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 keep
President Biden has extended student loan repayment
again. In case you had forgotten, interest and payments were set to resume on September
30, 2021 but now this has been changed to January 31, 2022. Another extension
leaves me to believe that these loans aren’t going anywhere. I mean think about
it why wouldn’t Biden just cancel them at the end of September? Why does there
need to be another extension? In case you can’t tell I have lost all hope in student
loan forgiveness. I actually started paying on my student loans in April 2021
and my balance has decreased by about half! I had five student loans through
FedLoan Servicing and I am on number four of five. My ultimate goal is to have
them paid off by the end of this year and I am working incredibly hard to meet
this goal.
Figure 1: This is a thumbnail of my YouTube video “Student Loan Repayment Extended Again!” where I am wearing a black shirt with birds on the front with my hands folded in front of me with a suspicious look on my face while sitting at my desk.
What does this whole extension mean for student loan
forgiveness? Are you still keeping the faith alive? Do you have plans to tackle
your student loan debt? For me personally I am tired of giving my hard-earned
money to someone else and I want to get rid of this debt so I can reach my financial
dreams. It seems like I might be the only one who feels this way at the moment!
Why do you think so many others have just given up on even attempting to pay
their student loan debt? While I understand some people’s balances are astronomical,
anything can be accomplished with effort.
This
is a photo of an orange stick figure wearing a graduation cap with a student
loan ball and chain tied to his ankle.
You may not know this but FedLoan Servicing will
actually stop servicing student loans at the end of their contract. While I’m
not quite sure what all this may entail I do know that typically with new
companies come new policies and procedures and I want my loans to be long gone
before that happens! The student loan
debt crisis seems to be never ending for us millennials and many people have
truly given up. While my faith has dwindled in student loan forgiveness my
mindset has broadened in my abilities to pay off debt and to pay it off quickly. Are you
interested in learning how I’ve been tackling my student loans? Drop down in
the comments and let me know if you want to create a plan to expand your own
financial goals I’d love to tell you how I plan to get there!
Figure
3: This is a sign that reads “Financial Freedom Just Ahead”.
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