A mountain of student loan debt has accumulated for Rachel Jordan. She's worried that she'll fall farther behind financially even though she's working two jobs to pay off her debt.
Rachel Jordan has days that begin at 5 a.m. and don't finish until midnight, sometimes many days in a row.
In an interview, she confessed, "I'm just exhausted, honestly." she stated.
As he works to repay debts accrued at a young age, 43-year-old Jordan is just one of millions of Americans who must work two jobs just to make ends meet. Jordan puts approximately 70 hours a week on a regular basis to try to pay off his $75,000 in college loans.
While Jordan's debts are in forbearance, she is not obligated to make payments. However, she does her best to pay at least $1,600 per month and aspires to pay at least $2,000 per month.
Jordan attempts to keep her living expenditures minimal so that she can focus on her debts. She lives in a one-bedroom apartment with her French bulldog and lives in Tampa, Florida. Commercial real estate loan servicing is her first assignment. She will take a little break to tend to her dog once that shift ends, and then she will go to Target to work in the children's apparel department.
Last year, when she saw her debt was unmanageable, she began this program. Additionally, Jordan often updates her YouTube and TikTok channels with videos chronicling her fight to become debt-free, which serves as a kind of self-monitoring.
"If I didn't do this now, it would just remain that thing that followed me through life," she stated, explaining her motivation.
Among Jordan's debts during the epidemic were education loans, a vehicle loan, and credit card debt totaling six figures.
"I was spending some on groceries, gas, and things to get by each week, but I was also spending a lot on impulse buys at Target for clothes and other unnecessary items," she said. "I got that dopamine rush and got through that time with the help of credit cards and spending."
She owes more than just herself: At the end of last year, the total amount of debt held by American households—including mortgages, credit cards, auto loans, school loans, and other forms of debt—rose to $18.8 trillion. Many people are exploring other payment options, such as purchase now, pay later, to cover the increasing expense of living.
Jordan started making payments last year in an attempt to get out of her personal debt and was able to become officially debt-free last year. That, she claimed, is still the situation today.
"It's challenging for me to consider things beyond my current situation because I feel like I literally crumble" when I try to exceed my own expectations, she explained.
As soon as Jordan let go of this part of her debt, her perspective on her money shifted. Now, she said that she uses her credit card much like a debit card, paying it off weekly and according to her budget.
Since Jordan did not have any financial education in his youth, "it's all been learning as I go."
"In my nearly 40 years of life, I first heard about a Roth IRA when I first was on TikTok," she added. "I've learned a lot by observing how other people do things, but I've also picked up a lot by making mistakes and reading up on my own."
Posting videos online about her struggle has not only helped Jordan financially every few months, but it has also provided her with a valuable outlet for processing her debt experience.
"It has really helped me progress, has kept me from going crazy, and has provided me with a way to express myself," she remarked. "And I doubt I would be quite so hard on myself if I didn't feel that strong dedication to the plan."
Jordan has been able to track her progress and connect with other individuals facing financial hardship through social media.
"I never knew this," she said, "you're the reason why I started paying all my student loans." She went on to tell that many people had posted comments on a YouTube video, where her viewership was greater, expressing how much she had inspired them.
So much debt had accrued during her tenure in the COVID-19 era, she said. I felt very alone. I felt alone in this, even though I know I'm not alone in the world. But uploading the video on YouTube and seeing that I'm not has been an incredible source of motivation to continue on this path.
If going to Target used to give Jordan a "dopamine hit," now making a payment gives him one too, Jordan said.
Jordan owes money to two universities for his bachelor's degree in accounting: Western Carolina University and the University of Phoenix.
Jordan chose to go for forbearance of her first degree in accounting in 2022. There has been "absolutely nothing" since she applied; she claims to have gotten a note acknowledging receipt of her application.
While she waits for a decision, her debts are in forbearance, but she still worries about what the future holds for her debt.
"I have no idea what's going to happen, so it's been hard," she explained. "Oh, your application is still in process," has been the response each time I've contacted the Department of Education.
That appears to be the current situation as well; according to Jordan, her application status remains "under review" whenever she checks her account.
Being in a state of "limbo" has made it hard for Jordan to decide how to handle her mounting college loans. She claimed she can't make up her mind; she keeps vacillating between paying the minimum and hoping for forgiveness and paying off her whole debt.
She claims that being debt-free is more important to her than being in good standing with the government because she is afraid a new administration may "change the rules."
And yet, Jordan expressed the sentiment that she would "still need to work this hard just because I feel so behind in my retirement efforts"—a sentiment that would persist even if she were successful in paying off her remaining debts.
"If I just think about the overall, then it's just a little bit too much," Jordan told NBC News of her current financial predicament, which makes her feel so behind. She tries to avoid thinking about it.
So far, she has committed "everything that I can" to paying off her debt and saving as much as possible. "I am really at a loss for what else to do."
Business reporting is Hannah Parker's specialty at NBC News Digital.