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I graduated from college with a criminal justice degree and I had $40,000 of loans to pay off.
My brother and I had just bought a piece of property. That was the same time that I took
out about $60,000 in student loans.
With a total amount for one calendar year of grad school was $24,000.
I was completely overwhelmed by the debt.
I really had no idea how I was gonna pay it back. I think there was a point that really
frightened me was when I calculated that I had spent $30,000 dollars in six years, and
when I looked at what the principal went down, it was only $6,000 dollars.
I know some people look back on being broke and they romanticize it, and I'm not one of
those people.
I did everything possible to save up. I had to discount shop, I became a coupon cutter,
and I also shared an apartment with two roommates.
So I learned these strategies definitely from my parents. It's funny 'cause the things that
got me made fun of when I was in high school and college have really worked out for me
as an adult when all my friends are swimming in debt.
My brother and I, we sold our property. I took all of the money that I had made off
of the sale and basically put it towards what was left of my principal.
At the time, I didn't feel like it was worth it to make the sacrifices to pay off my loans,
but now looking back, I definitely feel it was totally worth it.
I find that because of my experience and kind of that I was lucky being able to pay off
my student loans, I've tried over the years, even when I was still paying them off, to
help my friends and show them that spending money now is not as important as getting out
of debt.
It look almost exactly ten years to pay off the entire $24,000.
It took six years to pay off the student loans.
The biggest advice I'd give someone that had big student loans when they graduate from
college is to be patient and be consistent.
Just get a calendar, write down what all your paydays are, write down how much money you
think you can give each month.
Be frugal early on. Take out the bare minimum you need to, talk to other people and ask
for advice, ask for help.
I really enjoy what I do, so you know, the debt was worth it.
When I finally finished paying off my loans, I was absolutely thrilled. I mean everything,
my life, my life finally got started.