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Working through the emotions of the student loan repayments

by Tracy Latona |

There’s a lot of information and articles out there about the logistics of the student loan repayments (including my last video…check it out!), but I have yet to see one on how to handle the EMOTIONAL side of the student loan repayments. What rises up in you when you think about student loans restarting? Is it fear, guilt, anger, or shame?

What if it didn’t have to be that way?

August 29th marks the deadline for student loans to kick back in. After 3 years on pause, it’s easy to understand that borrowers have adapted to NOT paying them, or graduated in 2020 (or after) and have never HAD to pay them.

There’s a lot of emotion on both sides of the aisle. Anger, frustration, self-righteousness, fear, guilt (I did a bad thing), shame (I am a bad person), you name it. I want you to take a moment and close your eyes (go ahead, do it).  When you think about this topic, what emotion do you feel? Where in your body do you feel it? Lastly, when was a time that you’ve felt this way before? Your brain will connect a pattern to the thoughts and emotions around this. Having this clairity is an important step in working through the emotions.

Once you understand where that emotion is coming from, I encourage you to understand that your reality is indeed valid and real for you. Also, understand there is often a difference between truth and someone’s perception of reality.

Truth: Does not change despite your personal beliefs.

Perception of reality: IS based on your personal beliefs, and the lense in which you view the world.

Challenge your reality, also known as the story your brain is telling you, with the truth. Do you catch yourself thinking things such as, “There’s no way I can add these payments to my budget! I can’t get ahead.” Challenge your thoughts with these questions: “Who told you that?  Where does that belief come from? What is your brain trying to protect you from? (Your brain is designed to protect you from threats).

Fun fact: The circumstances are not the cause of emotion. Your thinking is. What are your thoughts around this topic, and how do they serve you? Is your viewpoint keeping you stuck on the hamster wheel, or will you change your thinking to consider a different viewpoint? (Such as, “This is a sign that life is returning back to ‘normal’ after the pandemic).

Remember, YOU have control of your actions and mindsets. You have the power to start adding this additional debt payment NOW, so when it actually comes due, it doesn’t feel so stressful. Now is the time to get a few extra bounces on the diving board before having to dive into the pool. If student loans are where you’re at in the Debt Snowball, I encourage you to throw as much money from your budget at them, and pay down the principle before the interest kicks in (A client of mine threw over $2,000 toward them in a recent session! She felt scared, but excited and liberated!). This will help make the monthly payments lower, and you’re not paying the government the “Thank You” for using their money.

Tracy Latona
Golden Rose Financial Coaching
(502) 665-1127