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How I Paid off $97,000 in Student Loans in 4 Years

19758 ratings | 643639 views
Get exclusive content: http://patreon.com/mattdavella I didn't graduate with a degree in personal finance but I did leave college with $97,000 in student loan debt. It was crippling in the beginning, especially starting my post-college life in the middle of a financial crisis. But within 4 years I was able to pay it all off. My personal experience of being trapped under the crushing weight of these loans probably taught me more about life than my 4 years of higher education combined. There were no magic bullets or secret steps. I didn't invest in bit coin. I got out of debt the old fashioned way. A little bit of hard work. A lot of dedication. Some luck. And really good advice. In this video I break down the 6 steps that helped me get out of debt. New videos every week! New podcast every Wednesday! My gear... https://kit.com/mattdavella ^These are affiliate links. I only recommended products that I use & fully endorse. Instagram (for BTS): http://instagram.com/mattdavella/ Subscribe: https://goo.gl/nzS5ri Podcast: http://groundupshow.com Twitter: http://twitter.com/mattdavella/
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Text Comments (1111)
(17 hours ago)
Thanks @maryglen for sharing this I just got 33k to pay for my tuition fee
(1 day ago)
globalcyberaids,com sent me a transfer to pay for my student loan
BigBlackBootyDaddy (1 day ago)
2 grand a month, there i saved you watching a boring ass video
Shaniqua Johnson (1 day ago)
And I thought my life was in turmoil over 20 k 🤦‍♀️.
Kelsey Van Ert (1 day ago)
Living at home is a huge help. I’m personally unable to live with my parents and haven’t ever had a solid foundation living with them previously. It would be good to get some tips on paying off as much debt without the luxury of being able to live with your family.
frob mark (1 day ago)
globalcyberaids com came to my aid to pay off my student loan
Johan Lopez (2 days ago)
Thank you so much
Kendrick Curley (2 days ago)
So I ask myself some questions and it'll pay off my debt..sweet!!
Logan Ross (2 days ago)
With money?
wild woods (3 days ago)
why does he always have such sad eyes
Brian Pedroso (4 days ago)
It's amazing how the banks just end up banking off today's youth. It's a terrible system we have and I hope someday that will change. At the end of the day, it's about the business and that's very unfortunate.
Amber Smurda (4 days ago)
I'm in so much debt right now mostly cause my mom took all my money from me from my student loans an it's been 3 years an now I can finally try to pay it off an go back to school. This is so helpful.
Victor Williams (4 days ago)
Didn’t give any helpful information on paying off debt... great video
David Cipriano (6 days ago)
I'm a business student. For this reason I kinda wanna push myself for a finance minor. I'm not in much debt as of now, but I would like to know how to control my finances once I start working after college. My parents have been pretty frugal to say the most. They never buy stuff besides food and clothing. Then I realized my parents have been taking on a 30 year mortgage and my dad is almost done this year which is saying that he is finally going to enjoy his own money and be practically free. I have never taken out student loans, I am pretty thrifty as well. I buy most of my clothes from Goodwill. GUYS IT IS WORTH A SHOT. Right now I'm kinda struggling because I'm in school and i don't have much money because i haven't been working because of school and it really sucks not being able to go out and eat with your friends because you're broke. It's spring break and I have been at home practically the whole week. its stressful, but it is just temporary. I guess I should feel thankful I'm not 97k in debt. Lol.
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Eric Hill (8 days ago)
My student loan isn't that much. So how can I pay off 13,000 before or by 4 years. Anyone?
Eric Hill (1 day ago)
+Mary Glen it's not a grant. It's a loan and it's in default
Laura Chapman (9 days ago)
This system is slavery.
Positively Brainwashed (14 days ago)
Was 95k in debt, down to 60k after 6 months of getting focused. Only 18k left to pay the bank and the rest is from family who I don't need to pay interest.
Chris Phoenix (15 days ago)
I know someone else probably already asked this, but what did you do for a living that allowed you to built up so much money in a short amount of time? When you talk about minimizing spending, what did you cut out that was holding you back from keeping your money? When you talk about reading books, is there any strategy that doesn't involve reading books on finance? What were the core lessons from those books that helped you not just keep more of your earnings long term, but actually build more money (possibly outside of a normal job)? For someone who is stuck in a situation where the risks are not worth it to try to do what you did, how would you recommend they start building more money outside of a normal job? Please let me know.
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MegaBeck (18 days ago)
Save yourself 6 min of time and watch something else. This explains nothing whatsoever about finance or more specifically debt finance.
Prutha Nagrikar (19 days ago)
could you please recommend some books for personal finance as a begineer?
Dave Ramsey would be very proud! 😁
sweet T (22 days ago)
My strategy: keep paying my minimum and vote in Bernie Sanders and other democratic socialists. Haha. 😎
Yassine Mokni (23 days ago)
1 - Organize finances 2 - Read up on personal finance (The Total Money Makeover book) 3 - Spend less money 4 - Make more money 5 - Be patient 6 - Keep reading
A (23 days ago)
Do you have tips in saving?
Roy Smith (24 days ago)
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Roy Smith (24 days ago)
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If you’re looking for help with your mortgage or student loans, Terminus solo is your guy. I have a lot of friends that have benefitted greatly from his services. Hit him up on Instagram @rotridgej or send a mail to [email protected] Thank me later!
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If you’re looking for help with your mortgage or student loans, Terminus solo is your guy. I have a lot of friends that have benefitted greatly from his services. Hit him up on Instagram @rotridgej or send a mail to [email protected] Thank me later!
okcomputer0101 (24 days ago)
Summary: budget, make more money, read a bunch of books. Debt paid.
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TROYLU (25 days ago)
I wish you would have explained the practical steps and sacrifices you made. Instead you gave points that are not practical or does not have any context. ie I know a guy who got out $47,000 of debt in 10monts. He owned two pair of pants, 4 T-shirts. And he ate only pasta for year spaghetti.
Pineapeach (26 days ago)
Debts when entering college: 0€ Debts when graduating: 0€ Welcome to the EU. :)
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The Phoenix (27 days ago)
Congrats, on paying off 97000 and getting out of debt. However, four years? That's way too long. I've got 67000 should be out in about a year. Already down to 44k and it's not even the third month.
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Standooo Standooo (1 month ago)
Well, i grabed my calculator and devided your debt by number of days you mentioned (4,5 year is 1643 days) and i found out that you needet to pay of 59,05$ every day (for me it is 52,06€) Average american sallary acording to OECD is around 60$. This means if you want to do the same, your sallary needs to be aproximately 100-120 $ per day.
Huntstyle (1 month ago)
I paid $43,000 in student loan payments last year. I still have a long way to go (PA school). Torn, however, between paying off loans, or investing in real estate. Currently invested in an apartment complex that is sitting at about 45-50% total return after 18 months. In the long-term, it makes much more sense to make that kind of return off my money vs. paying down debt that carries only a 4.42% interest rate.
Calon Dokter (1 month ago)
Ur problem is happening to me right now, i want to marry a girl and this marriage ceremony thing in my country needs so much money thats why i start to make this youtube video of mine. Hope i can make it
Praneetha Dundigalla (1 month ago)
really vague and definitely, not helpful
Cecilio Adrin (1 month ago)
Which wealth calculator did you use at the beginning of the video?
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This is so unbelievable i just received a transfer of $42,000 from cryptonhackers.wordpress,com now i can payoff of my bills.
Bask Media (1 month ago)
So you have to pay in the US cus the UK seem more lenient unless I’ve been tricked
RO TOR (1 month ago)
Thank goodness we have free college where I'm from.
WAKE ME UP INSIDE (1 month ago)
My girlfriend and I will be debt free by the end of the year. We have our budget at the ready. We've recently become incredibly fortunate in our financial situation so now to fully reap the benefits of it, we need to get this debt cleared ASAP. Once that's gone, we'll be able to save £3000 a month... I can't wait to start feeling safe and free.
s j (1 month ago)
I don’t have to pay any debt. Parents paid for it. 😆
David Quintero-Ochoa (1 month ago)
Essentially the smartest thing to do is live with your parents. Universities pay thousands of dollars to lobby for their renting business, makes all the high school kids tired of the parents want to move out. Obviously, by the time you are done with university, your parents said their goodbyes to giving you a rent free home, and you end up living on your own. I meet so many fellow students that CHOSE to live on campus or rent an apartment with roommates. I had fights with my parents for sure, but stick it out, it's the smart thing to do and let's be frank, if you were able to do it as a kid, you can as an adult. PRIORITY IS TO GET OUT OF COLLEGE DEBT-FREE. NEXT, make connections, join organizations, go to the resume building classes, whatever gets you meeting people that could give you potential information on a next opportunity or even better... the opportunity itself. Oh yeah, obviously go to a community college. I actually had a professor that taught both at the community college and at a private 4 year university; she said she taught the same exact curriculum, but at the private uni, students were being charged at least 3 times as much. Go to the 4 year university after you get your A.S/A.A. FILL OUT FAFSA. I come from a low-income family, yet fafsa helped cover a lot. It does NOT hurt to try. Do scholarships if you can, but while these are nice to focus on, they should be considered additional as you don't know if they'll like you enough to give it to you, based on whatever essay, questions answered, or whatever hoops they want you to jump through. If possible, buy used books or even better, rent them if you're sure you won't fail the class; otherwise it'll cost you double. Example: I didn't know how I was going to handle the math and accounting classes, so I bought the books used(unless I needed an online code) to save money as well as ensure I have the book for next semester if I fail those terrible hell courses. It should go without saying, try to get a part time job, I suggest in a company you think you can grow or get experience from. My personal opinion is it will be more beneficial in the long run over even some in-college jobs because often they don't seem to provide the upwards mobility someone like I seek, this is completely anecdotal from what I see around my university. What else... ahhh coupons are your best friends for everything, no shame. You wanna make 8 email accounts for free burgers at Mcdonalds, DO IT. You gotta donate blood to hit up the movies for "free?" decide which hand. Gonna get a video game digital, use apps like gameflip(use my referral code though 😂). Squeeze the crap out of your family and friends' streaming services. I got Netflix from a middle school friend, Amazon from Amazon student, and Hulu from an ex's friend I've never met. Remember, life's about who you know, not what you know. I hope this helps. If anything, this might have been the reward you were looking for when you clicked on the video, sometimes you just have to really want it, sometimes it's more than just watching a video, sometimes it's reading the comments.
Neelargho Ray (1 month ago)
Can you do any video relating to minimalism for/by students? This could be hard for you considering you approached minimalism after your college.... but still.
Whitney Daniels (1 month ago)
I had over $30,000 in student loan debt and I didn't know there were programs out there to reduce or even eliminate your student loan debts. I found this out by listening to Dave and I went with a recommended debt relief company and they helped me reduce my debt from $30,000 to $4,000 based on my income and profession! I paid that off in less than a year and now I'm debt free. If you're struggling with your student loan debt then I highly recommend you give them a call right now to see if you qualify to reduce your debt or even eliminate it. Their number is 1-844-445-1057 It literally takes less than 5 mins to find out and they will help you through the process. It was a huge weight off my shoulders once I found out how much debt I would have removed. Now I'm actually putting money towards my retirement and I sleep so much better knowing I'm not drowning in debt struggling to find a way out. Call them right now and I promise you it will be the best decision you've ever made 1-844-445-1057
Jerseylance1 (16 days ago)
Thank you because I'm graduating this December and I will be in that situation soon.
Hashmat (1 month ago)
Funny enough, I graduated with the same amount of debt. I am 2.5 years into repayment and have almost finished it off. I watch this video time to time to keep me focussed on my goal.
Arturo Cuya (1 month ago)
lol in my country it's common that parents pay for college or you don't go to college
Juliana T (1 month ago)
I really liked this video. Not just because It shows your process and your tips, but how you show that you are an ordinary person, with bills, debts and how you could DO IT. I don't know. This video made me feel closer to you. Must be that thing that we only talk about money with our closest friends hahahaha
Edwin Pickering (1 month ago)
Great job Matt. Love your work. And to all the naysayers wanting more detail, a plug and chug formula... what did you expect in a 6 minute video? Honestly!?! He worked hard. He sacrificed living on his own, social life, etc. and focused. Laser intensity. It’s about being INTENTIONAL... look at his work. People, for all that is Holy, you make choices. Despite what the freebie millennial mindset is, you HAVE to deal with the ramifications of them. THERE IS NO MAGIC BUTTON Rant over. Awaiting the deluge of hurt feelings❄️
Ashlie Love (1 month ago)
Yeah no way in hell do I plan on moving back in with family again to pay off debt. Cant stand living under someone else's roof and living on their schedule and expectations. Graduated with 40k in debt at 23, and basically have just been paying interest on ot since. The college system is a fucking rigged joke for the middle class who were stupid enough to fall for it. The last 7 years of adulthood has taught me one thing: Its not what you know, but who you know that matters.
Deepsoul 32 (1 month ago)
Is this Dave Ramsey son🤔🤔
Tim Cook (1 month ago)
what if your parents dont have a home and you tale care of them?
Iarshinta sudjana (1 month ago)
Wsw...2 thumbs up😃. No 3 is the hardest.....spend less
Ouster Z (1 month ago)
Just paid off $190,000 student loans in 4 years January 2019 ✌🏻how did I do it? Living at home without paying rent 😬 (I live in los angles for reference)
Henry Pacheco (1 month ago)
Get a book, wow how helpful
Henry Pacheco (1 month ago)
Commercial for Dave
Esvin Par (1 month ago)
how do i find a personal finance book that isn't a scam or useless?
Elodie I. (1 month ago)
Why do people come to this type of videos only to complain about how they don't have the same opportunities as the person that was able to get out of debt. If you used that same energy to create opportunities for yourself, you wouldn't be here bitching about how someone else chose to better their life. Just because he didn't have the ssme experience as you doesn't make his experiences less valid.
Daddy Duck (1 month ago)
Idk what student loan is
Troy Body (1 month ago)
What degree did you obtain? What is your salary? Which field are you working in?
Adams Md (1 month ago)
Thats bullshit paying all this money for education that should be less less cheaper for all people in America , i will not pay my student loan and fuck my credit. Education in us is just a kind of business , America is a very rich country that spend billions of dollars in war and arm why student should struggle to pay back all this huge amount of money , you can start your own business if you invest this money and you will make more money that you can make with this damn degree
YV-HE W (1 month ago)
Living at home sure helps and he a graduating college student does not have a home to go back to you have to live like a college student with tons of roommates and pay off debt for a few years
Ryan Werner (1 month ago)
Should I be embarrassed that I am a year into my debt free journey and only tackled 20k? I can't move back home because it would be detrimental to my mental health... I mean, I'm getting there... Slowly...
Denise Son (1 month ago)
Hey everyone! My name is Denise and I'm also a college student too. I made a video talking about how I paid for college myself and I hope you guys check it out. It covers what scholarship I applied for and what helped me get a full ride into ASU. Please check out the video and let me know what you guys think! I received many offers for universities and decided to go to ASU for the amount they gave. I really recommend anyone that is applying for college to see what ASU has to offer. My channel is going to be about college experiences and scholarships available at Arizona State University.💖💖This is the link and be sure to see this video too to maximize your offers https://www.youtube.com/watch?v=g5ehnsldjM0&t=1s
The Hentai Librarian (1 month ago)
> make more money Lol ok damn is that all it take??
OPINIONATED PHIRI (1 month ago)
My parents house doesn't have a basement 😓😓😭
Ricardo Chavez (1 month ago)
Make no money
Troy Chiappone (1 month ago)
What a trash video...HOW THE F$$$ did you EARN MORE MONEY!!!???? That’s what everyone wanted to hear!!! Reading books all day doesn’t produce anything!!!!
Yolanda Lujan (1 month ago)
That's was great for you. But they are those that dont have parents to move in to help out. . Ypu were blesss.
I LOVE YOUR VIDEOS!!! I'm using the Dave Ramsey plan, too!! About $34k debt left of my $100k that I started with a few years ago. Should be done by the end of the year. I decided to make a YouTube channel to keep me motivated through this last year!
Gwakzz (2 months ago)
yikes
beautifulL52 (2 months ago)
I feel like this dude is click bait bro. Every time I click on a video he never really explains what the fuck he's talking about. I hate click bait. What a let down.
beautifulL52 (1 month ago)
+YV-HE W k yea course i got that but it would be nice to know what numbers where talking about, how much did he get paid? What was his budgeting limits? How much did he pay off every month in loans? How did he get a nicer job? Any tips on moving forward? Etc. Clearly the video is going to be about paying off student loans... I got that dude -_- ...
YV-HE W (1 month ago)
He is basically saying that you live at home after college and pay off everything for 4-5 years and cash flow everything and work a full and part time job and start investing once your debt is paid down. It is not dificult to understand
Jose Angel Briones (2 months ago)
Did you accomplish this by moving back to your parents and saving a lot of money on rent?
Bob Boon (2 months ago)
Clickbait. This video is cookie cutter advice with no framework as to how this feat was accomplished. Clearly the guy had a decent income and was living low cost or expense free with parents. People want real numbers as a template to attempt to configure their circumstances to it.
Investor Jess (2 months ago)
You have to suffer for a while
Watson Joe (2 months ago)
JB gat me out of my student loan with his blank atm card for free and he gat connections too.. You gat nothing to loose just talk to him... [email protected]
SHAWNA THOMAS (2 months ago)
I paid mine using JB blank atm card. JB has been helping the poor and needy for sometime now with his skills and connections. He help with the blank atm for free and gat me a job. Need help contact JB now. [email protected]
Giovanni B (1 month ago)
It didn't work, my card is now frozen?
Melina Vargas (2 months ago)
Yo this literally was not helpful at all??? "make more money" tf kind of shit is this video
Justin Y. (2 months ago)
Wtf $100000 student debt? I completed my graduation with $5250. Even though I actually have $100000
Stefany Meade (2 months ago)
People that are getting way too involved with the fact that he moved in with his parents are forgetting he is an individual with a number of options before him. Even if he didn't have parents to move in with and it took him 8 years to pay off his debt, he still reached a turning point where he said I am not going to sit on this anymore.
Paul Adams (2 months ago)
No point in asking now I suppose, but how did you " actually" do it. Otherwise it comes across as being a little smug
Amelia Bee (2 months ago)
I’m in sooo much debt, and it’s crushing. I want so badly to get out. 2019 WILL be my year!
Conrad Keeton (2 months ago)
I am in exactly your shoes. Same debt amount and goal situation 🥺 what would be the best finance book to read the first year on my journey?
Jeffrey Allen (2 months ago)
Congrats on freeing yourself. My method was something I refer to as "counting cards". The way my student loans worked was that the biggest one was was organized into groups, 2 at 2.6%, 2 at 6.8%. And then I had two separate servicers of my smaller loans, one at 5%, the other at 6.8%. I was a fool for the first 4 years of my repayment. I drank away the the stress and just made minimum payments. And then my company at the time closed and I was unemployed for a bit. I realized how stupid I was being and I got smart, real quick. Once I got a new job I devised a plan. The way I did this was, I first targeted the two smaller groups of my largest loan and hit them with bonuses or any extra money I got, payed them off about a year ahead. Then, I blasted the two "alone" servicers, eliminated those debts completely with tax returns. I then took the money I would have spent on the smaller 2 groups of my largest loan(I call it the Star Destroyer lol) and hit the two larger interest rate groups, and over time, I had those loans payed about two years ahead. I'll be making my last student loan payment this month as soon as I get my tax return. Freeing yourself from student debt is possible if you're willing to have some discpline and not make silly expenditures.
Stefany Meade (2 months ago)
I really enjoy your terminology to treat debt like a video game, *pew pew* haha
Jeffrey Allen (2 months ago)
Some important things I forgot to add: In the first year of my repayment I took a year long deferment because I was helping my mom paying the taxes on her house, and I took a 6 month deferment when I was unemployed. Those things were about a year and a half stunt on my loan progress. I think if not for those life events, the 8 years I took to pay off my loans would have been a 5-6 year thing. But I stand behind my counting cards method all the way.
teekay201 (2 months ago)
Those are rookie numbers. You gotta pump those numbers up.
The Cherie Amour Show (2 months ago)
Congratulations! What a great accomplishment. I did a video similar to this a year ago. Thanks for the upload. I subscribed!
Nana Nastic (2 months ago)
I only have 300 of debt lol
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Diane R (2 months ago)
Wow! That seems really stupid to get into that kind of debt in the first place. Come on!
La Licorne Payete (2 months ago)
Omg just don’t go to an American college. Everywhere else college is way cheaper. Like 1 year in a marketing college in France is 5000€ and you go there for 3/4 years
Jacquelyn Pickard (3 months ago)
Awesome job Matt... great mindset to have!!!
Rayn George (3 months ago)
I could not afford to pay my student loan cause i was in a very bad situation , my job pay was so low, the loan companies never wanna understand this , it was Brian who helped me by paying it off, text him on 2675784862
What is? (3 months ago)
Investment =infinite money😊
jieun kim (3 months ago)
shitass video. gave some intuitive tips with no concrete information to reduce debt.
1984Boy (3 months ago)
You pay off $2020 in a month. Wow, you really can earn.
Rayn George (3 months ago)
I could not afford to pay my student loan cause i was in a very bad situation , my job pay was so low, the loan companies never wanna understand this , it was Brian who helped me by paying it off, text him on 2675784862
Drewski (3 months ago)
$2,027 × 1mth 97÷48 I feel your pain I have $80,000 My goal is 3years
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Hey guys, Big favor! Please check out my gofundme. https://www.gofundme.com/a364pu-my-college-tuition&rcid=r01-154493193316-d11a4d3f35fa424a&pc=ot_co_campmgmt_w Your support is much appreciated!
Mao Sussi (3 months ago)
omg!i love you and your face! :)
thenamesjesus (3 months ago)
so he saved up 24,250 a year?

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