Rachel Jordan’s days often begin before sunrise and stretch late into the night, sometimes for days on end. “I’m just exhausted, honestly,” she admits, a sentiment echoed by millions of Americans juggling multiple jobs to stay afloat in an increasingly expensive economy. For Jordan, 43, that reality means working roughly 70 hours a week to chip away at approximately $75,000 in student loan debt. While current federal policy provides forbearance, pausing required payments, Jordan continues to produce substantial payments – aiming for at least $1,600 a month, with a goal of $2,000 – driven by a desire to regain control of her financial future.
Living in Tampa, Florida, Jordan shares a one-bedroom apartment with her French bulldog, carefully managing expenses to maximize her debt repayment. Her work life is split between servicing commercial real estate loans and a second job at Target, where she works in the kids’ clothing section. This demanding schedule isn’t a recent development; it’s a deliberate strategy adopted last year when Jordan realized the weight of her debt was becoming unsustainable. She’s documenting her journey publicly, sharing videos on YouTube and TikTok, a practice she says provides accountability and a sense of community.
Jordan’s story isn’t unique. Total U.S. Household debt reached $18.8 trillion at the end of 2023, according to the Federal Reserve Bank of New York, reflecting broader economic pressures. Rising costs for essentials have also led many Americans to explore alternative financing options, such as “buy now, pay later” services, to cover everyday expenses.
The Weight of Past Decisions
Jordan’s debt accumulated over time, stemming from student loans, a car loan, and credit card spending. She estimates reaching six figures of debt during the pandemic. “I was spending on groceries, gas, things to get me by each week, but also was spending it on trips to Target for clothing or stupid stuff that I didn’t need to buy,” she explained. “I used credit cards and spending to give me that dopamine hit and help me through that time.” This pattern, she acknowledges, was a coping mechanism during a period of uncertainty and isolation.
Successfully eliminating her credit card debt last year marked a turning point. “It’s hard for me to think beyond too much because I just feel like if I put too much pressure on myself for more than I already am, it’s like I literally crumble,” Jordan said. She now approaches credit cards with caution, treating them like debit cards and paying off balances weekly. This shift in mindset was born from a lack of financial education growing up. “It’s all been learning as I go,” she admits, discovering concepts like Roth IRAs through online communities like TikTok.
Finding Strength in Community and Accountability
Jordan’s decision to document her debt-free journey online has proven to be more than just a tracking mechanism. “It really has propelled me forward, has kept me sane and given me an outlet,” she says. “And I don’t think I would be as strict with myself if I didn’t have that commitment to the plan.” Her videos have resonated with others facing similar financial challenges, creating a supportive online community. “So many people have left comments saying ‘You’ve motivated me’ or ‘I never knew this’ or ‘You’re the reason why I started paying all my student loans,’” she shared. “When I was in Covid times, I was in so much debt…it felt like I was isolated. But realizing that I’m not has been so motivating.”
The act of making payments has itself become a source of positive reinforcement. “I used to get dopamine hits from going to Target, and now I get dopamine hits from every time I make a payment,” Jordan explained, highlighting a fundamental shift in her spending habits.
Navigating Student Loan Forgiveness Uncertainty
Jordan’s student loan debt stems from two undergraduate accounting degrees, earned at the University of Phoenix and Western Carolina University. In 2022, she applied for student loan forgiveness related to her degree from the University of Phoenix. However, she has yet to receive any updates on her application status. “No news, no updates, literally nothing,” she said. Her loans remain in forbearance while she awaits a decision, creating a sense of limbo.
This uncertainty complicates her financial planning. She fluctuates between aggressively paying down her debt and waiting for potential forgiveness, a decision complicated by concerns that future administrations could alter the forgiveness program. “But the fear that another administration could come in and ‘change the rules’ motivates me to want to be debt-free instead,” she said. Even if she successfully eliminates her student loans, Jordan acknowledges she’ll likely need to maintain her current work ethic to catch up on retirement savings.
Currently, Jordan is focused on a short-term goal of paying off $25,000 of her student debt by October. She has already saved over $13,000 in combined savings and retirement accounts, demonstrating her commitment to long-term financial security.
Disclaimer: This article provides information for general knowledge and informational purposes only, and does not constitute financial advice. It is essential to consult with a qualified financial advisor for personalized guidance based on your individual circumstances.
As of late February 2024, Jordan’s student loan forgiveness application remains under review by the Department of Education. The status of federal student loan forgiveness programs continues to evolve, and borrowers are encouraged to stay informed through official channels, such as the Federal Student Aid website. Jordan plans to continue sharing her progress online, hoping to inspire others and maintain her own accountability as she works toward a debt-free future.
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