Pros And Cons Of Paying Off Student Loans Early – Don't pay off your Student Loans

Don't pay off your Student Loans

Pros And Cons Of Paying Off Student Loans Early – Review

I owe around 20k in student loan debt, and I don’t plan on paying it for a while. And before you call Dave Ramsey on me, just let me explain.

What are Student Loans:
Students are different from normal debt because you can’t discharge them if you file for bankruptcy.

The three ways to get your Student Loan forgiving:
1. Join the Military
2. Public school teacher
3. Government job or nonprofit job

3 Student loan Scenario to when you should pay off your student loans

3 scenarios
1. Friend Number One
– Angi: Master in Accounting and also a CPA
– No Student Loans: Nyu for master and paid out of pocket: Scholarships and Family Help
– Job: One of the top account firms and CPA They paid for it and everything
– Sign up bonus: 5k sign up bonus
– Annual Salary: 70k after tax 40 ish after taxes
– Goal: Get a Job and Good life
– What she did: Tutor 10 bucks: ( cash To sustain expenses)
– Tip: Work hard and also enjoy yourself
– By then End Year: Saving a lot of cash (wants to become an entrepreneurs) Didn’t start saving because different life
– What would you have done differently:
Indulge yourself more in the experience while staying on the task at hand

2. Friend Number 2
– Erick: Master’s in electrical and Computer engineering
– Undergraduate 35k and master scholar
– Annual Salary 130k and after 90k
– What he did:
While In College: Tutoring and summer job average 10k a year ( used this money to pay loans)
– Once graduated had 15k and paid of the remainder of the loans
– Subsidized and Unsubsidized: recommend to pay off unsubsidized because of the interest
Good or Mistake: Knowing what he knows now, he wouldn’t have paid it them off. He would have found an investment like property and getting an investment that returns around 7-12% more than the interest of the loan.
Tip: he uses to pirate the textbooks
By then End Year: You have your first investment property, good job, no debt, and pretty happy.
Bonus: Got 6 scholarships of 2-5k each to help pay the loans.

3. Me
– Tommy: Bachelours in accounting
– Job: Financial department at the college, gab, Youtube, data entry, and all while doing this I was starting my own business. Retail arbitrage
– Annual Salary: 80-108k
– Goal: I always wanted to become a millionaire
– What I did: Work, retail, youtube, flip phones and invest
– While In College: I took out around 7k 3 year ago and invested in my business and its made around 20k in the past 2-3 years
– Good or Mistake: My original student loans were 13-15k and now they are 20k. IF I had paid them off, I would have never had the money to start my business and take risk
– Tip: Pick something you like when in college and focus on the process and not results
– By then End Year: 18month I want to have 56-76k set aside for real estate, 13k in investments and around 6 figure business, and 50k subs on youtube
– What would you have done differently:
I would have focused more on the process and less on results

Bonus: Friend that struggles and will be paying for the rest of his life. Graduated with 40-50k and works a security job and graduated with a business administration degree

Bonus:
I’m going to be paying of my loans in the next 18 months once I have assets to pay them off for me.

Summary:
1. Angi: Standard student that just went to college for a job and got no loans
2. Erick: Paid his loans to early and would have invested it
3. Me: Didn’t pay his loan so that he could build a business
4. Just went to college for the Sake of going. And now is going to spend the rest of his life paying it back

And if you ask me the position to be in is Erick, high paying job and a lot of income to pay for assets. My road has been 10x more difficult than it would have been I had just gotten a normal account job.

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