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A Student Loan Update from a Much Different Position

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The last time that I wrote about my students loan was last summer. Back then, I only wrote about the loan just to note it existed after obtaining my doctorate from USC. This summer’s update is that I have made significant progress in repaying this student loan and I expect to have it repaid in full by the end of 2020 (assuming, of course, that the disruptions in the economy do not totally destroy my ability to earn a living). And while I have not followed my repayment on this student loan on this blog as closely or with as much discussion as I did when I repaid my first student loans, that does not mean that there are not little gems of wisdom that I can shed for those who are in a similar situation.

Just in terms of raw numbers, when I started repaying my doctoral student loan in December 2018, I owed $89,286.86. Today, I owe $49,301.17, though I just made a $17,000 payment so my loan balance will drop after that payment is applied. And there you have it – that is the big difference between me paying back a student loan in the year 2020 and me working like a madman to pay back my student loans 10+ years ago. Today, with a lot of experience and seasoning under my belt, I am a highly educated professional who earns a respectable living and who has curated several sources of income. It was easy to set up a strategy to pay back the new student loan at this point in my life because I have worked diligently to be a position to not have major financial obligations like this become life-defining. In fact, I plan to have the rest of this student loan paid in full by early December of this year. That would not have been possible during my first time around paying back my loans.

Is it easy to make these big payments to eliminate this loan? No, of course not. Sending any entity a $17,000 check is frustrating for so many reasons. I can certainly put that money to better use in the stock market, in improving my home, as a charitable donation, or any other number of potential uses. However, I am a big believer that you repay the debts that you owe and then you move on with life, so I am going to repay this final student loan and then focus on those other things. Besides, my investment portfolio is doing pretty well as it is with the markets (for which I am thankful, given the pandemic) and my charitable causes are all weathering the storm as best as can be expected. Even my 401k is not that bad at the moment, which is remarkable given the instability in the larger economy.

I have been thinking about putting together a new footer for these student loan posts. You may recall that I had a standard footer in my old student loan entries and it looked like this:

In July 2006 I began repaying $120,603.31 in student loan debt. This debt was comprised of $106,070.00 in loan principal, $12,434.58 in capitalized interest, and $2,098.73 in closing and refinancing fees. I made the final payment on this debt in August 2013. My lenders included the United States Department of Education’s (USED) Perkins loan program, the USED’s subsidized and unsubsidized Direct Loan programs, the New Jersey Higher Education Student Assistance Authority’s NJCLASS program, CitiBank, and the Missouri Higher Education Loan Authority (the USED sold my loan to MOHELA in April 2012). In total, I paid $149,455.12 to these lenders including $120,603.31 in consolidated principal and $28,851.81 in interest. You can read my entire student loan repayment story on JerseySmarts.com.

Here is the update that I am going to begin using on posts like this one, though I will change it in the future to highlight the total amount of principal, interest, and fees that I repaid over the course of all of these loans.

Through my undergraduate, masters, and doctoral programs, I incurred $209,890.17 in student loan debt. The debt was comprised of $193,430.16 in loan principal, $14,313.42 in capitalized interest, and $2,146.59 in closing and refinancing fees. My lenders included the United States Department of Education’s (USED) Perkins loan program, the USED’s subsidized and unsubsidized Direct Loan programs, the New Jersey Higher Education Student Assistance Authority’s NJCLASS program, CitiBank, and SoFi. Both the USED and SoFi used the Missouri Higher Education Loan Authority (commonly known as MOHELA) to service my loans. I repaid my undergraduate and masters loans in August 2013. In total, I paid $149,455.12 on those loans including $120,603.31 in consolidated principal and $28,851.81 in interest. I continue to repay my doctoral loan and, to date, I have paid $62,652.35 including $56,944.27 in consolidated principal and $5,708.05 in interest. You can read my entire student loan repayment story on JerseySmarts.com.

Start the Weekend Right Link Series – Volume #5, Edition #1

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The last time I put together one of these Start the Weekend Right Link Series posts was back in March 2016. Wow! Since then, I have come across a whole host of articles that I think you might find interesting. As I write this post, I am putting together a few more of these posts and setting them to automatically update over the next few Fridays. As always, you can stay up to date on the latest from this blog by following up and I recommend using Feedly as an RSS reader (I do not get any kickback for promoting Feedly, I just love their system!). If you’re already on Feedly, then you can follow us by clicking here.

Everything You Know About Fitness is a Lie, Men’s Journal
This one was interesting because it gives out advice like this: “maintaining cardiovascular fitness doesn’t really take much more than breathing uncomfortably hard for about 20 minutes, three times a week.” As a guy who has been told to do more cardio for all of my adult life, this is a welcome change to the standard message that many of us have received. This article shares five different “truths” about working out and if you are into working out, then I recommend giving it a read.

2045: The Year Man Becomes Immortal, Time
If you like science fiction-style articles that make bold predictions about the future, then this one is for you. The article predicts that artificial intelligence will be able to emulate the activities of the human brain by 2045. And when that happens, there will naturally be a shift in the world where computers begin to work on their own upgrades at a rate that humans will not be able to catch up with easily.

12 People At The Gym We Love To Hate, AskMen
This is a very old article that must have been updated since it was first published because there are 24 different types of gym goers that are on this list. If you have read this blog for a while, then you may know that I used to write about different health and gym-related content many years ago including posts like this one – people that irritate you at the gym. I remember coming across one of the #18s on their list back when I was at Planet Fitness. This guy was doing the most bizarre movements at 5:30am and… it was just all wrong.

The Buckley Approach to Higher Ed Reform, James G. Martin Center for Academic Renewal
One of my favorite topics to read about is higher education, specifically the business of higher education. And part of that business is the business of academic freedom and intellectual diversity on campus. In this piece, William F. Buckley’s arguments are used to fight against, “what he saw as the misuse of the term academic freedom, which was then (as now) used as a battering ram against traditional values.” This is a perspective that you do not hear on any large platform in 2020, so I think it is worth the read on that basis alone. Heads up, this article is 9 years old!

What is a Roth IRA?, Get Rich Slowly
This is another article that was published 9 years ago and it was published on one of my favorite personal finance websites – Get Rich Slowly. The methodology behind intentionally saving money and working to grow that savings over time (and, ultimately, becoming rich in the process) is what we ought to be teaching our students. In this article, you can learn about a Roth IRA and what it can do to help you improve your financial position.

Have you come across any great articles lately? If so, please share those links in the comments below! And one more time before you go – for those of you who love reading online articles, I strongly recommend considering a free Feedly account. You can follow JerseySmarts.com on Feedly or you can add us to your existing RSS aggregator. Enjoy!

Book Review: Under the Black Hat: My Life in the WWE and Beyond

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Years ago, I was a big wrestling fan. Name me a guy in their late 30s/early 40s who was not a Hulkamaniac back in the 1980s and 1990s and and I’ll show you someone who is not telling the truth. Former and current wrestling fans of any age will know the name Jim Ross. At nearly 70 years old, Ross has been in the professional wrestling industry for nearly 50 years. And during that time, he has collected a wide set of stories and experiences that he shares in his new book, Under the Black Hat: My Life in the WWE and Beyond.

One part of this book that stuck with me was the deep humiliation and insult that Ross suffered at the whims of Vince McMahon. Time and time again, Ross recounts how he was put into on-air positions that he found humiliating and that he was uncomfortable with from the start. It actually becomes painful and frustrating to read the on-going embarrassment that he has to deal with just to be able to do his job. As someone who watched some of these acts take place on television, they never seemed to make sense to me and never really fit in with any of the other stories that were going on. They all just seemed oddly out of place and disconnected from everything else on the show.

And, well, that is exactly what you learn when reading this book. Namely, that McMahon and his writers had a penchant for making Ross feel terrible. In other words, they enjoyed watching him get degraded on television. Again, it becomes brutal to read how, over and over again, Ross was put into a position that made him feel uncomfortable and that he felt obligated to participate in to be “in” with the wrestlers and the boss. This is the stuff of a modern day harassment lawsuit.

However, the part of the book that stayed with me the most was the beautiful tributes that Ross gives to his now-passed wife. She was his rock during these turbulent times and always reassured him when he would go back to the promotion. It sounds like the relationship that most people dream of finding – a man and a woman who truly understand and appreciate one another. For that part and for the love that these two shared, it was painful to read about how her passing in the book and the reader can feel the raw emotion that Ross is dealing with due to that major loss in his life.

At some point later in the book, Ross talks about his connection with Tony Khan and his new, upstart wrestling company called All Elite Wrestling (AEW). This is the show that Ross now finds himself announcing on each week and he appears to be having fun and enjoying himself while doing it. The comments about AEW are a nice way to end an emotional roller coaster that is much more a story about his abuse by McMahon and a love letter to his late wife for supporting him than anything else. If you are or were a wrestling fan, then I think that you will enjoy reading this book.

Book Review: Random Family

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The first thing that you need to know about this book is that it must be read in an active manner. In other words, since the information in this book is based on observations generated during academic research, it is like you are reading cleaned up field notes. You will need to pay close attention to what is going on in order to keep pace with the different individuals, their relationships, their family connections, their preferences, and so much more.

And that is what Random Family is all about – how hectic and random life can be for folks living at a certain income level and under certain economic conditions. At a time in our country when we are seriously considering shifting scarce dollars from police departments to other, community-based resource initiatives, the story of Cesar, Coco, Lourdes, Jessica, and everyone else in the book is more relevant than ever before. Author Adrian Nicole LeBlanc writes about these individuals, their histories, their intertwined families, and how they make it through life, one day at a time.

Cesar’s story was one that I found particularly engaging. He winds up in jail for a few different reasons, not the least of which was murdering his best friend (accidentally). Coco falls in love with him (at age 15!) before he is locked away. Coco has two children with Cesar (and three children by other men; totaling four girls and one boy in all) and much of LeBlanc’s story weaves into how this blended family struggles to survive. They live in one place, get evicted, stay with friends, get kicked out, etc. It is incredibly difficult for Coco to put down roots for her family for a variety of reasons not the least of which is the tenuous struggle that they are engaged in as non-contributors to an economy that insists on a clean record for participation.

At times, it becomes frustrating for the reader because you just want to reach out and find a way to help the family.

Back to Cesar – he fits the archetype that you hear about so often on the news and in documentaries. That is, he lives the typical life of a young male in an urban neighborhood, but there are real consequences to being so aggressive in trying to prove one’s masculinity. He is a man who is both left alone to grow up on his own and then essentially left to rot in a penal system that does not help him grow and mature as they should. Again, the reader becomes frustrated with this element of the ethnography because you want to just find a way to help Cesar and his expanding family by guiding them to make certain choices over others. But that is what ethnographies are for, right? To show the world how people live and survive in their environment.

Ten years after the book was published, LeBlanc was interviewed by the New Yorker as an update to her initial ethnography. For those of you who have read Random Family, I recommend reading this interview. It provides a little bit of insight into LeBlanc’s approach to recording notes, though it generally does not give an update on the individuals that you meet in the book. Still, as soon as I was done reading the book, I searched the internet for some sort of update on the people that you learn so much about during Random Family. Sadly, I could not find an update on these folks, but then again – that is the way that a book like this one is supposed to work.

You read it, learn about their lives, and then it is over.

Book Review: The Wolves of Winter

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Last year (late 2018, to be specific), I discovered a fun literary magazine called f(R)iction. What I like best about f(R)iction is that they highlight new and emerging authors, which are often the types of authors who are writing the works that I like to read, but can never easily find. Seriously, have you ever tried to go out and find a good new fiction author to read? It’s difficult! In one issue of the magazine, they highlighted The Wolves of Winter by Tyrell Johnson and after reading the small bit in the magazine, I was hooked!

The main plot of this book is that there is a worldwide epidemic that essentially ended civilization as we know it. The book follows a family that is doing their best to make life work out for them in the Yukon and, in particular, it follows the experiences of a young girl as she tries to live whatever life is leftover after civilization came to an end. Johnson goes out of his way to bring you into the desperation and seeming hopelessness of this new world and he tells this story though the eyes of these few remaining humans. It is a story that we sometimes see in movies and sometimes on television shows, but Johnson brings that story of despair to life in the written form.

While the family thinks that they are alone in the wilderness (with one big, burly, creepy neighbor living nearby), they soon find out that there are others who are still alive out there in this otherwise dead world and that not all of them have the most noble intentions. What struck me about Johnson’s writing on this theme is that he painted a very dreary, hopeless vision of the life that this family was living, but then when he introduced the outside world there were vibrant sparks of hope that glittered throughout the remainder of the remaining narrative. That’s the type of impact that Jax has on this story; for the family living in the wilderness, Jax is the beginning of the unraveling of their understanding of the end of the world. In other words, if Jax is out there (and the people hunting him), then maybe there is something, some bit of the world, that survived what they believed was the apocalypse.

Every once in a while, Johnson takes you back to the way the world was before the epidemic took over. As you might imagine, the longer the book goes on, the more the reader learns about some of the most compelling plot points that span from the pre-epidemic world to the post-epidemic world. We learn about how the epidemic spread, how the government tried to take control, how there was research going on into a vaccination and possibly a cure – all of the things that you might imagine in this genre and dealing with this type of content. What makes this all compelling in this story, though, is how the characters are woven into the larger narrative.

And that is what is fun about reading Johnson’s The Wolves of Winter. The story shifts from despair to action/adventure and excitement to, ultimately, hopefulness. Johnson does all of this by weaving the characters that you know (remember, these are likely the last people alive) into a story that starts as small as a log cabin and expands to, potentially, the entire planet. If your are into new writers and you are into well-told stories about the apocalypse, then check out Tyrell Johnson’s The Wolves of Winter!