The BEST Strategy for Paying off Federal Student Loans FAST (It’s not what you think!)

If you've ever wondered "What student loan should I pay off first?" or "What's the best way to tackle my student loan debt?", then this is the video for YOU! Here's the BEST strategy for paying off federal student loans FAST! Trust me, it's not what you think!

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In less than 60 minutes, you'll learn:
✨ the strategies used to increase our net worth by $180k in 3 years (without six-figure salaries!)
✨ 3 major money myths that could be derailing your wealth building progress
✨ my MUSICAL framework for financial success - the 6 things you need to pay attention to in order to become the financially thriving boss that you were called to be

▶ RESOURCES MENTIONED

▶ GEAR WE USE

▶ DISCLAIMERS
- The opinions expressed here are my own and not my employer’s. My employer has not reviewed or approved any of the content posted herein.
- As an Amazon Associate, I may earn from qualifying purchases (at no cost to you).
- Any information contained in this video SHOULD NOT be considered or relied upon as financial advice, and we disclaim any liability in connection with the use of this information. Everyone’s financial situation is different, and you should consult a financial professional for targeted advice.

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[Sazonman]

Last month I finished paying my last student loan payment...its official I'm debt

[MisterTutor]

Occupation: Biochemist, Cancer Research
PhD Completion: 2015
Salary: $52, 000 per year

May 2016 Balance: $51, 000
March 2020 Balance: $4, 292

Earliest Zero Balance Date: June 1, 2020

[MisterTutor]

Occupation: Postdoctoral Fellow in Cancer Research
Salary: $47, 800 per year

May 2016 Balance: $51, 000
October 2019 Balance: $9, 629

Earliest Zero Balance Date: July 1, 2020

[beatrixpoley]

1. Set up auto-debit with your loan surfacer
2. Choose the right replacement method
3. Choose the right student loan payment plan (lowest minimum monthly payment)
4. Focus just on the loan you want to pay off first.
5. Make the payments as soon as you have the cash

[LovelyNu]

During COVID-19, there is 0% interest on certain loans. If you can still make payments on your loans, please do! This means all of your money goes toward your principle. I started out doing the snowball method and paid off 5 of my 7 loans. I am now switching to the avalanche method for the last two loans since they are the largest and will pay on the loan with the highest interest rate first. I now only have 2 loans left and plan to pay them off in 4 months. This means I would have paid a total of about $29, 000 over a period of about 8 months all during COVID. Debt be gone!!!! You can do

[behindthelens]

Omg I had no idea that if you set up auto debit, it decreases interest by a quarter of a percent. Thank you!!!

[isabellawright]

I just had to sign for a loan and I’m so scared😭😭😭. Definitely setting up a college fund for my children one day.

[chrisd]

Step 1: make a bunch of money
Step 2: pay off your loans
Step 3: profit

[Betty_Monroe]

I got a total debt of about 84K and I’m tryna pay this down by next year! I’m gonna give this a go. This quarantine will help me do this. Tfs!!

[kaitlynw]

This was so helpful! I've been stressing about my loans for months

[jazmineutubes]

value <3 trying to pay off $77k in 3 years. we got this!

[MikaNTey]

I prefer the snowball method.... but to each it's own. As long as we all pay them off.

[patientx]

This should be 💯 shown to all high school seniors before they graduate. Just the thought that you are going to school to get a job to pay off going to school would be a wake up call.

[michaelsheridan]

I am doing a lot of what you did. Extended graduated payment program, auto debit to get the 0.25% reduction in interest, and $20 a week on top of my monthly payment. The $20 per week is split between my lowest balance loan and my highest interest rate loan.

[ms.andrea]

If you make under 55k per year, u can qualify for a federal income based program. They also come with student loan forgiveness.

[highlyfavored]

OMGOSH; everything you're saying is going over my head. I t's like Charlie Brown's teacher. "I DON'T UNDERSTAND!". I am so confused, I just want it to go away. At my payment rate, the rate that I'm making payments; it will NEVER be paid off! I got myself into this mess, and I have so much regret ever going to school! I did not fully if at all, understood what I was getting into. I was promised that the filed I went into, I will find a job quick, and I am nowhere near the field that I went into. Have anyone ever regretted going to school because of student loans? I f I had the job that I went to school for, I might be almost done with these payments and DEBT FREE!

[sjm]

Thank you for this! I have about 80K in student loans (without counting interest yet as I am just graduating) and freaking out about high payments on the 10 year standard repayment plan! Will def look into the 25 year graduated plan and debt avalanche approach :)

[gjzltko]

Im so scared, Im gonna have 120k in loans by the time i graduate college and that’s not including med school. This video calmed me down

[FannyGodMother]

I actually came to this exact plan on my own but then got panicky to make sure I made the right choice... which is how I came to your video! I’m so glad to see another person doing it the exact same way! And I’m literally paying off my car first then on to the loans!

[dezgarci]

I paid off $15k in 2017 using some of these methods. It took me 7 years of sacrifice, but I was so proud when I got that letter saying I paid off my student debt!!