As the title states I decided to treat myself to a nice (but expensive) birthday present. I had roughly $46,000 in subsidized and unsubsidized federal student loans through Nelnet. My payments began in 2013 I was on the extended graduated payment plan which killed me in interest payments over the long run but was the only option I could afford for years. Fast forward to Covid I didn’t make any payments like an idiot when everything was in forbearance and finally in late 2024 I decided to get serious. Thankfully my income raised with my employer and I threw everything at the loans (overtime, bonuses, tax returns, cashed in stocks) to wipe out the remaining $43,000 in debt in about 20 months. My income has increased from $55,000-$68,000 over the last 4 years. I used targeted loan payments and the snowball payment method to keep myself motivated (it was satisfying watching the actual loans disappear. Loans were fixed at 6.8%. I’ve been a long time lurker in this thread and I wanted to say that we will all get there. Being persistent and focused really helped me along the way. Good luck everyone!!!
Loans Paid off on my 41st birthday
byu/Serious_Ad5697 inStudentLoans
Posted by Serious_Ad5697
1 Comment
Amazing accomplishment, congrats!