student loans for students

we talk a lot about student loan debtonto at university and for good reason out while college only last for years paying off their student loans is gonnalast a lot longer on average so it's something that we think about a lot here specially because both anna and myselfare still paying off for student loans one person who is not still paying offtheir student loans though is joma hallock he is a student of formerstudent of harvard business school who currently works in austin texas andhe is in the news for accomplishing a very impressive fee

in that just ten months he paid off hisone hundred and one thousand dollars student loan debt i'm not just to give you an idea of thebeginning of this story for joma hollick he says that he was responsible with hisfinances previous see previous thing office in loans here's responsible with his finances dutifully making one over one thousanddollars a month payments on his over one hundred k_ student loandebt contributing ten percent of his incometo his four oh one k_

and paying off his monthly credit cardbalance and even maintaining an emergency fund to build to last for sixmonths in the event that he lost his job so prior to the story that i'm gonnatell u he was being uh... responsible in terms of finances that something thatyou need to know but one day last summer he checked hisstudent loan balance expecting to be impressed with his progress remember he's paying over a thousanddollars a month app to this point instead he was stunned after paying more than twenty twothousand dollars

he still over ninety thousand due to interest payments he wouldn'thave his loan for another ten years ten years of paying off one thousand dollarsa month that use insane uh... a disaster as and i would say so he decided stake extreme measures i mean he's produced a video explainingwhat he did to pay off his load at in just ten months let's wash up

sued for because uh... uh... hazard but the fact that now to the extent that this is the deali just showed you of helped to make students with a lot ofstudent loan debt think about it you know one of head offsooner take whatever steps they can and actually pay down their debt morequickly that's a great thing uh... that said when i clicked on this link originallywhen i saw it on the huffington post i

was really excited because i thought wowif he has some tricks for how i can tell festival on death row sir uh... that would be great but it's notreally what i saw there now perhaps i'm gonna be too hard on jobmaulik uh... but i have to say that i think in this case i feel like his advice is not going to be terriblyhelpful to allot of people he had two cars he could afford to pay aten cell one to deficit learned that he owed ninety thousand

for all i know yet twenty thousand ofthe car they sold i've personally don't have an extra car that i can sell sothat doesn't really help me i imagine it will help a lot of you he was able to sell off his extramotorcycle them remember he has three vehicles atthis point that's another five to ten thousand dollars depending on the bikeimagine uh... no in his defense he did take anextra job doing landscaping uh... or sorry driving the debt had acab he actually started landscaping business

both of those are great literature hemade a good amount of money that certainly help them uh... we're talking about bringing aflask with liquor to bars instead of paying for liquor there they'll save you will the money power to do that uh... it's like a cgs thousands andthousands of dollars now uh... hidden by the clothing and heprepare discard self both of those i think are good pieces ofadvice you can spend a lot of money on

closing even if you don't have to go and isuppose like me uh... and the car repairs are expensiveso uh... little things like that certainly can help if you're payingaustin loan debt right now you need to think of opportunities like that to savemoney and put right into your student loans to help uh... get pass in theinterest hurricane every month so that's true uh... but that said he also and uh... i don't remember if imentioned this earlier

but yeah six-figure job and rememberhe's a harvard business school student it sucks that you would take in tenyears but he's making a hundred thousand a year i don't know what you making anywherenear that and so it's gonna be a little bit moredifficult for me to pay off by loan now i should point out some quick statswe mention these on the show before but i just like to remind you a collective student loan debt in thecountry is now more than one trillion dollarshigher than personal credit card debt

uh... additionally the average student graduates collegewith over twenty five thousand dollars in debt uh... in if they're going to graduateschool it's even higher ites higher than forty three thousand five hundred uh... so again joe's was much higherthan that more than double that as you might expect in the fact that he went toharvard business school it's a big problem its not gonna be fixed just by taking thetaken the advice

from that video or from this one but i hope that helps um... it'ssomething that we can you talk about onto like university because it is look honestly it's the biggest problemright now for college students they've a lot of trouble getting jobs that's a bigproblem too uh... but some people will get jobs at acollege some wall everybody basically is going to havestudent loan debt and that's why the summit would bring about a week uh... not because i find personallyinteresting

asset the fact that uh... problems and what we think it's important sothat's what we talk about it uh... if you feel that i'm being toohard on joe if you think it is advice is applicables more students than i am believing it will be feel free to mention in the commentsdown below you can as always tweet me uh... much what information that hasbeen flashing at the bottom of the screen

i'm interested to see what you thinkabout this if you have any advice for ways that you save money each month that you think it would help people payoff the loan that a little bit faster please provide it to me and i will thenprovided to our viewers nato hope everybody