if you Were paying off student loans and you’d better make sure that you aren’t making these mistakes that could be prolonging Your pay off date or even costing you even more money hey i’m jared from debt free blueprint we’re actual people like you How to get out of bad debt and create freedom through your finances based on how i paid off my eighty two Thousand dollars in debt let’s pretend that you have the coolest sweetest Dog in the world and if you don’t then just imagine that you do now You, let this dog chase a couple squirrels and birds outside Now he’s a crazy dog and you see him rolling around in the grass like a freak but You, don’t really think anything of it he starts walking, back inside the house And that’s when it hits you you immediately smell something funky Yeah, what’s that smell of course? Your first thought is? Shoot did i forget to wipe i’m just kidding obviously you wiped you actually realized That you’re a pup is covered in poo from head to frickin toe Hey, would you just let, that poo stay on him and i don’t know. Call him head all day or would you remove that poop Immediately so that he doesn’t track it all over your house in this video i’m gonna give you five mistakes to avoid When paying, off student loans so that we can Make, sure that you are getting them paid off as soon as humanly possible just like the poo on Your pub that needs to be cleaned off student loan debt is an absolute man Emergency and you need? to
Treat it like one you have to treat it like you just stepped in a little Something-something this is not a debate because if they haven’t burned, you yet then i promise you that they will later down the line And then you won’t have a choice but to do something about it yes it’s going to stink a little bit i mean sting a Little bit during the process and yes it will take, some time to get rid of but do you really have a Choice but to clean up this Mess now it’s Seriously time to stop allowing your student loan debt to control the things that you do in life it’s time to wipe them Away as soon as possible you can’t Pass them off to someone else and you sure as heck can’t file bankruptcy to get rid of them if you can’t climb over Them you can’t climb under them you can’t get around, them then What do you do you have to go right through this so let’s double check to make sure that you aren’t making These poopy mistakes when paying off your student loans Fast you’ve got to make sure that your extra payments are going towards your Principal and not future payments this is a huge one if you blindly make a payment and it will usually Default towards future monthly payments and not the principal balance if the extra amount that you pay it’s towards the loan Isn’t going towards the principal then you’re not chipping, away at the thing that determines how Much interest is being charged every month if you’re, not sure if the extra money is going towards the principal then stop What you’re doing and call whoever is servicing your loans student loan interest compounds Daily so there’s no better time than now, well actually when, you’re done watching this video the next student loan Mistake that you could be making is not making on-time payments now i get it sometimes We forget to do things but you cannot afford to miss a monthly payment it’s like having a scab on your arm that you Constantly rip off the wound isn’t going to heal if you, keep ripping it off and neither are your stupid student loan Payments missed payments will actually destroy your credit score like you wouldn’t even believe as, well i get that Some people tell you that credit score your credit score doesn’t mean anything but it does if you Want to buy a house at, some point in the future or potentially do some sort of real estate investing so care About it right now and if you say that you have, no interest in ever buying a House then, okay, but how, do you know Your wife or husband in the future isn’t going to want to it’s better to be safe than sorry
so Give a shit about your credit score right now you can even set your student loan bill to auto pay Every month so that it charges you the minimum amount and then when you have to pay when you have, any Extra money to pay towards your student loans then Make, that payment manually to ensure that it’s going towards the principal and not your future payments, did you Also know that there’s an incentive for setting up student loan auto pay if you set your student loans to auto pay then there’s usually An incentive i able to get a quarter of a quarter of a percent taking off the balance of my loan Back when i was paying off my seventy thousand dollars in student loan debt let me know in the comments down below. How Much you owe in student loans now 0.25% May, sound like a little bit but, when you’re trying to get these things paid off doing anything to pay that off them off sooner is Extremely important since i was working at a restaurant on the weekends, to pay, some extra money to put towards My student loans i didn’t always know. How. Much extra i could, pay so that’s, why, i use this method of? Manually paying, any extra money that i had every month towards, my student loans next up we’ve got extending Your payment plan, by increasing the time, you’ll pay to reduce your monthly payments lowering your monthly payment May, sound like a really good idea because it will give you Some breathing room but this is one of the worst things that you can, do check out this example if you Owe with thirty thousand dollars in student loans and a 6.8 Percentage instant interest rate then, you’d be paying, three hundred forty Five dollars per month for ten years and you’d be paying eleven thousand five hundred dollars in Interest over time if you decide to extend the term of the loan from ten years to 20 years then your monthly payment will drop To two hundred and thirty dollars per month sounds like a pretty good deal right Absolutely not because the interest, you’ll pay will go from eleven thousand, five hundred dollars to twenty five Thousand dollars and you have to carry, these student loans for ten more Years, that’s like two thousand fifty seven five-pound Bags of gummy bears don’t buy a five-pound, bag of gummy bears i did and really bad things happen to my, belly And that is ten thousand two hundred and eighty eight pounds of gummy bears that’s a lot Yes i said that right over five tons of gummy bears do not under any Circumstances extend that amount of time that, you’ll be paying on your student loans Don’t even think of it as an option if you were in a bind and can’t Make, the payment and tell yourself the only option is to find a way to make more money don’t focus on why You, can’t pay that amount start thinking about what you can, do to be to afford that payment i’ve made Some videos on how, to make some money online i’ll leave a link down in the description for you to check out After this video and now we’ve got making Sure that your minimum payment is covering all of the interest being charged there may be times where you have emergencies throughout the process because That’s just life in these cases you have to reduce your monthly payments down to the minimum until you get on your feet Again it happened to me many times while i was paying off my seventy thousand dollars in student loans a specific Case was when my dog? Tore his acl and i had to pay for this surgery out of? Pocket it was not fun but i found the money i made the money i didn’t? Borrow it from anyone i made it and i figured it out it was never a case of oh? I guess i just can’t make, my student loan payment this month no i paid it and a dog, was okay but Make, sure that your minimum payments are actually covering more than your interest even if it’s a little bit there’s been stories Where the minimum payment people have to have been paid did not even cover all the Interest that was being charged if this is the case for you and you don’t even realize it you May, be thinking that you’re keeping your head, above water But in reality you’re continuing to put yourself in even more debt and lastly don’t allow Your student loans to go into forbearance now This, may sound extremely enticing to have your debt repayment plan put on pause but the problem Is that they’re Not actually being placed on pause when something is placed on pause it stops completely But this is definitely not the case, while you are not paying on your student Loans the interest is continuing to accumulate and being added to your total balance every single, day cuz, remember Student loan interest is compounded Daily, what makes it worse is that you’re most likely being charged interest at the height of the student loan Balance if you decide to do this early on if you can’t find a, way? to
Pay the monthly payment then you’ve got to find more money i’ve made so many videos like i said on how to make extra money So i’ll put links down to those videos down in the description for you to check out After this video if you haven’t been paying, extra money towards your student loans And then it’s time to put and like this is a bunch of poo all over your dog So start washing that dog immediately do not wait if you know Someone else who is currently in the process of paying off their student Loans then it might, make sense for you to
Pay it forward a little bit and share this video with them to make sure that they aren’t making any of these mistakes as Well i’m sure they’ll thank you later i’ll throw More links to resources to help pay off your student loans down in the description Smash that thumbs up button, and don’t forget to let me know. How Much you owe in student loans down in the comments, don’t forget to pick up your Free copy of the debt free prep workbook link, is down in the description thanks, again For checking out this video until next time i’ll talk to you later freaks a dios