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    Home Unlabelled Been Waiting 3 Years to Make This Post. Paid $74,864 in 3 Years. Student Loans

    Been Waiting 3 Years to Make This Post. Paid $74,864 in 3 Years. Student Loans

    February 19, 2022

    Been Waiting 3 Years to Make This Post. Paid $74,864 in 3 Years. Student Loans

    Been Waiting 3 Years to Make This Post. Paid $74,864 in 3 Years.

    Posted: 18 Feb 2022 08:45 PM PST

    Hello friends!

    Background

    I (26M) graduated in 2019 with $74,864 in student loans with a degree in Economics. Although it was a lot of money, I used this money to purchase a car, studied abroad (or two), and made lifetime friends. For me it was worth it because I needed a degree to become a military officer which was my desired end state.

    Method

    Upon graduation I commissioned as a US military officer with great benefits. Free healthcare, dental, housing, steady paycheck etc. I was making about $1,500 every two weeks when I first started. When I first started receiving a paycheck, I immediately put $1,000 towards my loans. I later became accustomed to living off very little each month and in turn began contributing more each month. As I got promoted and earned more and now make about 90k. All my stimulus checks, tax returns, per diem, were immediately thrown at my loans. I remain very grateful for those.

    One thing that got me excited to pay my loans was a spreadsheet on my computer. I updated it as soon as I made a payment and left a comment about how things were going in my life. Think like a diary infused with a student loan tracker. I would include a screenshot, but it has a lot of person info on there. Reach out if you want it. It worked for me. Over time, I tackled each loan slowly but surely. It felt amazing to delete the loan from the spreadsheet. I also had a pie chart that showed what percentage I was away from completing my loan repayment. Again, this worked for me.

    Reflection

    I often felt overwhelmed and was angry at the total amount of loans, but I wanted to pay it back on my own. I was still able to travel and do the things I wanted to do (Stationed in overseas, currently in SE Asia for an event). I was just sure to not have any expensive habits. My car is a beater, but I wouldn't have it any other way. I love my 2001 Nissan Cube. I was still able to invest and contribute to my IRA/401k. Maxed IRA 3 years in a row and 5% to 401k. I will now allocate my paychecks towards that since I am still accustomed to living off very little each month. Money doesn't buy happiness, but it does alleviate a lot of stress. I watched a lot of CNBC's Millennial Money because it motivated me and even made me realize I was doing better than other individuals in the same age group. This process has really taught me to value the small things in life.

    Conclusion:

    Make a plan, stick to it, track it, and you'll finish eventually. I know my circumstances aren't as bad as some, but it can be done. Massive thanks to the people who took time to read this and those that have been willing to put their stories out there for others to read. It was extremely motivating to know that I was not alone in this struggle. I made a promise to me that I would go buy a large Starbuck's seasonal coffee when I finished since I was never willing to spend money on that while I was paying back my loans.

    Best of luck to all of you and stay focused. Reach out if you have any questions or comments. Cheers!

    submitted by /u/Firm_Mushroom1928
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    Anyone with FedLoan not transferred yet?

    Posted: 18 Feb 2022 11:59 PM PST

    My husband got his transfer letter about two weeks ago. I've gotten nothing yet. Getting worried. I'm on IBR til middle of 2023 though.

    submitted by /u/giza_rohi
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    How do you apply for extended repayment loans? Can you get them with parent plus loans ?

    Posted: 18 Feb 2022 08:49 PM PST

    Options for Not being able to afford private student loans?

    Posted: 18 Feb 2022 08:06 PM PST

    Hello all I was wondering if anyone had any tips of advice for me. Long story short I graduated college about 2 years ago and had to take out my education in all student loans. I currently have ~37,000 in Federal loans and $250,000 in private loans (55000 of this balance is interest charges.) my biggest issue is that I have not been able to pay my loans for the last 2 years and have had them in forbearance and they are now coming out. My monthly payment is $1975 on just the private loan and I make around $2500 after taxes each month. What are some options for me? I unfortunately am feeling that I might be best to let them default and play it out in court as wage garnishment is actually less than my monthly payment. Has anyone been in this situation? Also my education was to be a pilot if anyone is wondering why I have so much debt.

    submitted by /u/testpilot1995
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