Over Sallie Mae? I Paid Off $20K In Student Loan Debt In 2 Years And You Can Too!
“Ma'am… What you are paying will barely cover your interest."
Those were the words that the customer service rep at Sallie Mae told me over the phone. I could hear it in her voice that I was setting myself up for failure.
However, I just needed to make sure I was not one of the many post-college adults on their weekly hit list due to my mounting student loan debt with them. You know, the list where they call you weekly for their money, and if you're really behind, DAILY.
I'll be honest.
When I was in college, I did not think about paying back my student loans. I did know that I had borrowed money, but at the time, I did not understand interest rates, or what it meant to have subsidized and unsubsidized loans. I just knew that I was going to college and because my scholarships didn't cover all of my needs, I needed to take out an additional loan.
After graduation, I knew I had six months of freedom before Sallie Mae would hit me up. Oh, and when she did, SHE was ready.
She had all her dollars and cents together and wanted to know how I was going to give it to her. After researching more about paying loans, I learned that it takes the average person 10 years to pay off their student loans.
TEN YEARS??!!
This is of course if they have a stable, well-paying job, no other debts, and I guess…no kids.
Fast forward to a few years later, I meet the love of my life, got married, and Sallie Mae becomes Navient (new name, same devil).
My husband and I both decided to take Dave Ramsey's Financial Peace course before we got married, because we both had debt and wanted to get serious about paying it off. After we tied the knot, my husband and I started tackling small debts. By this time, we both were in good, middle class jobs and seeing as we both wanted to be free from our lenders, we jumped in head first tackling them.
I'll never forget December 31, 2014. I was writing out my goals for 2015, when I felt in my Spirit that I was leaving one goal off.
Everything that I had written down previously were goals that I KNEW I could take care of by myself. I did not have one goal that stretched my faith. At that moment, and for the rest of that night, the Lord really spoke to me about having a goal of paying off my student loans.
To me, this seemed utterly impossible to do in one or two years. Again, it takes the average person 10 years to pay off a loan. “God, are you sure about this?" I wondered.
That is when I remembered the message my pastor, Joel Sims, preached. 10 Years into 1. God can make what would need to happen in 10 years, take place in just one.
I decided to trust God, be obedient, and change my thinking.
So I wrote it down and got TO IT!
Every penny outside of utilities and essentials was used to pay down my student loans. I left a little play money for myself that could be used on food, clothes, or beauty. Since it was not much, I had to become resourceful. I stopped going to the beautician and found a family member to flat iron my hair at a lower rate. I stopped my monthly shopping habits (I LOVED shoes) and I learned how to do more beauty regimens myself. I packed my own lunch to avoid spending excessive money out. I rented movies at Redbox, instead of always going to the movie theater. Any way we could save money, we did it.
The only thing we didn't give up, was giving our tithes (something I definitely feel helped boost us in the right direction). A lot of DIY's and balancing checkbooks later, we were really seeing a dent in my student loans. I was soooo excited when I paid off the first of six loans I had. I felt like I was floating on air and could conquer the world. My husband was happy too!
We started to get excited because every time one was paid off, we started to see how much money we had left over. We were on a roll!
Finally, we paid off the last one, and I literally wanted to cry. I asked Navient to send me a letter in the mail showing I was PAID IN FULL. And when it came in the mail, y'all, I looked like Chester the Cat.
The biggest lesson I learned from paying off my student loan debt?
My God is a Mighty God.
What would have happened if I had thought that it was impossible? What would have happened if I would have talked myself out of my blessing? What would have happened if I had given up, because it made me uncomfortable?
Coupled with the grace of God and a handful of tips and tricks, my husband and I paid off close to $25,000 in student loan in less than two years! If you're interested in doing the same, here is how to begin:
- Understand what is a true necessity, and what is just a want.You need water, heat, electricity, and food in your fridge. You don't need a fill-in for your nails, to eat out with your friends at that expensive steak house, and you don't need to take a big trip this year. Find other economically friendly ways to serve as your fun outlet. You'll be surprised what you can do for under $50 or $25.
- Don't be concerned with what everyone else is doing. During this whole time of paying off debt, my husband and I did not go on a vacation. Sure, we wanted to go on one. We even had friends and family that were doing great things. But, we knew what our end goal was, and when you set a goal, stand by it. Honor and remember the promise you made to yourself. There is a rainbow at the end of the tunnel.
- Create an emergency fund. If you're single, Dave Ramsey says you should have $1000 saved up in an account. If you're married, $2000. That way, if anything comes up while you are paying off debt, it won't hurt or stop your progress. Don't worry, you can always build more, once you're debt free.
- BUDGET, BUDGET, BUDGET. You should know every penny coming in and out of your bank account. That way, you can know how much you can allocate to paying off debt, while still keeping the house running.
- TRUST IN GOD.Though I put it last, it is certainly not least. This endeavor requires BIG faith, but know that if He will lead you to it, he will lead you through it. My husband and I continued to give to the church in tithes, and found any way possible to be a blessing to others. We did not have all the answers, but we knew who did. Trust that and trust Him.
I'll be really real with you for a moment. I was around people who were going on amazing trips, buying luxury items, living it up, and enjoying their life. It was incredibly tempting to stray from my path from time to time because of what I saw. But, at the end of the day, I knew that to get to where I wanted, I would have to do some things I had never done. There is ALWAYS a temporary level of discomfort when going to the next level. There were a few unexpected expenses on the way. Our washer and dryer needed to be replaced, an unexpected bill, etc., but we stuck to our goal, refreshed ourselves on the FPU course we took, and kept moving.
If you want to get serious, you want to tackle your Goliath…get started right now! Hear my podcast episode dedicated to conquering your debts and Sallie Mae - “Throwing Them Deuces at Sallie Mae"
What are some steps you're taking to pay down your debts more efficiently and effectively? Let me know in the comments below!
Shaina is a singer-songwriter that creates songs and podcasts for young women, that are uplifting, inspiring, fun, or just the plain truth. Hear more from her at www.shainasonline.com and follow her podcast, Sisterly Love. Follow Shaina on Facebook, Twitter, and Instagram: @ShainasOnline
ItGirl 100 Honors Black Women Who Create Culture & Put On For Their Cities
As they say, create the change you want to see in this world, besties. That’s why xoNecole linked up with Hyundai for the inaugural ItGirl 100 List, a celebration of 100 Genzennial women who aren’t afraid to pull up their own seats to the table. Across regions and industries, these women embody the essence of discovering self-value through purpose, honey! They're fierce, they’re ultra-creative, and we know they make their cities proud.
VIEW THE FULL ITGIRL 100 LIST HERE.
Don’t forget to also check out the ItGirl Directory, featuring 50 Black-woman-owned marketing and branding agencies, photographers and videographers, publicists, and more.
THE ITGIRL MEMO
I. An ItGirl puts on for her city and masters her self-worth through purpose.
II. An ItGirl celebrates all the things that make her unique.
III. An ItGirl empowers others to become the best versions of themselves.
IV. An ItGirl leads by example, inspiring others through her actions and integrity.
V. An ItGirl paves the way for authenticity and diversity in all aspects of life.
VI. An ItGirl uses the power of her voice to advocate for positive change in the world.
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Stress Awareness Month: Sneaky Workplace Triggers Affecting Black Women, And How To Cope
We all know about the major stress triggers of everyday life, from relationship woes to monthly bills to unexpected emergencies, but there are small, subtle triggers that impact Black women in a big way, especially when it comes to work. It’s good to be aware of these sneaky stressors in order to maximize your day and find ways to incorporate solutions into your self-care routines.
Since it’s Stress Awareness Month, we caught up with Keanne Owens, LCSW, founder of Journey To Harmony Therapy Center, to talk about these triggers and what Black women can do to manage and cope.
Owens is an experienced South Florida-based counselor and social worker who offers her services via Grow Therapy, a therapy and medication management platform. She has worked with Black women professionals to unpack issues related to workplace stressors. “One is the pressure to perform–having to meet deadlines and deliverables. And a lot of times, these subtle stressors from performance are put upon ourselves as Black women. We want to make sure we’re doing our best. We don’t want to be critiqued in certain ways.”
Excessive micromanagement leading to fear of overly critical bosses is another subtle trigger that can negatively impact Black women in the workplace.
“Whenever something is done wrong, or we experience some type of injustice and have to report it, it’s the fear of retaliation–[fear that] we won’t be taken seriously or [our words] will be taken out of context because of being deemed as the ‘angry Black woman,’” she said.
Black Women And Workplace Stress Triggers
Her sentiments are backed by research. A recent report by Coqual found that 28% of Black women (compared to 17% of White men) say their supervisor uses “excessive control or attention to detail” when managing them. There’s more: A survey by the National Employment Law Project found that Black workers were “more likely to have concerns (80 percent) and twice as likely as white workers (18 percent) to have unresolved concerns at work, with 39 percent reporting they were “not satisfied with the employer’s response or did not raise concerns for fear of retaliation.”
The survey also found that 14 percent of Black respondents said they “avoided raising concerns to their employer for fear of retaliation—more than twice the average rate of 6 percent for all survey respondents.”
Owens pointed to the fact that these subtle stress triggers can negatively impact our physical health and our career advancement. “A lot of time it’ll affect our productivity,” Owens added. “We start to have negative thoughts of ourselves. The stressors can also cause fatigue. We’re no longer meeting or working up to our desired potential.” Other challenges as a result include insomnia and increased insolation, withdrawal, and lack of motivation to apply for jobs or promotions even when qualified.
valentinrussanov/Getty Images
How To Manage Subtle Stress Triggers
While there are systemic issues at play for Black women at work that has less to do with us and more to do with major overhauls that must be addressed by the powers that be, there are steps we can take for the betterment of ourselves and our mental health. Owens offered the following tips:
Tap into a support system, whether it’s a coworker you trust, a family member, an organization, or an outlet like a hobby.
Create a good work-life balance before burnout even starts. “Having certain boundaries [is the goal] such as, for example, if you get off at 5, you get off at 5. If your job description is this, you don’t go above and beyond because that brings you to a lot of burnout,” Owens said.
Prioritize self-care, whatever that means for you. “If you don’t have a routine, create one. Practice mindfulness and even some meditation,” she added.
Create structure in your life outside of work. “Even if you have a family, applying some structure in your routine helps relieve stress,” she said.
Get into grounding techniques. “Do a real quick square breathing exercise, that’s literally 30 seconds, or you can do a grounding technique that’s less than two minutes, right there where you are. You don’t need any other materials. That’s something you can do with just yourself and your body.”
Ask for help. “As Black women, we don’t ask for help enough,” she said. “Find where you need to ask for help. A lot of times, people think that’s indicative of weakness, but we need to rewrite that narrative. It’s okay to ask for help where you see fit. [If] you’re a mom, [it could be] every Wednesday from 5 to 6, your children are with the dad. You have to carve out that time.”
For more information on Grow Therapy, visit their website. You can also find out more about Keanne Owens, LCSW, via BeginYourJourneyToHarmony.com.
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