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99k in 6 years. Set my final payment at 5 days before my 30th birthday and worked backwards from there. Put all bonuses towards payments and increased monthly when I was promoted.
Used the snowball method attacking highest interest first and made minimum payments on lower APRs. Tracked diligently in my excel models and stepped into my 30s without owing a dime to anyone.
Totally agree, I couldn't pay on my loans in school, my jobs went toward keeping myself alive ha. But if at all possible, make interest only payments while you defer.
B-school with $143k of debt, graduated in 2017. Paid it all off in Oct 2019. Feels great to be debt free!
I honesty think the probability of Congress doing something is greater now than pre covid. 2 years ago I wouldn’t bat an eye. In this environment now, and new election coming up, trump might do the unthinkable. Biden already has a plan he wants to implement to address student loans. To be clear, I am paying mines off, but I’m starting to feel if this cash can go to the market and buy at the lows, pay the minimum until someone does the unthinkable
Moving too slowly? Paying 25k a year? That’s exceptionally fast.
I have 65k left on my loan balances and I think I’ll be done paying them off in 5-6 years
I'm with you!
Debt in and of itself is not necessarily a bad thing. It depends what you're doing with the money instead - e.g., building a family, buying real estate, investing in the stock market could all prove higher utility.
Granted there's also an ethical component attached if it's a government loan - you should morally try to pay back asap so it doesn't prevent others from receiving one.
$100k, 10 years. Wife is $250k, 20 years. Both in high paying jobs so 🤷🏻♂️
I was starting to think I was the only one lol
Graduated with 45k and as of today, 5 years later, I have 18k left.
Not paying it aggressively because my company pays my interest. So it's essentially an interest free loan.
PwC too. Guess Guidehouse maintained the benefit
don’t give them a penny more than you have to. all this is going to collapse. you can get a deferral on fed loans until september at least because of corona
This is horrible advice. The deferment only applies to DIRECT student loans held by the government (which, many of us for grad school do not have direct loans). And you must contact your administrator and confirm.
Y'all living with your parents!? 25k a year? How tf do you pay rent?
I also contribute 10% to espp stock plan (as well as 15% 401k contribution) and own a house in Stamford CT. It’s possible, just work at increasing your salary by jumping around . (Does help that my wife works a decent job)
I graduated in 2011 with 30k, then another 12k for grad. Thank God I had a lot of merit scholarships. However, I didn’t make enough or know enough about wiping them out until a year ago. Paid everything off in January. Takes time, but I used the snowball method Dave Ramsey pushes. I looked at each individual loan as if it were a small credit card bill and every month I’d pay off the smallest one in the group until I’d gotten rid of them all.
How would you approach this method for a consolidated loan?
Sorry to be blunt but Why is it that home grown students tend to go for loan during the school years? Couldn’t you just work on your spare time and pay for the school on your own with a little help from family ? I was a foreign student with restrictions of work anywhere I want, came to the country with friggin one semester cost of tuitions, worked on campus as dishwasher, then outside when I had a permit, studied at night while working at a computer lab, I came out clean with no debt. I can’t just fathom the fact those who are blessed with all the opportunities at the land of opportunity and still come out as a debt holder for first 5 years of their professional life(mostly), and complain about it !!!
My school was $60k per year, I did work during the year to help pay it off and had paid internships during the summer to help pay it off but I still came out with a lot of debt. I also didn’t have any help from parents financially, I’m a 5’3” 100lb female and didn’t feel safe working in certain places at night, I wanted to still enjoy some of my collegiate life, and I didn’t have a lot of time considering my majors.
Long story short, some people have the capacity to plan ahead, and some don’t, but even those that do plan ahead don’t always have the same situations. So it’s hard to say everyone can come out of school without debt.
I might be thinking differently but I did not want the loan stress. So I lived like a student with extreme savings.. no eating outside, smart clothing pieces, minimum facials, more exercise to keep my skin better, Heath club while travelling for workout .etc and paid off 80k in two years. Shared my room and stuff etc. But finished my MBA loan last August.
I also had to send home some 20k between all this and pay for my sisters education too. I hated the sacrifices to get my family further and be in a well maintained consulting world with minimum facials, normal clothes etc.. but I feel so relieved now!
Graduated with 4K. I’ll be paying $30/months for the next 30 years...
Write a check and be done.
It’s a personal journey, but right now you should be seeing what you can have delayed/waived.
$79K and on track to pay off in 2-3 years.
Hubby and I bring home $215K gross and my student loans are the only debt we have besides our mortgage. We budget and are conscious of our spending. We make paying it off a priority now so we can more heavily invest afterwards.
I’ve got 120k fresh from b-school and could clear it as fast as 2 years but rates are so low it doesn’t really make sense to
My loans are in CAD (bank not federal), income in USD
I have 100K incl. MBA and UG. Could pay off faster, but consolidated and refinanced for 10 years while interest rates are low.
How fast you pay something off is dependent on your goals and life situation. I understand people who want to get out from under their debt quickly, but as others have said, carrying debt isn't necessarily bad. For example, I am planning to buy a duplex soon so I wanted to keep my monthly loan payment down and save up a down payment quickly. I can always pay down faster, but for me owning a house with a rental unit is the better long term investment. The tenant will pay almost 100% of my mortgage and I'll be gaining equity. If I focused on paying off my debt as fast as possible instead, I would end up debt free but less well off in the long run.
160 after law school will die with them #whocare
I thought I was the only one with these sentiment. I owe about 70k and I am barely making 70k.
280K here... hoping some crazy left wing nut gets elected some time in the next 10 years and hits the reswt button.
Same
Graduated with 250k in student loans plus other debt. Took me 6 years to pay off the first 93k plus other debt due to some setbacks.
The remaining 157k I paid off in 2.5 years after getting focused. Dave Ramsey’s plan helped me tremendously. Did this all on one income with no outside help.
Just a quick tip - I’d only refinance private loans at this point since federal loans come with some protections that are beneficial right now (e.g. 0% interest and no payments right now due to COVID)
I paid 25k off in about 1.5 years after graduation. I just hated seeing that daily interest and wanted to be done!