When I graduated from college, I had $15,000 in student loans. I was blessed to get a full time career fairly quickly after graduation. When I started to make some money, (after I purchased the proper clothing for work) I decided NOT to defer the payments; I began making payments after 3 months of starting work. I said “no” to travel and other luxuries because I knew that I didn’t want to have loans hanging around my neck for a long time. I made double and triple the payment amount so I could attack the principal. With every bonus, every commission, every extra penny I could throw at the student loans, I began to chip away. Thankfully, I was able to pay them off in 10 months! I am a big advocate of not having student loans and there are ways to avoid getting student/parent plus loans.
Published by MadsenFinancialCoaching
Madsen Financial Coaching was created to bring awareness to personal finance. When you pay attention, you win! We work with clients to understand their behavior and relationship with money, as well as basics of personal finance such as: following a budget, eliminating debt and building an emergency fund to name a few. We want you to succeed, and it starts with your willingness to put in the work. View more posts