My Student Loan Debt Crisis - $100,000 in DEBT
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- Опубліковано 28 вер 2024
- In this video, I open up about my personal journey with $85,000 in student loans. From the initial excitement of pursuing higher education to the overwhelming reality of debt, I share my story with complete honesty. Join me as I discuss the challenges, the lessons learned, and my plans for the future. Whether you’re dealing with student loans yourself or just curious about the impact of student debt, I hope my story resonates with you.
#StudentLoans #DebtFreeJourney #StudentLoanDebt #FinancialFreedom #DebtFreeCommunity #StudentLoanForgiveness #MoneyMatters #PersonalFinance #CollegeDebt #DebtRelief #StudentDebt #FinancialJourney #DebtStory #LoanRepayment #DebtAwareness
I’m not sure if there is some special circumstances in your case but Pell grants do not typically have to be paid back. If that shows for you then you need to contact someone. I’ve worked at a university for over 20 years and I have a daughter who went to school but stopped over a year ago, Pell paid her whole tuition and she doesn’t have to pay it back. I also used Pell. Regardless, I agree that loans are predatory I wouldn’t let my daughter take any out. Took me over 7 years of real struggle ( I’m talking REAL struggle) to repay mine.
@@ronaliveshere7422 I guess I was always confused because I didn’t think that there was ever really free money and so after I got it I thought that is something that I’m supposed to pay back because it does show up that I did receive it like on my student aid.gov portal.
Good lord some of the comments are rude
Please keep making these videos and ignore the ignorant b comments
You’re helping and doing good
Comes with any type of making content , unavoidable but still
@@mariehappyym.3296 yes when I made this video, I intended to reach my audience, but somehow it ranged a whole other side of UA-cam that I wasn’t ready for. Thank you for being so kind. I truly appreciate it Marie. 🫶🏻
Thank you for this comment and I completely agree. People love to judge when they have never been in a position to figure out life with no support and no knowledge on these topics. I will keep following, your life is real for a lot of people.
Lady, you don't need a financial planner. You need a therapist.
😂😂😂
@@daveb2280 i’ve gone to therapy and I feel like I might most healed version of myself. So now that I am healed and I am like mentally and emotionally like ready to tackle this because if I wasn’t, I definitely would not be doing this for the Internet.
There is a little to zero empathy or compassion in these comments. It’s like fighting haters.
The fact you said the most healed version of myself shows you went to terrible therapist not good ones. You have to go to the therapist you hate who makes you change not the one you like who tells you look baby. You look 40 and sound 17.
@@joesmith3590 you sound completely asinine. Clearly, no empathy. I am so sorry that someone didn’t love you well enough. I’m sending you so much love and light.
Why should I be empathetic? You don’t regret it and learned nothing. You want me to pay for your debt. You got no useful skills. Sounds like you are a disaster out your phone away and get to church.
But you don’t pay Pell grants back? That is true.
Tell the government that. When I look at studentaid.gov it is def sitting there all $20k waiting to be paid. That is why they were looking at the $10k and $20k forgiveness before that also got shut down
@@TheRachelShowI just looked it up and I guess there are exceptions if you change courses or majors or drop out early so for some I guess maybe they do need to I just know for me half my school was paid in grants and the other half loans of which I never owed on the grants.
@@angelicavasquez3870 pell grants are not like normal regular government grants. All I know is when I look at my student aid account tells me I owe 20 grand and Pilgrim money even though I’ve never dropped out. I’ve never changed my major. I’ve graduated from every school I’ve ever went to.
I have a criminal justice degree from that trash school. Still, paying back loans. Your not alone.
Thanks for your bravery! I’ve felt so ashamed for years knowing that a lot of ppl might make fun of me for actually going there
Why do criminals need justice?
you're*
I paid off $200k of loans over 12 years ago. I lived at home, lived off nothing and Groupons, and paid every single penny off. I then quit my horrible job and did nothing for a year and half to regain my health. I absolutely think that higher ed is a scam. I still live cheaply.
Wow you have an amazing testimony
Rachel, if you get $85,000 in student loan forgiveness,you know that educational debt is NOT forgiven but transferred to the US taxpayers. I graduated from an IVY LEAGUE college and earned two Masters from private universities incurring $150,000 in student loan debts. I worked long hours and saved like crazy, and after ten (10) years, I finally paid it ALL off. Lastly, I am now married with 2 children.
@@Stephanie_12345 😂😂😂😂
You did good. Great!
I have worked for the federal government at a low wage so I am taking public service loan forgiveness.
I'm proud of you. I've had the large student loans like most millennials. I worked sleepless nights to pay off my debts, and go home to peace with my wife and newborn.
I paid my six figure student loan and I’m totally okay with the loans being transferred to tax payers for student loan forgiveness. I am NOT okay paying for airlines and other corporate bailouts. Y’all’s principles are getting in the way.
What about being a tutor part time for a few months. I cat sit and dog sit in my free time making a couple hundred dollars . Im 46 going 47 no kids. Single. I started cash stuffing and living in massachusetts.
@@emilymurphy2926 that is so great for you!
@@emilymurphy2926 I dogsit for friends, for free because I am financially free. I just love to travel so I travel to dogsit. I will cat sit if given the chance.
This video has an average watch time of about 7 1/2 minutes, but people are commenting like they watch the entire video. Also keep in mind that this is literally a segment of my life and there’s a lot of context that is not a part of this video and I have plenty of story times about my divorce and the subsequent years afterward on my page and I think I’ll have to make another refreshed video soon.
You made me laugh when you said trifling. 😂😂😂You just have to get a plan for payoff. I had to get a second job to pay off my $62,000 of student loans. I did it and you can too. Get it girl!
Thank you so very much 😆😃
@01:30 did you actually not learn how to calculate percentages back in middle school like everyone else?
Or adding and subtracting, which we learned even earlier.
@@jarodarmstrong509 probably in elementary school
@@baltasarnoreno5973 😂😂
@@jarodarmstrong509 how am I supposed to understand predatory lending practices based on interest rates that I probably calculated in elementary school or middle school? When you sign contract for student loans, they aren’t showing you interest rates in what’s your bottom line and all that stuff kind of like when you sign your mortgage it’s not the same way. All that’s kind of hidden. And there’s a reason for that because if they sat there and explained what your bottom line would be in four years of the total amount of student loans, you would have to pay back and then what your payment terms would look like a lot of people would forgo going to college and thus wouldn’t be a part of this entire scheme that is student loan debt. A money opportunity in this country and some of it is at the exploitation of others. Also, why do interest rates on student loans that is used to educate yourself in order to get ahead in life why are the rates 6 1/2%? Why are we not giving some of an interest free period to everyone that graduates for like the first five years in order for them to be able to pay back as much principal as possible? Why are we also not allowing people to pay down the principal during the pay off. Of the loan? Like I said in the video if I make extra and above my payment, and I wanted to go strictly to the principal that doesn’t happen, they put it towards whatever they wanted to go to, which is most likely interest. I have yet to crack, any part of the principal of my loans
Sounds like you made lots of poor.decisions and did t work when your should have been. I dont think loams are a scam when you decided to sign up for them and knew as an adult what you were signing up for. Good luck with your debt payoff journey but the victim mentality is unbecoing
This is so true
Lol yeah agree but in her defense a lot of modern women (and men) are going the whole single mom being broke try to find someone to bail them out route.
The sense of entitlement and victim blaming in the comments is making my brain hurt. The idea that the guy with 100 cookies is telling you that the guy with one cookie needs to share or you'll have nothing is quite terrifying to me.
@@maggiejoyce1980 *The
Well...this is a great example of the "cancel my student loan" crowd. These people can barely function day to day....the last thing they needed was to take on enormous debt for worthless degrees.
Scary part is...They're having kids😑.
@@daleklan9899 is most every millennial. It’s mostly because the interest. A lot of us are just asking for the interest to be lowered and for past interest to be forgiven.
It takes a lot of courage to share your story. You never know who it may help. Financial literacy isn’t taught it schools, so it isn’t all on you.
That said, with sincere respect, you have no retirement savings and still $100,000 in debt. If you’re going to retire anytime soon, you better grab yourself 3-4 jobs, and buckle up.
We wish you good fortune, and we believe in you!
@@Mavryck_Tha_Myghty thank you so much. You’re not talking to an ordinary girl I’ve overcome a lot since I moved out at 19 years old I’ve overcome more than some people in this world so I totally believe in myself I don’t care how stupid the goal sounds to everyone else
Thank you for sharing & bless your heart!! ❤
@@SpicyBricy thank you for your kindness 🫶🏻😁
Feel better soon 🙂 I hope you get forgiveness, these loans awful. It should be a cap on the interest rates.
Thank you!
Studen loans suck! Good luck 🍀
Thank you so much hopefully some miracle will happen someday
Asking boomer parents to actually parent was too much.
@@HeadStronger-HS maybe
If you're just listening to the audio, you won't be wrong to think that the person speaking is barely out of HS.
@@erica8165 😂😂😂
@@erica8165 I don’t know who didn’t love you enough, but I am so sorry 🫶🏻
Where do you think the voting pool for the next election is coming from? If the debts are “forgiven” ( *cough* dumped on taxpayers *cough*) now, they’d lose their voting block.
Curious if you got your loans written off, would you start budgeting for your kids’ future college fund, or would you tell them that college is useless when it comes to planning their future career?
EDIT* Just saw that your husband had custody of your kids & they graduated HS, so they’re no longer an issue anymore in your finances.
@@boatsie of course if I was able to get my student loans forgiven, I would practically be debt-free I would be able to start really saving for my grandkids because my kids are grown and they have an option to have free college through their Dad‘s military whatever they give the military to go to college, but they can transfer that to their kids. Both of my kids have an option for four years of free school. But I would definitely start putting money aside for like my retirement. I want to buy like just a cute little small little house. Something that I will be able to pass onto my kids if I can pay it off before I’m dead, just like an extra kind of inheritance to them, also start saving for like my grandkids to go to school for free and for them to have like a small little like trust fund for when they turn like 18 or 21 just like help set them up for success in life. And I already helped my kids out from time to time, but I would also be able to have like some kind of fun set aside for any hard times that maybe my kids end up having over the next, however, long until I’m dead and that way, if for some reason, they needed a new car and they couldn’t afford it, and I was able to help them in someway.
@@TheRachelShow…on a side note-i am blown away that someone who has a 4-year college degree actually inserts the filler word “Like” into written paragraphs. I know there’s a “Like Epidemic” going on in the spoken word, but to see someone use it in written form is a new first for me. Did you write your college essays like that? I mean like did you like write like your college essays like like that?
Please apply to the Caleb Hammers show!!! Finical audit! He literally could help you figure that out if you’re still stuck
@@fluorescentFrequencies absolutely not I am so good
😂🤣Caleb Hammer already has far too many entitled debtors to deal with. It would be refreshing to actually see someone on the show that is seriously willing to put in the work and apply his recommendations that would surely turn their financial lives around…. by her own admission, Rachel isn’t that type of person.
@@boatsie ooooh’yahhh LOL, I didn’t watch the video! I just saw the title, left a comment and dipped lol
@@boatsie that guy scares me I do not want to be on the show. You will eat me alive and spit me out then eat me alive again then throw me to the gators.😂😂
I would actually recommend Romain Faure's channel if you wanted help with finance planning. Caleb would probably be too much.
Is bankruptcy an option? CC interest can feel like a never ending climb if the balance is too high and you can’t afford to pay off enough principal each month. Student loans aren’t bankruptable unfortunately, thats the part that usually determines if you’d be able to earn enough to pay off normal cost of living + student loans + future for bankruptcy to be the right decision. I think you’re finding the lack of accreditation for the college “scammy” but it’s more or less the lack of understanding of the difference and “free money Pell grants” naïveté that led to these bad decisions that made the goalposts go further than distance you can cover without like >$100k income annually
Looking into bankruptcy for my student loans for sure
Sorry but your student loan is not going to be forgiven, and it shouldnt. Work is how to pay it off.
I don’t know why people get upset when ppl want student loan forgiveness. Like corporations didn’t get their PPP loans forgiven or we didn’t bail out the banks in 2008.
Bitching about debt and taking no steps to solve the situation goes hand in hand
@@SimplyBaked what steps am I not taking?
You’re blaming everyone but yourself
@@rationalirrationality5691 😂😂😂
Best wishes💖
@@MsGechi77 thank you
Wasn’t phoenix added to the list for student loan cancellation? I believe they were. Just apply. A lot of ppl have received cancellation
It was and I’ve applied for forgiveness because of that, but that got blocked by the Supreme Court and so I actually don’t know if I’ll ever see forgiveness. My plan is to wait it out a little bit longer to save up enough money to see if I can file for like bankruptcy, I know it’s so much harder to file for bankruptcy against student loans, but I’m gonna see if I can save up enough to have a really good lawyer that would allow me to see if I can get at least those loans charged off. I’m paying my other loans pay for university of Phoenix if I don’t have to.
I had 10k in loans I had grants in college most of it was paid for. what happened to grant programs
Great!
Pell grants dont need to be paid back unless you didnt complete the full time student hours.
Yeah, for some reason, I thought they did because they were showing up on my student aid.gov like portal and I so thought that meant that they need to be paid paid back, but I am finding out via these comments that that’s not true
I have an online degree and it has served me well. I went to Capella, which is not the best, but it was better than UoP. I teach at Embry-Riddle which is fabulous. I also teach at St. Petersburg, where you are. Online teaching allows me to travel the world and get paid while I travel. 🙂
I definitely feel like online degrees are a lot more acceptable these days. If I had gotten my university of Phoenix degree in this time, then I think that it would’ve been a lot better than getting it so long ago. But no one was giving me a chance back then. And now that I have my degree from DCU, I don’t even worry about my university of Phoenix degree. I don’t put it on my Résumé at all.
@@TheRachelShow it still has the same bad reputation today. Just sad.
@@FIRE_DrNinjaTurtle my more mature self in my most healed version of myself that I am today would never sign up for that school. I would also never advise anybody else to sign up for that school. Unfortunately, my dumb young undeveloped brain, the person that lacked so much self-awareness so much self-confidence definitely did sign up for the school and now that something I have to live with until these loans are gone in some manner. It’s so tragic. I made some of the worst choices. And I think I made a lot of these decisions like marry the wrong person because I had already had a baby with him and go to this university of Phoenix, I was so worried about what other people thought of me and that I was just like the black sheep of the family and I was really trying to like make up for that. But I should’ve just waited until I was healed and much more mature. Because now I would never make decisions based on how I think people view me or how I think people feel about me. But that’s just a part of maturing and I learned a lot of hard lessons.
@@TheRachelShow Be safe down there. I am in south Alabama so I am close but the storm will miss me.
@@FIRE_DrNinjaTurtle I’m so glad the storm is going to miss you. We are getting a bunch of rain. It’s not really that bad but it is definitely a bunch of rain right now here.
You have all this debt and it means nothing. You should've kept your family together, that means EVERYTHING.
Too bad he texted me that he never loved me and that he wanted to divorce while he was gone for a two week work trip. He came home and moved out and our separation started.
@@TheRachelShow it is his loss. I was in the military and my wife met a guy while I was in Korea and when I returned, she had him serve me with the divorce papers. Her leaving me was the best thing that could have happened to me. My life (with my current wife) is great today. You will not be single for long 🙂🙂🙂🙂
@@FIRE_DrNinjaTurtle that is so awesome. I am so glad that you were able to find love after your divorce. In anybody that would treat you in that way and just up and leave you isn’t worth having in your life anyway. Unfortunately, for me when my ex left I was so sad and depressed and I just wanted my family to be together. I drug the divorce out for a year, hoping that he would change his mind. Of course that didn’t happen. I am so grateful that I am not with this man. It took me a while to realize that I was literally a victim of abuse. During our marriage, this man emotionally and verbally abuse me and then after our divorce, this man digitally abuse me by literally like practically bullying me until I think he wanted me to commit suicide. I almost think that he would’ve killed me if he could’ve gotten away with it. Now my kids are grown. I never talk to him and I have so much peace in my life.