Paying Off $102K In Student Loan Debt

29-Mar, 2021
121 670 Ko‘rishlar soni

Americans have nearly $1.9 trillion in student loans. And it will take 18.5 years for the average person to pay off their college debt.
Mandy Velez did not want to wait that long. Velez, 28, graduated from the University of Pittsburgh in 2013 with more than $75,000 in student loans. The Philadelphia native had taken out a total of five loans ranging from $7,500 to more than $32,000, with interest rates between 6% and 11.75%.
She calculated that if she made only the minimum monthly payment of $300, it would take her until 2046 to pay off her balance and cost an extra $96,000 in interest. Velez’s first journalism job out of college paid $40,000. Subtract New York City rent, along with living expenses, and she would not have much spare money to throw at her debt.
Watch the video above to learn more about the method Velez used to pay off her student loans.
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Here’s how this woman paid off $102,000 in student loans in 6 years

  • My student loans were forgiven in 10 years when I received public service loan forgiveness. :P No more 88K of debt!

    Lena PriceLena Price12 soat oldin
  • Oooo lemme guess, you paid $17k a year.

    Matt KlingerMatt Klinger16 soat oldin
  • My student loans, 180k were paid in 5 minutes..

    Francis DestefanoFrancis DestefanoKun oldin
  • I'll never step a foot into college because of how worthless it is, ive taken classes while I was in 9th 10th and now 11th, and im graduating trash high school and dropping college because I know there are better things out there

    InSaniTy ツInSaniTy ツ2 kun oldin
  • While difficult, you gained fantastic experience and maturity.

    J VukovicsJ Vukovics4 kun oldin
  • kung flu?

    Angela KournikovaAngela Kournikova6 kun oldin
  • I feel like these are fake propaganda videos. The gov doesn’t want to forgive student loans. Plus the people making money off of college students don’t want to lose their income. Sorry I am not buying this.

    tmsacttmsact6 kun oldin
  • My loans is only $18,500 and I am planning to get an IT job that most pays quite well. So I should pay it off in couple of month.😎

    Apex PredatorApex Predator7 kun oldin
  • Wow....congratulations

    Reginald CharlesReginald Charles9 kun oldin
  • I'm almost finish paying mine off. I was at 90,000 now I have 29,000 left.

    • @Kate Nelson Why did number

      Brown SmithBrown Smith9 kun oldin
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      Kate NelsonKate Nelson9 kun oldin
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    Sandra SterlingSandra Sterling10 kun oldin
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      Brown SmithBrown Smith9 kun oldin
  • Yes funeral

    Alieshia’s AdventuresAlieshia’s Adventures11 kun oldin
  • D. Ramsey would be so proud!

    Brenda BrendaBrenda Brenda12 kun oldin
  • why do people get shocked did they not plan?

    DanielDaniel13 kun oldin
  • This does not explain how she paid her 32k in 8 months. Nothing interesting

    Anzhelika PrystupaAnzhelika Prystupa15 kun oldin
  • Key lesson to learn here is to move out of NYC = high rent = less disposable income to pay off debt!

    Frankie NYCFrankie NYC16 kun oldin
  • My goodness $102K

    PeacePeace16 kun oldin
  • Not american but i go to a private uni in my country and overall I have only 8k in debt and got 15 yrs to pay it off so Im hoping to work overseas with higher wages so I can pay it within 2 yrs instead lol

    KEKWKEKW18 kun oldin
  • How did she pay off $35k in 8 months with a 40k salary? I got to be missing something

    Queen CeeQueen Cee18 kun oldin
  • I felt more relieved paying off my student loan then graduating hahaha

    Butch MandilagButch Mandilag21 kun oldin
  • great

    vishnu cjvishnu cj21 kun oldin
  • I'm impressed with the quick response from Givershack on Telegram. He delivers quickly and at speculated

    Ridswan SeriajsjRidswan Seriajsj24 kun oldin
  • This video doesnt explain anything. It says she made $40k/year. Where did she get $32k from to pay off her loan in 8 months? How'd she pay rent, food, etc when she essentially dedicated 100% of her salary to loan payments?

    StarStar26 kun oldin
    • It's called 'Bank of Mum and Dad'

      MrInsomniac19MrInsomniac1920 kun oldin
  • Wow i feel relieved after paying off my debt with the money i loan from givershack on telegram platform was really helpful to me thanks a lot🙏🏼

    Jimi O'tegJimi O'teg26 kun oldin
  • They still didn't really explain how she paid it all off. 🙄

    jerrij4242jerrij424227 kun oldin
  • $102k for degree for a journalism job? At a gossip rag like the Daily Beast? I mean good on her for paying it off that quickly, that’s very impressive. But she can do better, job-wise. She is absolutely getting ripped off and should look to an actual credible news organization for a job and pay raise.

    s pantss pants27 kun oldin
  • People congratulating her are missing the point. NO ONE should be 100k in debt, THIS IS NOT A FEEL GOOD STORY PEOPLE.

    Alex RamosAlex Ramos27 kun oldin
  • Amazing amazing amazing 😻

    carnival30carnival3028 kun oldin
  • I wonder if Graham Stephan is gonna react to this video 🤔

    Mayelin GonzalezMayelin Gonzalez28 kun oldin
  • those interest rates are robbery

    Gay ModerateGay Moderate29 kun oldin
  • Nice, Highly Respectable person, She did what had to be done instead of deflecting blame

    BhushanBhushan29 kun oldin
  • 2:55 - 3:20 They just going to yada yada how she made 32,000 extra in 8 months? More if you consider the tax bill.

    MrInsomniac19MrInsomniac1929 kun oldin
  • I paid 7-10k a year to attend University in Toronto. Thankfully was able to pay it off from my summer job income alone with still a lot to save. Appreciate living in Canada every second because of it.

    LukeLukeOy oldin
  • @graham stephen

    Vaibhav AroraVaibhav AroraOy oldin
  • Fortunately, I graduated without student loans. I went to an in-state, in-city public college and majored in criminal justice. I lived at home and took the bus to school. Why should I be responsible for other people’s student loans?

    Hoang ChungHoang ChungOy oldin
  • 102k in student loans to get a 40k a year journalism job in NYC? Wow.

    TheFlyingPLinerTheFlyingPLinerOy oldin
  • School is a scam and outdated

    stardog 27stardog 27Oy oldin
  • This is the type dedication and responsibility this generation needs to see. Not standing on the capital trying to make their wrongs or right. I have large student loans too and still can say this.

    Terra NeshaTerra NeshaOy oldin
  • 102k in 6 years is about 327 bucks a week. that should be doable for many.

    Los 49s de San FranciscoLos 49s de San FranciscoOy oldin
  • what a stupid system lmao. 96K in interest for education. Great job USA!

    Ian DouglassIan DouglassOy oldin
  • This is insane! I am from Czech Republic. I got my masters completely free!

    Stormans MendiolaStormans MendiolaOy oldin
  • A beautiful mind! Did she minor in nonlinear partial differential equations?

    C HowC HowOy oldin
  • what I dont understand is why didn't she use that $102K for a down payment to buy a home that goes up 40% each year in value. Such a waste of money.

    LazypandaLazypandaOy oldin
  • The moral of the story ladies and gentlemen. College is a scam. Do a trade or get a certificate. You'll have more money and more freedom and less debt.

    halamadrid0709halamadrid0709Oy oldin
    • What do you mean do a trade. Which certificates are you talking about

      Alice StudyTipsAlice StudyTipsOy oldin
  • She took out 75k in loans to name 45k? LMAO

    551223551223Oy oldin
  • when is graham stephan gonna react to this

    kai bkai bOy oldin
  • May all of your dreams come true soon.

    Aung Myo HtutAung Myo HtutOy oldin
  • Please explain the 32k in 8 months.

    Demon KododeDemon KododeOy oldin
  • She payed off her student loans to take on another form of debt which is her mortgage instead of Making passive income etc Thats my biggest fear Is that I will always owe money And Never have enough to pass down etc

    FutureDoc KeyFutureDoc KeyOy oldin
  • Wow what an inspiring individual. Interest like that is wicked though.

    Colorful CodesColorful CodesOy oldin
  • Looking at this makes me thankful for having opportunities at scholarships and graduate debt free.

    Nate KNate KOy oldin
  • Sad. What a horrible system. Universities are exploiting young Americans

    J. P.J. P.Oy oldin
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    Pawit NinnabodeePawit NinnabodeeOy oldin
  • This is why the current administration trying to absolve student debt isn't fair to the people who worked hard with discipline.

    choi0706choi0706Oy oldin
  • After all this work in getting it done, everyone else is just going to get theirs forgiven. Wouldn't that be just a big kick in the pants? Don't let it rack up that high in the first place. The "shock" shouldn't have been a shock at all unless you were negligent and just assumed that it would take care of itself. But unfortunately, that seems to be the case all too often.

    Paul StandaertPaul StandaertOy oldin
  • Dave Ramsey approves this message....lool

    Mo RMo ROy oldin
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    Lt HestilowLt HestilowOy oldin
    • @Shofidur Rahman what is this? A set up.

      Amber DiazAmber Diaz7 soat oldin
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      Amber DiazAmber Diaz7 soat oldin
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  • How sad is it that this generation's "survivor stories" are about discharging student loans and being called bad names? This is the reason Andrew Jackson and the OGs of this country were vehemently against private banks and interest rates.

    Adam RossAdam RossOy oldin
  • Imagine doing this in the U.S and then Joe Biden canceled student loan debt

    ShawnShawnOy oldin
  • Hey I’m from Pittsburgh!

    Sabrina TataliasSabrina TataliasOy oldin
  • Moral of the story is don't go to college you're not going to get a job that pays well in the career that you graduate in, unless you're in the medical field right now.. and she could have got a journalism job by just staying in her neighborhood and talking about her neighborhood... But she wanted to live a bigger dream and move to New York, but she don't want to tell us who she lived with. Then they want to tell you all the side hustles that really don't help us because it's only going to make us older having to work 70-80 hours a week.. I'd rather have my health in the long run.. And to anybody that doesn't live in New York City you're not even going to get a studio apartment for $1,000 especially if you're moving from out of state. I wish these money talk TV shows will talk about the truth which relates to social Security and how every generation above the millennials social Security was lost during the stock crashes and the Middle East invasion and US millennials actually saved it and we're starting to get decent jobs now because the older people are retiring and they need to have a whole couple hour episodes dedicated to that. Cough cough cough and the only reason the top earners are retiring because they was forced out during covid cough cough. and they're starting to realize that the older generations don't know how to use the Internet or computer so well so it's easier to hire millennial because we could work at home and we're cheaper so that's why we're getting paid more. But they rather tell you some other BS.

    Chris WilkinsonChris WilkinsonOy oldin
  • Wow this is why so many people never pay off loans. Like you end up paying 3 times what school costs. Like how did she have enough time for all that? I know nurses that will be in debt the rest of their lives for saving the lives of others. Just sad! And people think we are not paying our debt with forgiveness. No it's reperations for money stolen from us above tuition costs.

    Ducklowguy FilmsDucklowguy FilmsOy oldin
  • I owed 75k so far its been a year and i’m down to 46k. I’m an Registered Nurse in NYC. I started a small business and currently pay $2000/month towards my loan.

    MoochiMoochMoochiMoochOy oldin
    • Wow congrats! Keep going!

      Strawberry CremeStrawberry Creme29 kun oldin
    • @vince baldwin thats on the lower spectrum nursing home salary. Most hospitals start you off at $90,000+. Also Thank you very much!

      MoochiMoochMoochiMoochOy oldin
    • An average salary for a registered nurse in New York city's $83,000! Wise choice on a rewarding honorable and profitable career!

      vince baldwinvince baldwinOy oldin
  • Nice work 🌠🎆🎇

    Ebay AddictsEbay AddictsOy oldin
  • Unbelievable.... List in debt before you even get a job, saddled for life as a deadbeat, then some methhead brainstorm about some $250,000 life insurance policy, and an ill conceived van Heflin flyby to nowhere

    misterluckyS7evenmisterluckyS7evenOy oldin
  • I hope I don't cone off as a putdown. I'm just wondering why higher ed smarties aren't, can't, psy back loans given to them as children least, with the mind of a child

    misterluckyS7evenmisterluckyS7evenOy oldin
  • Where are we getting these ideas for these life models of success? $100,000 of debt for a 40,000 dollar a year job

    misterluckyS7evenmisterluckyS7evenOy oldin
    • Entry level salary every one starts at the bottom

      the dogethe doge12 kun oldin
  • How smart IS that, really; to have a one hundred thousand dollar debt, from a childhood school expense...supposedly this dollar rich education was to secure you career employment, where you were easily gonna earn that amount in like, six months....there is nothing smart about not being able to pay back money borrowed, for the purpose of putting you in a position to make more money. Which, of course, you are unable to do...make more money

    misterluckyS7evenmisterluckyS7evenOy oldin
  • My husband changed careers which required full time school for 3 years and has 160k left :/ he came from a low income background so there was no help with anything. We got married while he was in school!

    Rozanna BRozanna BOy oldin
    • @Magic Family Yup. That's what it's supposed to be.

      Melbester9Melbester921 kun oldin
    • It is so nice that you married out of love :)

      Magic FamilyMagic FamilyOy oldin
  • Clickbait

    Foggy CrawFoggy CrawOy oldin
  • She is amazing! Although it was a feel good story it did make me sad to hear how much she struggled. If she had saved up $102k without having to think about loans she would already have that house she’s dreaming of buying next.

    James AlexanderJames AlexanderOy oldin
  • White privledge

    drumpf zuckerbergdrumpf zuckerbergOy oldin
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    Inmanbi84Inmanbi84Oy oldin
  • It's awful that she and so many of us have to waste so much time paying off loans instead of living life. People in other countries don't have to make the same sacrifices even though the U.S. is overall wealthier. Our 20s and 20s are being stolen, and we aren't necessarily guaranteed even living to next week in this pandemic

    K CK COy oldin
    • @shantrice jones What grant do you mean?

      K CK COy oldin
    • You can take the grant and decline the student loans, might take longer to pay for college but with technology today you can learn almost everything online way cheaper.

      shantrice jonesshantrice jonesOy oldin
  • I love the debt funeral idea

    rmperez529rmperez529Oy oldin
  • The problem is that the lightbulb moment for many high school grads keeps happening AFTER they graduate from college. This needs to happen prior to making the college investment!

    Bryan KBryan KOy oldin
  • I wanna know how she paid the last 30k in 8 months. They glossed over that, but that’s the most impressive part!

    ChristineChristineOy oldin
  • Congrats to her on getting herself out of student loan debt. I would have preferred to see a chart (like in Millennial Money) breaking down how much her side hustles were paying out on average per month for more context.

    MrJay06MrJay06Oy oldin
  • Kudos but how did the $30,000 in 8 months happen?

    UnkuUnkuOy oldin
  • The luxuriant egg evocatively explode because moustache curiously grease astride a receptive relish. shiny, alert barbara

    Emilie NewcombEmilie NewcombOy oldin
  • She used Dave Ramsey’s snowball method. Good for her!

    Jason FernandezJason FernandezOy oldin
  • And the reasons why students have to take out loans is because the price of degrees are sky high because the government subsidies them.

    JakeJakeOy oldin
  • Kudos to her for paying off the debt. I don’t really see the debt as that bad. $102k vs lifetime earnings (30 years @ 60k) on the low range means the cost of the education was less than 5% investment. $25k / yr to live and get educated sounds like a steal for college. People spend way more on cars and crap.

    blazewon22blazewon22Oy oldin
  • When to school at Arizona State back early 1990s. Cost for instate tuition was $500/semester, unlimited classes. And back then we had these things called "jobs." Paid for it weekend pizza delivery and computer coding. I feel just horrible for what today's generation has to go through just to get a degree. It's criminal.

    Jon BJon BOy oldin
  • Dope dope 🙏🏿

    Gabriel JacksonGabriel JacksonOy oldin
  • Threw a whole funeral for her debt! I'm dead🤣

    Tmmyx TVTmmyx TVOy oldin
  • Don't get 75K in student loans.

    this is my usernamethis is my usernameOy oldin
  • She is awesome!! I don't believe in student loan cancellation. We have to be responsible for our own choices. But the interests are ridiculous. I think we should have two years of interest-free period to pay off the student loans and not to exceed 4% in interest after the initial two years. And during hardship, it should not accumulate interest. I love her closing remark - to own a home and have a dog. This did not happen for me until in my 40's but it is truly satisfying to have a home and a dog.

    crystal leecrystal leeOy oldin
  • I’m in year 3 of my aggressive debt repayment plan. 2 jobs, working 7 days a week. I knocked out 30k, 20k more to go!

    Roy RackleyRoy RackleyOy oldin
    • So what side hustles are you doing?

      Gen WilsonGen Wilson16 kun oldin
    • Go get em man! Maybe set up a funeral for your student loans once you're done too 😂

      James GreenJames Green28 kun oldin
    • Jesus!

      Kemi KunleKemi KunleOy oldin
  • Dave Ramsey would be proud.

    Roy RackleyRoy RackleyOy oldin
  • I wish they broke down how much she made from the other side jobs and when these things happened (summer 2019 did uber on the side x times a week for an extra 12k etc). Its nice to know the person did it with a bunch of side jobs, but it loses its relatability when we don't see that breakdown and its a lot of gray area. Just keeping it real in today's age these "gray areas" could simply be onlyfans etc which turns the whole thing on its head.

    Eman HowardEman HowardOy oldin
  • I paid off $22k in student loans in about a year too. It was all undergrad loans, and something that helped me was that I was in a graduate program (full ride) which made my interest stay at 0%. That year was probably the most shittiest year on my life and because I had to go through that I hope others can take advantage of any loan forgiveness because being in a situation like that is awful.

    Ivette NVIvette NVOy oldin
  • Doing the avalanche instead of the snow ball would’ve saved her a lot more time.

    Awesome AtheistAwesome AtheistOy oldin
  • *What happened to the breakdowns? Excel sheets? Manually showing the budget?*

    Justice JoyceTVJustice JoyceTVOy oldin
  • Man. Kudos! 👌

    Justice JoyceTVJustice JoyceTVOy oldin
  • Good job, mature and serious approach to a problem that baffles so many. Debt is financial suicide and this young person chose to bury the debt instead of letting the debt bury her.

    Wayne RobbinsWayne RobbinsOy oldin
  • Jesus Christ! That’s an expensive school for a very low income job that you may or may not get. Good for her

    Norma LeeNorma LeeOy oldin
  • We the tax payers will pay for it.

    Carlos DelgadoCarlos DelgadoOy oldin
  • @grahamstephan

    angelos panouangelos panouOy oldin
  • You can't name three policies or bills that Democrats have suggested or passed that didn't damage our economy in the last twenty years. You can't. They want our economy crashed. In the 1970s the Socialist party of America promised two things: To crash our economy to force a socialist revolution and to use the Democratic Party as their face to America. Draw your own conclussions.

    Terry MichaelsTerry MichaelsOy oldin