How I Paid Off 100k In Student Loans

I graduated college with over $100,000 in student loan debt. It was a daunting figure, but I was determined to pay it off as quickly as possible. I made large monthly payments and always paid more than the minimum due. I also worked hard to get promotions and salary increases so that I could put more money towards my loans. It took me 7 years, but I finally paid off the last of my student loans! It was a huge weight lifted off my shoulders and I felt so accomplished. If you’re struggling with student loan debt, know that it is possible to pay it off! Stay disciplined and focused, and you can do it too. We will base our discussion today on – How I Paid Off 100k In Student Loans. But, other resources which you can find on our website include some frequently asked questions such as: how long does it take to pay off 100k in student loans and student loan forgiveness

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How I Paid Off 100k In Student Loans

In today’s society, student loans are an unfortunate reality for many people. I was one of those people. When I graduated from college, I had over $100,000 in student loans to my name. It took me several years, but I was eventually able to pay off my loans in full. In this blog post, I’ll share with you how I did it and some of the lessons I learned along the way. If you’re struggling with student loan debt, I hope this post will give you some ideas on how to get out from under it.

The Story

I was lucky enough to have parents who paid for my undergraduate degree, but I still had to take out loans for graduate school. When I graduated, I had about $40,000 in student loan debt. I was determined to pay it off as quickly as possible, so I set up a plan.

I worked hard and made extra money whenever I could. I applied any raises or bonuses I received directly to my student loans. And, I made sure to always make my payments on time.

It took me about five years, but I finally paid off all of my student loans. It was a huge relief to be debt-free and it motivates me to stay on top of my finances.

The Strategy

In order to pay off $100,000 in student loans, I developed a strategy that involved making extra payments and refinancing.

First, I made sure to make extra payments on my loans every month. This helped me to reduce the overall balance of my loans and saved me money on interest.

Next, I refinanced my loans. This allowed me to get a lower interest rate and pay off my loans more quickly.

Finally, I made sure to stay disciplined with my budget so that I could continue making extra payments on my loans until they were paid off in full.

The Results

The average person who graduates from college in the United States leaves school with over $37,000 in student loan debt.

I was no different. When I graduated from college, I had $30,000 in student loans to my name.

Paying off that much debt can feel like an impossible feat, but it is doable. In this article, I’m going to share with you how I paid off $30,000 in student loans in just two years.

By following the steps below, you can pay off your student loans faster than you ever thought possible.

1. The Results
2. How I Paid Off My Student Loans
3. Tips for Paying Off Your Student Loans Quickly

Advice for Others in a Similar Situation

If you’re in a similar situation to me, with a lot of student loan debt, I would advise you to start by creating a budget. Figure out how much money you have coming in each month, and what your fixed expenses are. Then, you can start looking at ways to free up some cash each month to put towards your loans.

One way to do this is to get rid of any unnecessary expenses. For example, if you have a gym membership that you never use, cancel it. If you’re eating out more than you can afford, start cooking at home more. Every little bit helps when it comes to paying off debt.

Another tip is to make extra payments on your loans whenever possible. Even if it’s just an extra $50 each month, that can make a big difference over time. Any extra money you can put towards your loans will help reduce the amount of interest you’re paying and help you get out of debt quicker.

If you’re struggling to make your monthly loan payments, don’t be afraid to reach out for help. There are plenty of resources available to assist with repayment plans or consolidation options. Don’t wait until things get too far behind before seeking help – the sooner you take action, the better off you’ll be.

I hope this story has inspired you to take control of your student loans and get on the path to financial freedom. It’s not easy, but it is possible. If I can do it, anyone can. Just remember to stay focused and committed, and you’ll be debt-free before you know it.

How I Paid Off 100k In Student Loans

Six-figure student debt isn’t the norm. So when you’re facing a student loan balance of $100,000 or more, the standard, 10-year federal repayment plan may not be right for you.

Standard monthly payments will likely exceed $1,000 with that much debt. But you could save money in interest, decrease monthly payments or do both — even pay off your student debt faster — with a different repayment approach.

The best strategy is usually the one that costs the least overall, provided you can afford the monthly payments. Here are options for paying off $100,000+ in student loans, and how to decide which is right for you.

Pursue student loan forgiveness
Best for: Borrowers in low-earning public service careers.

Students with advanced degrees are often highly indebted. Specific loan forgiveness programs are in place for many of these professionals — including nurses, teachers, dentists, lawyers and doctors.

Public Service Loan Forgiveness cuts across all jobs. It forgives borrowers’ remaining federal student loan balance tax-free if they work for the government or a 501(c)(3) nonprofit while making 10 years’ worth of monthly payments.

PSLF is designed to encourage workers to pursue relatively low-paying jobs. But if your income is high enough, PSLF won’t help you.

To get PSLF, you must make at least some qualifying payments on an income-driven repayment plan, and those payments must be lower than what you would pay on the standard, 10-year plan. Otherwise, you’ll have paid off the debt by the time you’re eligible for forgiveness.

» MORE: 5 strategies for paying off medical school debt

Refinance student loans
Best for: Borrowers who have a high income or anticipate one.

The higher your student loan balance, the more you can save by refinancing.

With $200,000 in student debt averaging a 7% interest rate, for example, you’d save $200 a month and more than $24,000 total by refinancing to a 5% rate — assuming you had 10 years remaining before refinancing and maintained the same repayment schedule.

If your income is relatively low but you expect it to increase substantially, make payments on an income-driven repayment plan until you can qualify for a lower rate. Once you refinance federal loans, they’re no longer eligible for income-driven repayment.

To qualify for refinancing, you typically need good credit and enough income to cover your expenses, other debts and full student loan payments.

is 100k in student loans a lot

I’ve never had a credit card. I think different experts will weigh in differently about this decision, but I never liked the idea of spending money I didn’t actually have, especially when it would be so hard to pay back on top of all of my other expenses.

There were certainly months when having a credit card would’ve made life a little bit easier, like when I was down to my last $20 and I wasn’t sure when the next (often $75-$300) paycheck was coming. But not having a credit card meant I wasn’t tempted to make big purchases I couldn’t afford, and it also meant I never got into any more debt than my already heavy load of loans.

Living on the financial edge was very, very stressful. But I made it work.

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