3 Things I Wish I Knew about College & Student Loan Forgiveness

Introduction: College Tips I Wish I Knew hey y'all I want to talk about something different today I want to give you guys three things I wish I knew before I went to college because going to college can be a death row 360 deal in a lot of different ways so I want to give y'all some tips on things that I wish I knew so you can prepare yourselves or your child make sure you stay to the end of the video because if you currently have student loans and you're looking to get some type of forgiveness or relief they actually have dropped a few new relief plans that I want to tell you guys about that can help benefit you a lot especially for my people who are in the healthc care medical field make sure you stay to the end for [Music] The Cost of College and Student Loans college is so expensive compared to even when I was in college probably like you know 8 to 10 years ago and one thing that I noticed that I did just compared to my um I want to say compared to my friends I do credit so I've seen a lot of of my friends credit reports and I've seen thousands of other people credit reports and when I tell y'all the numbers that I see on people credit for student loans some people are even being stopped from purchasing homes just because their debt to income ratio is so high because of their student loans I've seen people with 990,000 100 just worth of student loans with trying to add in a home loan it can hurt you detrimentally it can hurt you a lot so I want to give y'all a few tips on things I wish I would have known so I wish I would have Tip #1 known that I could go to a two-year college for the first two years to start out my degree plan so the reason I say that is because number one it is way cheaper for you to go to a junior college for your first two years number two most of those junior colleges actually allow you to pay a payment plan on your class es so for me personally I ended up doing that and those two years I paid on a payment plan and this is when I was not making a lot of money I only made $188,000 a year and I worked part-time but they let me do a payment plan and I was able to finish and pay my last two years out of pocket without me accre student loan debt so for me personally I only owed $20,000 in student loan debt when I graduated college but with interest I pay some of it off so I'm like down to 30,000 but if you can whether it's yourself or your child let them start out the first two years with going to a junior college it'll be cheaper for you guys you can do a payment plan and it will cut down their student loan debt so that's number one the second thing is you don't have Tip #2 to decide on your major now your child does not have to decide on their major now I was extremely undecided at that age age I wanted to be a lawyer all my life since I was a little girl and then when I started taking pre-law classes I realized that the reading and that life was not for me so with that I was like okay the only other thing I know like being a medical field so I started doing my prerequisites for pharmacy school I ended up getting my pharmacy tech certification while I was in college and that's what I did working through college the last two years and then I was seeing getting the ropes of how it was with being a pharmacist and I decided I didn't want to do that but I took a finance class when I was in college and I really like the class and one of my biggest regrets honestly is I wish I would have just went to school and gotten my accountant degree I help people with their credit business funding all that kind of stuff don't be so pressed about knowing what your major is get your Basics out the way get all the basic prxs that you can do that can transfer over to any degree plan so that you don't have to worry about having to retake classes or holding you back once you start to change your mind about what it is that you want to do I only really realized what I wanted to do when I was like 25 26 so honestly I'm only 5 years in being a real adult I turned out okay so that's the second thing don't be pressed about the major take Min Ms Tip #3 number three take Min Ms to finish sooner so I took summer mini MERS I tried to do the winters but it's a really shorter time there but I would take Sumer mini Ms to take some of my additional classes and finish sooner I'll never forget I actually took statistics as a summer mini master and it almost drove me crazy but take mini Masters that is how you can actually finish your degree plan sooner and graduate earlier whether it's stem Tech Finance architecture they have internships out there that are available internships are really important it really gives you that upper hand as new grad just because it's so competitive nowadays so lastly my fifth and final Tip #4 tip there's so many ways for you to make money through college to where you don't have to have a conventional job I was in college we would go L those closet and sell our clothes that we don't really use anymore to make a few dollars or if your family sent us money we had to do Western Union or Walmart to Walmart this is before cash app Zale all that so now you have options for your family to send you money but outside of that if you have a car you can do door Dash you can do u e um outside of you having a part-time job you can just do stuff in between they have like um um customer service and administrative assistant work for people there's so many ways for you to make money so I want you guys to take advantage of that because college is still a great thing I just think you have to be very strategic about how to pay for it not getting a bunch of student loans getting internships because those things can later on turn into immediate job offers when you graduate try to get whatever scholarships that you can they have a lot of scholarships directly at the college you're at or the ones online that's something that's really important too that I wanted to add so last but not Student Loan Forgiveness Plans least for my people who currently have student loans you're currently in a 360 deal but there are a few options that you have first and foremost I do just want to let y'all know that you cannot remove student loans from your credit report that are open and active even if they go into collections and you remove count from your credit report you still owe them the money they're government backed so whether you pay now later with garnishing of wages you're going to have to pay them on that money so that's something important for you to know now they do have some updated forgiveness plans for you guys the first one is Public Service Loan Forgiveness called the Public service loan forgiveness and I will put the name in the link to the website on the screen and in the description now the way the Public service loan forgiveness plan works is if you currently work in public service which can be if you are if you are a physician Assan assistant a lot of things under Public Service you in the medical field you can get that forgiveness plan also if you are a teacher you can get Public service loan forgiveness if you work for a nonprofit as well as if you are a government employee now the way that the Public service loan plan works you can call the Department of Education they'll send you the paperwork but I'll put the link for you to look at it and see if your employer is qualified all that information the way it works is you're going to have to fill out a form and then you have to give a form to your employer and they're going to put how long you have been working there you can also backdate this with any previous employers you've had that qualified under the public service um sector once you get all that filled out you will have a set payment amount that you have to pay for the next 10 years so for example they are going to ask you for approve of income with check stubs if you if you don't have a job you will have have a zero payment and that does still qualify so you have to send some type of proof of income and then as long as you make on Time payments for the next 10 years the rest will be forgiven it is a real thing it does really work they also have a student loan forgiveness plan if you went to a Borrower Defense Plan college that has closed down or did ill practices so that's going to be like your Everest um your IT Tech that is called the borrower defense plan and I'll put that on the screen and Link it in the description because you may also qualify for that as well now with the borrow defense plan you have to fill out a full application about the school you went to how your experience was taking your money and closing down and not really giving you qualified certifications all that kind of great stuff um now with that one it can take about 6 months from the date you do your application for them to approve you but I've had several people get approved for that as well and it really does work those are the only two um in some places for medical reasons you can have some forgiveness but that really depends all of this information I'm giving you guys right now is actually on the department of education's website so again I'll have all the information in the description for you guys but those are your main options for student loan forgiveness I hope that you guys enjoyed this video let me know you made it in the comments please please please um let me know any questions that y'all might have I know this is a different type of video for me so I want to see if you're liking it if you're engaging with it and please thumbs up the video subscribe down below and share this to a friend that may be going to college soon or has a child that may be going soon thank you again for hanging with me here at Rose credit repair and don't forget like subscribe comment below if you have any credit questions I'm going to be answering them my myself in the comments so you know what to do until next time