40-year-old delivers for DoorDash to help pay down her $100,000 student loan debt—on top of her full-time job
40-year-old delivers for DoorDash to help pay down her $100,000 student loan debt—on top of her full-time job
Shonnita Leslie's side-hustle as a DoorDash driver helped her pay down around $20,000 of her six-figure student loan debt. Here's how she spends her money.
Not sure why they report on one person doing this.... isn't this the norm nowdays? Work two jobs to pay a debt that ought never have existed?
Me, I got the 100k debt but I just pretend it doesn't exist and I'm fine!! We'll pay the minimums til I die....
This is CNBC. This series exists to gaslight people about their finances and the economy. In this article they have normalization of hustle culture and admonishment of her getting a degree based on passion instead of ROI.
In the past it's been used to gaslight readers into thinking their budget problems are solely due to their own inadequacy. They do this by highlighting people who are usually in marginal areas, like disabled people, and show how they make their budget work. Every single article has something like, "lives rent free with parents" somewhere in there. Others have straight up given ridiculous numbers for rent and utilities.
It's absolutely the norm. I work with loads of people who jumped ship on their degree because they couldn't find good enough pay in the field. I'd say maybe 40% of my team is in this situation most of them over 35. One of the younglings gave up after his first semester after researching his FOS and learning he didn't stand a fincial chance. It's pretty fucking sad honestly. Great kid with nothing but ambition and hard work to give.
As a near 40 year old with the same amount of student loan debt, I have absolutely considered a part-time gig to help pay down the loans. But the amount seems so enormous, and the repayment would be so comparatively small, that the little free time with my family is far more valuable.
I will never understand why people work so hard to pay off student loans..If you've been paying off a loan for years and the balance just keeps going UP, the sensible thing to do is default on the loan, accept the consequences of that (which is minimal with student loans) and move on with your life
Edit: everyone saying they will garnish your wages, this is not something that is common, its fear mongering. If anyone has personal antidotes about having their wages garnished I'd love to know how long that process took and what it was like but I doubt we will see any.
You can’t escape student loan debt by default, bankruptcy, etc.
The best thing you can do is sign up for IBR and accept that 5% of your income is lost for 20 years, and hope that whoever is president at that time isn’t a sadist cunt. Also try to save some extra money for possible income tax on the forgiven amount.
That’s assuming your loans are subsidized. If they’re private, try delivering for DoorDash on the side!
I'm saying you can stop paying, Im not saying you won't still owe them, but I know people who owe tens of thousands in student loans and have not paid them a cent in over ten years, they have a credit score of around 800, its never affected their ability to get any kind of credit or housing.
I think people over estimate how important they are or what kind of consequences there are for not paying as if it ruins your credit score forever or something, and its just not true.
You can't.
You can't do this with student loan debt which seems incredibly dumb. I also don't understand borrowing 100k for school.
It’s not the original loan amount. The trap in student loans is the initial deferment when they gain interest while you aren’t paying and taking classes for 4-6 years. One of my loans was 14k and when I graduated had more than doubled. By the time it was paid off in my 30s the total sum I had paid in to interest was over 100k. And I was paying on an accelerated cycle for the last 5 or so years to kill it faster.
I had discovered with one of my servicers that they were applying my overpayment only to interest as well so the principal would not go down and keep generating new interest. This is actually illegal now thankfully
I also don't understand borrowing 100k for school
Other than the fact that college tuition has become absurdly expensive, the predatory fees and interest structures of student loans means that most people who have been paying theirs to the best of their ability for several years actually still owe MORE than the original amount borrowed, which I'm guessing is the case here.
The terms and conditions that people who are usually 17-18yo and know fuck all about contract law are coerced into agreeing to in order to "ever make something of themselves" would make Franz Kafka disown The Trial for being utopian sentimentalism in comparison.
I thought no one wants to work anymore? /s
Education is for becoming more and more just for the rich