How are you all going about paying my off your loans? About 200k in debt 🥲

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I wasn’t in as deep but this is what I did:

1. Made monthly payment higher than min, I want to say I was paying 1.5x the required payment at first then increased with raises.

2. Every windfall whether it was bonus, tax refund, or even xmas money was shoved against that balance. My mindset was that I was competing with the bank regarding interest so these were my opportunistic haymakers.

Knocked it out in maybe 4 or so years and it never really hurt. The key, for me, was to avoid lifestyle creep every time my income increased. If you pile on a mortgage, car payment, and run your monthly cashflow to the bones with frivolous stuff then yea it’ll feel like an albatross around your neck.

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Thank you. This was a truly helpful answer to the OP.

I didn’t have $200K but it was up there. Similarly, I kept a room at my Mom’s on the weekend paying only utilities and groceries (unless she has a larger household issue she needed help with). I was on 100% travel. I set myself a small allowance and just knocked it down. I had one credit card that I built my credit with by putting recurring items on that I also paid off every month, Anytime I got a bonus it went straight to the loan. Did that for my 3 years plus 1 year to build up bank before investing in a house and new car. It was a little extreme for a few years and I didn’t have any dating life but I was working at the client all the time anyway and eating out every weeknight on the company so I didn’t miss the night life on the weekends so much. It actually passed pretty quickly looking back on it.

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Employer’s scholarship - paying off by staying 3 years!

Same here. $200k in debt, not sure if was worth it. Gonna pay it down in 2-3 years hopefully

Yes

I feel your pain! I was in forbearance for a long time, just trying to figure things out. Believe it or not, the pandemic helped me do that.

Recently, I started writing a book about how I was able to get $120k of student loan debt forgiven in 90 days. If you’re interested, I’ll add you to my email list to receive a notification when it launches on Amazon.

No debt is "forgiven", someone else is paying for it... just not you

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