Federal Student Loans | Our $160,000 of Debt (2018)


This is why we don’t need a prenup okay cuz we’re both equally broke. Hey everyone! It’s Akeiva and Meshack and welcome to The Bemused. Today we’re gonna be talking about debt. We’re gonna be going over I guess how we accumulated so much debt, why it’s important to know how much debt you’re in, and where you can find out how much debt you’re in. Yep no this title is not clickbait Yes, we are $160,000 in debt combined so we’re gonna go into all of that in this video. You might be wondering why is this so important to know how much debt I’m in i’ve heard so many people complaining about their student loans and this and their that and then you ask them how much debt they have Or who their loan servicer is and they have No idea. a lot of people say “I want to be rich someday, i want to be wealthy” but they really don’t know how wealth is calculated and that is by your net worth which is what you own (your assets) minus what you owe (your liabilities) and your student loans and any other debt you have are part of those liabilities. So that’s why it’s so important to track if you really want to track how much wealth you’re truly accumulating You have to calculate your net worth and that’s a huge part of the equation Most of our debt was student loans and we were able to find out the exact amount including interest on nslds .ed.gov Yes, so that stands for the national student loans database so that’s the database where you to find all of your federal student loans We will link to the national student loan database the nslds website in the description box below So if you have federal student loans you now know where to go to check your loan balance, to see who your loan service, and your loan servicer is the company that will actually be handling the repayment of your debt. So i think i have Nelnet and my Parent Plus loans are with Great Lakes just as an example, not sure who you have [yeah I have Nelnet as well] Nelnet, exactly so you’ll be able to see your balances and have that information at your disposal. Yeah so we’ll start with Akeiva and how much debt she’s in. Yes so of our combined a hundred and sixty thousand dollars Ninety thousand of it is mine and so we’re kind of evenly split 90-70 so It’s still a lot of debt Calm it down. This is why we don’t need a prenup okay cuz we’re both equally broke. So, of my debt, of my ninety thousand dollars in debt about eighty one thousand dollars is in student loans and So i had from undergrad i just have federal loans by the way from undergrad i took out about 27 thousand dollars for undergrad about $21,000 for grad school and then also when i was an undergrad i have a Parent plus loan that my parents actually took out for me so it’s technically legally in their name but I’m the one that’s paying it back, so that was another thirty two thousand dollars. So all in all for education i’ve taken out just over eighty one thousand dollars in student loans and Then the other part of my debt is my car note. So i bought a car about a year and a half ago and so currently my balance on my car note is eight thousand six hundred and three dollars exactly so that is my ninety thousand dollars of debt. And for me i have forty three thousand $195 from undergrad and student loans for grad school i have? 21,000 and change about that And then i also took out a private loan to finish paying off my grad program, well this semester at least, and that was four five thousand six hundred thirty nine dollars and fifty cents and that brings me to a grand total of sixty nine thousand seven hundred eighty dollars and fifty three cents but i will add that in this upcoming semester in the summer i’m gonna have to take out another loan of about Ten to thirteen thousand dollars so that can be added to my total. So, as you can see, since he’s getting on me so much about my debt at the end of this summer He’ll be at like 83 and i’ll be at 90 so we’ll be just about even and we’ll be in what like a hundred and seventy three thousand dollars in debt hopefully by that time I’ve paid a little bit down. i’m paying you know this debt down bit by bit but just about. Yeah, and that is how much debt were in so right now our net worths are like Beyond negative. Like i said my goal by the time I’m 30 is just to have a positive net worth like we’re not gonna be very ambitious here. As you mentioned it’s not just her student loans it’s also her car so anything that you’re in debt with whether it’s that brand new car that you bought whether you took out a personal loan or whatever it might be medical bills any debt that you have is what will be included in that credit card debt that’s a huge thing yeah thankfully we don’t have any credit card debt which is Great and that’s something we never ever plan to do something we’ve never done something we never plan to do. even though we use our credit cards for everything we do not plan on racking up any debt. We pay them off in full at the end of each statement period. You guys can unsubscribe from my channel if the day comes where I ever pay a penny in interest on a credit card. I’m telling you that right now. in the comment section below don’t forget to tell us how much debt you’re in, how you acquired hat debt and which loan servicer you might have that debt with. Also feel free to tell us what video ideas you want to see from The Bemused what financial topics you might have questions about and we will try our best To answer those questions in a way that doesn’t completely suck the life out of you don’t forget to subscribe and stay tuned for more videos to come And don’t forget to turn on notifications as well so that you always get an alert every time we upload a new video.

8 comments on “Federal Student Loans | Our $160,000 of Debt (2018)”

  1. The Bemused: Making Sense of Money 💰 says:

    Who's your student loan servicer? Comment below!

  2. Leah Warren says:

    Love it! My follow up questions are: what is your interest rate? What is a “good” rate for student loan debt? How much should I be paying off each month? 🙂

  3. wilhelmina middleton says:

    Hey guys!!!! I have Nelnet as a loan servicer & from the University of Bridgeport I have 21,616.13$ in debt. I chose an income driven repayment plan so thankfully I dont start paying yet. I honestly just need a permanent job so I can pay them back but can you guys please make a budgeting video. For instance, how to budget for your week with meals & how much to save each week.

  4. Prince Owusu says:

    As an advisor, you never thought of a more cost affective way to get through college? After freshman year, I made sure to live off campus, get jobs etc to minimize the need for loans

  5. rulondaful says:

    Great video what are you all studying in school what do you want to do

  6. Q Makes It Happen says:

    🍿🍿🍿 binge season. That's hella debt but y'all got this! 💪

  7. Lakisha Reaves says:

    Student loans: 90,000
    Car: 15,000
    C.c 1000
    Medical : 5,000
    Miscellaneous debt: 2,000

  8. Child Support Made Simple says:

    The student loan debt is not the only crisis.  When you add child support payments on top then problem is worst.  With  both programs you cannot discharge in bankruptcy. Why is the government imposing this restriction on our future population.

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