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$100,000.

As in one hundred THOUSAND dollars! This number will always a hold a special place in my heart.

Why, you may ask? Perhaps it’s the amount I was paid to write this book? Ah. No. It is how much my wife and I had in student loan debt when we graduated from college.

It translated into approximately one thousand dollars a month in loan payments.

One thousand dollars a month. At the time, we were paying a similar amount on rent. Think about what we could have done with an extra thousand dollars a month!

One thousand dollars a month for a newly married couple. I was working as a staff accountant and my wife was a psychology major with dreams of getting her PhD. She was between undergrad and grad school, working a couple of part-time jobs as she studied for the GRE.

My wife needed to at least obtain a master’s degree to do the work she had been dreaming of and working toward in undergrad. I was planning on getting an MBA, so I could leverage it to get a better job with higher pay, be more competitive in the marketplace, and learn new skills. But adding the cost of two master’s degrees seemed a little less attractive when we were staring one hundred thousand dollars of undergrad debt in the face.

I played out scenarios in my head. Would an MBA even make sense? Did I even want to stay in corporate America forever? If I ever wanted to leave my corporate job to run a business, was that even an option with so much student loan debt? I struggled with this decision for years, but, in the short term, I moved on to more pressing matters: our monthly student loan payments.

Faced with our debt, my wife and I did a number of things to improve our finances, many of which we will go over in this book. One thing in particular was the creation of a side income stream. It was my student loans that gave me the motivation to start my blog Young Adult Money in 2012. I wanted the blog, and other side income streams, to bring in enough money to cover the thousand dollars of cash flow we were losing each month to student loan payments. One thousand dollars a month was the minimum monthly payment on the standard ten-year repayment plan. Unless we put more toward our loans, we would be making those payments year after year for ten full years.

The blog led to my first book, Hustle Away Debt, which was a comprehensive overview of side hustles, including what to do before starting one, how to pick the right one for you, and how to optimize and grow your side hustle. Side hustles dominated my life. I was always looking for new ways to make extra money or grow and scale my existing income streams.

The focus I put on side hustles was directly due to my student loan debt. Everything points back to that one-hundred-thousand-dollar mountain of debt welcoming me to “the real world.” It was a source of stress and anxiety. Short- and long-term money decisions were made in the context of it. It may have motivated me to stick with my side hustles, but I also felt like I had to focus on them. Updating our student loan balances wasn’t typically a cause for celebration, because it didn’t feel like the balances were going down that quickly.

Too often I’ve read blogs, articles, and books aimed at those in their twenties and thirties that fail to recognize that student loans are at the center of financial decisions for those who have them. “Just cut your expenses and pay off your loans faster” is something you may have heard. This advice is rarely caveated with the fact that, for some borrowers, student loans are such a big expense that even cutting expenses by 25 percent won’t prevent them from living from paycheck to paycheck. Nor does the advice typically mention a more helpful first step, analyzing whether an income-driven repayment plan can help a borrower gain financial stability, free up cash flow, and avoid falling behind on loans.

That’s why I wrote this book. It’s long past time for a book on student loans that is comprehensive yet simple, blunt but empathetic. A book that leaves you feeling in control and confident. Hopeful for the future. Ready to take action. A book that tells you to go after your dreams and goals, to live the life you deserve, and to no longer have student loans constantly weighing you down.

If you’re reading this, either you or someone close to you has student loans. I know this because over forty million people have student loans in the United States.

Across those forty million-plus borrowers, there is over one and a half trillion dollars in outstanding debt.1 Roughly 70 percent of students graduate from college with student loans, and the average amount of student loan debt for a borrower in the class of 2017 was more than thirty-seven thousand dollars.2

You may have more or less than the average borrower. Deferment, forbearance, or falling behind and defaulting may have caused your balance to increase significantly. You may feel resignation when you think of your loans. Tired, perhaps.

On an uplifting note, there are repayment plans that may help you move to a more affordable monthly payment. There may even be potential opportunities to have your loans forgiven after ten, twenty, or twenty-five years of repayment. I will be the first to admit that, in the past, I was ignorant of the variety of repayment and forgiveness options, as well as the details surrounding each. It’s complicated. There’s a reason that one million new borrowers default on their loans every year3 and why you may have been one of them.

Until you pay them off, student loans stick with you. They linger. It feels like you have no recourse. You can’t simply declare bankruptcy and have them disappear. In fact, you defaulting on your loans is actually profitable for the government and loan servicers because it leaves you with a higher loan balance. Student loan debt is a unique sort of debt; it’s not normal.

And can we talk a minute about the reams of unhelpful advice, and uninformed and unempathetic opinions, that people share about student loans?

“You should have gone to community college first…You should have chosen a different university…You should have worked more.”

Should have. Could have. Would have.

Unhelpful. Unnecessary. And usually, unsolicited.

Or how about comments like “I’m so glad I didn’t have to take out loans. That would be terrible! I don’t know what I would do.”

I’ll just say what you are probably thinking when you hear this: we can’t all withdraw free college from the Bank of Mom and Dad.

This book is written for those who have already taken on college debt. It’s important not to dwell on things you can’t change. Student loans are one of those things. Your energy needs to be spent on looking ahead, not back.

Student loans can take a mental toll on borrowers. This can result in negative thoughts and an unhelpful, if not damaging, mindset. Because of that, instead of diving into the process of understanding your loans, I want to start by talking about your money mindset.

Student Loans and Your Money Mindset

Money mindset could very well be a new concept to you. It encompasses the beliefs, attitudes, and emotions that come to mind when we are dealing with money-related issues.

Whether you like it or not, your money mindset has been shaped inadvertently by how you were raised and the situations that you are in currently and have been through in the past.

For example, whoever raised you may have displayed an attitude of limitation when it comes to money. They may have made comments about there “never being enough money” and conveyed a feeling of helplessness in regard to increasing their income or generally improving their financial situation. If you grew up with a parental figure expressing this mindset, you may either mimic their mindset or go in the other direction, where you do anything in your power to make more money and push your finances forward.

If you currently have student loans, you may have feelings of hopelessness and resignation, especially if you’ve had them for years and have seen your balance barely decrease or even increase. You may have been unable to move forward with anticipated life milestones like buying a home, saving for retirement, or even moving out of your parents’ basement. Similar to how your upbringing impacts your money mindset, your student loan situation also influences your views and beliefs about money.

Money mindset is important because our finances touch every area of our lives and affect our long-term trajectory. If your money mindset is one of limitation, where you think things like “I will have student loans forever,” you aren’t going to be motivated to leave no stone unturned in your quest to pay down and exert control over your student loans. Leanna Haakons, founder of financial marketing firm Black Hawk Financial and author of Young, Fun & Financially Free, stresses the impact that positive mindset can have on your life: “By being in the right money mindset, you know where you’re headed, what your priorities and goals are, and how you’re going to get there. No matter where you’re coming from, you need to try as much as possible to stay positive and focused on your end goals and lifestyle values. Know what you’re working for and where you’re headed, no matter where you’re starting from.”

Haakons recognizes that student loan debt is one of those big challenges that can create a negative mindset. She says, “Of course, if you have a big obstacle in front of you from the outset, rather than a clean slate, it is going to be a challenge to keep your mindset strong.” Being self-aware about your mindset, especially around money, is important. Most people don’t regularly practice being aware of their thoughts or how their thoughts impact their energy and mood (for better or worse). Without actively focusing on a positive money mindset, it’s easy to slip into unproductive or even destructive thoughts that will prevent you from sticking with a big goal, such as mastering your student loan debt. For many it can even lead to complete inaction, a sort of personal purgatory.

Having a positive mindset and outlook starts with you—not with your partner, not with your friends, not with your family. And this positive mindset absolutely can translate into taking actions that, over both the short and long term, will improve your life. Haakons adds, “If you have the access, you have the option. For example, within the book you’re reading right now,” (Yup, this one.) “you have access to a wealth of information about student loans and improving your financial life. Because you have access to this information, you have the option, and the ability, to change your current and future life.”

This all builds to the following key point:

You do not have to delay your happiness until your loans are gone.

This is the theme that underlies this entire book. My desire for you is that you will put in the time and energy necessary to gain control over your student loans, take the necessary actions to put your finances on a positive course, and live a life of happiness, regardless of the amount of debt you have. It may take some time, or even a long time, to pay down your student loans, but that doesn’t mean you can’t be happy now.

You may be cynical about the power of positive thinking and changing your mindset, but it could be the difference between moving forward to a more positive financial situation and being stuck where you are at.

Many negative things that we tell ourselves or that others tell us about money are straight-up lies. And student loans can certainly cause us to repeat these lies. You may be burned out and beaten down from your student loans and finances. You may have trouble envisioning a “better” life or even one where your debt isn’t soul-crushing.

“I don’t deserve better.”

“I will never make enough money.”

“I will always be behind where I should be financially.”

“My life will never be what I want it to be.”

“My loans make me a burden.”

“I am stupid for taking out student loans.”

These are all lies. Perhaps it’s just you telling yourself this, but it could be others speaking these lies into your life. If anyone in your life is speaking these lies to you, you need to seriously consider whether they deserve to be in your life.

Here are some truths to speak into your life:

“My self-worth has nothing to do with my net worth.”

“Through discipline and commitment, I can eliminate my debt and put myself in a better place financially.”

“My dream life is possible.”

“I am valued.”

Seek out people who are on your side, who encourage you, and who want to see you succeed. And remember, it all starts with your mindset. You can do this!

Throughout this book, there will be a number of action items. While you can do most action items within the book, I recommend downloading the free companion guide at StudentLoanSolutionBook.com. This website has a number of companion materials you can download and utilize while reading Student Loan Solution:

•PDF Companion Guide

•Student Loan Spreadsheet

•Budget Spreadsheet (two versions to choose from) and Budget Printables

What lies do you tell yourself, or have you been told, about your student loans, your money, and your life? List them.

Now list truths about your student loans, your money, and your life. For example, if a lie you wrote down was “I am a drag on others because of my student loans,” write “My self-worth has nothing to do with my net worth. I have value.”

Don’t be afraid to get specific here, and try to include examples from your life when possible.

Keep these truths close to you, either on a note card or a sticky note on your desktop.

Say them out loud, and even shout them out! You are capable of doing great things!

Let’s shift our focus to creating a student loan plan and strategy. Too often we hear a one-size-fits-all solution. These “solutions” do not take into consideration your unique situation, such as what loans you have, what your income is, what your repayment options are, whether you have an emergency fund, and so forth.

I want you to find a solution to your student loans that works for you.

Let’s look at a hypothetical situation. If you have a low income and are in a career that you want to stay in, there are options for you to make your student loans more manageable. That may mean moving into an income-driven repayment plan, starting a side hustle, or making sacrifices elsewhere. But, at the end of the day, you need a plan of action that works for your specific situation. It may not be realistic for you to double your income or cut 50 percent of your expenses which may be the only way you could pay off your loans on the standard ten-year repayment plan (more on that soon).

Some finance gurus will tell you that you should hate your student loans so much that you can’t stand the thought of them. While some have responded well to this message, I am in favor of a more balanced approach to paying off student loan debt which allows you to:

•Build an emergency fund.

•Pay off high-interest debt.

•Invest for retirement.

•Use repayment options that align to your situation.

It’s worth noting that there is nothing wrong with going “all out” and depriving yourself until your loans are gone. It’s one option, but not the only option.

As you go through the process of creating and implementing your student loan strategy, including identifying and making smart money moves that improve your situation, you will quickly realize that not everyone will end up with the same student loan strategy. And that’s a good thing! Your situation is unique to you, and your strategy should reflect that.

A Step-by-Step Plan to Gain Control

The goal of the five-step process in this book can be summed up in one word: control.

You can have control over your student loans, and your greater financial life, by gaining knowledge and understanding about them and combining that with the various aspects of your unique financial situation. This empowers you to take the necessary actions with confidence that you are pushing forward in the right direction.

It’s not fair, but you need to spend more time managing your money than those without student loans. If you’re willing to put in the time and effort, you can craft a student loan strategy that fits your unique situation. Creating and implementing this strategy will give you the freedom to pursue the life that you may otherwise feel is out of reach.

We’ll go step by step through a five-step system that will leave you with a solid plan and strategy for your student loans, as well as strategies you can use on a regular basis to continue to improve your financial life.

Step 1: The Starting Point—Know Your Loans

In step one, you will gather all your student loan information and put together a student loan snapshot. This snapshot will include necessary information for your student loan strategy. You will also learn about the different types of student loans, including consolidation loans, and the differences between them.

Step 2: The Possibilities—Understand Your Options

In step two, you will learn about your repayment options, opportunities for loan forgiveness, and tools such as refinancing, forbearance, and deferment. Having a full understanding of the options available to you is critical for feeling in control of your loans and confident in the choices you make. Student loan default is also covered, including how to get out of it and back on track.

Step 3: Your Money—Understand Your Financial Situation

Knowing the ins and outs of your student loans and repayment options isn’t enough to make an effective student loan plan. You also need to understand your financial situation. Things like how much cash flow you have, how much of an emergency fund you have (if you have one at all), what debt you have besides student loans, and other considerations are all important factors in determining your repayment strategy.

Step 4: Decision Time—Choose Your Repayment Strategy

At this point, you will have full knowledge of your student loans, repayment options, and your financial situation. In this step, you combine all this information and choose the best repayment strategy for you.

Step 5: A Brighter Tomorrow—Optimize Your Money

Having a repayment strategy is great, but don’t stop there. Your situation today doesn’t have to be your situation tomorrow. I’ll share strategies and hacks that will allow you to continually improve your situation and put yourself in a better financial spot.

In addition to these five steps to a successful student loan plan, we’ll dive into a few specific areas that student loans tend to impact.

Bonus Section: Your Student Loans and Your Life

Mental health and relationships are two areas where student loans can have a big impact. Additionally, student loans pose a problem for people who go to school for a career and then realize it’s not the right fit for them. We will talk about all of these things in this section.

Whether you’ve spent no time looking into your student loans or have spent some time getting familiar with them, going through this five-step process will provide you the knowledge necessary to gain control of your situation and give you confidence to know that you are moving in the right direction.