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I just wanted to come here and say, that at the end of next week, I will be student loan debt free.
I'm 23 years old and went to a public university. I'm not making six figures, but I can pay my bills and count my lucky stars I went to a great school with a low cost of attendance. I regretted during college being that kid who worked 40-50 hrs a week and studied while my friends partied, but now I'm PUMPED to be out of this burden and to be able to enjoy my income a little more.
Just came on here to shout my excitement at the world, and to encourage younger folks to get themselves into a good public school or community college if they feel higher ed is right for them. It's usually not worth it. Living is expensive, and paying into your 401k is better than paying your student loans back.
My next adventure in a few years will be grad school. Does anyone else have any success stories/would like to chime in and voice their own student loan debt freedom?
I worked my butt off while in school, lost focus, screwed up several times, had issues, then had a major medical problem.
In 4.5 years, I had 75% of a degree, and had no clue or focus since I was running around doing a few different things at once. I was student loan debt free.
After I got healthier, paid of some medical debt, I focused directly on work, made more money, and worked hard while my wife finished her graduate degree, she finished, I quit all work and went back to school.
More of a trade/certification school/a state school to just get an AA on paper, I had the credits but nothing on "paper" It was a private school, and I paid for all tuition with student loans. I was dual enrolled at two schools and i exceded semester allowances for federal loans so I got private loans.
I busted my ass, did better in school then I ever did in my life, top of my class learned tons, I was taking 18 credit semesters.
My wife became pregnant, so my last semester and a half I got a job for extra cash for the pregnancy, you know only 20 hours a week, but of course everything goes to hell and I am working 40-50 hours a week. My school slipped, dropped to a B student but I didn't feel I got "as much" out of the school as I should have. I finished my schooling, do to my great grades at a good school, I got a great job at a great company.
My school had prepped me well, I rolled into work with my knowledge and sole dedication managed $14k in raises in my first 1.5 years there. Now I am settled, just had a 2nd kid, I am trying to tone it back a little at work, and go through a work program where they pay full tuition, so I can try and finish my first degree, just to get it "on paper".
Moral of the story...
-Have a plan for what you want to do(don't just go through the motions)
-Keep your focus towards your goals on track
-Taking out a little debt isn't bad as long as the return on investment is well worth it. THIS IS KEY!
Yes, I have student loan debt, it sucks. 75% of it will be done in 5 years(started paying interest on day only on day 1), rest will be done in about 7 years.
In 2008, my best year I made $27k, took out debt went to school for 2 years.
Last year I made $70k, paid off my car early, bought a house, have $25k in a 401k, Saved up an emergency fund, have no debt besides the house/student loans.
Last edited by MustangEater82; 02-09-2013 at 11:23 AM..
I just wanted to come here and say, that at the end of next week, I will be student loan debt free.
I'm 23 years old and went to a public university. I'm not making six figures, but I can pay my bills and count my lucky stars I went to a great school with a low cost of attendance. I regretted during college being that kid who worked 40-50 hrs a week and studied while my friends partied, but now I'm PUMPED to be out of this burden and to be able to enjoy my income a little more.
Just came on here to shout my excitement at the world, and to encourage younger folks to get themselves into a good public school or community college if they feel higher ed is right for them. It's usually not worth it. Living is expensive, and paying into your 401k is better than paying your student loans back.
My next adventure in a few years will be grad school. Does anyone else have any success stories/would like to chime in and voice their own student loan debt freedom?
I am 26 years old still have three outstanding undergrad loans, and they are between 2.95% and 3.2%, so it would be pretty stupid for me to pay more than the minimums. I get just north of 5% in my portfolio right now, so until my rate of return on my investments drops below the interest rate on my loans, I will never pay more than the minimum payment.
Being debt free isn't necessarily a goal of mine. Growing my net worth as quickly as possible is.
You might be debt-free... but are you sure you got an education? Working 40-50 hours a week plus attending classes leaves you very little time for learning at college. When did you get involved in university research, help write papers, conduct studies, work with professors... all that undergraduate jazz that you learn from outside of the classroom? It seems like you might have gotten the paper while walking past the learning opportunity.
Congrats. I could have graduated with no debt but enjoyed college a bit and have 10k in loans at 2%. It will be the last debt I pay off as everything I have is at a higher interest rate.
I am 26 years old still have three outstanding undergrad loans, and they are between 2.95% and 3.2%, so it would be pretty stupid for me to pay more than the minimums. I get just north of 5% in my portfolio right now, so until my rate of return on my investments drops below the interest rate on my loans, I will never pay more than the minimum payment.
Being debt free isn't necessarily a goal of mine. Growing my net worth as quickly as possible is.
Personal preference and save/pay off. You can't leverage yourself too much these days especially if you have a family.
Congrats to you. I just paid off my student loan debt in cash (and I have two kids). My car loan is next in one year. After this I will never ever never ever go in debt again. Not even to help my kids get a student loan. They better work their a%$ as I did and takes daddy advice carefully. I will only have mortgage payment for the next 15 years. After 15 years, debt free!!!
You might be debt-free... but are you sure you got an education? Working 40-50 hours a week plus attending classes leaves you very little time for learning at college. When did you get involved in university research, help write papers, conduct studies, work with professors... all that undergraduate jazz that you learn from outside of the classroom? It seems like you might have gotten the paper while walking past the learning opportunity.
If you were able to do it all, kudos to you.
Yep, I did it all. I got amazing grades and half of my 40-50 hr work week WAS internships where I learned more than I did in the classroom.
I spent more time studying than my peers who didn't work. I wrote plenty of papers, and a lot of my upper level management curriculum was projects/papers/research.
I'd argue the learning opportunities I got working real jobs/internships coupled with my studies was even MORE of a valuable thing.
I am 26 years old still have three outstanding undergrad loans, and they are between 2.95% and 3.2%, so it would be pretty stupid for me to pay more than the minimums. I get just north of 5% in my portfolio right now, so until my rate of return on my investments drops below the interest rate on my loans, I will never pay more than the minimum payment.
Being debt free isn't necessarily a goal of mine. Growing my net worth as quickly as possible is.
That's a good point. My loans were around 6%.
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