You read that title right, US student loan debt has passed $1.5 TRILLION – and this breaking news matters because the student loan debt facing millennials as they enter the work force is a massive problem. How can we minimize this higher education problem moving forward – before it really affects the US economy? Matthew Pillmore of VIP Financial Education tackles that and more in today’s video.

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15 replies
  1. Debra Mclane
    Debra Mclane says:

    Debra Mclane
    So sorry to have not been able to speak to you on Oct. 26th. I hope all is good with you!! I tired to reach your office all day Friday to talk about rescheduling my appointment, no one called back!!
     I hope we can reschedule soon, as I have been so excited to speak to you for the last several months!!!
    Its been such a eyeopening several months learning so many new ways to handle my money!!!
    Talk to you soon!!!

    Reply
  2. Marla Harmon
    Marla Harmon says:

    Recently found your channel and I love it! Still trying to carve out time to work through all the videos. I've scheduled an upcoming call, and I'm looking forward to connecting. Student loan debt…the struggle is real!

    Reply
  3. personaz
    personaz says:

    I served for 9 years, used the Montgomery GI bill to subsidize my student loans, (gi bill only covered half of my expenses)… did 2 years in a good university, and stopped when I hit 27k in student loans and couldnt afford the school anymore even with student loan and GI bill assistance, FF to today, my current job has put me back in school absolutely cost free to me, putting all of my student loans in deferral status, however I'm still making student loan payments manually every month as if they were still due (but reallocated to prevent them from gaining in interest, and targeting the rest of the money into my highest APR 6.6%)… student loans are a joke, I wish I never took one….

    Reply
  4. Will Clark
    Will Clark says:

    You are so very correct, we are struggling with getting my son’s student loans paid off, this happened much longer before we met you. We are making headway, but our son cannot consider buying a home till he gets these loans taken care of. We are trying to mentor him in the way you are teaching, so please pray that we can remain strong and help him get through this.

    I wish more schools took the approach that College of the Ozarks takes. All students graduate debt free, this is huge. Our youngest son is attending there, he is working but he will finish debt free. Such a blessing

    Reply
  5. Michael
    Michael says:

    I did not go to college for several reasons. I was tired of being tied to and institution that caters to the masses, I was partly home schooled, (public schools automatically assume that home-schoolers have had a sub-par education) and I had no idea what line of work I would pursue. After a few years I found that I like to make stuff, so I became a carpenter. Three years later, I bought a house in serious need of a rehab. I am currently using the skill set that I was PAID to learn to make this first house my first rental. At this point, my net worth is higher than any of my high school friends who went to college, because of student debt. (not hard to do, as most of them are in the negative) Second most important factor to my net worth, I still live with my parents. It is near impossible for most people to have as few living expenses as I do. My parents are awesome!!
    Anyway, Thanks Matthew for all the great content. It has been helpful in helping me plan my future financing strategies.

    Reply
  6. Nathan James
    Nathan James says:

    I am going for an associates degree and will have to pay close to $8000 in a subsidized loan on top of the $4000 or so already paid. I will hopefully not pay any interest on this. After graduating I am definitely feeling apprehension at going on to get my Bachelor's Degree or more at this point. I feel like the money should be in place first before I go really heavy on education.

    Reply
  7. SopranoJessi
    SopranoJessi says:

    Definitely agree with you Matt! I needed Student Loans for my Master's degree, but I did my research before I did! However, I didn't have a plan for my BA degree. I was the first person in my family to get a degree. My mom pushed college and I majored in what I loved- music!! 🤦I love music but it certainly doesn't pay my bills nor provide health insurance. I just knew I needed a degree Because that's what I was supposed to do! Wasn't until my early 30s that I realized the difference between a job/skill and a PROFESSION. 2yrs post Graduate education, I finally earn 6 figures! Buuuuut….. I still have student loans. I still have some student loans for my undergrad degree but I really have a lot for that Graduate degree. It hasn't stopped me from buying a home, but that's because right after Graduate School I was offered a job in Las Vegas making $25k more than what I was making in California. Bought a house in 5 months after moving to NV! I don't know If I could have bought in CA. I don't think I would have been as far along in my career with the company I was with at the time. I definitely see that the State you live in makes a huge difference! Since I was willing to relocate, I have been able to accomplish things I probably would still be struggling to accomplish if I stayed in California! Now I'm applying your principles! I agree about college Being unnecessary. As sad as it is for me to say this….I wouldn't recommend anyone get into debt to Major in an art. I would say that college is also a financial investment and one must weigh the returns. It begins by researching the degree, the related jobs, the demand for those jobs, and the average national salary. What does the BLS say about that job market? How does technology impact the future of those jobs? I also believe in vocational training! To at least equip the youth with skills that can get them real jobs right out of high school, which would free them up to either pay for college or start a business. Also, Community College saves you money!!! I went to CC and then transferred to a University for my undergrad degree. Thanks for sharing Matt!

    Reply
  8. Raver Magik
    Raver Magik says:

    i did student loans.. and paid half of it off.. then got behind and they sent me a letter saying they can take if from my tax returns.. so i called them and let them. lol The only good thing about it was the fact i did trade school and not college.. so my student loan was 5k and i was out of school in 7 months and working. I wont touch college student loans if i want to go back.. i would rather go class by class and pay in cash.

    Reply
  9. Fat Girl Sewing
    Fat Girl Sewing says:

    Yep, student loan debt, way too much, nearly 65,000. On income based repayment plan cus it's all I can afford, so the debt just increases, not doing anything with my degree, probably never will. So yes I agree a degree isn't always worth it…

    Reply
  10. The Mystery Traveler
    The Mystery Traveler says:

    I think there's a percentage of people who don't pay their loans because they think the government is going to do a system wide forgiveness of all student loans. I know there are some employers in the medical, law, and accounting field that will pay off the student loans of new employees. This was offered to one of my friend's sister when she graduated from med school, but she turned it down because she didn't want to come back to CA. Some fields also forgive student loans if doing community service type work in their field for a certain number of years.

    Reply

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