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18 Vs. 28 Vs. 38: Student Loans - YouTube
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I think the way our student loans are
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given is super predatory on people who
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are young and don't understand or people
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who think that their education is going
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to translate into a higher paying job
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and they don't really think about the
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consequences when I was deciding which
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college to go to the process was very
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heavily dependent on where I'd get the
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most money from but I also really wanted
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to go to a school that would challenge
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me and a school that I felt like I could
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thrive in for undergrad I took about
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eighteen thousand dollars in total I was
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for grad school oh gosh um I initially
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had a full ride the first year and then
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the second year came I talked to
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financial aid and they were like
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surprised you only had a full ride for
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your first semester and so I ended up
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taking about a hundred K extra in
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student loans that should have never
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been taken out I went to law school and
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I studied abroad so I have a little bit
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of loans from that but school was
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actually less expensive a huge portion
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of my loans are from one year of grad
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school I did when I moved back to the
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states I originally had about seventy
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seventy-five thousand dollars in loans
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from that one year of grad school it's
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now up to almost a hundred and fifty
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thousand dollars when I was debating
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taking out loans it wasn't really a
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question the federal government allows
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first year undergrad students who are
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dependent to take out about five
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thousand five hundred dollars worth of
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loans although I knew it was a huge
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financial commitment to take on
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especially at such an early stage in my
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academic career I decided to take that
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out just because I thought it was worth
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coming out here for as soon as we opened
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up my student loans I was delinquent and
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I think my first payment due was like
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$1500 which I don't think I even made in
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a month there's not a lot of information
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that's given out I know there was
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entrance and exiting counseling sessions
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but it doesn't really tell you what to
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do
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I was jumping from job to job just
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trying to keep a roof over my head and I
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got super lucky one day because I was
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pounding the pavement looking for jobs
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the job turned out to be processing
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student loans
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and since then I figured out how to keep
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my loans and repayment but I'm actually
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currently paying zero because I don't
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even make enough to be paying monthly
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rates straight out of school the economy
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was horrible and I was struggling and
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realized it just wasn't even what I
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wanted to do now I do something
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completely different where I don't earn
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a ton of money I'm on income based
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repayment so I make really small
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payments they call it negative
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amortization where I'm now accruing
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interest on the interest in my mind I
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was thinking well I'm gonna be a lawyer
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and I'm gonna make tons of money I know
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it's gonna take me some time but I'm
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gonna pay off these loans taking out
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loans is very normal nowadays and it's
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kind of expected for most students when
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they go off to college I started paying
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$100 per month and I'm hoping to pay off
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my loans within five years after I
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graduate I thought taking out loans was
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worth it in the end just because I was
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able to attend my dream school and I'm
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currently attending my dream school one
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of my co-workers was just very eager to
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get her hands on my loans and it turns
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out that we could have avoided my
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interest rates going up so now within
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the span of about four or five years it
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went from like a hundred and seventeen K
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and now it's engine 45 K I believe the
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last time I checked so it is
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nerve-racking
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but I'm hoping that within ten years
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I'll figure out how to get it all
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forgiven I really didn't understand the
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magnitude of what taking out that money
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would mean particularly the terms of the
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loan cuz a huge amount of it is
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something called grad plus so some of
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the loans are federal subsidized which
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means the interest is lower and I
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believe I'm not even sure that it's
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simple interest so I just pay the
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interest off the principal whereas grad
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plus they let you take out so much money
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and they charge you a higher interest
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rate and the interest compounds
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compounds compounds and I'm paying
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interest on the interest and I'm not
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even paying all of the interest in each
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payment everyone should get educated on
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loans before taking them out I know I
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wasn't very educated on loans and I
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still am a little confused on what
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exactly they mean the only loan
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education I think that I received was
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after I already took some out
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I think definitely people should be
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educated before that
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[Music]
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there are some forbes articles now that
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thankfully detail it well but even when
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I was working as a student loan
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processor we had to scour the website
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and there was like little hidden tips
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and tricks even now that I am pretty
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comfortable with how my student loans
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are looking I still feel that I
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constantly have to scour the news for
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any new legislation that might pop up
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even though I had internships and a lot
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of experience in my field of law it was
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really hard to find jobs it was really
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frustrating I had no idea what I was
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doing and it was really hard to get paid
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what I was worth ultimately I realized
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that isn't what I wanted to do but my
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expectation was I'm gonna finish school
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and I'm gonna get a job and I'm gonna
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make money and I'm gonna be able to pay
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my loans and live a good life and that
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was not my experience at all
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colleges and the government itself have
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the responsibility to somehow decrease
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the cost because if college just keeps
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getting more and more expensive I
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already know people who don't think it's
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worth paying I mean not going to college
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is perfectly fine but then we'll see
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also a decrease in people attending
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higher education just because they can't
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afford it anymore knowing what my
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background was like I have come a long
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ways but at the same time I just really
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want to be financially stable because
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it's affected the quality of my life it
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made me realize everything kind of runs
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on what you have what you don't have and
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it dictates where you fall on the ladder
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of mobility having all that debt from
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all those years of struggle is still a
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weight on me even though I feel like now
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I've finally found my path going to
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school does not guarantee you a job and
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I think at a certain point in time going
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to school and getting good grades would
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have guaranteed you some kind of job and
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that's just not the case anymore
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ultimately when it comes to going to
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your dream school and paying loans
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versus maybe going to another school you
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wouldn't be as happy at you have to
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think of whether or not it's worth it
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honestly if I knew that I would have to
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have all those loans under my belt I
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would have gone and applied to the Ivy
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League school of my dreams I would have
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applied to Harvard I wish somebody had
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told me you should never allow the
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logistics of something to keep you from
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achieving what really matters to you the
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fact that I already borrowed money I
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just wish I could have put it to better
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use I think for someone let's say coming
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out of high school or even college I
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would say take some time to work and be
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in the real world and build those life
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skills let's be honest I don't think any
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17 or 18 year old coming out of high
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school really knows what they want to do
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and even if they do hey life throws you
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all sorts of wrenches so chances are
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you're not going to do what you think
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you're gonna do at 18 real life skills
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that is the valuable experience that is
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going to serve you in your life in the
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long run
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[Music]
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