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