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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

MORE Student Loan Forgivness Mr. BiVen?!

 

The Biden administration is back again with more student loan forgiveness ya’ll! It almost feels like a lottery at this point with everyone hoping that they will get the chance to have their loans forgiven too. In this episode of “Whose Loans will be Forgiven this Time”, 415 million dollars in student loan forgiveness will be given to students who attended several schools who were found to have not been honest about their job placement rates or other things that ultimately resulted in most closing down. Many of these schools advertised substantially throughout the years so the names that I am about to list should sound familiar.


Figure 1: This is a thumbnail of my latest YouTube video "MORE Student Loan Forgiveness Mr. BiVen?!" where I am sitting in my office while looking at the camera. I have on a shirt that reads "To My Black People I Love You".


The schools include ITT Tech, DeVry, Westwood College, and Minnesota School of Business/Globe University. Am I the only one that remembers seeing the constant ITT Tech commercials during the Maury Show? They had a solid advertising campaign during the early 2000s! Now close to 16,000 folks will have their student loans forgiven. I can feel the excitement in the air!

 


Figure 1: This is a photo of ITT Technical Institute.

 

The most interesting thing about all of this is that this usually only happens when the schools have completely gone out of business. And while most of them are closed DeVry university is still serving students. DeVry was dishonest about their job placement rates by leading students to believe that 90 percent of their students obtained employment within the first 6 months of graduation between 2008-2015. However, this was not true, and it was about 58 percent!


Figure 3: This is a logo that says, “DeVry University.”

While the widespread student loan forgiveness of 10K is not happening like we hoped some folks are seeing relief. Are you still hoping that everyone will be included on the next go round? Are you someone who attended any of the schools that I mentioned? If so, drop down in the comments and let us know how this will affect you! If you are tired of waiting on Mr. Biden to forgive your student loans and are ready to create your own student loan forgiveness like I did be sure to check out my 8 tips to getting rid of student loan debt. I implemented each of these tips and paid off $14,180 in 9 months! For more information be sure to check out my latest YouTube video and tell me what you think!


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My One Year Student Loan Payoff Update

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