of disposable income and unpaid interest is waived.
Unpack what ? No info. Pay your bill. What did you think was going to happen when you happily took the loan.
Be an adult.
Most people who call this show are just as dumb as their debt itself is. The only reason I watch it is cuz I went through FPU to help me learn to be debt-free in the future. I'd definitely classify myself as a ramsey-ish person cuz I'm not exactly doing the Steps.
My first question to her, how did you get $192k in debt.? What bad decisions have you made?
You do not want your payment as high as possible if you are doing PSLF. That simply does not make sense.
It wouldn't make sense if PSLF was reliable.
@@amireallythatgrumpy6508 PSLF IS reliable, and if you have doubts you can have a PSLF fund in case it fails.
98 in student loans and don’t even work in the field 😩😩
A lot of meds out there to help you "relax".
A kid believing in Santa Clause is the equivalent of an adult believing in student loan forgiveness.
I owe 70K in federal loans & 23K in private loans. I will be debt free three years!
If you interviewed high school students across the country regarding their knowledge of modern money mechanics it would highlight how ill-suited young people are to take on student loan debt.
The scary part is these people are the next generation
He should've given her a copy of his books on anxiety cuz she definitely needs them.
XanaX
They should give you anxiety. PAY THEM OFF!!
Should’ve bought bitcoin instead of going to college
Should have been paying without interest
People *should* have anxiety over student loans.
What's the worse, garnish 25% of your SSA retirement?
I went to a community college for my first 2 years before transferring to a top notch university. I worked 20-30 hours a week during college. No loans. Lived off campus in an edgy neighborhood. Drove a shitty car... I have no sympathy for these people. You made your bed. Lie in it.!!!
$192K in student loans. Which degree costs that much?
- lesbian dance theory major?
- master’s degree in Non-binary rhythmic gymnastics?
- bachelor degree in transgender and colonialism?
Makes me wonder how many people will just die with student loan debt since so many people don’t plan on paying their loans off..
Odds are their social security checks will be garnished before that happens.
@@Lonovavir A maximum of 15% of your Social Security benefits can be garnished for the repayment of Federal student loans, and the first $750 of your benefits have an exemption from the garnishment.
Odds are that social security won't even exist when they retire, but their WAGES will be garnished@@Lonovavir
Most of them will never get Social Security because Social Security will be long gone by then@@aolvaar8792
Earn more money...
Im still just pissed that the government could have at least helped with the student loan crisis but decided to send money to Ukrane instead of helping it's own citizens. I much prefer my tax dollars helping Americans rather than be thrown into the pointless war money pit
Pay up, nothing is gonna get forgiven.😅
Republic of Texas ummm sir we fought a war for that damm you sessionist 😅
OK we get it your married 🤣
This show gives so much wrong info about student loans. I wish they would stop. They do a great job in other debt, but not student loans.
Find a husband instantly it's his problem. 👰♀️
Just don’t pay them 🎉 Be gone in 7 years.
Yes, your money will be when they garnish all of your pay.
@@amireallythatgrumpy6508 well it’s been 20 years now.
That's not a sentence. @@MICBERR
I thought student loan is not bankruptable?
She’s great ❤
$192K in student loans. Unbelievable. So glad I went to a community college. Saved around $167K.
So you have $90k in student loans?
Also, how the hell does she have $200 in student loans?
I'm sure they got more than a associates degree
How did you rack up $92k at a community college? $46k/yr is average tuition for a 4-year private college.
$92k in student loans. Unbelievable. So glad I live in Canada. Saved around $60k.
@@barnabusdoyle4930 I have no student loans now. Went through the PSLF program. I only had $25K for all four years.
I'm thankful that I just did not stop my student loans during the pandemic. While I didn't pay over my payment, I just knew I had to keep that going and there was no reason to stop. June of 22 my car and student loans were both paid off. Paid off a whole bunch of consumer debt this year and am down to about $8k left.
My heart and prayers go out to those that now need to get back on their student loans, but don't wait on the govt to save you. Like anything, you bought it, you pay for it.
yay!! congrats, high five to you.
Three point five years of interest-free financing on it. People should have taken advantage of that! But instead.... nahh, It'll get forgiven.
Well done!! When that thousands number is a single digit, it feels like the light at the end of the tunnel. I remember that feeling and it was amazing. You're almost there!!
Same! I paid off both my car and student loans during that time and I have ZERO regrets.
Paid my student loans off in one big payment earlier this month. The amount of relief I feel is tremendous. Working 2 jobs was worth it.
If you get an email with bare bones information, it’s hard to really help anyone. This person didn’t list out their income and any other debt. This is all hypothetical. Dr. John has a point, a lot of people bought houses and went to Europe instead of paying off their student loans.
Right! I wonder if they just created this because they know alot of ppl are going through this since payments are due soon lol
I often wonder if these "emails" are legit....
NO anxiety here, I paid off my loans by working a second job and everything at it without interest. NO worries at all.
😮 Well done you.
I can definitely see a lot of foreclosures and car repossessions going up exponentially within the next 6 months with these student loans starting up again.
Good…
too late its been happening before and during the freeze.
Yes....all those BMW's and Range Rovers.
My student loans were $1800/mo on a 10yr plan.
Sucks, but thats what you signed up for. You borrowed it, you pay it.
Omg how much is it?
@Dan16673 i can't quite recall exactly. I think total (between all the loan companies) it was 170k when I graduated. Luckily, I worked during school. Otherwise, it would have probably been closer to 250k.
@@YoPhocFays damn. Wife and i paid off 250k in 2 years. Luckily we make very good money otherwise it could have quite bad
@@YoPhocFays Your loan numbers remind me, when Dave would then ask, "Are you a doctor or a lawyer?" 😂
@Dan16673 congrats. Did the same. Paid off in 20 months. Lucky you had a wife helping you. I did it solo. It wasn't fun, but it was rewarding, i wasn't going the 10-year route. ~2 years of pain saved 8 extra years of more pain.
It took me 5 years to tackle debt from student loans to car loans. During those 5 years, I did not go on any vacations and spent money on expensive items. People need to buckle down and in the end it will be worth it.
Yes, we did the same, it was totally worth it, but the fact is, most people don't have our level of self control, they want the YOLO lifestyle and i feel no pity for them now or later in life when they have no retirement and HAVE to work still when they're 80 years old, we did a very short term sacrifice to have a pretty easy and rewarding life from this point foward, oh and can easily retire at 56 years old
@@natersalad889😮 That’s me!
I have anxiety over the fact that I might have to pay for someone else's student loan when I worked full time when going to college and paid my own way throughout.
For real!! I worked hard and never took a loan. I WON'T pay anyone else's...
@@tduck828 - well, your government will make you pay indirectly for that mess.
@@tshandy1 sigh...sad but true
Same here!
@@tduck828we aren't getting a choice.
She has a lot of courage to admit she is worried and needs advice, I'm glad to wrote into the show. A ton of borrowers aren't giving a flying fortress about their student loan bills in October. They plan to ignore their creditors.
And this will result in a future administration garnishing their pay.
My mortgage is giving me anxiety, but I don't have the luxury of the government paying it off!
And why not,
My sister got a negatively amortized mortgage, gov't program
Principal is not reduced, interest not paid is added to the principal.
30 year forgiveness.
She sold at 17 years, the house had enough equity to pay off the larger principal.
Super low house payment, but no equity in the end.
It allowed her to be a SAHM.
I paid off 115k in 4 years avg 65K a year......... So I don't feel bad for people. Undergrad - accumulated 40k. Grad school I added 45K, which is only 85k total, but I ended up paying 112k ish in the end. Probably because one of the loans was like 8% personal and not paid for 4-5years and I had to go into forbearance for 12 months. In any case, I lived in Texas (no state income tax - kept around $85 out of $100 made), lived really poor (drove 15yr old car, had flip phone until 2018 to remind myself not to buy), ate at work 60% of the time (work in healthcare food service) and worked a side job. The entire goal was to be debt free. People want to live their life, but not cut back..... Go balls to the wall for 2yrs and you will make it happen.
I worked my way through college and grad school without parental help or taking out student loans. I was 35 when I graduated with a Ph.D. and worried that I was too old to start out in my field. Now that I am retired 35 years later, I realize that I made the right decision.
what is your Ph.D in? I was thinking about going into Clinical Psychology Ph D program at University of Arizona or ASU.
@@pitbull7885 Psychology U. of Illinois
I’m so happy I don’t have student loans 😂
Pipe down nepo baby
@@TheItFactorMMA should I ?
@@TheItFactorMMA Because not all Ramsey videos are about student loans?
Depends. I'd rather have student loans and nice career than no student loans and a dead end job.
Jade is my favorite personality ❤
If you're watching this and you feel like their extremely good advice is beyond you, and you feel paralyzed by anxiety here's 3 simple steps in my opinion.
1. Don't look at your current balances on any day you're not making an extra payment. Because the moment you see the interest accrued, you also see how much more you're throwing down to get off faster.
2. Get on that budget. It'll hurt the first weekend you write it and have to be honest about your situation. It'll be annoying the first 90 days when you realize just how off your estimate was in many categories. But get through it and you'll feel like you got a raise. Plus instead of getting smacked around by your bills and dropping their money you instead see them coming, throw money at them and keep on walking.
3. When you get on your budget, never spend more than you have again. This is the slow guaranteed way to get out of debt.
Jade said it so perfectly. That lady, Irene, is not alone. It doesn't make it easier but it can get her to understand that there are many others who need a plan as well. I am one of those people too 😅.
$67K for me 😩😮💨. I swear they need tk educate people on student loans.
Especially the unfair way interest accrues on student loans!
$192,000 in student loans!! Move to another country and live under an assumed name as a rich, foreign man’s mistress.
We just paid off our 34k within two months. Worked around the clock and two jobs for me. Screw their interest and 1st payment due date!
Thank god I went to community college and got financial Aid. I only spent about $5000 out of pocket and even got money back from pell grants.
How long ago was this?
This just seems to be prime for scams with all the loans changing providers and so many people not knowing about their loans. Would be easy for scammers to send out false emails to get you to send them your banking information
Parents who had student loans and let their children take student loan is absurd.
Just finished paying off my college loan! Feels good. Now onto the next step!!
I could not IMAGINE having that much debt. Wow. I pray her salary is very high. 😮🤯😬
I will pay off my student loans and my husband doesn’t understand how student loans work. He doesn’t understand how the interest will grow and grow. I was on track to pay off my student loan interest until I had to pause and get a divorce during the pandemic. I moved on and my new man, doesn’t understand that student loans aren’t like other loans.
I’m sorry for you. Hope all is okay.
I’m sorry to hear that also.
I recently divorced a clueless spouse that wasn’t interested in staying out of debt and living within our means.
Bought 5 cars in 4 years (2nd to last car I wasn’t consulted with and found it sitting in the driveway when I came home from work). Completely disrespectful.
My ex partner overpaid for a house during our separation and is now $100k underwater on a mortgage. Last I communicated with the person they were cashing out their IRA and complaining to me that they are “in a shit ton of consumer debt”.
You can’t help some people. I’m debt free other than my mortgage and I’m making extra payments to reduce my interest as well as pay the loan off early. My 30 year loan is now a 26 year loan from 8 months of additional mortgage payments thus far. I want this last debt gone so I can feel a sense of freedom.
@@GigaChad_169 that’s awesome and congratulations on having an almost completely debt free life! I pray to God to be in your position oneday. Your story is an inspiration and I’m glad you got out of an awful marriage!
Let's put this "anxiety" in perspective.
There are people worried about next month's, rent/mortgage, food, light/H2O bills, Meds, etc...
Student loans are something you can plan to pay back if you're willing to do it.
Some people just don't have the maturity/courage to do what's required to pay them back.
this. There are those that do have unique situations - single moms and dads now finding themselves more strapped, young very poor people who just completely got snookered into thinking they were advancing their family legacy. But when you just get going on it, there are a TON of min wag jobs you can work on a weekend and night to start getting after it. I was working weekends as a wedding caterer server and it's tough, physical long hours. late 30s, big fancy degree. I said I'd never serve again, but here I was willing. I wound up LOVING the work, great exercise, food and fun company for $2k a month. I worked my way into maturity lol
Time to put barcodes on diplomas and deactivate the degrees of moochy welcher student loan debters
I am just wonder do they spend their student loan strictly on education purposes or something else as well like parting, vacation, clothes etc. How the hell they rack up so much debt? I graduated from a community college with no student debt and now make 80,000 a year… no student debt
I wonder how much anxiety there was when she signed the loan papers.
God, I love Jade. She is the best Ramsey personality. Lol so real and intense.
✝️🙏
Lol this is the type who thinks we need to pay for their debts. Sucks to suck. Maybe instead of buying cars and a house you pay off your loans. Maybe get a degree in something that’s going to pay you well
You're asking too much of college grads by asking them to be adults. That's not allowed. 😂
@@YoPhocFays 😂 no kidding.
A 192K student loan is a travesty. I have been continually shocked for years that people somehow accepted the situation where young adults will have the equivalent of a car payment/mortgage for half their life for a college degree. When did 47K per year for a mid-low tied education start to make sense to people? My college education was $19K for 4 years. Yes, that was the 80's but...that same education at the same institution is now $214K for 4 years. Translate that and apply it to gas prices today? Gas would now be $27 per gallon. Think people would accept that? They freak at $4 per gallon. You can get by without college, but not without fuel!
John “are you safe” Deloney
What does this lady taking out 180k in student loans have to do with being “safe”??
Clown
Having debt is inherently unsafe, clown.
Jade is awesome
6:00 - Jade is wrong here. Yes, the interest will continue to accrue but it will not *capitalize* at the end of the one year on-ramp program, so the interest rate on federal loans is still effectively 0%
Wow I hate that sponsorship plug at the beginning of this video
If you can't afford to pay, you don't pay. No loss. The government can print the money to pay the nations bills. They don't need your student loan interest payment to send 40 billion to Ukraine every month.
Thank you for your words of wisdom, comrade. I'll go riot until they give us our vodka ration.
The government has police power. It's not like banks that can't collect on an unsecured loan.
They'll get you, just like the irs
But what they will actually do is start garnishing every student loan borrower's pay.
@@aboutwhat1930 Чеs! Рlеаse do Сомогаde. Кеер гioтing until the deмосгатs provide free vоdka and ноокегs to all!
Student loans will be garnished , just like tax levy, through your employers payroll. 😢😮
You dont need a lot of formal education to get a job or start or career. I question why anyone would borrow over 100 thousand dollars to attend some sort of school when the demand for a lot of professions is not there
Government selling debt like hot potatoes
I paid all debt including some student loans off until I go to the 270k one. I'm parked. That's my mortgage.😂😂. I don't see the light out of this tunnel.
Move to Asia to teach English. You don’t pay American taxes and it’s only 3.3% here. The salary you make is more than enough to live. Your income here is fine but considered poverty in the usa. So do the IDR plan and your monthly payments are $0. I’ll never pay a dime in student loans. I’m never going back to the usa. Just food for thought guys. And the girls are super pretty here.
I’m 2.5 years away from Public Service Loan Forgiveness but the minimum payment they want is $600 a month 😢 honestly to me it’s worth $40K forgiveness
You not getting your loans forgiven. Biden doesn't even have a guaranteed 2.5 years left in office the first term is already over in January and who knows if he will get a second or who his replacement will be. It only takes 2-3 years to get out of debt anyway on average.
If I would have followed your advise I wouldn’t have 150k in retirement. Half of that was part of my compensation plan. I could cash out my retirement today and pay off the student loans. Do the math people 100% match is good deal, save 5% discretionary with no added interest is a good deal and deserves the word save.
People would have more money to pay on their student loans if not for Biden-inflation. About $6,000 dollars extra per year that each of us is paying on everyday expenses. But hey at least there are no mean tweets. Geez....we all do miss low prices.
$2k a month is a mortgage payment! What did she go to school for??? Medical or grad school??
It is sad that students at such a young age can easily qualify for so much with students and it is harder for adults to qualify for loans for that amount. A lot of kids don’t understand how long it will take to pay that off that debt and it will hinder their ability to buy a house and build some equity.
Jade is so good. Shes got me ready to pay off student loans again when I paid them off five years ago 😝
Those student loans didn’t give anxiety when they were signed up for 💀💀
"Correct way to pay it"
...
Ummm 🤔
With money
ummm don't take out debt and you wont have problems
Wow this was a great video, thanks for all you guys do.
Learn to use your treasury direct acct. We all been tricked.
This video made me pay off my $560 balance before the next month starts 😂😂 got 2 more to go.
We are rooting for you... go go go!! 🎉
@@YoPhocFays thanks a lot 🙏🏽
@@jetson8119 we'll celebrate 🍾 your last payment.
I'll drink a beer in your honor.... and I don't even drink beer. Lol