The reason your student loan balance is getting higher in spite of you making regular payments, is your income-based payment is so low that it doesn't reach into the principle. In fact you aren't even covering the interest balance per month in most cases. So the unpaid balance of interest is simply added to your student loan balance and that becomes your new and higher principle amount. And now you pay interest on this new, and higher balance. This works no differently than a credit card. To the woman who made her monthly payments for public service, the reason your payments don't count for the past three years is that PSLF credit was already given to everybody - regardless if you made payments. Technically you wasted three years of payments because it was given to you anyways. And you can't double dip. The government isn't going to automatically give you 3 years of unpaid credit during covid, Plus have you voluntarily make payments during those years and give you an additional three years credit. That would be like giving you six years of credit but only in three years time..
😄 this is why I would go back to school at least once a year and take one class just so it could be deferred and you don’t gain interest. 😂 y’all really don’t know any life hacks.
Student Loans.. IS the 2023 version of E-SERE. Uncle Sam, is gonna jam everyone. 4:33 UNCLE Sugar, starts to garnish ya Check. That feeling she felt, is what Every MAN feels once, ChildSupport kicks in. YA, it hits THAT HARD!!!!
@@helena3631 No one can predict the future. NO ONE can anticipate an AOG level event. (ActOfGod). On the BIG Scale of things. 4yrs of college, and associated cost's. ARE CHEAP, over a 40yr run. The cost TODAY, 2023. of a 4yr degree, is 40-50K. + housing, food, etc..~40YEARS Ago, it was 12-15K. BUT a new car, 40yrs ago, cost $3000. Just imagine in 40yrs, on how much a College Degree, House, Car. HOW much thats gonna cost... I TELL EVERY MAN!!!!!! Get a Masters in something. Hell, get 2x MASTERS. THAT is CHEAP!!!!! compared to having 1x child. Cheap as hell.
In many states your work license is attached to your student loan debt. In other words if you go delinquent on your student loan payment, they can take away your license to do your occupation until you catch it up. In other states they can take away your driver's license also.
The individual mad @ 2:57- she can call up her servicer and request all those payments come back to her. So it's not a big deal. She doesn't understand how PSLF works. If you are working towards PSLF, it makes zero sense to be paying extra towards a loan. And even less sense to be paying toward student loans during forbearance.
The woman at 4 minutes is obviously lying about something. There is no way her figures are correct. If they were federal loans, one call could have put them on hold, and stopped any garnishment.
They tried to start the garnishment and I was behind a few loans and they were federal loans .. thank goodness my dad helped me pay off 17k back in 2017 7 years out of college to get these loans off my back this is insanity the interest rate on these loans it’s very predatory
I started out with 43K. Went to community college and a state school for my masters. Ive been paying on the IDR plan since 2012. Ive been paying 533 a month. My balance is almost 58K now. Im ready to quit my job and just live off welfare lol.
7:05 this EXACT, to a t, situation just happened to me. Those were my oldest accounts. 13 year old accounts just gone. Credit score dropped over 40 points and won't fully recover for a long while due to the time-based metric keeping it down. This is all a big game for which we were given unplugged controllers.
Some of the clips in this video are inaccurate. The new save plan (saving on a valuable education in) plan will allow bars to be on an income driven repayment plan whereby any interest that is not met by their minimum payment will be waived by the US government Department of Education. So the save plan will end up helping many many borrowers because they will end up paying back less than what was actually borrowed provided that they stay on this particular plan.
You cannot inherit debt from parents. If the parent has loans that amount to more than their assets then the child will have nothing to inherit. Have the parent start giving assets to their children before they die to avoid losing everything!!!
Single mom sob story- oh well. Everything you’re complaining about was YOUR CHOICE. I don’t feel bad for you. You made your bed, now lay in it. These are called CONSEQUENCES. If you didn’t have any money to begin with, why did you choose to be a single mother? YOUR OWN DOING.
@@kimjoseph3080 Student Loans=PAY.. Unless you get permanently disabled, and go on SSDI\SSI. Getting on Social Security=STILL PAYING. Only if you get SICK. Sick to the point of not being able to work. Can student loans be forgiven. AND even with that.. IT Takes 6-7 years.
The payoff isn't worth it in this economy.......... find a trade.
Plumbing 💸💰💸💰
The reason your student loan balance is getting higher in spite of you making regular payments, is your income-based payment is so low that it doesn't reach into the principle. In fact you aren't even covering the interest balance per month in most cases.
So the unpaid balance of interest is simply added to your student loan balance and that becomes your new and higher principle amount. And now you pay interest on this new, and higher balance. This works no differently than a credit card.
To the woman who made her monthly payments for public service, the reason your payments don't count for the past three years is that PSLF credit was already given to everybody - regardless if you made payments.
Technically you wasted three years of payments because it was given to you anyways. And you can't double dip. The government isn't going to automatically give you 3 years of unpaid credit during covid, Plus have you voluntarily make payments during those years and give you an additional three years credit. That would be like giving you six years of credit but only in three years time..
Your ignorant as crap. After 20 years of paying those "tiny payments" the debt is forgiven per federal law
Education is important. Let's make it really f****** hard for everyone to get
Exactly why I refuse to go back to school. I have my associates and I’m good.
But then everybody that had that education would be PAID the same.🤣
It amazes me that students didn’t learn about loans and accrued interest in high school math class.
Public schools teach virtualy nothing about financial literacy, and that's by design.
They did. It's called math.
They have set up in high schools now where students can sign up for credit cards. Blows my mind.
Of course they’re not going to learn this.
@@NuhbuddysI went through multiple calculus/physics courses and never learned one useful goddamn thing about personal finance
"Life is hard, it is harder when you are stupid." John Wayne 🤣
😄 this is why I would go back to school at least once a year and take one class just so it could be deferred and you don’t gain interest. 😂 y’all really don’t know any life hacks.
Lol
I thought about doing that
Thats a waste of time!!! Focus on paying them back!!! Its some BS but it will only get worse
Student Loans.. IS the 2023 version of E-SERE. Uncle Sam, is gonna jam everyone. 4:33 UNCLE Sugar, starts to garnish ya Check. That feeling she felt, is what Every MAN feels once, ChildSupport kicks in. YA, it hits THAT HARD!!!!
No one’s forcing u to have children tho and college is a necessity in certain fields of entry so it’s a necessary evil
@@helena3631 No one can predict the future. NO ONE can anticipate an AOG level event. (ActOfGod). On the BIG Scale of things. 4yrs of college, and associated cost's. ARE CHEAP, over a 40yr run.
The cost TODAY, 2023. of a 4yr degree, is 40-50K. + housing, food, etc..~40YEARS Ago, it was 12-15K. BUT a new car, 40yrs ago, cost $3000.
Just imagine in 40yrs, on how much a College Degree, House, Car. HOW much thats gonna cost...
I TELL EVERY MAN!!!!!! Get a Masters in something. Hell, get 2x MASTERS. THAT is CHEAP!!!!! compared to having 1x child. Cheap as hell.
@@helena3631. Wrong. Student loans are a choice too.
if we all gather together and say no what can they do
Neglect your degree
Ruin your opportunities
Ruin your retirement
Ruin your work opportunities
Ruin your credit score
Etc
In many states your work license is attached to your student loan debt. In other words if you go delinquent on your student loan payment, they can take away your license to do your occupation until you catch it up. In other states they can take away your driver's license also.
@@ufo_vid9694boomer mentality
The individual mad @ 2:57- she can call up her servicer and request all those payments come back to her. So it's not a big deal. She doesn't understand how PSLF works. If you are working towards PSLF, it makes zero sense to be paying extra towards a loan. And even less sense to be paying toward student loans during forbearance.
The woman at 4 minutes is obviously lying about something. There is no way her figures are correct. If they were federal loans, one call could have put them on hold, and stopped any garnishment.
They tried to start the garnishment and I was behind a few loans and they were federal loans .. thank goodness my dad helped me pay off 17k back in 2017 7 years out of college to get these loans off my back this is insanity the interest rate on these loans it’s very predatory
I started out with 43K. Went to community college and a state school for my masters. Ive been paying on the IDR plan since 2012. Ive been paying 533 a month. My balance is almost 58K now. Im ready to quit my job and just live off welfare lol.
7:05 this EXACT, to a t, situation just happened to me. Those were my oldest accounts. 13 year old accounts just gone. Credit score dropped over 40 points and won't fully recover for a long while due to the time-based metric keeping it down. This is all a big game for which we were given unplugged controllers.
It’s all a scam my daugther will not be going to these scammer colleges it was a headache to pay my loans off I am done
Some of the clips in this video are inaccurate. The new save plan (saving on a valuable education in) plan will allow bars to be on an income driven repayment plan whereby any interest that is not met by their minimum payment will be waived by the US government Department of Education. So the save plan will end up helping many many borrowers because they will end up paying back less than what was actually borrowed provided that they stay on this particular plan.
Bring the layoffs at the universities bring ‘em , we don’t need those jobs , people don’t need to be paying student loans for 30 years
30k in debt here🎉🙃
Thank god I finished paying mines right before covid and you should start laying it off too
Paid mine with parent’s assistance off in 2017 never again will I get into student loan debt I am over debt in general I am on my Dave Ramsey
Most of these women should have gotten a trade
But, Muh air conditioning! 🤣
DJ on the radio say parent, guardian who didn’t pay loans decades ago can affect children
You cannot inherit debt from parents. If the parent has loans that amount to more than their assets then the child will have nothing to inherit. Have the parent start giving assets to their children before they die to avoid losing everything!!!
@@juicysmith38235 the child can not get student housing because of parent
Students loans are like pay laters with interest of-credit union
Thank you Ronald Reagan!!!! 😤😤😤
Student loans aren’t doing anything to people- the ‘people’ CHOSE to take out loans. Bohoo. Pay it back.
Single mom sob story- oh well. Everything you’re complaining about was YOUR CHOICE. I don’t feel bad for you. You made your bed, now lay in it. These are called CONSEQUENCES. If you didn’t have any money to begin with, why did you choose to be a single mother? YOUR OWN DOING.
File for bankruptcy
Unfortunately.. Bankruptcy does not cover Student Loans or ChildSupport.
@@rippleyaliens8275 wow I didn't know that so you must pay is there anyway to get around this
@@kimjoseph3080 Student Loans=PAY.. Unless you get permanently disabled, and go on SSDI\SSI. Getting on Social Security=STILL PAYING.
Only if you get SICK. Sick to the point of not being able to work. Can student loans be forgiven. AND even with that.. IT Takes 6-7 years.
@@kimjoseph3080your options are to die and let the debt fall under someone else
@@kimjoseph3080disability discharge