Hey, swell family. I hope you're having a wonderful Friday. So the topic of discussion is doom debt. Now, what is doom debt? Doom debt are a group of millennials, a group of gen Zers who are post college saying, hey, I am not paying my student loan debt. What's the worst you can do, ruin my credit? Who cares? I can't buy a house anyway in this economy. So it doesn't matter how good my credit is
Erica Jean
@HeyItsErica · 4:44
Hey, Tanya. So I'm one of those people whose work checks got garnished every two weeks. A few years ago, I received a letter from financial aid, and I never even got my bachelor's degree. Like when I was trying to earn my bachelor's degree, all of a sudden I was told that I didn't have the money to continue to go to school. So anyway. But I end up owing, and it is around 60,000, $70,000. You're absolutely right
Tanya Coles
@MsColes77 · 4:51
But I remember for years she never got a tax refund because of that. And my sister went through that one year. I believe her taxes were taken for student loan, school debt. So it's very real out there. And I guess because a lot of these gen zers are just ill informed as to the lengths that the Department of Education will go to to get their money, they just believe that, okay, we're just going to let the debt sit
Swell Team
@Swell · 0:15
Tanya Coles
@MsColes77 · 4:09
You have other nations, like Denmark, that will pay for their citizens to go to school, pay for them to go to a four year university. No, it's not going to be Harvard or any of that, but it's going to be a functional four year university that can provide you a quality education. Because only in certain circles do they care if you went to an Ivy League school versus a traditional college or university. So, know, a lot of people are
Erica Jean
@HeyItsErica · 3:51
So between the both of us, we've been able to get actually pretty decent jobs. Even the job we have now, I'm literally getting paid per hour. What it says a person with an associate's degree would get paid anyway. And I'm noticing that those people who tend to go for their crafts or positions that require certain skills and certifications, a lot of them are making more money than those with degrees
Erica Jean
@HeyItsErica · 3:59
But as I've mentioned before, just with the certifications that he and I have, because we work at the same job, just with our certifications and experience alone, we're probably making about the same as those with degrees. But for those young people that are going into college, hey, that's fine. But just be mindful and listen to our stories, because nobody wants to have that garnishment happen to them. It's the worst thing that can happen