Author Topic: Paid off 50k of student loans in 4 years  (Read 2471 times)

Rudema

  • 5 O'Clock Shadow
  • *
  • Posts: 11
Paid off 50k of student loans in 4 years
« on: November 01, 2015, 10:38:15 AM »
I finally paid off the last of my student loans last week! I really have this community and Dave Ramsey yelling in my ear to thank for it. My income has not been the greatest for the first 3 years while fighting Goliath either.

-Graduated in 2011 with 50k in loans staring back at me.
-Took a job making 23k a year for the first 2 years.
-Got accepted into a Histology work/study program at my work to be a Histotechnologist. Raise up to 28k. Free school and getting paid...not bad.
-Graduated Aug 2014 and now make 44k but I get a lot of overtime. I also started a side biz which grosses about 12-15k a year with low overhead, so that helps!

I am a frugal person by nature so I didn't 'cut' my lifestyle down too much. My wife and I (married Sept. 2015) now own a house and are excited to actually begin to invest heavily and save rather than pay down any debts. Yeah!


WorkingToUnwind

  • Bristles
  • ***
  • Posts: 341
Re: Paid off 50k of student loans in 4 years
« Reply #1 on: November 01, 2015, 03:46:58 PM »
What a weight off your shoulders. Congrats!

realityinabox

  • 5 O'Clock Shadow
  • *
  • Posts: 85
  • Age: 36
Re: Paid off 50k of student loans in 4 years
« Reply #2 on: November 01, 2015, 04:09:53 PM »
Congrats!  Now just shift all that effort toward investing and you'll be golden.

TechMike

  • 5 O'Clock Shadow
  • *
  • Posts: 33
  • Age: 38
  • Location: Edgewater, CO
Re: Paid off 50k of student loans in 4 years
« Reply #3 on: November 01, 2015, 04:36:59 PM »
Congrats!

clarkfan1979

  • Magnum Stache
  • ******
  • Posts: 3352
  • Age: 44
  • Location: Pueblo West, CO
Re: Paid off 50k of student loans in 4 years
« Reply #4 on: November 08, 2015, 09:35:36 AM »
Congrats. I have 44.5K in students loans and have a similar goal. I think I should be able to knock them out in about 4 years. Over the last  years I have only knocked out 11.5K, but I ended up acquiring 22K in retirement accounts and bought a house that appreciated quite a bit and is now a cash flow rental. No more excuses. Now it's time to slay the dragon.

Rudema

  • 5 O'Clock Shadow
  • *
  • Posts: 11
Re: Paid off 50k of student loans in 4 years
« Reply #5 on: November 09, 2015, 08:31:58 AM »
Thanks, everyone! It's very much appreciated.

Congrats. I have 44.5K in students loans and have a similar goal. I think I should be able to knock them out in about 4 years. Over the last  years I have only knocked out 11.5K, but I ended up acquiring 22K in retirement accounts and bought a house that appreciated quite a bit and is now a cash flow rental. No more excuses. Now it's time to slay the dragon.

Nice! In that time, I only put in about 6k into my 401k and did not buy a house, lol. But that's still a great goal. It's an amazing feeling once it's all said and done.

I remember when I first saw how much I needed to pay off and thought it would literally take 15+ years. Looking back, I really don't see how the math worked, but it obviously did. I can't wait until I get that letter in the mail saying I'm free. They said it takes about 45 days. :(