JW’s Financial Coaching Podcast Lesson #29-The 4-1-1 on paying off Sallie Mae with guest Jake Funnell


Highlights of today’s show:

  • The “4-1-1 on” series continues with guest Jake Funnell
  • Why student loans are such a problem for many young adults
  • The best ways to deal with Sallie Mae
  • How to stay focused while paying off your loans
  • What made Jake decide to write You vs Sallie

Jake Funnel from DoMoneyBetter.com joins us on today’s show to give the 4-1-1 on paying off your student loan.  Jake graduated from school with around $40,000 in student loans and didn’t have any plan to pay them off. But in the past three years, he has gotten dedicated and focused and has started to knock them out. Throughout the process he has learned some tricks when dealing with the bureaucracy of  Sallie Mae and shares them in his new book You vs. Sallie: Smash Your Student Loan Faster With a Simple New Attack Plan.

When it comes to paying off your student loans, Jake suggests figuring out where you stand and re-write your own payment plan. That is because Sallie Mae makes their money by having you make the minimum payments, thus staying in debt longer. Jake believes that the reason we get into so much trouble with student loans in the first place is that we are used to having them because that is what our culture tells us to do.

Jake was inspired to write You vs. Sallie after reading Pat Flynn’s eBook The Smart Way. Jake initially thought that his $41,000 student loan debt was high, but after taking a poll of his readers, he realized that 60% of his readers had more than $35,000 in student loan debt. His goal is to pay off the remaining amount of his student loan by the end of 2013. To stay focused throughout the process of paying off your student loan, Jake suggests: 1.) Having good support either from your spouse, family, or others who are going though it at the same time. 2.) Building yourself little rewards when you reach certain goals or milestones.

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If you have any comments, questions, or ideas for future shows you can send them to me and I will integrate them into a future show. There are two ways to get in touch with me: 1.) Email me at JWFinancialcoaching@gmail.com – Please put “podcast” in the subject line and keep your questions brief so they are readable on air. 2.) Simply fill out the form on the contact page. Please fill out your name, email, and your question/comment/suggestion and we will read it on air.

You can find prior editions of the podcast at the podcast archive page.

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2 Responses to JW’s Financial Coaching Podcast Lesson #29-The 4-1-1 on paying off Sallie Mae with guest Jake Funnell

  1. SG_inDebtForever says:

    This helps  people with smaller debts, seems ideal.  When you’re an artist, without a degree, because they wouldn’t let you borrow more, then because you didn’t graduate, disallow you to consolidate.  I left after 2 years and nearly 90 grand(private loans) in debt, not including the 12k (federal, stafford loans).  Job falls out from under me(sent overseas) forced to move back to middle america to live at home and now have a crippling debt of nearly $300k, unable to find work in your field and other jobs you get barely make you enough to get by.. Sallie Mae ruins lives and a lot of people will not get out from under them without selling their soul.

    • Jon White says:

       You’re right, Sallie does ruin a lot of lives, but you can get out from it. It’s going to take longer for others, but like Jake said it’s all about taking responsibility and staying focused on the prize.

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