I Got Laid Off Twice. Here’s How I Paid Off My $30K Student Loan Debt
I'm squeezing every ounce of goodness out of 2021. As we all experienced, 2020 was nonstop madness. While there has been extreme loss, anxiety on a galactic level, deep loneliness, and every emotion in the dictionary, I managed to achieve one huge life goal before my 27th birthday in December. I paid Sallie Mae back! (Yes, please imagine me dancing.) While it's uncomfortable to share about this journey because finances are so personal, I believe the one thing we all need right now is good news. It was through watching other people who I related to that made me see that paying off my debt was possible.
Like most things in America, the current student-debt crisis is out of this world. This year the student-debt crisis hit an ultimate high.
"There are 45 million borrowers who collectively owe nearly $1.6 trillion in student loan debt. In the U.S. Student loan debt is now the second highest consumer debt category - behind only mortgage debt - and higher than both credit cards and auto loans," according to Forbes.
Even with these staggering numbers, the student-debt crisis disproportionately impacts Black families. On average, a Black graduate has $7,400 more in student debt than his or her white peer, according to Brookings Institution, a nonprofit public policy organization based in Washington, D.C.
When I first decided to pay off my student loans, I was freshly laid-off from my "dream job" as a breaking news reporter and living in my childhood bedroom in Columbus, Ohio, as a 20-something, feeling like a complete failure. Even though navigating this season was difficult, I kept one quote on the forefront of my mind by Dave Ramsey: "Live like no one else so that you can live like no one else."
I celebrated paying off my debt with an uplifting photoshoot to showcase that women are worthy of celebration outside of the traditional norms such as marriage and having babies. All which I desire in time, but until then I'm focused on blooming.
There are plenty of factors that impact our financial health, most of which are out of our control. If you're looking to take the next step so you can stop being a slave to your money and break free from the bondage of debt, here are some of the actions I implemented to pay off my $30,000 student loan debt.
1.Make a Plan.
Make a plan to approach payding down debt from a strategic level.
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It may sound simple, but making a solid plan is not as easy as it looks. When paying down debt, I think it's best to approach it from a strategic level. I never really knew how much debt I had. It was some elusive number; I believed I'd never pay off.
I went to a private art-school out of state and graduated in 2016. I had a ballpark idea of how much debt I was in but brushed it off. I ignored, deferred, ignored again, deferred again. Rinse and repeat. I was confused about the process since I had transferred schools. It felt like I had student loans coming from everywhere.
I was paying off both my unsubsidized and subsidized loans from college, which totaled to nearly $30,000. One way I was able to decrease the debt I took out was by applying for grants, scholarships and becoming a resident advisor for two years.
Before I got serious about paying off my debt, I made the minimum payments. One of the main tools that help me develop a straightforward and easy to understand debt strategy is Undebt.it. This site populated a free debt payoff plan after I imput my information. I also recommend using tools like Snowball Wealth, which helps organize all your debt in one place, and provides resources to help you pay it down.
The avalanche debt payment method worked best for my situation, but many people also use the snowball method. These are common terms, but here's a breakdown of what each one is according to CNBC:
"Snowball method: Prioritizes paying your debt from the smallest balance to largest, regardless of interest rate.
"Avalanche: you pay off the balance with the highest APR first, then work your way through all your debt from highest to lowest APR. Some financial experts prefer this method because you end up paying less overall in interest."
Once I had my plan ready to go, it was time to secure the bag.
2.Secure the Bag—All of It.
I paid above the minimum balance each month. I attacked my debt. I was able to do this by decreasing my expenses. At the time, I lived at home for roughly six months. Living in my childhood bedroom was a huge help, and I could save and knock out so much debt. I hear millennials complaining all the time about moving back in with their parents. If you're fortunate enough to live back home for a season, then I would highly suggest it and be grateful for the opportunity. But after living at home, I moved into a studio apartment and then decided to get a roommate. Figuring out housing can be tricky, but anyway you can decrease this expense, the better.
Anytime during my debt-free journey, I had about two to three jobs. I mainly did freelance work, including writing, social media managing, and website design. As 2020 has shown, no job is ever guaranteed. I learned that hard lesson early after being laid-off from two jobs before I turned 25.
I did freelance gigs in addition to my full-time job as a weekend social media editor. Negotiating my salary was vital and made a difference in my budget each month, which allowed me to make larger payments. It's an old and true saying, but closed mouths don't get fed. Here are more tips on how to negotiate your salary. It's a must!
3.Find Community.
While your debt is solely your responsibility, you don't have to walk this journey alone! One source of encouragement I had to kick-start my journey was watching my coworker pay off over $100,000 in student loan debt. What?! Don't be afraid to ask questions. I asked my colleague a million questions about debt, and I didn't care if I looked crazy in the process.
There's a vast debt-free community online of people sharing resources, tips, and advice. Join them! Two of my favorites financial educators to follow are Tiffany the Budgetnista and Leo Jean-Louis.
Also, talk to your trusted friends about money. Throughout this journey, I would have money talks with a close girlfriend of mine. We would get transparent about our money goals, downfalls, and everything in between! Normalizing talking about money is something we should all strive to do.
4.Practice Discipline
Practice discipline by starting a budget and sticking to it.
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Yes, you need a budget. But even more so, you need the discipline to execute and stick to that budget.
I started having weekly money meetings with myself. Was I perfect at it? Of course not. But I was consistent. I created a debt-free journal to help me stay sane during the process and to track my progress. In this journal, I wrote down prayers, wrote encouragement notes to myself, congratulated myself for the small wins, and reminded myself of my "why" behind paying off my student loans.
And what's my why? For me, it's being able to do what God has called me to do freely, designing a life of my dreams, building generational wealth for my family, and investing in my travel business, Girl Around The Globe, plus so many other things.
Being free of my student loans is one step towards my financial wholeness goals. Now, I'm looking to start investing actively (send help!), and I plan on knocking out the remainder of my credit card debt by Q1 or Q2 of 2021.
It doesn't matter how much you have in debt or how long it takes for you to pay it off. Life is not a race. All that matters is that you're trying and being consistent.
I believe in you, sis!
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Featured image by Shutterstock
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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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I Tried Beyoncé's Haircare Line CÉCRED & Here's My Honest Review
Beyoncé is snatching our wallets yet again with her latest business venture CÉCRED. In 2023, the Texas native hinted at a potential haircare line when she posted this photo causing fans to speculate that her next project would be focused on her famous tresses - they were right. Her haircare line Cécred launched on February 20 with her first drop called The Foundation Collection which focuses on haircare first, and I can only assume that a style product line for colored-treated hair will likely follow since Beyoncé is known for slaying various shades of blonde.
As a super fan since the early 2000s, it was only right that I give an honest review of the full line and purchase the Super Fan Bundle (retailed at $265) which includes the full product line of the 8 products, as well as a branded cosmetic bag. If you’re thinking, “Girl that bundle is too pricey for me,” I can assure you that for the value you're getting, the price is quite reasonable. This bundle was an intentional and marketable way to allow consumers to experience every Cécred product.
The brand messaging surrounding Cécred has been salon-inspired, and rightfully so as an ode to Beyoncé’s upbringing growing up in her mother’s hair salon in Houston. This line is backed by science and licensed cosmetologists showing that she’s done her research and appointed the experts. Cécred's IG feed has been filled with images and videos inside of hair salons including some videos of Ms. Tina herself assisting in the styling of beauty experts who visited Cécred's private salon to have the VIP treatment!
Now, have I seen influencers, consumers, and beauty stylists using the Foundation Collection at home? Yes, but I thought it was best to experience Cécred with my go-to cosmetologist who also happens to be my Auntie Tawana. She has been my educator and go-to for hair knowledge since I was a child and has had a hand in my mom's hair health which has always been goals for me. As a little girl, my Saturdays were spent sitting in her hair salon while my mama got her hair done as I patiently waited reading Jet and ESSENCE, ever so carefully eavesdropping on the conversations of the ladies who were coming for much more than just a beauty routine, but an experience.
I’d fall asleep on the plush couch in the waiting area flipping through magazines while listening to the sultry sounds of Maxwell. And I had my first lesson in breakup empowerment when I heard Sunshine Anderson’s “Heard It All Before.” So there was no other place for me to go than to see her, and because I’m her niece, I was able to visit her private salon in her home that she calls The After Hours where upon arrival I was greeted with my favorite Black-owned sparkling Rosé, candles lit, and my aunt’s breakdown of Cécred.
Yasmine Jameelah/xoNecole
But let me refocus and share my salon experience as I tried Cécred for the first time.
If You’re Wondering…Who is Cécred For?
Yasmine Jameelah/xoNecole
When news of Beyoncé potentially launching a beauty brand hit the internet, there were a bunch of predictions of what and who the line would be marketed towards and if she’d have any wig care products as she’s known for slaying her units! But she went in a totally different direction which I love, and I’m going to tell you why. Critics have questioned if Beyoncé should be venturing into the haircare industry because she is often seen in weaves and wigs, but true Beyoncé fans know that she has healthy hair and that, like many Black women, experiments with various styles.
Cécred was created for all hair types and textures, including straight to coily, virgin, color-treated, chemically processed, and heat-styled. As a Black woman who has worn wigs, had chemically processed hair, heat-styled, natural, and color-treated hair, let me tell you, this was no easy feat! The amount of money I’ve spent on my hair through its various changes just on product alone, forget styling has been astronomical.
Cécred is serving the needs of various hair types in textures and I truly believe that this is going to make Beyoncé a true competitor in the hair industry amongst brands that are comparable such as OUAI and Olaplex. Both competitor brands have similar items at a higher price point and unlike Cécred, their products and brand messaging haven’t always felt inclusive to Black women and other hair types.
Cécred has been tested inclusively and the reviews from various hair types and backgrounds of consumers are allowing the brand to stand out.
I Tried Beyoncé's Haircare Line Cécred: My Honest Review
Yasmine Jameelah/xoNecole
Yasmine Jameelah/xoNecole
My hair has never felt cleaner and it shined for well over a week following the styling (but the oil should be used sparingly if like me, oil can weigh down your hair.) Immediately when my hair touched the sink, my aunt told me that she saw all the dirt and oils lifting from my hair when she applied the clarifying shampoo. As a girl who loves my curls, I am often judgy when I use any other shampoo and conditioner aside from Pattern, but not this time.
When my aunt guided my hands across my hair, she showed me how my curls weren’t tangled, and how she didn’t need to comb out my curls before applying the moisturizing deep conditioner or the deconstructing treatment mask.
Yasmine Jameelah/xoNecole
She applied each step with care and walked me through the process, and to my surprise, the hair mask wasn’t thick - but through trial and error as a natural girl, I’ve learned that a thick mask doesn’t always equal what’s best for your hair. She styled me with a silk press that left my hair with shine and I can honestly say that each step of the line is needed especially if you are someone who changes up your hair and deals with breakage. If your hair is healthy, you can opt out of the reconstructing treatment mask but I recommend taking the product line to your salon, having a discussion with your stylist on where your hair health needs improvement, and then purchasing based on that.
We know ourselves better than anyone else, but your stylist knows your hair better than you do. I like to lead with their knowledge first and then incorporate what my hair goals are. If you’re a girly who’s committed to hair health and has either the discipline to incorporate each step at home or can bring your products to the salon, Cécred is for you no matter if you’re a silk press or a wash-and-go naturalist.
Give Cécred a try, I’ll be using the line for my hair appointments until it runs out and if I see long-term results, it will be added to the beauty regimen indefinitely.
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Featured image courtesy of CÉCRED