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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When discussing the topic of raising children, discipline is often the first thing that comes to mind. Children need discipline. Full stop. But what is discipline? And how do we draw the line between discipline and revenge?
The origin of the word "discipline" can be traced back to the Latin word "disciplina," which means "instruction" or "teaching." Over time, however, discipline has come to be synonymous with punishment, with parents relying on shame, fear, and/or physical pain to curb undesirable behavior.
Teaching takes time, so nipping it in the bud in whatever fashion parents deem necessary (within reason) has become the norm. But is this what’s best for children? And when does it become less about curbing undesirable behavior and more about getting our licks back for offenses we feel our children should know better to do?
In my work as a parenting coach, I’ve often heard parents say, “I asked him nicely three times before spanking him. He didn’t stop doing it until I did, so clearly talking doesn’t work.”
And the parent isn’t wrong. Talking often doesn’t work the first, the third, or the even the 10th time. And the reason is directly tied to brain development.
Children cannot and do not process information the way an adult can. Auditory processing is not fully developed until a child is 14 or 15 years old. And even then, if a child has auditory processing delays or Auditory Processing Disorder (APD), they may always struggle with processing auditory commands. According to Susie S. Loraine, MA, CCC-SLP, the term auditory processing refers to how the brain perceives and interprets sound information. Several skills determine auditory processing ability—or listening success. They develop in a general four-step hierarchy, but all work together and are essential for daily listening.
Without this understanding, discipline can easily become revenge because parents will then view their child’s misdeeds as a personal slight. Instead of teaching them to do better, parents now want to show them the consequences of not doing better. This is why it's imperative for parents to discern between discipline and revenge to maintain healthy relationships with their children.
5 WAYS TO DISTINGUISH BETWEEN PARENTAL GUIDANCE AND RETALIATION:
Understanding The Intent
Discipline is rooted in love and concern for the child's well-being. It focuses on teaching lessons and helping children understand the consequences of their actions. Conversely, revenge-driven actions stem from a desire to inflict pain or punishment as payback for perceived slights or disobedience. Parents should reflect on their motives before taking disciplinary actions. Ask yourself whether your intention is to help your child learn or to make them suffer for upsetting you.
Example: If a child accidentally breaks a valuable item, a disciplinary response would involve discussing the importance of being careful and working with the child to come up with a way to replace or fix what they’ve broken. On the other hand, a vengeful reaction might involve yelling, harsh punishment, or bringing up past mistakes to intensify guilt.
Maintaining Emotional Regulation
Effective discipline requires parents to remain calm and composed, even in challenging situations. It's natural to feel upset or frustrated when children misbehave, but responding with anger or resentment can escalate the situation and blur the line between discipline and revenge. Before addressing the issue, take a moment to breathe and collect your thoughts.
Example: If a child cannot follow instructions, a disciplined response would involve calmly explaining why their cooperation is necessary in working with the child to accomplish the goal. Conversely, a retaliatory response might involve shouting, name-calling, or resorting to physical punishment out of anger.
Promoting Growth and Learning
Discipline should always aim to promote growth and learning. It involves guiding children toward making better choices and understanding the impact of their actions on themselves and others. Effective discipline strategies include positive reinforcement, setting clear expectations, and providing opportunities for reflection and growth.
Example: If a child repeatedly forgets to complete their chores, a disciplinary approach would involve discussing the importance of responsibility and finding solutions together, such as creating a chore chart or setting reminders with Siri or Alexa. In contrast, a revenge-driven response might involve imposing overly harsh punishments or belittling the child, which can undermine their self-esteem and hinder their ability to learn from their mistakes.
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Building Trust and Communication
Trust and open communication are essential components of a healthy parent-child relationship. Discipline should strengthen this bond by fostering trust and encouraging children to confide in their parents without fear of judgment or retaliation. When children feel safe and supported, they're more likely to accept discipline as a form of guidance rather than punishment.
Example: If a child admits to breaking a rule or making a mistake, a disciplined response would involve listening to their perspective, discussing the consequences of their actions, and working together to find a solution. Conversely, a retaliatory response might involve accusations, blame, or shutting down communication, which can erode trust and damage the parent-child relationship.
Seeking Professional Guidance
Parenting is a learning journey, and, disciplining children is a delicate balance between guiding them toward responsible behavior and nurturing their growth. By understanding the intent behind our actions, maintaining emotional regulation, promoting growth and learning, building trust and communication, and seeking professional guidance when needed, as parents we can help our children built on love, respect, and understanding.
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Featured image by Courtney Hale/Getty Images