Comments on: How I Paid off $46,500 of Student Loans in 2 years

By: Olyvia R

Olyvia R — Tue, 15 Oct 2019 17:59:58 +0000

In reply to David Ginsberg. David Ginsberg, this is the exact same thing I was wondering. Also, does/did he live at home? Did he have financial support from someone else?

By: David Ginsberg

David Ginsberg — Tue, 01 Oct 2019 14:13:10 +0000

What is your monthly salary? I read these blogs all the time and while I’m sure you had a good budget and a goal, you more than likely make more than the average salary for a college graduate. I saw a blog boasting about paying 140k in 4 years, but they said nothing about their salary. The average staring salary for a college grad is about 40k. Take into consideration the cost of food, taxes, transportation, housing, etc, you most likely arent left with enough to pay 40k in 2 years. If you bloggers want me to be impressed, state your salary. My wife had about 20k in student loans. Her and I both made 10 dollars an hour. We paid off the loan in about 5 years, and by then she made about 13 an hour and I made about 15. We used a draconian budget and went without any luxuries for a long time.

By: J. Money

J. Money — Thu, 07 Feb 2019 11:02:14 +0000

In reply to Lauren Bruce. Way to go!!! Crushing $43k of debt is amazing! What are you going to be doing with all the extra monthly payment $$$ now?? :)

By: Lauren Bruce

Lauren Bruce — Wed, 06 Feb 2019 19:55:24 +0000

Love this post! I thought I was the only one that used the thermometer drawing as a visual gauge! Its Great. Love the excel – looks very similar to mine as well. I just completed my payoff plan for the $43k debt I have. Crunching the numbers is crucial to the process. For my first blog post I was planning on walking thru my 5 year plan and I am glad to see that there are so many people that also think Elite Edge Money. Keep up the great work and congratulations!

By: J. Money

J. Money — Wed, 05 Sep 2018 09:28:07 +0000

In reply to John G.. Amen, brother! Gotta plug up those leaks!

By: John G.

John G. — Tue, 04 Sep 2018 14:18:35 +0000

Many reasons , psychologically it’s stressful to know you aren’t free because you have the weight of a student loan over your head . It stresses me out to have a debt hanging over my head. Want to take a sabbatical ? you can’t . even with no other bills you have to pay that student loan .

You can choose to stop investing for a while , no problem . stop paying student loans and the debt collectors will start calling and eventually garnish wages .

Financial – Student loans interest rates can be high, mine are 9% , plus for investments you have to factor in inflation and possible taxes for tax deferred investments like 401k’s.

Finally, I think of debt like a leaky gas tank where I’m losing fuel every time I give away money and get nothing in return . you can also think of it as running the financial race while wearing ankle weights because the loan payments are slowing you down .

Take these weights off and run towards your goals faster!

By: J. Money

J. Money — Mon, 23 Oct 2017 17:03:00 +0000

In reply to Chelsea. Good job killing so much of it already! You'll have to let us know if the visual route works later, and which one you tried :)

By: Chelsea

Chelsea — Fri, 20 Oct 2017 22:35:25 +0000

#1 is the hardest step! I don’t have student loan debt, but I do have other debts. Adding up your debt is overwhelming and then convincing yourself that it isn’t ok just because most people have debt is EVEN harder. I have never tired using a visual aid before, so I think I might try that for this last bit of debt I’m working on.

By: Rithika

Rithika — Wed, 24 Aug 2016 10:17:30 +0000

Congratulation!!! Great efforts and a great blog too.

By: destardi

destardi — Sun, 14 Aug 2016 15:22:05 +0000

Ridiculous.

Also, ‘ashamed’ to have debt you are nearly forced to accumulate to receive anywhere near a decent education in the US is itself something to be ashamed of. University leaders who have million dollar incomes should be ashamed.