Category "Goodbye Sallie Mae"

Beating Student Loans – How I Am Paying Off $22,371 in Student Debt

Tips for paying off $22k in Student Loans

This post was written by Drew Cloud, founder of The Student Loan Report. Take it away, Drew!

It feels good to beat student loan debt.

It can take some hard work, but it is well worth it to be able to use your income for life’s milestones, such as buying a car or a house. On top of this, many borrowers are completely blindsided by the interest they are required to pay on their loans.

For many, student loan debt hanging over their heads means that they can’t achieve these major steps in their lives. Despite this, there is a way out. I am beating my $22,371 in student debt so I can pursue very important financial goals sooner rather than later. Continue Reading

How I Got Out of Debt – Round 4, with Zina Kumok

- - Goodbye Sallie Mae

This is the fourth post in the new series called “How I Got Out of Debt” where I interview real people who have paid off real debt and been through some real struggles. All of this to show you that it is possible to pay off your debts sooner than 25 years after you graduate. You can find the other interviews here.

 

zina kumokName: Zina Kumok

Age: 26 years old

City: Indianapolis, IN

Debt Paid Off: $28,000

Time it Took: 3 years

Zina began blogging at DebtFreeAfterThree.com to hold herself accountable for paying off her student loan debt. She graduated with a degree in Journalism, and has been featured on many major news publications, including Time magazine and Lifehacker

 

interview questionTell us about the moment when you realized you needed to pay off your debt.

When I graduated from college and started my first job, I realized how much I hated paying my loans and that I wanted to pay them off as quickly as possible. When I got my first paycheck, I realized that my loans made up 20% of my take-home pay.

Between paying my $550 rent and traveling six hours to see my boyfriend every weekend, I didn’t have a lot of money to spend on myself. It was so frustrating to think about the hours I had spent working and interning just so I could shop at Aldi. I realized that if I didn’t want to continue living like that, I had to start paying off my loans seriously. That’s when I decided to see how quickly I could pay them off so I could really start to enjoy my life. I wanted to live frugally and save as much as I could.


interview questionHow much debt did you pay off? Was it all student loans?

I paid off $28,000 in student loans in three years. I’ve only ever had student loans as far as debt goes.

Continue Reading

How I Got Out of Debt – Round 3 w/ Bobby Hoyt

This is the third post in the new series called “How I Got Out of Debt” where I interview real people who have paid off real debt and been through some real struggles. All of this to show you that it is possible to pay off your debts sooner than 25 years after you graduate. The first interview in this series was with Michelle Schroeder and you can find it here, and the second with Sam Lustgarten can be found here.

I hope you find this story as inspirational as I did!

bobby hoyt millennial 

Name: Bobby Hoyt

Age: 26

City: Houston, TX

Debt Paid Off: $40,000

Time it Took: 1.5 years

Bobby is a personal finance blogger at MillennialMoneyMan.com. He started blogging earlier this year to tell his story and prove to other millennials that if he did it, they can too.

 

Continue Reading

How I Got Out of Debt – Round 2, with Sam Lustgarten

- - Goodbye Sallie Mae

This is the second post in the new series called “How I Got Out of Debt” where I interview real people who have paid off real debt and been through some real struggles. All of this to show you that it is possible to pay off your debts sooner than 25 years after you graduate. You can find the other interviews here.

I hope you find this story as inspirational as I did!

 

frugaling.org sam lustgartenName: Sam Lustgarten

Age: 26

City: Iowa City, IA

Debt Paid Off: $40,000

Time it Took: Less than 2 years

Sam is a personal finance blogger at Frugaling.org. He started blogging in March of 2013 to tell his story and to inspire others to pay off debt.  

Continue Reading

How I Got Out of Debt – Round 1, with Michelle Schroeder

michelle schroeder

 

Many of you know that I love hearing success stories of people who have made their way out of debt, especially when theyve paid off all of their student loans. It’s so motivating to hear how they did it and I want to bring more of that to the blog.

So, I am officially starting a new series that focuses on interviewing those people who have successfully gotten out of debt! I want to show you that there are many ways to pay off your debt, and keep you motivated to do so. 

Here to start us off is Michelle Schroeder from Making Sense of Cents. Michelle is a personal finance and lifestyle blogger who has been at it since 2011. She writes about everything from saving more to spending less, and even talks about minimalism. You may have also seen her in the “Best Financial Advice” roundup post featuring many well-known bloggers. Continue Reading