The Student Debt Manifesto E-Book Preview

Advertisements

Published by Whitney Hughes at Smashwords

Copyright © 2020 by Green Manifesto Books LLC, Whitney Hughes

All rights reserved. No part of this e-book may be reproduced in any form or by any electronic or mechanical means, including information storage and retrieval systems, without written permission from the publisher, except by a reviewer who may quote passages in a review.

This e-book is licensed for your personal enjoyment only.  This e-book may not be re-sold or given away to other people.  If you would like to share this book with another person, please purchase an additional copy for each recipient.  If you’re reading this book and did not purchase it, or it was not purchased for your use only, then please return to your favorite e-book retailer and purchase your own copy.  Thank you for respecting the hard work of this author.

INTRODUCTION

College may have been the best time of your life; I know it was for me but the debt that came with it brought the most stress. I bet you agree. Life got real when you were notified you had to start repaying your student loans on top of your other bills. You, however, don’t wait for bailouts; you get things done and that is why you bought this e-book.

You are young and know you need to make smart money moves to get yourself out of student debt.  This e-book will teach you key strategies for reducing your student loan interest, ways to find and make more money so that you can make extra payments towards your student loans, and how to achieve financial freedom with investing, retirement and saving tips including free financial templates. I write about stocks, index funds, and bonds with a few examples. I need to be truly clear about this. THESE ARE NOT RECOMMENDATIONS AND YOU SHOULD CONSULT AN ACCOUNTANT OR FINANCIAL ADVISER BEFORE YOU INVEST IN ANY STOCK, INDEX FUND OR BOND MENTIONED IN THIS E-BOOK.

I have been where you are in terms of a large student loan balance. When I graduated in 2010, I had about $30K in student debt. Your debt may be less or more but the strategies you will learn in this e-book fits any student debt balance. If you’ve just graduated, take advantage of consolidating(groups all your student loans into one lump sum) your loans during the six-month grace period(the period between your graduation and loan repayment start date) which can offer you the opportunity to acquire a low fixed interest rate. You just saved money in three paragraphs! 

This e-book will teach you smart strategies like that for reducing interest and paying off your student loans faster. It includes examples for situations relative to your current financial situation which I know you will find extremely helpful. This e-book is all about you and your money blueprint. It is for the married with student debt, broke with student debt, living with the parents with student debt, underemployed with student debt, et cetera. 

You are strong, smart, and capable. I know the stress of student debt may be heavy on your shoulders sometimes but that is why you bought this e-book because I will help you manifest a student debt free life. You are asking for help and I have got the secret recipe for paying off student loans faster. I did all the work for you. I gathered this knowledge from many years of reading financial books and working in accounting. Now I am paying it forward by helping others who are in the same situation I was in just a year ago. I officially paid off my student loans on July 22, 2019 and you will gain the same freedom too!

I’m all about getting you to your “I just paid off my student loans” happy dance, back flip or whatever you have got planned for that glorious day. That glorious day is closer than you think now that you have this e-book……

Student Loan Repayment

Ah, you have graduated college and it suddenly hits you that you have got $30K+ in student loans that you have to pay off. I was in the same boat when I graduated in 2010. However, I knew I had to make a lot of money so that I could pay it all off as soon as possible. I started my career as a marketing intern then decided after 2 years that I was not passionate about it and to be honest I was not a saver back then either. 

After having copious encounters with horrible bosses and periods of unemployment and underemployment, I decided to make a change. In 2012, I found myself working at my local Stop & Shop making $8 an hour with a Bachelor of Science degree, zero savings and no idea what I wanted to do with my life. It was a very low point in my life and I decided I didn’t want to live how I was living anymore so I decided to go to the library and read all the best books on personal finance. The knowledge I gathered prompted me to set up automatic contributions to my savings account, in turn, building my emergency fund. I taught myself how to use QuickBooks and got a job as a bookkeeper making $45K in 2015, then I added SQL programming skills to my resume by teaching myself how to code; practicing 2 hours or more per day and got a Business Analyst job in 2018 with a starting salary between the $70-75K range. I officially paid off my loans on July 22, 2019. 

If your current occupational position doesn’t allow you to make over-payments on student loans then you need to assess what skills you need to learn relative to your field and/or industry that will increase your salary. The most important thing to remember is that when trying to tackle student loans faster, the key is to make more money! How do you make more money? Well, read on.

Before we get to the making more money part, the most important financial factor you should focus on first is your FICO score. This three-digit score affects the interest rates you will pay on loans (mortgage, car loans, et cetera) and credit cards. You can get your FICO score by visiting www.myfico.com. See image on next page for FICO score ranges to determine what your score means. 

*Image Source: <https://www.experian.com/blogs/ask-experian/credit-education/score-basics/what-is-a-good-credit-score/&gt;

You can improve your credit score by always paying on time, keeping cumulative balance on all cards less than 25% of total credit limit on all cards open (* the lower the better), never cancel a card just cut it up and keep in a secure area, and only apply for one card every 1-2 years because opening multiple cards in a year lowers your score. 

For example, Sade has 2 credit cards; 1st card has a $2500 balance while 2nd card has a $400 balance; a total of $2900. First card has a $5K credit limit and the 2nd card has a $2500 credit limit: a total of $7500. That is a 39% debt to available credit ratio! For a 25% debt to available credit ratio she would need to keep her total credit card debt to $1875 or less (*less is always better) and always pay off balances in full each month. 

If you do not have a FICO score, build up your credit by getting a secured card (credit limit is your deposited amount) and you can get a great deal by opening one via your local Credit Union. You can also visit www.bankrate.com to search for secured cards. 

Continuous improvement is the key to earning more money. Your education does not stop after graduating college. You should and must continue to learn new skills and acquire certifications relative to your field and industry. If you are looking to switch careers, STEM (Science, Technology, Engineering and Math) are the recommended career fields you should pursue if you are willing to learn new skills and make a career change that fits your strengths and passions. If you are good with technology and analyzing data, learn how to code, for example, which offers an abundance of career choices with high salaries. If you are good at math, try getting a job as an investment banker or other finance related position. This is how I paid off my student loans in combination with saving over 60% of my salary. See my loan repayment plan on the next page.

About the Author

Whitney Hughes

is a Business Analyst, programmer, and owner of Green Manifesto Books LLC.

She lives in northern New Jersey.

Connect with Me

Email: greenmanifestobooks@gmail.com

Instagram: @greenmanifestobooks

Facebook: The Student Debt Manifesto

Leave a Reply