As we grow up, our lives demand and challenge changes. There reaches a time when an individual has no choice but to take control of his/her life. At this age, you’ll cater to your needs like paying your rent or even financing your education. The government also helps people such as university students to facilitate themselves throughout their period of study. It offers students loans to help them through the journey. Dr. Colman, a 30-year-old physical therapist, is living her best life despite having debts.
However, the tricky part comes in paying for it later, after one gets a job. Some people get good jobs that pay a good salary and enable them to pay off the debt while others find it hard to pay it. Dr. Colman is one student who is paying off her student loan while working.
The Story of Dr. Adrienne Colman and the Debts
Dr. Adrienne Colman is a 30-years-old physical therapist. Adrienne went to Georgia State University and the University of St. Augustine, which she pursued her doctoral degree. The 30-year-old therapist financed her education with loans amounting to over $200,000 with interest. Such a figure might stress to most people, but for her case, she is fine with it and finds it manageable. Dr. Colman earns over $90,000.
She is very hopeful and optimistic about the future in that she expects her salary to keep growing. It will aid her to pay off her loans. As of now, she is not ready to sacrifice her all to put more towards her debts every single month. Adrienne is wise since she does not live a luxurious life.
The woman also creates a space in her budget for travel and enjoying with her allies and family. The therapist puts over $450 towards her private loans each month and over $220 each month towards her fed debt. She has more than $2500 in credit card loans. The harder part is that she is paying over $15,000 for her car.
How she Budgeted Her Money in July 2020
As Colman was giving her story, she mentioned the way she used her money in July this year. Her rent was over $1490 for a 1-bedroom apartment and services such as Wi-Fi. Internet connection is a crucial aspect of this generation. One can do nothing without an internet connection.
The debt repayment that comprises credit card loans and student debts amounted to over $900. The transportation cost over $500, savings was $400, insurance at $280, and phone at $62. As part of her entertainment, she has subscriptions of more than $10 for Apple Music. Colman also invests more than $460 for her 401(k), Roth 401(k), and Roth IRA. Adrienne’s miscellaneous and food adds to $210 and $50, respectively.
Dr. Adrienne Colman’s story is very inspiring and motivational. Other students need to copy her strategy of survival and enjoy life despite having loans. Moreover, she advises younger students to go to public institutions.
“If anybody out there wants to be a physical therapist, please go to a state school because it’s not worth it to go to a private school.”