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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It's sad how many people are getting out of school with massive school debt these days. I didn't take out any significant loans when I was in school so I had a lot of freedom when I graduated. I can't imagine getting out with that kind of debt hanging over my head.
Yeah I wish I would have had less! Not to make excuses, but I had to move out right after high school and pay for everything myself. It was tough!
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It's going to feel so good to have them knocked out! Congrats!
Thanks!
My recent post How I’m Getting Rid of My Student loans FAST – $200 Giveaway
I didn't have any student loans however I am scrimping and saving to put away some funds into 529's for my 2 kiddos.
That's good Tina. Your kids are lucky 🙂
My recent post How I’m Getting Rid of My Student loans FAST – $200 Giveaway
I have right around $30,000 in student loans. Currently, I'm able to pay the minimum payment (around $300) plus put an additional $200-300 a month towards paying them off.
I want them gone, and have really cut back my spending in pretty much all categories so I can put as much towards paying them off as possible. Still have a long way to go. I'm also looking at ways to generate extra income to pay them off.
That's good that you are making extra payments. Hopefully they are gone soon!
My recent post How I’m Getting Rid of My Student loans FAST – $200 Giveaway
I took out enough to cover tuition – I never had anything extra once the money was disbursed to my college. I only have about $15k in student loans, which isn't crazy compared to everyone else, but I still want them gone ASAP. Once I have settled into living in an apartment and getting a budget together, I plan on attacking them. Until then, I don't want to be throwing money at them when I can't afford to. My minimum payment is $200, but I pay $250-300 right now. I'm hoping to up that to $400 later this year, and more next year!
SALT looks like an interesting site as well, I'll have to browse around there.
Sounds like you have a good plan. Thanks for stopping by!
My recent post How I’m Getting Rid of My Student loans FAST – $200 Giveaway
I didn't have student loans, but I sure did have loans. The only thing I did was make extra money, stick to a very strict budget and push any money I had to my loans. It took some time, but I finally got there.
Good job!
My recent post How I’m Getting Rid of My Student loans FAST – $200 Giveaway
I have two Bachelors Degrees and OF COURSE I took out more than I needed. I was young and naive and didn't know any better! Boy if I could kick my old self in the butt! My personal student loan debt is nearly $39K and I graduated 8 years ago! Ouch, that stung to type that out.
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When do you think your debt payoff date is Keren?
My recent post How I’m Getting Rid of My Student loans FAST – $200 Giveaway
I do not have any student loans, however, I am determined to have my credit cards paid off before the end of this year! I am paying way more than the minimum payment to try to speed it along. Congrats on being so close to paying your loans off!
WOOHOOO!
My recent post How I’m Getting Rid of My Student loans FAST – $200 Giveaway
I absolutely took out more than I needed. I just didn't know. My mom had gone to a community college in the 80's but didn't graduate and my dad barely graduated from high school. They were clueless and I didn't know any better. I also made the mistake of listening to chirping grandparents saying that my chosen school/program/career path would never go anywhere. After 3 years and tens of thousands of dollars, I transferred into the program I originally wanted and basically had to start over. I at least landed jobs straight out of college, so that's something, at least?
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That is good that you landed a job right out of college. 🙂
My recent post How I’m Getting Rid of My Student loans FAST – $200 Giveaway
so excited for you finishing of your debt so quickly! I´m still a student, so I haven´t started my downpayment, but when I do, I want to go at it aggressively!!
Thanks!
My recent post How I’m Getting Rid of My Student loans FAST – $200 Giveaway
really glad you are getting them paid off. i finally got mine paid off from 2008. it was a long hard struggle ,but well worth it.
Good job Darlene!
My recent post How I’m Getting Rid of My Student loans FAST – $200 Giveaway
student debt seems like it's more common these days for older people, I'm happy you are taking steps to get rid of it!
Thanks!
My recent post How I’m Getting Rid of My Student loans FAST – $200 Giveaway
FREEDOM! Congratulations! I can't imagine what it would be like to pay off my student loan debt! I am trying to find a job, any job to put 100% of my income towards my loans but it's proving to be difficult and very frustrating. I need to try figuring out ways to increase my income by working from home. My minimum payment is $360, which my co-signer pays for because I'm unemployed. Anything else I make goes towards my loans (100%). I took out loans for tuition, housing and supplies (my part time job covered transportation and food) and my loans gained $17,000 in interest while I was attending (completely didn't understand the terms of the loans). When I entered repayment, that amount was capitalized and 3 years later I'm (co-signer) is still working on getting the loans down to the originally borrowed amount. It's so damn frustrating!
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Thanks! And I hope yours start getting attacked and eliminated soon 🙂
My recent post How I’m Getting Rid of My Student loans FAST – $200 Giveaway
Congrats for being so close to paying off your loans. I have a little over 50k that I will be actively paying off in September.
Thanks!
My recent post How I’m Getting Rid of My Student loans FAST – $200 Giveaway
This site is awesome! I learned that you can appeal your financial aid award letter! What?! 🙂
I appealed for more grants when I was in college and it worked too 🙂
My recent post How I’m Getting Rid of My Student loans FAST – $200 Giveaway