Can you Imagine Paying Off Your Student Loans Today?
If you cannot, below is the Foreword to my latest book Student Loan Exit Plan that will help you do exactly that.
Imagine it’s your college graduation day. Your friends and family are in the audience. You’re so happy you are almost levitating above your seat. This was not high school, where someone woke you every day and made sure you did your homework. This was college, where you woke yourself up and decided to complete your assignments. Every day was not pretty, and all classes weren’t fun, but you did it.
Or you decided later in life, you wanted more and went back to school as an adult. With all the adult responsibilities—maybe a spouse, a child, an elderly parent—you still got your butt back in school and now it is graduation day. You finished.
Now, imagine you are debt free. Even if you’re not, you can imagine you are and remember Einstein said, “Imagination is more important than fact.”
A lot of today’s student loan debt in fact comes from a lack of or the wrong kind of imagining. Many debtors imagine themselves hopelessly in debt, while others imagine they can defer payments indefinitely, and others imagine somehow their debt will be magically forgiven. The result of these three imaginings is burgeoning debt, decreasing net worth, and the emergence of the working-class poor.
How the Student Loan Exit Plan was Born.
I was in Broward County, Florida, giving a presentation, on personal money management, explaining the powerful effect of your mindset about money. I was explaining how giving and saving as little as a dollar-a-day could change your financial future. Michelle, a medical school student, raised hand and when I called her said, “But I have $240,000 in student loan debt.” Fiddlesticks me, I thought—actually that’s not the word I thought, but in case kids are is reading this, that’s the word I will go with. I did not know what she should do, but that statement lit a fire in me to learn what someone in her situation could do.
From there, I learned about half the people I was speaking to had student loan debt ranging from $6,500 to her staggering $240,000. Yikes! For them my dollar-a-day message sounded like someone giving a person dying of thirst an eye- dropper full of water and saying it’s going to be alright.
Michelle’s question was the flashpoint that launched me on a quest to understand the breadth and scope of student loan debt in America. After speaking with hundreds of families who either did or did not use student loans to finance their educations, I arrived at two conclusions. First, a student loan is a mortgage on the student’s future and should only be used with proper advice and a payoff plan. Second, whether you are managing a dollar-a-day or a thousand-dollars-a-day, your mindset towards money can make you or break you. Consequently, the Student Loan Exit Plan was founded with a focus on guiding people with student loans from loaning their futures to owning their futures. My heart’s desire is that the ideas in this book will be plans to prosper you, not to harm you, plans to give you hope and a future.
What is the Student Loan Exit Plan?
The Student Loan Exit Plan is a multi-step approach for people who are either heading to college and plan to take out loans; are in college and already have loans; or have graduated or dropped out of college and have to pay back loans.
The plan provides online or in person; one-on-one or group coaching that covers:
• Loan Disclosures Explained
• Real Time, Real Money Payback Plans
• Borrower / Lender Collaboration
• Parent—Faculty—Student—Lender Cohorts
• Partnerships with Other Organizations
• Accountability Partners
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