00:01:46.200and I've thought there are multiple ways to do this,
00:01:49.640but I've ultimately decided that for the time being,
00:01:52.620want to attack this debt as it stands um my tentative plan is and i will make a subsequent
00:02:01.260video and i'll post the plan that i chose i chose um i'm pretty sure it's the graduated plan so the
00:02:07.180payments start low and then they work their way up because i want to keep the monthly payment low0.97
00:02:12.380while paying big chunks so again that i'm not giving financial advice if you think that's stupid
00:02:18.300a few whatever that's what i'm doing but i forget the name of the plan anyways um my tentative plan
00:02:26.460is to make big payments and i want to pay each loan so i have six or seven yeah so she's trying
00:02:33.420to get rid of it what do you guys think when it comes to debt do you think you should pay it all
00:02:37.180at once that's kind of how i am i i like i never let my credit cards go or anything i just i just
00:02:43.820pay it immediately if i don't have the money i'm not going to buy it separate loans again i have
00:02:48.220to pull it up because i don't remember off the top of my head i've kind of blocked it out of my mind
00:02:52.060in a way um but i have looked at it and each the the smallest loan is ten thousand because i want
00:02:58.780to keep the monthly payment low while paying big chunks so again i'm not giving financial advice
00:03:05.100if you think that's stupid if you whatever that's what i'm doing but i forget the name of the plan
00:03:11.340anyways um my tentative plan is to make big payments and i want to pay each loan so i have0.68
00:03:18.860six or seven separate loans again i have to pull it up because i don't remember off the top of my
00:03:24.620head i've kind of blocked it out of my mind in a way um but i have looked at it and each the
00:03:30.060the smallest loan is ten thousand damn that's the smallest and then the largest loan i think is
00:03:36.38041 000 because some of them got consolidated by the crazy how it's tough for me to get a business0.71
00:03:41.940loan but these they can just take out loans for unlimited amounts of money to go into school
00:03:48.900department of education i don't know what they really did with it when i was in school
00:03:52.000i'm gonna be honest they had you know they they did whatever they did with it so my plan is to
00:03:59.520you know stack cash pay a loan stack cash pay a loan um versus making monthly payments that
00:04:08.180go to a little bit of each loan um i'd rather completely wipe one loan at a time again that's
00:04:14.540what i'm tentatively deciding to do um i'm not saying that my choice is right or wrong it's just
00:04:19.180the choice that i've made um and then eventually you know be able to stack appreciate that she
00:04:25.160looks poor I see that a black t-shirt no makeup she looks poor I believe you're poor cash to
00:04:31.920continue doing that until the loans are paid off and I had this soft goal that I would do it within
00:04:37.280one year and I'm a WT to CRNA I do work a lot of hours though um so it's definitely something that's
00:04:45.320possible if it takes me longer than a year you know I'm not gonna sweat it but you know let's
00:04:49.240just say for conservative purposes two years but I'd like it gone less than that so I will you know1.00
00:04:56.140continue all right let's see let's see what this lady talking about her debt oh my god 338 that0.95
00:05:01.120oh my gosh thousand dollars of student loans it's okay it's fine um because I'm a resident0.99
00:05:10.580physician which means in a couple of years I'll start making enough money that will allow me to
00:05:15.540pay those off in full if I really wanted. In the meantime, however, I'm trying to figure out
00:05:20.540what to do with these student loans while I'm still in training. The problem is that there's
00:05:24.320not a ton of really good advice for physicians specifically because people in general don't
00:05:29.860just go from making like $85,000 one year to $550,000 the next. That's not something that
00:05:35.340generally happens. My priority in the meantime, while I'm still in training, is to minimize the
00:05:40.240amount I pay towards my loans because the money that I have to like spend and to save right now
00:05:46.860is more important to me and valuable to me than making progress on my loan, which frankly, I
00:05:52.180wouldn't even be able to do. Like if I put the maximum amount I could put towards my loans every
00:05:56.740single month while still paying rent and utilities and everything, my interest would still be so much
00:06:01.420that the total balance is going to rise no matter what I do. So it's kind of like why even try.
00:06:05.180My plan right now, unless anyone would like to voice any major exceptions, is to switch myself into pay before you're not able to on July 1st of this year.
00:06:15.700There are some nuances with how RAP and pay treat the accumulation of interest that I do not fully understand.
00:06:22.360So if someone wants to educate me on that, by all means, please go ahead.
00:06:25.720But the difference between the two plans right now is about $120.
00:06:28.820dollars so i'd be saving like 1400 more dollars a year by staying on pay until i graduate residency
00:06:35.780at which time i guess i will figure out if i want to pursue public service loan forgiveness
00:06:40.900right now i'm thinking no um honestly i just don't trust the infrastructure will remain in place for0.89
00:06:46.340the next eight to ten years yeah these women at least she looks poor let's see i will be in over
00:06:56.900four hundred thousand dollars oh my god 400k but the kicker that's crazy 400k in debt still buying1.00
00:07:04.180starbucks here women are incredible you know what i mean is my average interest rate is 8.21.00
00:07:12.260so almost 50 000 of that is interest that i have i just know women would rather go into a hundred1.00
00:07:18.180thousand half a million dollars worth of debt than be with yo ass i don't make the rules i just tell1.00
00:07:24.020tell you what it is. While in medical school, I feel overwhelmingly stressed out almost to the0.98
00:07:31.600point that it's paralyzing. This means during residency, I would have to put nearly $3,000
00:07:38.020a month on my loans to just cover interest. Now, I think that I can probably manage to put
00:07:47.000$1,500 a month towards my loans, which means when I finish residency, my debt will have ballooned
00:07:55.600to over 500,000. And I don't know if you can tell, but it's like making me feel like I can't
00:08:01.680catch my breath to think about it. And this is something that I haven't really shared with you
00:08:07.060guys, mainly because it's easier for me to ignore it right now. I make zero money. I can't do
00:08:14.080anything about it you can't even refinance while you're in medical school and if you refinance to
00:08:20.000a private lender you do lose the opportunity to do public service loan forgiveness and you
00:08:25.040also do that because they probably went out of state for school out of state to the best school
00:08:30.800that they wanted like i would never do the community college route and like live below
00:08:36.160their means federal protections like income based repayment etc i'm not sharing this to
00:08:42.080scare you guys. I think that I just haven't been super honest about it. And it has been weighing
00:08:48.880on me to such an extent that like I'm studying for step two right now. And it is genuinely like
00:08:55.580this intrusive, terrifying thought that I cannot get out of my head. And going into this, I knew
00:09:05.600I was going to take out debt. We don't have an extra 70, $80,000 a year to pay for medical school.
00:09:12.080but it didn't scare me as much four years ago. I think that I'm just getting older. I'm 35.
00:09:21.280My husband's 38. And knowing that I'm still going to be kind of like digging myself out of a hole
00:09:28.720for 10 years after residency, which is 15 years from-
00:09:33.200That's funny because statistically she'll quit.
00:09:35.420right now all of a sudden just sounds suffocating especially because i have a child and i now
00:09:43.500understand how expensive that is oh no yes translation my husband's gonna pay this for me
00:09:48.780and then when i'm done with that i will divorce him and see him never so to be able to provide
00:09:56.220so much for them and i also really want another child i am not gonna come on social media and cry0.54
00:10:03.180about my own decisions just but then she's gonna do it gaslight want to make sure i'm sharing the1.00
00:10:09.420full picture of this i told you guys yeah yeah okay let's let's see this lady right here the0.70
00:10:15.180reality of student loan debt so i just did some absolutely horrific math i was looking at my
00:10:20.780student loans and how much i owe and i just want to give you a little example of how horrible these
00:10:27.260and crippling these student loans can be for a lot of people. So the principal amount of money
00:10:33.600that I owe the federal government at this point in my life is $396,945.67. That number already is
00:10:43.660insane. Okay, but all right, here comes the scary part. The current interest rate on that loan for
00:10:51.480me is 5.875% per year. So that breaks down to $1,943.38 of interest that grows on my principal
00:11:06.480amount per month. I'm looking at the numbers. That's why I keep reading something. But okay,
00:11:12.400So I owe just about $2,000 of interest on my loan.