Back in November of 2012, I wrote about my $40,000 worth of student loan debt. This was the total amount of student loans that I accumulated while I was getting my undergraduate and graduate degrees. When I wrote that post, I had hardly paid anything towards my student loans. Interest was slowing building up, but not that much, as most of my loans were still being deferred.
Ever since that post was published, I have been attacking my student loans like crazy. I have been applying any extra money towards my student loans, and I am now proud to say that they are almost gone. We have enough money in the bank to completely pay them off, but have chosen to wait as we don’t want to withdraw everything out of our emergency fund to pay my student loans off. We don’t want to tap into retirement funds as well, so those funds will stay where they currently are.
As a refresher, I graduated in May of 2010 with my B.A. in Management and my B.S. in Business Administration. I applied for jobs and was hired on at a financial firm right after I graduated. I then took a year off from school and decided to go back for my Finance MBA. I then graduated in August of 2012 with my Finance MBA. I continued working full-time throughout this and still hold my same job today. I graduated with a decent amount of debt, but I am happy that I don’t have more.
I am guilty of taking out more in student loans than I needed. Right after high school, I needed a place to live and I probably took out an extra $1,000 or $2,000 to help fund my living. So, not too horrible, but that’s still an extra couple of thousand that I probably should not have taken out.
June is my student loan payoff month.
I am so close to being done with student loans forever. I am very grateful for everything that has happened in my life, and I do realize that when it comes to student loans, that I have been lucky with the fact that they will be gone so quickly. I have worked very hard though!
I started by working on my extra income. As you all know, my extra income has been through the roof lately. I’m glad that I am able to share my journey with my extra income with you all. I hope that I have been helpful with all of my posts. I never thought that my extra income would be anywhere near where it is today, and thankfully to it I am able to pay off my student loans much more quickly.
I also have been attacking my student loans according to interest rate. The loans with the highest interest rates are the ones that I have been eliminating first. It has been nice watching each student loan disappear!
What are you doing to eliminate your loans? How much do you pay each month towards them?
Did you take out more than you needed?
Recommended reading: How To Pay Off Student Loans Faster by Starting a Side Hustle
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I have been working a few jobs just to get by. My loans are triple your amount. I took more out to pay for rent and all living expenses so I could focus on school and not worry about money.
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I'm sorry. Do you have an action plan to eliminate them?
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I love the infographics on their website! I'm such a visual person so it really helps to see graphics. The one about coffee hits home…. 🙂 Thanks for sharing!
I love infographics as well. Thanks for entering 🙂
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I am extremely fortunate to never have had student debt. Your efforts are extremely impressive. Like Glen, I'm also interested in what your plans for that money are once the loans are paid off?
I'm jealous Matt! Life would be so much easier without them.
My recent post How I’m Getting Rid of My Student loans FAST – $200 Giveaway
That's so awesome you are eliminating your student debt! My wife and I were talking just a couple days ago how awesome it would be to NOT have student loans…though we aren't attacking them like you are. Perhaps now that I have some more side income I can start putting more towards it. We'll see.
Also – awesome giveaway! I'll be sure to get signed up and leave a comment that I did.
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Thanks DC! And yeah, if it weren't for my extra income, I would still have a ton of student loans left.
My recent post How I’m Getting Rid of My Student loans FAST – $200 Giveaway
That's great that they're almost paid off! I bet you can't wait to send in that final payment!
WOOHOOO! I can't wait until I pay my last payment. I'll have to throw a party.
My recent post How I’m Getting Rid of My Student loans FAST – $200 Giveaway
You know we're doing a lot to attack Tori's student loans! We pay as much as we can every month after our normal expenses and hopefully they'll be gone one day…
And they will be gone one day! 🙂
My recent post How I’m Getting Rid of My Student loans FAST – $200 Giveaway
I signed up for SALTMoney.
What I learned from their article "The Limits of Rewards Cards" is that even if your credit card APR is listed as “fixed”, the company still has the power to change it— all fixed means is that they’re required to give you a heads up before doing so. I think a lot of people don't know that.
Thanks for the giveaway!
mami2jcn at gmail dot com
Thanks for entering the giveaway 🙂
My recent post How I’m Getting Rid of My Student loans FAST – $200 Giveaway
We plan on saving for a down payment for our next house. 🙂
My recent post How I’m Getting Rid of My Student loans FAST – $200 Giveaway
I took out $30,000+ for a graduate degree (no undergraduate debt), and I'm now continuing on for a PhD in my field (as a funded student). Between splitting costs with my partner, living frugally in a fairly expensive city, and having a side-hustle, I'm able to throw $300+ a month at my interest-bearing loans (one of which is already paid-off), even though I technically don't HAVE to pay on them (since I'm still in school). I'm hoping to have all my interest-bearing loans gone by the time I graduate!
That is awesome! I hope they are gone 🙂
My recent post How I’m Getting Rid of My Student loans FAST – $200 Giveaway
This must be one of the best feelings for you. I paid off debt a year ago and felt like a new man. But my debt was only 15k. It's a lot but it's a far cry from 40k. Congrats to you for doing it and inspiring others with your story.
Thanks Jai!
My recent post How I’m Getting Rid of My Student loans FAST – $200 Giveaway
That's awesome you're so close to having the student loans paid off Michelle! I paid mine off last January and was such an awesome feeling not to see that monthly amount go out anymore.
Thanks John!
My recent post How I’m Getting Rid of My Student loans FAST – $200 Giveaway
Great to hear that you're clearing your debt in no time. I can totally understand how liberating it feels. I'm just a month earlier than you in clearing close to $25,000 in student loan by paying $500 per month. Enjoying my debt free period now!
WOOHOOO! Awesome.
My recent post How I’m Getting Rid of My Student loans FAST – $200 Giveaway
First and foremost, CONGRATULATIONS, for being so focused on torching your student loan debt. You are a great role model! I can't answer any of your questions because I never went to school with the goal of coming out with a degree. So, I never took out student loans (I had lots of other debt, just not student loans!).
I'm gravely worried, however, that student loan debt is ruining lives. It's not debt that can be swept under the BK carpet. And, so many parents are hocking their future security to make it easy on their kids that I see disaster looming there, too.
Keep up the great work!
Thanks so much!
My recent post How I’m Getting Rid of My Student loans FAST – $200 Giveaway
I think right now were are just throwing a predetermined amount of our money on our loan and then when we get unexpected extra money that all goes to it. I think the hardest part for us is simply waiting for the months to go by as it shrinks! Keep at it!
Thanks Stephen 🙂
My recent post How I’m Getting Rid of My Student loans FAST – $200 Giveaway
Yahoo! Almost paid off…so proud of you. You are a pf rock star!!
Thanks!
My recent post How I’m Getting Rid of My Student loans FAST – $200 Giveaway