Related Posts
TRON correction anytime soon or buy at .20?
More Posts
Visual Storyteller
Bowl Leader
Additional Posts in Consulting
Pro
Best consulting firms without the massive ego?
Rising Star
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
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
Paid 120k in 3 years
Smart^
This is a pretty subjective thread. The short answer is it depends on how much money you’re making. That’s why you’ll see the MBBs of the world talk about how they paid it off within a few years. They come out of the gate with a big chunk of disposable income.
Me personally, I came out with 60K and made the 10 year plan payments for 4 years. After 4 years I got a huge bump and committed to paying off my student loans in a year. I’ll be finishing off my student loan payments in September :)
Many people are making very valid arguments about interest rates, but for me at the end of the day it was about the freedom that comes with living debt free that encouraged me to pay it off ahead of schedule
Graduated with 45-50k in debt. Paid off in 16 months. I took on a second job bartending on the weekends to do this 6 months after graduating from college and getting my full time job right after graduating in May. Really didn't want to have this debt hanging over me. So I took extreme measures and lived frugally with multiple roommates and not going out much...my company pays below industry standard. Happy with the results though. Everyone is different.
Has anyone considered just not paying?
Then don’t take that loan? Duh!
I took out about $140k in student loans and it took me ~9-10 years. I tackled my high interest loans first (8-9%.. these were loans around the ‘07/‘08 crash). The remaining loan interest rates were 1-3%. 10 years seems like a long time but I didn’t want any regrets in my 20s. I was able to enjoy going out, taking trips, having nice dinners, etc.
Student loan isn’t necessarily bad debt so rushing to pay it off and neglecting other aspects of my life weren’t worth it to me. So if you’re trying to understand if you need to pay it off sooner or if it could wait, the question is ultimately on you — is it worth foregoing certain things?
I had $95K been working 5 years and only have $29K left
Yea I stayed at home with parents for about 2 years and got a lot of OT pay
This posts makes me feel so much better. I thought I was one of the only ones that had 100k+ coming out of school. Goal is to pay them off in 5 years. Wish I started earlier.
Thanks! I’m definitely on a roll now paying them off just wished I would haves focused on it sooner.
Got 48k worth for grad school, I’ll pay it off by March 4th 2021. I pay 2188$ every month. Trying to be very aggressive in paying it off
On my last 8k set to pay it off this year! Took me 2.5 years
I graduated with 60+ have like 45 left. I am investing in other things and will pay off in the next 3-4 years
Have 12k left of undergrad and MBA I’ll put on another 100-150k or so. Unlucky.
I didn’t have any. I dropped out after two years with almost full scholarship each year
Try not to compare yourself to others. Pay at the rate that makes most sense for your financial situation. There is no beat practice or one size fits all approach.
Graduated this past December with around $19k and decided to move back home to focus on paying them off. Down to $6500 as of today. I will say, I don’t pay rent since I live at home and I quite literally do no spend a penny on almost anything other than gas/parking, groceries, and various insurance bills. I am not on a payment schedule and rather pay off as much as I can afford to each month.
Undergrad, 17K, paid it off in 3 years.. graduated with 50k from my MBA in 2018 and paid it off this past December
About 80k, paying about $1000 a month and hoping to have them paid off in 7-8 years (all loans are on the 10 year payment plan)
$80K. 15 years.
This is me for the next 13 years. I have that much to pay..
UG plus 2 Masters, $750. Paid off in 1 month. .. went to a "free" military academy for undergrad, then used tuition assistance and GI bill for master's degrees.
I assume I'll be in student loan debt for the rest of my life.
Weird flex but ok