Healthy Financial Habits: School Loans

Okay, so we're talking “School Loans” today (and it's now 10: 25 rather than 10 o'clock.) So we're doing Coffee Chats with Candice! Grab a cup of coffee, or beverage of your choice, no judgement here, and that includes your finances. And we are going to talk about school loans. 

So for those of you who don't know me, my name is Candice Montgomery. I’'m the founder of “Monetize Your Dream,” a course for new and aspiring women entrepreneurs, and “Beginner's Guide to Budgeting,” and I help you learn how to budget so that you can pay off your debt, save money, and experienced financial competence. 

So if you're new to me, I own three businesses. The first one with my husband, we started in 1996, and it's now in its 27th year. And we've paid off over $450,000 in seven years time. Since 2022, we have been completely debt-free in our personal and in our business lives, and I'm passionate about business and budgeting and sharing that with you.

We've been talking about financial, healthy financial habits… so we're going to talk “School Loans” because the interest started back this month, and payments are gonna start next month.

You want to make sure that you know who your loan servicer is because several servicers or loan companies have sold the student loans to other companies during this time, so you want to make sure to check that out.

And you want to check out what your repayment options are and if you need to consolidate or if you need to refinance so that you can get a better interest rate. The key is, that you start paying and you start paying as much as you can. It affects your credit, if you're trying to build your credit.

So I have some other some other information to include that the average school loan is $30,000 in the United States, and I have definitely heard more – $100,000, $200,000 loans. 
 
You can go to school and get a degree without having to take out a student loan, And you just have to work to do it. So student loans kind of put you in a trap of thinking that you're going to school and then you forget about it, and you have to to pay it back once you get out of school. So you want to try to start paying that back before graduation if possible. If not, as soon as you graduate, you want to start paying that back. And that needs to be part of your debt snowball so that you can pay that off as quickly as possible, and get out of student loan because that is going to just weigh you down until it's done. 

I don't really have a lot of things to talk about because I personally never had a student loan. My husband did when we were first married, he had either two or three little small loans. So I remember him paying them, butI never had student loans. So I can't offer any more information on that. 

But if you need some help with it or you have questions about it, I'm more than happy to help you and find out, to do some research or whatever we need to help you get that paid off. So, when it comes to budgeting, I've been where you are. I know how you feel. And I know it's confusing, and you think that you're never going to get your finances in order. But I'm here to tell you that if I can do it, you can do it. And you will be able to do this, and you will feel so much better when you do so. But I can help! 

So if you or someone you know, needs help, I do one-on-one coaching, and so just send them my way. My website is candicemontgomeryonline.com, and my socials are @CandiceMontgomeryOfficial, if you want to reach out to me. 

If you found value in what you've learned today or what you've learned previously from me, please share, like and heart my videos so that I can get more my message out to more people! We'll see you next week. I hope that you have a great day. I hope you have a great weekend and enjoy your coffee (or now I probably need like a strong drink even though I don't drink). Anyway, I hope you all have a great day and I look forward to seeing you next week.