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My One Year Student Loan Payoff Update

  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
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Fall Refunds are Here for College Students



 It’s my favorite time of the semester…REFUNDS! A few weeks after the semester begins all of your financial aid pays out and if there’s any left over you get a refund! You will know that your receiving a refund if there’s a negative balance on your account. It’s the one time in history where you actually want to see a negative balance! 

Figure 1: This is a thumbnail of my latest YouTube video where I am in my office with a surprised look on my face. 

This semester I paid $241 in fees and I received a $500 grant for individuals who work at community colleges. Oh yeah  did I mention I work at a community college too part time as a tutor? Anyhoo, since I had already paid off my student account I received the $500 as a refund. If you’ve been watching my YouTube videos or reading my blogs then you already know this money is going to debt. 

Figure 2: This is a photo of three $100 bills and three $50 bills.

With refunds posting to accounts daily you want to make sure that you are constantly checking your account to make sure all of your courses have been paid for. This will help you in making sure that you aren’t dropped from your courses due to nonpayment. You should actually be checking your account daily up until everything has been paid out. Once I neglected to do this and ended up owing a balance! So be proactive and don’t just assume that everything may go as planned. 

Figure 3: This is a photo of an African American man holding a magnifying glass to his eye.

Did you get a refund ? What do you plan on doing with it? Drop down in the comments and let me know ! Be sure to check out my latest video on the subject below!

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