What they're not telling you about student loans....
Raise your hand if you have student loans! Raise both hands if they're killing you LOL.

Last month I was able to reduce my student loans from $675 a month to $5 a month. Yes you read that right, $5 a month. 

How? I sat through a presentation from one of the leading experts on student loans and learned SO much.

You already know how passionate I am about getting out of debt and helping other's do the same. It's the reason I wrote the Ditch Your Debt in 30 Days course!

Here's the thing, any kind of debt sucks but student loans suck a heck of a lot more.

I'm a part of many debt payoff focused groups as well as financial independence groups and I've seen so many arguments around student loans.

There's the argument that states we should have known the costs when we took out the loans so we're not allowed to complain about what they're costing us now.

Let's talk about that one for a minute. I don't know about you but at 18 years old I didn't even know what I wanted to do for the rest of my life.  I had never taken out a loan before then.

Checking account - yup.
Savings account - yup.
Loans - nope.

Deciding on a major, a school and taking out loans feels like a whirlwind. I actually don't remember much of that process at all!

The lack of education in our schools around real life finances is a disgrace. But that's a conversation for another day. I honestly believe that student loan companies know what they're doing when it comes to "helping" students take out their first loans for school.

If they were really concerned with us knowing everything about the student loan process, they would make it easily accessible. And of course, we could have asked the questions, but I'm willing to bet most of us didn't even know the questions TO ask. At least I didn't.

So anyway, yes I take full responsibility for the amount of loans that I took out, but also student loans is a business and businesses make money when students take loans out. The longer the loans and the more money is taken out, the more money the student loan companies make.

So, do I believe these companies have our best interests at heart? Absolutely not. I've learned a lot since then.

Let's look at some facts (that blew my mind!):

1. 1.7 trillion dollars are owed in student loans by about 45 million Americans. That's about 1 in 4 working adults between 25 and 65 years old. And this number is set to double by the year 2028.

2. Student loan debt is the second biggest debt to mortgage loan debt. And the #1 reasons people are denied mortgages is directly related to student loan debt.

3. Tuition is growing about 8% every year while wages have remained pretty stagnant since the early 2000's

4. For every $1 you owe in student loans, thats a loss of $10 in retirement assets or savings. With the average student loan debt around $40,000, that's a loss of $400,000 in retirement.

People are afraid to start families, they're waiting longer to purchase homes, they're losing sleep over their monthly payments and feel that there's no way out. 

That's why I'm here, to help you reduce your monthly payment and work with you to save a ton of money on your loans so you can put it towards retirement and assets.

Trust me, I thought I had explored all avenues when it came to lowering my payments. I was happily surprised to learn that I had missed this one. I'd be happy to hop on a call and see if we can save you some money with your student loans as well. Click through to schedule a 15 minute Zoom call and answer a few questions with me.

xoxo,
Gwen


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