Refinance

We’re Dealing With $180,000 in Student Loans | JEN TALKS FOREVER





Like many Americans, my husband and I took out student loans to pay for our college education. Between the two of us – that racks up to approximately $180,000.

I have a B.A. in Communication, while my husband attended culinary school. We’re in the process of getting out of debt, and I wanted to share our story as a cautionary tale.

We’ve been able to pay off our student loans faster by using proceeds from house sales toward the debt. Living below our means and budgeting our money is also a big factor.

BOOK RECOMMENDATIONS ON PERSONAL FINANCE:

The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness – Dave Ramsey

The Millionaire Next Door: The Surprising Secrets of America’s Wealthy – Thomas J. Stanley & William D. Danko

Stop Acting Rich: …And Start Living Like A Real Millionaire – Thomas J. Stanley

Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! – Robert R. Kiyosaki

Love Your Life Not Theirs: 7 Money Habits for Living the Life You Want – Rachel Cruze

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ABOUT JEN:
Not an expert on life, but willing to talk about it – recovering TV news veteran, Korean adoptee, married without kids

Quit my job at CNN + sold my house in October 2017 to focus on Sewing Report and Jen Talks Forever. Now I make videos from home in my Hello Kitty PJs.

Likes: Sarcastic humor, wine, steak, living below my means, saving $$$, bad TV shows, 80s films, sewing, crafts, DIY, cats

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28 comments

  1. I took some student loans with my dad cosigning. I actually forgot about these and they started taking his tax return to pay them off. This actually helped me pay these off really really quick! Interest was higher since I forgot about them but luckily those are gone. Just $20k left under my name 🙂 Great story and yes anything in art related field is ridiculously crazy in terms of payment!

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  2. Man you must really love your husband! The only reason my wife took on my $200k+ debt because I was in medical school when we met. She had no debt… Her salary has been paying down the loans. It is certainly a relationship builder to tackle debt. I think all this education and schooling will eventually pay off… Great video

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  3. I am currently on Dave's baby step 3! You guys have the stamina of Olympians! Great job sticking with it!

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  4. Great catch! lol $180,000 is more than most have for retirement. 6:35 "helped US make headway" got a heart of Gold.
    Being financially responsible for a fully grown, educated adult? marriage is weird.

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  5. Debt is modern day slavery. Deut 23:19 “Do not charge a fellow Israelite interest, whether on money or food or anything else that may earn interest. 20You may charge a foreigner interest, but not a fellow Israelite, so that the Lord your God may bless you in everything you put your hand to in the land you are entering to possess.”

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  6. Thank you! Thank you! I am a parent of a 17 year old who is getting ready to graduate high school and wants to go to a four year college; we cannot afford to pay the 40+ thousand a year it cost so we are looking at other options. Unfortunately, my kid is immature and can’t see past next week and feels that a community college ( that we can afford) is beneath her. I will have my daughter watch this video and hope that it gives her somethings to think about. I meet so many young people in my line of work with half finished degrees and full blown student debt, many are depressed and struggling to pay it back.☹️

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  7. When my scholarship and personal savings ran out, I had to drop out for this reason. I did not really know what I was going to school for. Now I kinda wanna go back for film, but student loans scare me!

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  8. It’s sad, but my girlfriend knows I’m in debt and thinks I can manage it and I’m 200k she doesn’t want to get married cuz of this . I understand ,but it’s ruined my life with the girl I love. If I were a parent please please don’t do student loans . It’s not fun knowing it’s over your head. If you’re in debt don’t look at the big picture take one student loAn at a time

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  9. i owe a little over 15k in student loans

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  10. Did I hear that right? 150K for 2 years of culinary arts school? WTF!?

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  11. Well if u want a degree good luck trying not to take out student loans

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  12. You received all these loans under your name ? Private loans ? No co-signer ? I’m trying to go back to school and I’m in debt about 60 K. I’m trying to bridge from my RN to my BSN but I’m not sure about getting loans again . The loan company let you borrow that much ? Please assist. Xoxo 😚

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  13. Thanks for sharing your story with us! This is very encouraging

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  14. Thank you for this video. What’s your advice for someone who wants to go through with a college education and knows they’ll have to pull out student loans?

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  15. MY DAUGHTER IS 22, GRADUATING NEXT MAY WITH A DEGREE IN NURSING. I TOLD HER TO STAY AWAY FROM GUYS THAT HAS A LOT OF STUDENT LOAN DEBT, IF ONE DAY THEY GET MARRIED, GUESS WHO INHERIT THIS BAGGAGE.

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  16. Great advice!!

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  17. I'm currently a junior in High school and I'm starting to plan my future education. My parents are not from the U.S. so they urged me to lots of research on what college I should go to which led me to a a lot of stories about student loans and the consequences of debt. I was already planning on remaining in State for the financial aid but I soon realized even financial aid may not cover much plus the GOP tax bill just got signed which will screw everyone over (except if your'e rich)

    I am definitely considering some programs my community college is offering plus I am already taking some classes there and I really like it.
    My parents also encourage me to go to community college because they respect the education they offer and I can stay home
    Also I will have a chance to dabble in the science field without doing anything major like moving away, taking a loan etc

    I really appreciate these videos because I would've blindly followed the crowd.

    And I will definitely look at the book recommendations as well they sound appealing

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  18. Thank you for sharing this video. I am currently going to school to earn a business degree. I also have student loan debt. I’m trying to figure out the best way to reduce my student loans while going to school. If that’s even possible. I want a higher education but I’m unsure if it’ll be all worth it when I’m left with more debt…

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  19. Have you heard of Dave Ramsey? He is an expert at helping people get rid of debt, especially student loan debt.

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  20. Its also about saving. Since , I didnt owe any money after college, I was able to buy my first home at 24. I think nowadays, some people are living above their means. Like someone who makes above minimum wage, but saves up money for a Chanel bag, rather than save it for rainy days, emergencies, house, or car ( I know some people). Its not bragging when I say I came from affluent family (only thing parents helped with was tuition), but my first house, I bought with my own money working 2 jobs, bc thats what adults do, lol. Its all about priorities and saving for what matters. Nobody's gonna care that you have a Chanel bag, but cant afford piatacchio nuts, lol. Just saying.

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  21. Great talk! I know people who still owe 200k of 300 k loans. I was one of the lucky ones, I got full scholarship to college and my parents helped with grad school, so that I wouldnt own any $$$ after college.

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  22. Many were CONNED into going to college…to be indoctrinated by liberal professors….and then given all the money they WANTED….NOT what the could AFFORD….and many graduating with USELESS degrees that would never get you what you need to pay the loan back. This is EXACTLY how "Loan Sharks" operate….SHAME ON YOU.

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  23. My student loans were only $20,000 but following the envelope budgeting system we were able to pay it off and our car loans. We relocate often (my husband is in the military) so we rent our home which means no mortgage, so we have absolutely no debt. It truly is a freeing feeling. We still follow the envelope budget system and will have a great down payment when he gets out of the military and we can settle down somewhere.

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  24. Yea i been wanting to go back to school for my PhD but refuse until i find a way without loans

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  25. Good talk Jen, I'm a fan of trade schools myself. I had a friend that lived in Scottsdale, AZ that needed a plumber on Thanksgiving Day $500 just to show up. She didn't get it, I certainly did. We just had the plumber ourselves, and he's so busy he doesn't do call out of the town area, closest other plumber is 40 miles away. There's a great need for people in the trades.

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  26. In my opinion, when buying a car buy gently used! I’m a big believer in the Japanese made vehicles and buying one that’s two or three years old that’s been well maintained with low kilometres is the best way to go. A lot of new cars where I live have a 5 or 6% finance rating anyway, so why not look at the used car that’s $15 000 vs the brand new one that’s $22 000?

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  27. Big Education goes under the radar. As much as people complain about the politics of "Big Business", "Big Education", goes right under the radar. Where is the outrage at Universities for their egregious cost? In the late 80's when I was in College I recall paying $400.00 for my English Book and $300.00 for Electronics/Engineering books. That's $700.00 for two books not including my other courses. I'm not sure what kids are paying for books today, but the fact that Big Education slips under the radar is a clear sign they are protected by special interest. The government, banks, and colleges are in cahoots. It took me 7 years to pay off my Student Loans.

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  28. My mom and I were just talking about this. A doctor I work with he stressed out because he has 400k student debt. And I’m guessing he not making the money promised. A girl a few years ago sued so major Ivy League law school because she said they lied and mis represented how much money she would be making and when she came out of school she could not even find a job. I luckily did not fall into the student loan trap, they were trying to push it hardcore when I was applying for schools. And if you die, whoever co signed will have to pay it. No way out.

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