January 28, 2022 marked my one year anniversary of paying off my student loans . Reflecting back on choosing to pay off my student loans leaves me with several take a ways that I want to share with you! In September 2020 I decided to become debt free by utilizing the debt snowball method to pay off all my debt. Before this I had struggled to save and really understand basic financial principles. As a first-generation college student, I received a scholarship to attend undergrad for free, but the scholarship did not cover summers. During the summers I took out student loans to cover costs without paying interest rates or how much I was taking out. By the end of undergrad I had amassed a little under $17K. Fast forward to graduate school I received another scholarship that covered my education. At the time I was a teacher in a new very expensive city and I had missed the cutoff to have my paycheck last me throughout the summer. So, I decided to take out a loan for two summers to ...
This past week an article came out stating that student loan forgiveness was not in President’s Biden annual budget. I know many of us were like say what now? A few months ago, I did a video on student loan forgiveness as around that time Biden had given the Department of Education’s secretary a task to write a memo regarding if he could cancel student loan debt through executive order. There have not been any updates on that memo and this latest article that student loan forgiveness is not in Biden’s annual budget has somewhat put the writing on the wall that this may not happen after all. Figure 1: This is a thumbnail from my latest YouTube video on Should I Pay My Student Loans? I have an inquisitive look on my face next to a photo of Biden. I have a student loan balance myself and $10K would basically forgive my debt with a little left over. However, I am unsure if this will happen so I have decided to pay up until I hear otherwise. I actually paid off my second st...