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Focusing on my student loan

Amin_Parker

Entry posted by Amin_Parker in Student Loans

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I had $63000 in student loans for a college degree. When I graduated from school I had about slightly less at a 7.45% interest rate. At first I tried to get my career started so the loans grew. I remember every time I would get a statement I couldn’t sleep for a few nights. Watching that balance grow was very uneasy. I ended up having a baby (very expensive, so I was really in a mess. Eventually I got tired of the hustle and became a certified armed agent. My income gradually grew and I started making payments based on 30 year payment plans. I kept my expenses low. I started working as a healthcare provider as a second job and started using all that money to pay the loans and still made my regular monthly payment. As my income grew from both jobs I got to the point where I could triple the 10 year payments and yet still survive on what was left over. Overall, due to trying to get my career going it took  countless years before I could start paying the loans and then once I started paying, took about 12 months to finally pay off exactly half of the loans. I am now afraid of debt and I never take out any loans anymore. I hate banks with a passion. Just remember, it can be done and it teaches you how to be frugal. I now put away the amount that I need to use to pay my student loans and I am in better financial shape than anyone I know except for a few people and they are extremely successful. So, my simple advice
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Get a steady paying job

Get a second steady paying job

Use the income from the first job to make the minimum 30 year payment

Use 100% of the money from the second job to go toward student loans

As you get raises from the first job apply more and more toward the loans until it is equal to the 10 year payment amount

100% of the raises from the second job still goes toward the student loan

Do not get other debt….ever

Once paid off, use the money you paid into student loans to invest (get a low fee index fund) or save up for a house.

Remember, they are your loans, not your spouses, not your parents, and not the taxpayers. Do not get mad because others will not help you, at the same time, make sure they know that you are working so much to pay off student loan debt. Not to take vacations, buy fancy cars or expensive jewelry.

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