The Facts About Biden's New SAVE Plan For Student Loans
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- čas přidán 22. 08. 2023
- The Ramsey Show (August 23, 2023)
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I paid off $22,000 of students loans at the beginning of last year. I saved money to make to large payments. I am the main provider for my family on a teacher salary and I am dealing with an auto immune condition. Stay positive and pay off your student loans. The weight of my shoulders is priceless! One less thing to stress about.
What were your monthly payments?
Nice
Ken and Jade is all about keeping it real folks! the world asked for this and the show delivered
DON’T BUY REAL-ESTATE TOGETHER IF YOU’RE NOT MARRIED!
At 56 years old I was able to do my debt free scream 2 days ago. My 110k student loan was forgiven in 2022 under PSLF. When I went on income-based payments I thought it was a godsend. Not anymore!
Having breakfast for dinner was one of the best things I ever did to save money.
Just paid off my last student loan this morning. 🎉
Congrats!
I like this duo because they share time and also have different solutions for different folks, rather than the same canned answers. I listen to them on my phone riding to and from work. Some comments on tonight's show:
1) For the guy trying to decide whether to stay for a lower pay at a smaller company a job he loves or take the higher pay for a job he does not like. STAY where you love your work and take advantage of new opportunities to grow yourself and help grow the company. Most people do not do a good job at a company they do not like. In a small company you have lots of opportunities to learn new skills you can list on a resume and in a few years you can find a job at a larger company, still with a job you like. You can really benefit from being a bigger frog in a smaller pond, but keep track of everything you do and learn and are successful at so you can build your resume!
2) I don't understand why this show never considers tax brackets. Once you figure adjust gross income, too many side hustles will bring more income, but it's not like that income is tax free! Sometimes you actually do better with a lower income and a much lower tax bracket.
3) Parents with school age kids should consider if they are willing to move to a state with lower tuition for in-state tuition for college. That can make a huge difference in college costs for your children. I say it over and over - get out of debt, pay off the house as fast as you can and you can cash flow college and weddings for your kids. DON'T RISK YOUR RETIREMENT AND A ROOF OVER YOUR HEADS FOR COLLEGE FOR YOUR KIDS - they can find ways to pay for college, but retirement will come sooner than you think and your kids will likely NOT be paying for your geezer expenses! And, while I'm at it, NEVER sign a Plus loan for your kids or co-sign any loan. Anything can happen and those Plus loans have to be paid starting immediately. If you need to sign for your kid to go to college, the kid is choosing a college that is too expensive. Student loans cannot be discharged, even in bankruptcy! If your kid just wants to get away from home and enjoy the college football games, have him or her move to the city and get a job and they can still go to the games. The ROI on college is actually terrible - fewer than 50% finish in six years or less. Parents, you do NOT owe your kids a college education and they do not owe you your retirement expenses. Whew!
4) To the teacher with a 403b and a pension. Don't stress too much about the future. I had both and I have more money in retirement than I ever did teaching. I also figured out quickly that if I had a $100 deduction per paycheck, it only lowered my take-home pay by $50 a month. Did that for most of my career and now have a very nice nest egg and a guaranteed pension (plus Social Security as long as that lasts.) Teachers may not have high salaries while working, but they have a dependable retirement and lots of opportunities to earn extra money if they look for them.
5) To the single girl who wants to know how to keep friends and stay on a budget. It is no good to tell single people to just stay home and eat beans and rice. They like to be with friends. So figure out how to do that with a lot less money. Meet your friends for coffee rather than for a meal. Order an appetizer and eat the free bread and drink water (also good for you!) and save lots of money when you don't order a full entree. OR, eat a sandwich before going out and eat desert while they have a full meal. I have done both many times and walked away with a bill of about 25% of a full entree meal. Invite friends to your place and cook a simple meal. Get creative to get to the same goal of socializing for far less money 🙂
I really enjoyed this show with Jade and Ken!! They get the point across while being so down to earth!! Love them!!!
I work for packaging company yes Shrink-flation is real. They had us re-design the packaging for it. Same size package, but we had to change the volume or portions listed. So yes you are getting less while paying more.
You two had me laughing the whole show. I know that Uncle Boo Boo😂😂
Jade and Ken were so great together on this episode. Love the energy and knowledge.
I would love to see the ladies do a show together Rachel and Jade ❤️
@@secretsquirrel6718 I saw Jade on Rachel's show. Could have fooled me!
Agree
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@@secretsquirrel6718l
I shopped at Aldi this month. Other stores only for what Aldi didn’t have. I looked for bogo deals and sales for that stuff. I saved $300 on groceries in 1 month. I’m just getting started but I’m encouraged and throwing that $300 at the snowball.
It’s like God knew i was struggling to stick with my groceries and had Jade discuss the food budget this episode 😅
A nurse that is single with no children is struggling....o please girl you got the best power to pick up nursing travel assignments, nurse strike assignments, etc. You better go get that money and stop being lazy!!!
Excuse me! We just finished a freakin pandemic!! You have no clue what burnout and CPTSD is!! You ought to be thanking her for her service! Ungrateful ppl like you have made it hard for nurses to get out of bed. Plus not everyone cut out to do travel or strike work… that means you are the only nurse to way more patients than you can handle without risking your license! When a state search for nurses all over the country believe me….it’s a sh!t show! Been there once and never again will I see ppl rotting with wounds in beds because they don’t have nurses and you are the only nurse for 80 patients, passing meds on your feet 12 hours, no peeing, no eating just working and praying to leave after 12hrs that usually turns into 14-15hrs.
@@davidb2206 I'm not a nurse but I do work in the medical field and according to nurses you can still take your 3/12's on a travel assignment and make $3,000-$5,000/week without working any harder than what you are doing now as a nurse. So it's called "work smarter not harder". But in her debt case she should need to do both travel assignments and pick up extra shifts while on that assignment and I bet that mess can be gone in less than 24 months. So she got the best skills to make some money so she better use it to her advantage to get out of debt. If I can make $80,000 as a part time sterile process tech traveler while being a full time student in a Cardiovascular Technology program, I know she can make well over $100,000 a year as a nurse.
Mike in New York....Yes, your take home pay drops when you contribute to a retirement fund thru payroll deduction. HOWEVER, Dave always says your take home pay is your gross minus your taxes AND NOTHING ELSE. So even if you have other deductions, include them in your expenses, not your net.
We’re on baby step 2 family of 4 grocery budget is $400 month. Only buy meat on sale. Never buy chicken for anything over $1lb. Get super creative with leftovers and cook from scratch. Make your bread/rolls/garlic bread etc. buy popcorn as the salty snack. More volume for $. Make muffins or pancakes etc for breakfast. When you start making most food you can save a lot. Yes it takes longer but that’s part of the sacrifice to get out of debt
Yeah Jordan Page says $100 per person per month Its hard but doable 😅
We’ve even used pancakes as the bread for pb&j sandwiches the next day for lunch. Love all the comments in here today on food & budget 💙💛
20 minutes in and Ken is on fire with the wit. Big eagle as opposed to the bald eagle lol
Ken "this is a game you have not set the rules for" Exactly....as Jade also said...the government will not put you first...end of story. Great show today.
Great show like always and I heard her talk about pancakes for dinner and I can say there is nothing better than breakfast for dinner sometimes
We made breakfast burritos last night & I threw in the remaining tater tots, my husband had heart eyes hahah
Love breakfast any meal. 💙💛
An idea for a show, How to pick roommates!
Boom! And tenants!
There's laws and guidelines for tenants already. @@lemurdreamur9257
Guess what.......no one wants a roommate
Yes! A vetting process……definitely!
@@chuckstemm443its not about what people want, its about what people may have to do to save money or get out of debt
How about supporting the small mom and pop shop instead?
I had a federal student loan from 1999 to 2011. Thankfully I went to CC so the debt wasn't that big, but still it took along time to pay it off for various reasons. But what a relief when it was finally paid off.
as a ER RN nurse, Jesus Christ (my everything) gives me the strength and motivation to make 250-315,000 grand a year. OT/DT is great. beside my mortgage which pays for itself and some added to saving i was able to finally pay off my porsche carrera 157,000 cash in a year and a half. i wanna retire early
Do you have kids?
You're able to have kids?@@davidb2206
Working night shift long hours will take a tow on your health just to drive a Porsche. You need to check your ego!!
@@ca9777 7am-7pm generally at meetings throughout the day as ER nursing mgr but I stay an additional 1-2 hrs to prep for the next day. But listen I own 3 realestate in San Diego 2 I outright own meaning no mortgage and a new 1 I’m renting out that pays the rent and adds additional 1500 to my savings. Let’s say I could’ve retired 3 years ago at 35 but I’m grinding cause it gives me purpose I love the gig and the money is great
And I keep in shape I’m gym rat cardio freak. I have a gym set up in my office at work lol. God most and foremost but keeping really healthy so my workdays especially days I work the actual ER I feel great and take on stress moments as challenges sometimes saving a life is the ultimate thrill. Without God, experience and my health I would find my gig crazy stressful. Hence I’m the gym getting ready for my harbor run in seaport village San Diego
Jade always keeps it real 💯.Ken is on top of it 👌 great team!
To the lady thinking she cannot purchase a home before 36: my husband and I purchased our first home two years ago when we were 27 and 28. We bought the ugliest house on the street! And today it’s worth over $100,000 more than we offered for it.
Save up your cash and choose something humble!
I make the BEST food when I just throw in what we have. Now my husband has me write down my “throw & go” meals because he loves them! Family of 4 & were usually a $800 a month food, from grabbing EVERYTHING from the cabinets & using it all.
Loving these 2 together! Good show!
Red lentils in spaghetti is awesome. Its good fiber and protein with not a huge flavor. Cheap!
This is the lesson today. Great
Love these two together!
Great show Jade and Ken! Also, Ken thank you for the rich information you provide on the Ken Coleman show!!
Student Loan Debt is The Federal Government's Largest Asset. 🤑🤑🤑
Regarding food. We're working the Ramsey plan and we eat a keto/carnivore diet. It does help that my husband is a butcher but yall, you wouldn't believe the stuff they just get rid of! We take meat trimmings and ends that they won't use and my husband puts it through the grinder and takes it home! Helps the budget so much. That being said, if having having meat js an important part of your meals/diet, make friends with your local butcher. You'll be surprised what you can get for super cheap or free. Nothing fancy, just ground beef or tough meat cuts. but hey! It helps!
I don't know what Walmart Jade goes to, but PA Walmarts don't price match other companies.
Love the banter between you guys lol
valuable info.... so good!
Jade is such a bright addition to the show!
$194 k student loans holy moly
There has to be someone with a higher student loan Balance 😅
When you can get the same RN at community college then transfer to public university & obtain same RN for 24k 😮😢
Got my bachelors in nursing for 12k maximum including books. 8k in community college and obtained my RN. About 4k at Capella university flexpath for my RN to BSN
You go, girl! You did it right! @@teresiaify
She took the easy way to get into an RN program which always comes with a higher priced
$125-150/week for a family of 5 here.This includes personal items (shampoo, soap, deodorant etc), paper products, dog food, and guinea pig food too.
Family of four, with 3.5 year old and 1.5 year old. We budget $150/week for groceries and toiletry items (includes tp, paper towels, pet food). We shop strictly at Aldi, and go to Wal-Mart if Aldi doesn't have what we need. It works for us! And we only allow ourselves to eat out for DINNER only once a week. That one dinner night isn't included in the $150 budget, we budget separately for the dinner night out. And I will tell you, the reason this works for us is because we plan, before we go grocery shopping, our meals for each day of the week for dinner. And then lunches for the next day are just left overs from dinner. If we don't plan our nightly meals, then we might as well throw the budget out the window. Gotta be intentional y'all! And let me mention also, we aren't buying a lot, if any!, processed packaged foods! A lot of it is fresh foods and meats! THIS IS DOABLE.
Spot on Jade for the grocery budget.😊
I agree about the student loans
I'm so glad Jade brought up the IBR as a tool to get out of debt faster. When you have a ton of loan accounts, but one payment, it gets divided in a way that is least helpful to you. If you go on IBR, you can use the extra money to choose which loan to attack which gets rid of one loan item which allows you to snowball the rest of them gone faster. I know why they don't talk about this much, but I still wish they would talk about this more as a good option to help lower the final amount and length of payment for loans.
ETA: My husband and I have 4 kids (7, 5, 3, 1) and we spend about $500 a month and still eat well with snacks two hours after every meal. We don't go crazy with couponing, yet we are able to do this just by shopping at Aldi and Meijer.
Walmart must have heard you, Jade, because the last time I checked with Walmart, they said they stopped doing ad matching. 😅😂
Where can we sign up for Rachel Cruz Budgeting webinar? I can't find it anywhere.
Dang 90k , no kids, and can’t find 1k. I will not complain again.
bald eagle 😂
Love Ken and Jade, and together they’re fire 🔥!!! ❤
⭐️⭐️⭐️⭐️⭐️
Walmart does NOT price match, haven’t in years, I double checked the website! Just shop at the cheaper store. I plan meals based on what is on sale that week.
Call #1 Ken thinking the girl will get 1100 bucks to let someone sleep on a couch! Realistic as ever there Ken or is it just completely out of touch?
Well I mean it’s La and that’s gonna be pretty all inclusive .. Wi-Fi,electric , water, etc.. not a bad deal. Especially for like otr truckers, or travel nurses, or college students, or hopeful actors/musicians..
My brother was working as an engineer in the Bay area and paid $1000/mo for a couch in the living room and that was in 2015
Loving Jade's energy and enthusiasm‼💚
We spend $150 a week on groceries (3 meals a day) for 2 adults and 3 teenagers. Typically a meat and 2 sides at dinner and a bread. I meal plan every week and shop sales. It’s very doable, but does take time and commitment to find the best price on things.
1. Get on the Save plan to pay lower effective interest
2. Pay it down after your payment due date leveraging both uncle same and lower interest rate with gov subsidy… pay it in less than 10 years now you are paying less interest than if your in the 10 year plan or any other idr
Too much small talk when Dave isn't on the show. Get to the calls
I always wonder if there aren't many calls to take (not as many call in when Dave's gone), so they have to fill the time chit-chatting.
Maybe there weren't many calls?
3 jobs, 93 hrs. wk. 7 days per wk. work until debt is gone-20s-30s you can work crazy hrs. and it not rock your world physically
Ken’s greedy humor doesn’t work for me today.
I love Jade and Ken together! So lively, enthusiastic, very fair, and confident. Makes for such a great show!
My Walmart will not price match anymore 😢
Nothing but a chicken wing 🤣🤣
My twins are doing the income based plan which has NO interest which helps a lot. They should be done in a year or so.
Look up velocity banking see if that concept can help you. Ramsey style is great if you can stick to it. Not sure why the question of what major you are going to school for is a relevant question.
Are you aware of Dave Ramsey’s thoughts regarding “velocity banking”? 🤭
About the last caller there are houses in Yuma AZ for $175k-$250k, he just needs to look.
For our family of five we are around $1300 a month on groceries
Wow! Is that beans and rice? 🫘 🍚
For our family of 3 adults, we're at $480/month.
We are around $750/mo. Two adults, one 3 year old and one 10 month old
2 adults, 4 kids (7, 5, 3, 1) at less than $550 a month. We do 3 meals and approximately 3 snacks daily on a meal plan, shopping at Aldi and Meijer, and not going crazy with the coupons. We have tons of fruits, vegetables, and meat (but usually chicken) in our food plan. Getting it lowered is possible.
@@alishadegroot9100 Wow that is pretty impressive. We could definitely tighten ours, but for now we are ok. I'm the saver and have had to learn to let go a bit on the budget.
I’m with Jade on this! How is a 0 a month payment going to help me?? It’s not. It’s just sitting there to resurface in a couple of years. Just begin to pay them off!!! I hate debt!!
After a certain amount of years debt is suppose to be forgiven
I like Ken Coleman a lot. She's a really bright bulb too.
A roommate for a 1 bedroom apartment? That’s a terrible idea, all due respect.
1:11:13. His girlfriend must have been listening.
😢lots of food issues make some of these suggestions off limits but I hear Aldi’s has good deals
I'm a food separatist, too. No food touching!!!
I like to serve in a bowl, top it on top of each other
Can someone add the Rachel Cruz web inarticulate for everydollar
1200 a month on groceries for a family of 4?! Geez, what are you buying?! That’s like 600 more than it needs to be
If a person is eating totally organic, grass fed meat only, gluten-free, etc. it can easily get that high. Most people don't know that "organic" is not actually organic unless the items says "100% organic," which most food does not.
We pay more than $1200/month for just two adults. Grass-fed meat and eggs, raw grass fed dairy, organic produce and grains, vitamins, chemical free household cleaning products and toiletries, etc, all add up quickly. You either pay to fill your body with clean fuel and nutrition or you foot the costly hospital and chronic disease medical bills.
Rn in L.A. can make a lot more than $90,000. Needs to work extra shifts or a 2nd job.
Roommates add stress money wont solve.
Monica will get you in trouble 🤣🤣
America is expensive , family of three I dont spend anything over $110. down in South Africa
No playing house! All they have to do is go to the county registrar. That's it.
People married in their early 20s have the highest divorce rate.
Not true. @@HashPhantom
Married at 20 - just celebrated 52 years. The right person is much more important than the age. The reason the stats say that about people getting married in their 20s is because most people now are NOT getting married in their 20s, if at all. So the pool for the statistics is much lower, which makes each divorce have a larger %age of the total.@@HashPhantom
I thought mortgage should be less than 25% after tax, not after all the other deductions, like 15% for retirement, and medical insurance and other items. Not take home pay.
It’s 25% of your take home pay.
@@OopThereItIs77777 I have to look into that. Thanks
PSLF is the only exception
3%
Jade, no wonder your boy can eat! You all are whole food plant based, right? 👍😊
Jay, do you change your hairstyle every two weeks
Jade
The thing is you can't get your roommate to leave if you get one
This video is not working
So how is the person with the settlement supposed to pay? Jade said dont give them access to even your debit card! What are they supposed to do? Drive all the way to their state and pay with cash? 😅 I'm confused
@@danskisbees7348 Thank you! I wish they would talk about this more!
@@loversinthexatticI agree. Except for Dave, they don't really give you the nuts and bolts, step by step on how to do things. It's usually just "do this," but not HOW to do it
Open a new bank account.
Money order or cashier's check
Gov guarantee for student loans drove education costs through the roof. Cost for elect engineering at a top 10 engineering school when I was a kid was under 1K/yr. Now kids acquire useless skills and massive debt. 1/2 the Universities and law schools need to be moth balled and class size cut in half as does 1/2 of the gov. Admissions need to get rid of diversity, equity and inclusion and legacy admissions and return to meritocracy. Fortunately I do not need to deal with ESG and DEI prounouns or safe spaces at work as it would drive me nuts.
My husband has worked for a Non-profit for more than 10 years and qualified under the law for loan forgiveness. It just came through last week for which we're immensely grateful. We're middle income people who can now spend money on things that will actually drive the economy, like a house purchase. The govt WASTES so much on crap. Helping the people isn't waste.
For all the money they make you would think they would have higher amount of $ in their Giveaway.
How much have you given away?
Pancakes, rice, and pasta is not healthy. No can do.
Eat well! Watch the grocery list, though, so you don’t spend too much money.
Rice is. The rest isn't.
Still healthier than what Americans eat in their daily Big Mac.@@davidb2206
So it’s Perfectly Ok for the U.S to be Trillions in Debt but our 20-30k of student loan debt isn’t. All while my tax money is being used For Bullshit, IF you can not be penalized for no interest why not Use that same money and put it in a high yield savings account for the sole purpose of paying the student loan Debt when if that time comes.
love Jade🤩
Walmart hasn’t “price matched” in over a decade. I think if Dave isn’t available for the calls they shouldn’t have the show. You think they do these ramblings because the producers don’t want them to take too many calls? Seems suspicious.
How does the show live on then? Nobody lives forever. Dave himself said he brought everyone in to take the show forward when he passes. Also, it may vary per store, or perhaps she just hasn’t needed to do it for years so she just remembers being able to do it. Be positive:)
I thought same thing. Never heaed so much conversation amongst hosts before.
The first caller
Her interest rate alone would cover all of my bills because I’m debt free and live below my means
I’m not cheap I have a 2000 dollar e bicycle….
I have hokas but I again her monthly bill of debt covers my living expenses
I bought a home at age 21 with my then husband
How’d that work out for you?
Wow why do the private school. Find a room mate or a relationship
The wealthy get billions in free PPP loan forgiveness. Much of which was not used to pay employees. Some broke people getting a break is the least of this country's worries.
We’re still not down for paying your student loans. Period. You/them being broke isn’t our problem.
@@OopThereItIs77777 Of course, but it's funny how all the other government waste is cool. Student loans, everyone throws a fit. They need to stop making any new federal student loans. Terrible idea from the start.
@@michaelweyenberg6238 Absolutely agree. It’s their biggest asset though!
My word please stop taking calls with people asking about paying the higher interest loans first, if they dont know by now they havent listened to many episodes😅
New people are listening all the time. They take those for a reason, MY WORD
@@OopThereItIs77777😂
Shocked at the take on the SAVE plan. The interest is zero for many people below the income level set by the plan. But that is somehow a bad thing with these people. You want to pay it off faster? Fine. Pay on the principle as much as you can. The SAVE plan will help keep the loan lower through time. Duh. THIS IS A NO BRAINER. Do it. These people seem to hate it because it is a Democratic Party plan. Shame on them.
Jade is awesome and SMART!
She's a good candidate for a bankruptcy.
Thats sucks i cant get every dollar in Canada
You can do the same thing very easily with an Excel spreadsheet.
@@Trustbutverify2651 ok thanks
In the first column, list your sources of income at the top and total. Then add the categories of all your regular bills and enter those figures and total. Subtract your regular expenses from your income and then give a third category and make categories for the rest of that income. Put those down the left-hand side of an Excel spread sheet and put the months across the top. Save a column beside that first month and enter what you actually did spend. You will then be able to see how realistic you are. It will take you a few months until you actually get this down. On this show they talk about putting everything down in advance and not taking from one category to use in another. I use every dollar a little differently and use it like I used to use my Excel spread sheet. I allocate almost everything, but I do leave some dollars in a bottom category for items I have not anticipated in advance. For example, a relative just died and I knew her daughter did not have the clothes to wear to the funeral or the money to buy any. So I could take from that category that I leave UNallocated to send her some cash to buy an outfit. But I still stay within my budget because I have a category of "free" spending and I don't overspend in that "unallocated" category. If you list absolutely everything, you will quickly see where there are "leaks" in your spending. A $5 coffee doesn't sound like much until you have one every day on the way to work - and that's $25 a week, or $100 a month which is actually $1,200 a year. That becomes real money. @@terrabunville517
You can buy a home at any age after 18!!!