We’re Dealing With $180,000 in Student Loans | JEN TALKS FOREVER

We’re Dealing With $180,000 in Student Loans | JEN TALKS FOREVER

hi I’m Jen and I want to tackle a fairly
serious topic right now and that is student loans recently there was this
clip circulating around from Adam ruins everything and he tackled the huge
student loan crisis so ask someone with a lot of personal experience with
student loans I thought I would share my story here if you’re a teen looking at
colleges or if you’re a parent worrying about how you’re going to pay for
college hopefully my story helps guide in your
decision making process when I graduated from college over a decade ago I had
taken out about thirty thousand dollars in student loans I would do a very small
private school and this school actually did not accept any federal or state aid
so my student loans were private now when you’re eighteen to twenty-two
sometimes you don’t always make the best decisions I am was certainly not an
exception my dad actually wrote me a check for the remainder of my tuition
and room and board to whatever to fill in the gap of whatever financial aid I
got but instead of using that money to pay for those things I took out student
loans instead so that’s how I got to about thirty thousand dollars worth of
debt that my mom co-signed now when I graduated my grandfather had passed away
kind of recently so my mom gave me a little bit of a head start to pay off my
student loans about four thousand dollars she told me I could either use
it for my future wedding or to pay off student loans because I had no boyfriend
and no immediate plans to get married I decided to apply that to my student
loans so for the first like four years after I graduated I was very single and
I’d moved to El Paso Texas to take a job in television news and if you work in
the TV news business you know it doesn’t pay a whole lot but I still managed to
buy a condo there and this was leading up to the whole housing bubble so I
bought a condo in 2005 and I sold it in 2007 I made about fourteen thousand
dollars and I then used all of that to apply to my student loans so then I
ended up moving to Florida for another job and I met my husband about a year
after I was live in Florida and I had been doing like
triple quadruple payments on my student loans and I only had like maybe four or
five thousand dollars left so I was feeling really good I’ve been reading
some financial books I was really starting to get into personal finance oh
and then my husband was like hold my beer so my husband’s a wonderful guy he
had about one hundred and fifty thousand dollars in student loans
he went to two years of culinary school we ended up getting married and moving
in together and we needed a plan to tackle these student loans so he
obviously didn’t know what he was getting into either and of course now he
definitely regrets that decision and I want to share a little bit about what
that’s been like dealing with that much debt and also how we’ve gotten through
it we’ve survived were still married we’ve been married for over eight years
and we’ve actually been able to make very good headway on the debt so we
started out with about a hundred and fifty five with mine and his combined
and the payments were really tough the payments were about $1,500 a month and
he says he was initially told they would never be more than seven hundred
obviously that was a lie or maybe he misunderstood I don’t really know
because I wasn’t there when he took them out but we have really spent the last
almost close to a decade really trying to get these paid off as quickly as
possible so now we’ve actually been able to pay off about half of the student
loans and one thing we did was we’ve never deferred or like held off the
payments we’ve never filed for a forbearance so every month we make those
payments and whenever we’ve had extra money we try to put extra towards the
principal he has some federal and some private student loans and the other big
thing we did was I’ve made another video about this
we bought a forty seven thousand dollar house and kind of flipped it over a
period of about four years so we ended up walking away with that deal with
about thirty five thousand dollars in cash now that also includes our down
payment so it’s not all pure profit plus we put money into the house
we used that money to pay off one of his very large student loans so now we’re
down to about seventy thousand dollars in student loan debt and again this is
eight years later so it’s definitely not been an easy road and it has caused a
lot of problems in our relationship and also with our finances so to the parents
out there into the teens out there avoid student loans if you can please do
not take out student loans it it may seem like an okay idea at the time but
years down the road your plans may change your life may change and in fact
there’s quite a few students who don’t end up finishing in school so when
you’re trying to get yourself into these situations and plan out your life you
not only should be planning for the best case scenario but you should also be
planning for the worst case scenario because you’ve heard the term Murphy’s
Law anything bad that can happen often will happen so what if you don’t finish
school or what if you realize say you start going to medical school and then
you realize you really don’t want to be a doctor then you’ve got student loans
and you might feel pressure to finish also say you become a lawyer and then
ten years down the road you want to have children and then stay home with them
but you’re so far into debt you don’t feel like you have a choice I can say
from from my own experiences with this having that much debt makes you feel
like you’re a prisoner you don’t have nearly as many choices as you would if
you were debt-free and it’s again your options become far more limited so we’re
really hoping to be debt-free hopefully with the next feet within the next few
years and and yeah it’s it’s it’s not it’s certainly not anything we would
have signed up for knowing knowing all the consequences and I know my husband’s
done everything he can to try to do his part to pay off the student loans but it
also takes working as a team you know obviously I did not cosign these loans
and they’re it’s not my debt but if you’re married I do feel like you know
treating it like it is your debt and also working as a team is what has
helped us to make really good headway on it working
together but it’s definitely a very very challenging thing to make a life
together when you have that much debt when we were first married half our
income pretty much immediately went towards student loans and it’s been at
times it’s been really difficult but we’ve just been really trying to own our
decisions and press forward and just get rid of these loans as quickly as
possible because then we can truly start our life fresh and without anything
holding us down because having that much in student loans does make you feel like
you have financial shackles it’s terrible it’s the it’s honestly one of
the worst feelings ever it’s definitely caused us to not be able
to live the kind of life we want so again if you are a parent or if your
teen please be forewarned if you could make your education possible without
student loans look at non-traditional ways of financing your education or work
your way through school do that instead I would highly recommend doing that
instead if you don’t know if college is for you if you don’t know what you want
to study you don’t know what you want to do maybe you want to postpone college
and to actually do know what’s going on in your life because you don’t want to
waste all this money on a degree for nothing
you know you don’t want to major in something that’s not practical and maybe
trade schools for you actually there are a lot of professions that require trade
school that pay very good money and it can lead to you owning your own business
I mean think about it when your auto mechanic is charging ninety six dollars
an hour for labor or your plumber is charging $60 an hour you know often
these guys are the ones that are The Millionaire Next Door types and there
they can be quite wealthy even though even though they’re dressed in you know
overalls or jeans in fact most of the successful people successful people I’ve
known have had no college education and they usually are some type of
entrepreneur or business owner in fact my stepdad is one of those guys he was
an antiques dealer and he’s always been very he’s made very smart decisions with
his money and he’s someone I greatly look up to for finances he always gives
great advice his father is even more so like
that and in fact his dad actually wrote a book about being a Christian
businessman and handling finances and it was just so inspired and I have a copy
and yeah and I do want to recommend a couple books they’re not necessarily
about college education but if you’re looking for some personal finance books
I’m gonna link some in the description box below but one book that my mom gave
me for a like a graduation gift that’s literally sat on the backseat of my car
for years before I actually read it was Suze Orman you remember her from the TV
show with you know can you afford it with the can you afford it segment she
gave me the book young fabulous and broke and I ended up finally picking up
and reading it and it’s a fantastic book and it tackles a lot of kind of basic
basic financial things that the financial topics that schools aren’t
even teaching kids like balancing a checkbook or how credit works or you
know should you how should you buy a car that sort of thing so that’s a great
book for young people of course I’m a big Dave Ramsey fan so any Dave Ramsey
book like the Total Money Makeover or another book might be on Trey leadership
I’m also an avid listener and viewer of and fan of Gary Vaynerchuk he has a few
books out like a crush it there’s also a few books I’ve read that really changed
my perspective about money and that was Rich Dad Poor Dad it was written by a
gentleman who had a lot of success with real estate and he also had kind of a
different mindset of thinking you know so he used his dad as one example and
his friends dead who was this successful businessman as another example Rich Dad
Poor Dad it’s a great book and of course I have gotten so much out of The
Millionaire Next Door series by Thomas Stanley The Millionaire Next Door great
book there also there are several follow-up books but one of the ones that
impacted me the most was called stop acting rich and this these folks
actually detailed real buying habits of million
and it’s not at all what you expect like they go into what kind of cars
millionaires drive you know what where do they shop what kind of alcohol they
buy like some really crazy buying habits and for all you folks who think you need
designer clothes and fancy stuff the really wealthy people are not buying
that stuff the people who are buying luxury cars in designer bags often those
people are not wealthy they just want to give off the appearance of wealth and
they’re actually deeply in debt you know in fact a lot of luxury cars or leased
which means the person actually can’t afford to buy the car so anyways I know
I’ve gotten a little bit off the rails but I definitely wanted to take a few
minutes here to just share a little bit of my own experiences with student loans
money finances now that I’m now that I’m a little older and maybe slightly less
foolish I can share this with you but feel free to leave me a comment below
smash that like button and if you like random weird sometimes maybe helpful
videos like this feel free to subscribe to Jen Talks Forever because I promise
you there will be more

68 thoughts on “We’re Dealing With $180,000 in Student Loans | JEN TALKS FOREVER

  1. My mom and I were just talking about this. A doctor I work with he stressed out because he has 400k student debt. And I’m guessing he not making the money promised. A girl a few years ago sued so major Ivy League law school because she said they lied and mis represented how much money she would be making and when she came out of school she could not even find a job. I luckily did not fall into the student loan trap, they were trying to push it hardcore when I was applying for schools. And if you die, whoever co signed will have to pay it. No way out.

  2. Big Education goes under the radar. As much as people complain about the politics of "Big Business", "Big Education", goes right under the radar. Where is the outrage at Universities for their egregious cost? In the late 80's when I was in College I recall paying $400.00 for my English Book and $300.00 for Electronics/Engineering books. That's $700.00 for two books not including my other courses. I'm not sure what kids are paying for books today, but the fact that Big Education slips under the radar is a clear sign they are protected by special interest. The government, banks, and colleges are in cahoots. It took me 7 years to pay off my Student Loans.

  3. In my opinion, when buying a car buy gently used! I’m a big believer in the Japanese made vehicles and buying one that’s two or three years old that’s been well maintained with low kilometres is the best way to go. A lot of new cars where I live have a 5 or 6% finance rating anyway, so why not look at the used car that’s $15 000 vs the brand new one that’s $22 000?

  4. Good talk Jen, I'm a fan of trade schools myself. I had a friend that lived in Scottsdale, AZ that needed a plumber on Thanksgiving Day $500 just to show up. She didn't get it, I certainly did. We just had the plumber ourselves, and he's so busy he doesn't do call out of the town area, closest other plumber is 40 miles away. There's a great need for people in the trades.

  5. Great talk! I know people who still owe 200k of 300 k loans. I was one of the lucky ones, I got full scholarship to college and my parents helped with grad school, so that I wouldnt own any $$$ after college.

  6. Its also about saving. Since , I didnt owe any money after college, I was able to buy my first home at 24. I think nowadays, some people are living above their means. Like someone who makes above minimum wage, but saves up money for a Chanel bag, rather than save it for rainy days, emergencies, house, or car ( I know some people). Its not bragging when I say I came from affluent family (only thing parents helped with was tuition), but my first house, I bought with my own money working 2 jobs, bc thats what adults do, lol. Its all about priorities and saving for what matters. Nobody's gonna care that you have a Chanel bag, but cant afford piatacchio nuts, lol. Just saying.

  7. Thank you for sharing this video. I am currently going to school to earn a business degree. I also have student loan debt. I’m trying to figure out the best way to reduce my student loans while going to school. If that’s even possible. I want a higher education but I’m unsure if it’ll be all worth it when I’m left with more debt…

  8. I'm currently a junior in High school and I'm starting to plan my future education. My parents are not from the U.S. so they urged me to lots of research on what college I should go to which led me to a a lot of stories about student loans and the consequences of debt. I was already planning on remaining in State for the financial aid but I soon realized even financial aid may not cover much plus the GOP tax bill just got signed which will screw everyone over (except if your'e rich)

    I am definitely considering some programs my community college is offering plus I am already taking some classes there and I really like it.
    My parents also encourage me to go to community college because they respect the education they offer and I can stay home
    Also I will have a chance to dabble in the science field without doing anything major like moving away, taking a loan etc

    I really appreciate these videos because I would've blindly followed the crowd.

    And I will definitely look at the book recommendations as well they sound appealing


  10. Thank you for this video. What’s your advice for someone who wants to go through with a college education and knows they’ll have to pull out student loans?

  11. You received all these loans under your name ? Private loans ? No co-signer ? I’m trying to go back to school and I’m in debt about 60 K. I’m trying to bridge from my RN to my BSN but I’m not sure about getting loans again . The loan company let you borrow that much ? Please assist. Xoxo 😚

  12. It’s sad, but my girlfriend knows I’m in debt and thinks I can manage it and I’m 200k she doesn’t want to get married cuz of this . I understand ,but it’s ruined my life with the girl I love. If I were a parent please please don’t do student loans . It’s not fun knowing it’s over your head. If you’re in debt don’t look at the big picture take one student loAn at a time

  13. When my scholarship and personal savings ran out, I had to drop out for this reason. I did not really know what I was going to school for. Now I kinda wanna go back for film, but student loans scare me!

  14. Thank you! Thank you! I am a parent of a 17 year old who is getting ready to graduate high school and wants to go to a four year college; we cannot afford to pay the 40+ thousand a year it cost so we are looking at other options. Unfortunately, my kid is immature and can’t see past next week and feels that a community college ( that we can afford) is beneath her. I will have my daughter watch this video and hope that it gives her somethings to think about. I meet so many young people in my line of work with half finished degrees and full blown student debt, many are depressed and struggling to pay it back.☹️

  15. Debt is modern day slavery. Deut 23:19 “Do not charge a fellow Israelite interest, whether on money or food or anything else that may earn interest. 20You may charge a foreigner interest, but not a fellow Israelite, so that the Lord your God may bless you in everything you put your hand to in the land you are entering to possess.”

  16. Man you must really love your husband! The only reason my wife took on my $200k+ debt because I was in medical school when we met. She had no debt… Her salary has been paying down the loans. It is certainly a relationship builder to tackle debt. I think all this education and schooling will eventually pay off… Great video

  17. I took some student loans with my dad cosigning. I actually forgot about these and they started taking his tax return to pay them off. This actually helped me pay these off really really quick! Interest was higher since I forgot about them but luckily those are gone. Just $20k left under my name 🙂 Great story and yes anything in art related field is ridiculously crazy in terms of payment!

  18. I feel you! I owe 90k for my BSN. I wish I'd have had someone to talk me through it like this video did. I was desperate to get out of poverty and the bad neighborhood I grew up in. I blindly took out student loans to private schools that maybe I shouldn't have.

    Trade school and community college is a great idea.

  19. In many cases it is impossible to not have to take out student loans. Maybe, make sure you are born to rich parents who value you and realize that it is their responsibility to help their kids help them self . . . and value education and pay for you to go to college.

  20. I am so fortunate that I didn’t have any student loans since I started off at a community college, transferred within 2 years and attended a local state school. I think at a young age, both society and the education system brain wash people into believing that you need to be the most successful person in the world, own every luxurious item, have a beautiful home and attend the best universities. I chose to attend CSULB, versus going to UCLA or USC due to the amount of student loans that I will need to take. I think it’s crazy how the government allows one to receive 250k+ of loans, but deny them for a mortgage plan. And with that kind of debt, you can buy a house haha. It’s almost as if society wants to trap people into debt for life and give millions false hope. It’s disgusting to think of that bullshit. I’m currently 24 with a decent salary, still live at home and plan to purchase a home by 2020.

  21. Yes Jen! You are so spot on. We taught out children early on that some children would have thing that they would not but they would have something that those children didn't have like parents who are teaching them things that will make adult life so much easier. Also we spent time with them daily board games card games we would build things together camp ski cook just everyday life things. And we would help them understand how to spend money and the consequences is throwing money around and away. Keep it up Jen! Our young people need to hear your words💞

  22. Everything you said. Everything. Thank you for sharing. I was the first to graduate high school, to go to college and we had no idea what we were doing. I wish I knew then what I know now. Hopefully there are teens and parents paying attention.

  23. If you plan on graduating, then you can take out student loans. But if you plan on taking out student loans, then you better get multiple degrees. The more degrees you have, then the more options you have available to you. I have 7 degrees/certificates with about 45k in debt… Student loans aren't that big of a deal, if you plan on tackling them right away….

  24. Did you like living in El Paso? so crazy you mentioned that because i'm thinking of buying a condo there as well at "The Fairmont" in the west side rim area.

  25. Jen is offering a world of good information. DO NOT TAKE STUDENT LOANS, The college degree is NOT what it used to be. I have two 4 year degrees and operated on par with men and women who had NO formal education and we were paid equally. If you insist on college, offer the military 4 years and go to college at no cost to you.

  26. I haven't had to do any student loans. Just served in the military and went to the cheapest local college near me. Actually, the FAFSA and grants literally pay for the entire cost to go there. It's a CSU too XD Best decision I made was to go to a community college first, which took off so much money that I could have lost. I'm thankful that I don't have and student loan debt and basically going to graduate soon

  27. I used my GI Bill and in-state tuition to get through debt-free. After seeing how all these kids are sucked into debt slavery, I'm convinced there needs to be a nationwide student loan strike. IIRC, there's 1.6 TRILLION in student debt. With that kind of money on the table, you don't owe the bank, you OWN the bank!!

  28. Luxury cars can be rented (Ferraris, Lamborghinis, etc.) down in Las Vegas. Driving one will give a superficial appearance of wealth.

  29. I went to a community college first & then finished my last 2 years at my local university with in state tuition. This was back in the mid 90s. Fortunately for me, my parents were able to pay. I owed zero for my bachelors. I decided I needed to continue & I moved to Washington DC area to go to school. $15,000 for 1 year. Made me so nervous that I quit while I was ahead. At some point during that year the interest rates dropped & someone in the financial aid office convinced me to consolidate at the rate that was about 3% or so. My payments were never over $110. Thank God I listened & consolidated as my payments were always manageable. I eventually landed federal government employment & paid of that loan. Now that I look back $15,000 wasn’t that much but when your under employed it is. Every now & then I log into my old account just to see the “0” balances. You’re a good woman. I would never attach myself to a man with so much debt. At least a prenup would be in place if I absolutely had too.

  30. Currently at a private school that cost $43k per year. With a great scholarship and federal aid, I’m paying less than $2k per year. It’s definitely not easy, but you have to hustle for that money!! Debt freaks me the hell out

  31. Thanks for sharing your experiences. I thought the video was great and informative. I believe a video like this which includes even more hypotheticals (around 5:30 into this video) would really help future students. I wish the media would cover stories like these more

  32. Young people really have a hard time accepting advice. You can warn them about debt, but very few will listen. What a shame so many have to learn the hard way about life and money.

  33. A Buddha monk in Thailand once told me (for an average middle class),
    If you want to be rich and keep spending like a rich, you will never be rich.
    However, if you afraid of being poor and spending like a poor, you will never be poor.

  34. Jen may i suggest you take a deep breath, throw your head back, and bray loudly for us several times?

  35. I will be around this much debt when all is said and done.

    To give me some perspective… you said the minimum amount each month due was $1500? What’s your household income and how much did you put towards it each month? You can ballpark a number if you don’t feel comfortable sharing!

  36. Can a person file a lawsuit a spouse after he or she helps to pay off a student and that person decides to file for a divorce?

  37. Its AMAZING, NO ONE ever knows what they're getting into with student loans, a MYSTERY INDEED! The fact your husband has 130k in a 2 year culinary education and his name is not Chef Boyrdee, your financial future looks bright indeed.

    I have less than that and earned an undergrad and a JD, KNOWING EXACTLY what I was getting into taking a loan and KNOWING IT MUST BE PAID BACK!.

  38. I went to a community college for the first two years while I worked and then transferred to a state university to finish my BS in Physics. I continued to work and went to another state university for my MS in Physics. After I finished I had no debt to pay off and the freedom to do what I wanted. I'm so glad that I never borrowed money to go to school.

Leave a Reply

Your email address will not be published. Required fields are marked *