Why I'm NOT Paying Off My Student Loans

I've been wanting to make this video for quite some time now and finally sat down and crunched all the numbers to make sure I had everything perfect! In this video, I talk about my thoughts on paying off student loans. If you are in medicine of have student debt from other graduate school programs, I'm sure this thought has crossed your mind. Should you pay off your student loans or just let them be and pay them off slowly? I had the same choice, but ultimately made my decision on what was right for ME. I discuss the options for paying off loans and give you an example of what I decided to do. Hope you all enjoy!

03:43 - Pros & Cons of Paying off Student Loans
04:30 - Who Should Pay off Loans?
04:40 - Pros & Cons of Investing over Paying off Student Loans
06:10 - Who is Investing good for?
06:42 - What I decided to do
07:30 - Example of MY investment

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*None of this is meant to be construed as investment advice, it's for entertainment purposes only. Links above include affiliate commission or referrals. I'm part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.

#studentloans #studentdebt #debt

[DrCellini]

Disregard the bruise on my face…Andriana stuck me with needles 😎

[shamrockgirl]

I struggled w/the decision 2 pay 💲 off OR retain my savings. In the end I paid them off, because it came down to PEACE of MIND. ❤

[zahsum]

I'm so glad you went down this route in your YouTube channel. I'm definitely going to keep this info in mind later down the road! Great video 10/10

[waffelsmellgood]

I think it really depends on how much money you make based with that degree. I didn’t make more money when I graduated instead my loan of 35, 000 turned into 50, 000 in less than 2 years. I’m not helping myself by ignoring those loans.

[johnnyquest]

I’m not paying off my student loans because the government has to learn fiscal, responsibility. Who in the right mind would give $133, 000 to an 18-year-old kid?.

[mavadd]

Personally I don’t trust the markets at the current levels as the everything bubble might pop just as it can continue to inflate. For that reason I’m paying off debt… paying off debt leads to a guaranteed increase in your NET worth, also gives peace of mind.

[steffan]

So grateful within the next week I’ll be 10k left to completely paying my off 100k debt.

[dr.stevenpennym.d.]

I was fortunate enough to get out of medical school with only $5600 worth of debt. This is also including my undergraduate degree.

[consumerdebtchitchat]

Chose to put a pool of money into buying a condo in 2020 instead of my student loan which was on PSLF anyways. The condo will be paid off in 3 weeks. I just found out from fedloan my 120 payments are done as of July 2022. If I weren't holding a letter from the government I'd never believe it. Great video!

[andressmith]

Dave Ramsey is punching the air after watching this

[tannerstafford]

When talking about cash flow don’t forget to factor in maintenance and property management fees. Cash flow would actually be calculated as rental income - expenses - mortgage = cash flow. Your cash flow on this property assuming you aren’t managing it and using average numbers for maintenance in the south is 2700/year at 9.7% coc return. This is because part of your cash flow goes to a savings account for future maintenance and vacancy.

[mattset]

HOW TO PAY YOUR LOANS OFF THE SMART WAY: Consolidate your loans into a Direct Loan. Apply for a student borrower to defense application. This application gives you a forbearance until the application is processed. It takes an average of 6 years for the application to be processed by the Department of Education. This gives you at least 6 years of interest and penalty free forbearance. After 6 years just repeat the process!

[Doc_Schmidt]

Great video! Really enjoyed it. Going to have to start making a lot of these decisions soon...

[meez]

I know the real estate investment route is great but I think we also have to consider that when we do this, we are taking away affordable housing from people that would have bought that property and used it as their main home. It's a lot more expensive to be poor.

[gabnurse]

This is just relieving to me. I’m the only person I know over 150k in loans and seeing a community of people who have that or more, makes me see it’s really not the end of the world.

[dawnnwalker]

Worked my butt off while in college (I just graduated in May). Saved about $60k (working minimum jobs btw lol). I just paid off $28k for Parent Plus loans yesterday. I'm going to gradually pay off the $26K for the next 9-12 months. I'm very good with money, I can make it all back and more. Personally having the thought of being in debt gives me massive anxiety, feels like a weight is on my back. I'm just happy to almost be debt free. I wish anyone who is in massive debt luck. Just come up with a plan and remain determined, things will get better, just make the best decision for you.

[angelicamariazamudio]

I regret all my studies... I should have work, save and invest... university was an illusion

[ciararobb]

Can you make a video about getting your first job as an attending and how to negotiate your contract?

[SavingsMinusDebt]

Rental Payment - Rental Balance = Your cash flow till The Bank gets back all their money first. $28, 125 - $250, 000 = negative $221, 875 of cash flow.

[ciararobb]

Yay!! Love these types of videos. Thank you!!!!