When I got into the college of my dreams and got scholarships to cover part of the cost, I thought I’d be stupid not to go. When I came out of college with over $100,000 in student loan debt I thought just how stupid I’d been to go. Over the last 7 years, as I’ve worked to pay off my student loans my emotions have ranged, but for the most part I’ve been mad at the loans. Really, really angry. All I could think of some days was the defeat of the student loans. I’ve been doing everything I can to knock out these loans as quickly as possible while trying to focus on the Big Picture behind my budget and what I plan to achieve now that my loans are dead. This week I made my final payment EVER on my student loans.
Student Loans
Student loan debt progress
I earned good grades in high school, which led to ambitious dreams for college. When I got accepted into my dream school, I was sure it was my destiny and I felt like I would have been stupid to have turned down the opportunity. Little did I know that 7 years later I’d still be cursing that decision because of student loan debt. That being said, I loved my college, made great friends and got a great education, but the price was not worth it. Going into college I believed that I would come out of school and have a high paying job lined up. It’s really important for college students to know that in most cases, employers do not care what college you graduated from, just that you graduated.
Celebrate success… no matter how small
I reached a big financial goal this month and I want to celebrate success. I now have under $50,000 left in student loan debt. Now some of you may be thinking “oh my gosh, why would she possibly be celebrating having just under $50k left in debt?”. Well here’s why. I have been working my butt off trying to kick this debt to the curb for six years now and I am going to keep working towards it until it is gone. I think it’s important to celebrate your success no matter how small. Acknowledging your progress will let you see how far you’ve truly come and it will help you stay motivated to keep working to achieve your goal. Read more about big picture budget goals.
Life versus debt freedom
A lot of experts will tell you to live as poorly as possible to pay off debt as quickly as possible. I’m here to tell you that they are definitely right, but that isn’t the path I took. Sure, I cut out a lot of indulgences and monitor my spending very carefully, but I also want to enjoy life and be in a good mental and emotional place. I definitely could have saved money by living with my parents (or any relatives) after college graduation, but I had been dreaming of moving to North Carolina and honestly the thought of another Boston winter sounded absolutely miserable. I made the choice to follow the path I thought was right for me and am so unbelievably glad I did. Will it take me a bit longer to get out of debt? Yes, but it’s a trade off. As long as you are caught up on minimum debt payments, I think it’s important to listen to expert opinions (after all, there’s a reason they’re the experts), but also to really reflect on your own personal situation and make sure you choose the path that is right for you.
Student loan struggle bus — All aboard!
Are you riding the student loan struggle bus? Do you feel buried in loan debt and unsure that you’ll ever be able to escape? Well believe me, I know the feeling well. If you haven’t experienced it firsthand, I’m not sure you can fully understand how horrifying it is to have student loans more than 5 times your annual salary and over $30,000 more than your mortgage. Lucky for you, I’ve been there. As a matter of fact, I’m still buried in student loans and trying to dig myself out. The good news is that in the 5 years since I graduated college I have made progress and I’ve learned some tips and tricks about how to figure out what you owe, how to make a game plan and how to stay motivated even when getting rid of the debts seems impossible. In the last 6 months I’ve made extra payments and been able to knock over $15,000 off of my loan balance. And if I can do it, so can you.