Student Loan Payoff

Student Loan Payoff I recently paid off my student loan debt. Felt great! I have been out of college since 1995. That is 11 years of debt that was hanging over me. Part of the problem was right after school everyone told me. “Don’t worry about student loan debt.” Not sure why everyone felt this was good advice, but I seemed to hear it over and over. So soon within a year of graduating I consolodated all my loans thus taking down a 400 month payment to around 200. And there it pretty much sat for about 9 years. Month after month….felt like the payment had always been there and would always be there. I didn’t see anyway of getting rid of so much student loan debt. In that long time, it had barely budged downward.

It was time to get serious, so for a few years I hammered away and saved up and worked anything extra I could do. It feels to great to get rid of that burden.

Going through school, I never thought more than a second about the loans I was getting. After all everyone does it right. Just sign on the line and move on. I didn’t even have any idea how much I really owed until I was all done with school.

Now that the debt is gone… (actually all my debt is gone except for my home but I’ll get into this later on), it feels great.

RSS Trackback URL 6. February 2007 (08:22)
Filed under: debt

3 Comments»

  1. Jessica

    8. March 2007 | 15:48 h

    thanks for this write up. i found it while websurfing. i am 29 yrs old, and have also been in the trap of paying @$200 on my Student loans for what seems like forver, without ever really seeing the principal move. that is until last year, when i started overpaying the minimum due and the balance began to (finally) drop. almost all of my friends were telling me i was crazy to be in such a “rush” to pay back the govt loans, saying the rates were low, there is no need to get rid of it, could invest my money elsewehere, etc. but i just wanted to be rid myself of the burden if you will. and it will just be one less drain on my income every month. so thanks for your affirmation that this was the right thing to do, sometimes even where our inner voices know what is best, it’s still nice to hear someone else say it.

  2. Jessica

    8. March 2007 | 15:52 h

    PS sorry, quick ammendment to the above: of my 2 student loans, after being serious about it for 1 year, 1 is 100% paid off as of Dec 2006. For second loan, it will be finished in a few months time. I share this just to mention in part that if I had been over-paying those loan minimums from the beginning, I would have actually been able to resolve the loans a few years back. And not have wasted all that money on interest, etc.

  3. Mike

    8. March 2007 | 21:37 h

    Jessica, thanks so much for sharing. I was in the exact same boat. If you let those student loans hang around for too long they feel like part of the family. (a bad relative maybe). So good to hear you are just about there. Such a great feeling isn’t it. :)

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