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Hi fishes,
I am planning a switch so was going through some salary data for a software engineer. My ex-senior manager recommended me a website: Growceed.com which helped me a lot in getting clarification about a lot of things but I am in doubt whether the average salaries of software engineer mentioned on Growceed.com really that much in top MNC companies.
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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
$24k - I paid it off in 7 months after I started working!
B school debt of 84K, graduated in 2017. Paid it off in oct 2018
I had 90k for mba. Will be done paying it off in 1.5 years. Sign on bonus helped a lot and I also pay them down aggressively each month. I religiously budget and look at mint every morning.
I don’t want to have any consumer debt, it just feels like a monkey on my back. This pandemic makes me feel like I’m a job away from being homeless on the street
I get what you’re saying, because I’m the same way. If we put feelings aside, instead of paying back aggressively, if you took that money and invested in anything that gains more interest than your current interest rate, you come out financially ahead. I think it’s worth considering saving more now because of the pandemic not in spite of it
Two things to consider:
1) Student loan debt doesn't negatively impact your credit score in the same way revolving credit does (assuming you are paying it off on time).
2) Assuming your rate is ~6%, I would pay off other higher-interest debt first. If you have no other higher interest debt, I would still consider paying it off as slowly as possible and putting the excess cash to work in an index fund. A lot of them produce ~10%+ returns over the long haul.
Bottom line: Paying off low-interest debt faster than you need to means you have done the math on the opportunity cost and assume you couldn't do anything better with your money....
Graduated with $150k, on a 20 year repayment and will take it slow until I make more money. Basically paying a mortgage every month for them
72k in 4 years. 35k in the last 18 months! I finished in March 2020.
I refinanced private loans
I rented a room from my married teacher friends (worked when I was on the road most of the time :) )
I have no car, completely rely on walking and transit.
I upped my payments with every raise/job change/bonus. I would raise the payment to the point it made me nervous! But I knew that payment was going to come out and I had to make it work. I always adjusted, got by and forged that new normal.
The debt free peace of mind is like no other.
$30k Canadian and ~9 months. I live at home so that helps a lot. I put majority of my paycheque then into repaying student debt + savings from before.
I had about 80k in student loans and paid off interest while still undergrad. Still took me about 8.5 years to pay off everything.
Note I was not a consultant right out of school and had a 30-40k job for a while.
$25k in 3 years
40k 1year and a 1/2. I went very aggressive. I moved home, brought food to work etc. you save money in the money in the long run. Now at 28 I’m debt free and about about to buy a house. If you look at the numbers in the long run it might persuade you otherwise.
$95k after grad school, and I’m on track to get them paid off next year (6 years later).
Graduated with bachelors/ masters with $2.5k. Paid it off six months.
Graduated with 70K student loans and savings enough to cover 2 months of living expenses. Paid off in 9 months. Another 29K of old liabilities came back haunting me in second year, negotiated a settlement of 19K in a lump sum payment and paid it off in the 20th month.
30k,1 year
Same
$35k, 18 months
Mid 30’s now
$45k but rates are so low that I’m actually not worried about it.
17k paid off in 6 months
Started with EUR 25K in debt (2014). Playing it off in 15yrs. No rush, since interest is pegged to government bonds and those are negative ( thank you uncle Draghi!), so I pay no interest.
Has anyone been able to defer private loans? Clearly I didn’t make great decisions as a 17 year old.
$150k in 9 years