How to Not Pay your Student Loans (Legally)


y’all the average student loan balance
is over $29,000 can you believe that if you make $2,000 a month and you managed
to save half of that to put towards rent alone you would pay that off in about
two and a half years but who do you actually know that saves half of their
salary to pay for loans most of us Millennials are starting off with
crippling debt before our lives even get started and if you decide to go to
medical school the average student loan balance is over $200,000
I speak pretty openly on my channel to not take the traditional route about
going to school as far as college for degrees that are not really gonna get
you back that didn’t return but here I am going back down the traditional route
going back to school to get my second degree so going down this journey again
I was thinking how can I get this degree and not have to pay for most of it
especially since I do not qualify for financial aid and many of the
scholarships because I’m not a first-year college student anymore and
how can I do it legally here are ten ways to go back to school and not pay
for it okay so it’s not all gonna be a hundred percent free but deep deep
discounts okay disclaimer if you have already gotten a private loan and I’m
sorry this is not gonna help you at all we’re only gonna be talking about public
loans and do avoid any scams that says if you pay them a certain amount of
money and they will forgive all of your student loan debt that is a scam just
run okay run if you see that okay guys so I forgot to mention that my school
above university costs about eleven thousand dollars a year so for the two
years that I will be there it will be about twenty two thousand dollars and
that’s not including books that I have to pay for and the
supplies also the transportation to get their housing which I don’t have to
worry about thank goodness so if there’s way that we can reduce that fee then we
should definitely try to yeah anyone at Belleville University anyone okay let’s
get into the video number one is public service loan forgiveness programs public
service loan forgiveness programs do not forgive all of your loans but it covers
most of them if you qualify for public service loan forgiveness program you
must be a full-time employee of a government agency that can be federal
state or local or an organization that files a 501 C 3 which is a nonprofit
organization that is non-religious so other requirements include making 120
on-time payments to your loans already and you must have a Direct Loans which
include direct subsidized and unsubsidized loans
Direct PLUS loans Direct consolidated loans as well also to qualify for this
you must be repaying your loans and an income-driven repayment plan pay as you
earn a payment plan revise pay as you earn or payment plan income based
repayment plan and/or an income contingent or payment plan which we’ll
talk about some of these a little bit later in the video you must fill out
employee certification for public service loan forgiveness from each year
and but when to jump through all of these hoops and after you make 120
payments to your loan a hundred percent of the remaining loan balance will be
forgiven okay my second way is with the income
based repayment forgiveness program so these are plans which can lower your
monthly student loan payments it still requires you to pay ten to fifteen
percent of your discretionary income for 20 to 25 years opinion if you are
graduate or undergraduate and some other factors if you’re enrolled in an income
based repayment program you can have some of your loans forgiven this type of
repayment plan is best for those who have a lot of debt and do not plan to
have a high income throughout their career so this could be maybe like
Social Work if you decided you want to go all the way up to your masters or any
kind of work where you’re studied a lot or you’re playing the studying a lot but
your career isn’t gonna make a lot of money like a lawyer or doctor
so something like this would be great for you you may qualify for the income
based repayment forgiveness plan if your payments would be lower than a standard
ten year repayment plan some of these loans include direct subsidized and
unsubsidized loan Direct PLUS loans made to graduate or professional students
direct consolidation loans that did not repay any PLUS loans made to parents
subsidized and obsessed today’s federal Stanford loans field PLUS loans made to
graduate or professional students FF PL PLUS loans made to graduate or
professional students FF L consolidation loans that did not repay any PLUS loans
made to parents and federal Perkins Loans yeah that’s a lot okay my third
way is through a pay as you earn forgiveness plan this is another type of
income driven repayment plan similar to the income based repayment forgiveness
plan with pay as you earn forgiveness plan your payments are maxed out at ten
percent of your discretionary income and if your payments would be less than your
standard or ten-year payments you still need to make consistent payments for
twenty years and you need to
a new borrower of you need to be have a new loan as of October 1st 2007 the same
type of loans qualify as income based payment plan so federal Perkins Loans FF
l plus phones etc etc subsidized of subsidized federal Stanford loans etc
etc my fourth way is the revised pay as you earned plan the revised pays you
learn plan is similar to pay as you earn forgiveness plan except that there are
no income requirements that means you can pay a lot more under this plan than
the standard ten-year repayment plan but if you make on time consistent payments
twenty to twenty-five years of paying out if you’re a graduate undergraduate
you can get the rest of your loan balance forgiven so what you should do
is do the math on how much you’re already paying to see if this plan would
actually be worth it for you my fifth way is with the income constr engine
repayment forgiveness plan this plan requires you to pay the lesser of 20% of
your discretionary income or what you would pay on a fixed 12-year plan this
is the only IDR repayment program available to Parent PLUS loan borrowers
you must make on-time payments for 25 years and after that your low balance
will be forgiven okay so my sixth way is gonna be for doctors physicians
pharmacists and anybody in the healthcare industry the sixth one is the
national health services loans or payment program and this is good for our
pharmacist doctors and other health care professionals healthcare professionals
do have some other options for loan forgiveness just to paint on where they
work the National Health Service Corp Salone repayment program works for you
if you work in a healthcare profession shortage area at National Health Service
Corp approved site you can receive up to $50,000 in loan repayment in exchange
for at least two years of service commitment okay my seventh ways also for
health care professionals the National Institute of Health loan repayment
programs they pay up to thirty five thousand dollars annually for a
researchers qualified educational debt in return for the commitment to engage
in the National Institute of Health mission relevant research so if you’re a
researcher or interested in being a researcher and you put in some years to
research for them they’ll pay thirty five thousand dollars a year for you to
get your debt my eight ways for nurses the nurse corpse loan repayment program
offers to nurses who work in underserved communities for a minimum of two years
you must work in a critical shortage facility but it can also be a clinic or
a hospital or other types of facilities that are medical based they just have to
be desperate for nurses to qualify it pays 60% of yours a nursing education
debt over the course of two years and you have an option to stay additional
third year to get paid an additional 25% of your debt okay my ninth way is for
the teachers out there lots of teachers on my channel so hopefully this helps
somebody out there with the teacher loan forgiveness program this federal program
forgives up to seventeen thousand five hundred
dollars on your direct subsidized and unsubsidized alone if you teach
full-time for five complete sec you t’v academic years in low income school or
educational service agency each state usually has their own loan
forgiveness programs as well so you should look into that to see what other
requirements your state has and what other programs your state has if you are
in a low-income area my tenth and last way is loan forgiveness for lawyer if
you’re a lawyer with a lot of debt the first thing you should probably do is
check your State Bar Association and your a law school to see if there’s any
forgiveness options you can just google your state with
Fergus forgiveness options for lawyers and talk to your employer they might be
able to point in the right direction but in general attorneys who work before at
least three years at the Department of Justice might qualify for $60,000 in
assistance for their schooling debt alright guys that’s all I have for you
today hopefully you found that a little bit useful so yeah we’re still gonna
have to probably pay we’re still gonna have to pay off our debt but if you can
work you know work the right deal then you can pay off is little as possible
and have the rest supplemented for you which is always nice so if there’s any
other programs you’re aware of please let me know down in the comments and if
there’s other professions that you working in that you want to know if
there’s any other options let me know and I’ll be happy to do that research
for you like comment and subscribe I’m Kat field
bye bye

Paul Whisler

25 Comments

  1. Hey! Happy Money Monday! I didn't realize how incredibly boring it is talking about student loans until I finished BUT I put in the description all of the info so you can follow along as well! LOVE YOU ALL! (The nice ones at least!) 🙂 -Kat

  2. I might sell my kidney to pay off my loans, I think I can Live only on one kindey

  3. Vote for Bernie and Elizabeth Warren. They want to forgive student loans!

  4. Yikes impossible considering rent or home payment 🥴 i regret my degree I wish I would have done a technical degree engineering or nursing something useful

  5. I'm already doing the income driven repayment plan, how do I get the amount forgiven though sis? ❤

  6. Yikes, the thought of school makes me cringe. You are right on one thing. School is not for everyone. I know it was not for me. Props to you for continuing your education and getting a second degree.

  7. They make it so difficult to understand these options on purpose

  8. Thanks for the information and video!! I read about interest being left over after 10 years of being forgiven and the borrower still has to pay that back unless they can fall into the category of being insolvent and have more loan interest vs assets. Its a shame that the PSLF has a 1% approval and this can also be the fault of the borrowers who don't read the information and requirements regarding the program

  9. So with the money I'll save I would like to take you to Blue Sushi. First I need to purchase a orange outfit. Then I'm gonna need you to pick me up by this gas station in Minneapolis, MN. My phone is dead so email me. Make sure you bring cash cause my wallet seems to get lost on any tab over five bucks… Cool? I have a big time tricycle deal I'm working on so wherever we go make sure there is Wi-Fi for your phone cause I like to check my junk mail for KFC offers. BTW I luuuuv your videos.

  10. What are you studying for your second degree? What was your undergraduate degree in?

  11. I plan to do this too so I only have to pay half of my debt. I owe $42k OMG!!

  12. What if I have parent plus loans for my adult child, but I’m on a set income, not even 2,000 a month and owe 70,000, Thanks

  13. Sorry but the music was very annoying, distracting and gave me a headache. I couldn't listen any longer….. Bye 🙁

  14. Just an fyi anyone on an IBR plan, be careful when you get married and want to file jointly..the repayment calculation will go based off both your incomes. That’s not a big deal except if you take care of elderly parents or have a mortgage then this is horrible. I need Bernie to atleast wipe out my interest do I can make a dent to my loans.

  15. Which one of these is best for parent plus loans? And should I try to get some other type of loan in the future?

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