Comments on: How I Paid Off My Student Debt in Six Months http://www.squawkfox.com/2008/02/05/how-i-paid-off-my-student-debt-in-six-months/ Where personal finance & frugal living are sexy, delicious, and fun. Mon, 15 Mar 2010 20:18:00 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: Evan http://www.squawkfox.com/2008/02/05/how-i-paid-off-my-student-debt-in-six-months/comment-page-2/#comment-30099 Evan Sun, 14 Mar 2010 01:06:52 +0000 http://www.squawkfox.com/2008/02/05/how-i-paid-off-my-student-debt-in-six-months/#comment-30099 17k paid off in 6 months is quite an accomplishment! 17k paid off in 6 months is quite an accomplishment!

]]> By: Sarah http://www.squawkfox.com/2008/02/05/how-i-paid-off-my-student-debt-in-six-months/comment-page-2/#comment-29638 Sarah Tue, 09 Mar 2010 01:29:10 +0000 http://www.squawkfox.com/2008/02/05/how-i-paid-off-my-student-debt-in-six-months/#comment-29638 A couple of student loan tips I've picked up from friends: If you are willing to relocate to a remote/northern community in Canada and are a professional of some sort (e.g., teacher, doctor) you can sometimes get your student loans forgiven. If your work is seasonal (e.g., teachers), when you are in your non-working period, apply for interest-free status on your student loans. Continue to make the payments - they go to pay down the principle saving you lots of compounding in the future. A couple of student loan tips I’ve picked up from friends:

If you are willing to relocate to a remote/northern community in Canada and are a professional of some sort (e.g., teacher, doctor) you can sometimes get your student loans forgiven.

If your work is seasonal (e.g., teachers), when you are in your non-working period, apply for interest-free status on your student loans. Continue to make the payments – they go to pay down the principle saving you lots of compounding in the future.

]]> By: Becca http://www.squawkfox.com/2008/02/05/how-i-paid-off-my-student-debt-in-six-months/comment-page-2/#comment-29416 Becca Thu, 04 Mar 2010 14:23:18 +0000 http://www.squawkfox.com/2008/02/05/how-i-paid-off-my-student-debt-in-six-months/#comment-29416 Great blog, Congrats on paying off your loans. I still have at least $25k of student loan debt myself. And it's great that you managed to find a job that helped you pay off that debt. Sadly I graduated about 2 years ago and of course the bad economy made it impossible to find anything out there for a new college graduate. I was pretty much stuck with the interest accruing and accruing and being stuck on claiming unemployment on my student loans. I finally joined up as a VISTA, which is part of the AmeriCorps program which put my loan on forbearance, as the VISTA program ends up putting my loans on forbearance, plus at the end of my year term the interest will be paid off. I also get paid a small stipend. It's not a million dollar salary but it works. Plus I live with my folks, yea I'd like to move out sometime in my future but with what I am making it's just not realistic. I hope someday I'll manage to pay off my student loans and be debt free. Great blog,

Congrats on paying off your loans. I still have at least $25k of student loan debt myself. And it’s great that you managed to find a job that helped you pay off that debt.

Sadly I graduated about 2 years ago and of course the bad economy made it impossible to find anything out there for a new college graduate. I was pretty much stuck with the interest accruing and accruing and being stuck on claiming unemployment on my student loans.

I finally joined up as a VISTA, which is part of the AmeriCorps program which put my loan on forbearance, as the VISTA program ends up putting my loans on forbearance, plus at the end of my year term the interest will be paid off. I also get paid a small stipend. It’s not a million dollar salary but it works. Plus I live with my folks, yea I’d like to move out sometime in my future but with what I am making it’s just not realistic.

I hope someday I’ll manage to pay off my student loans and be debt free.

]]> By: Kimberly http://www.squawkfox.com/2008/02/05/how-i-paid-off-my-student-debt-in-six-months/comment-page-2/#comment-29207 Kimberly Sat, 27 Feb 2010 23:02:55 +0000 http://www.squawkfox.com/2008/02/05/how-i-paid-off-my-student-debt-in-six-months/#comment-29207 I am a 45 year old stay-at-home mom with 5 children ages 7 -18. My husband died in 2008. My oldest son will be starting college this fall. He is an extremely above average student, amazingly mature for his age, and a great leader. He has been on mission trips around the globe (funded by gifts from family and friends). He wants to be a Dr. He has landed a full-ride scholarship at an in-state university. Its not listed as the best for Medical, but he would be in a newly developing Honors/Research program. They would pay for everything except his food. PLUS $5K a year to their Grad school! It is not his first choice, but barring a private school giving him as good a deal, he is thinking he needs to "Settle" for this one just to avoid the debt. What do you all think?? Also as far as the comments and questions about jobs .. my husband got his Assoc and then his B.S. degrees shortly after we were married. He worked 10 yr as a computer consultant in a huge accounting firm in Chicago. He was laid off and ended up literally after 7 yrs and $50K in debt, going back to work for his dad digging basements, and ditches, and septics!! I kinda agree on one point ... WHAT A WASTE OF MONEY FOR THOSE DEGREES IF YOU CANNOT FIND GOOD JOBS! That is so sad to read how many gave so many years of your lives and now it is not helping you get the jobs in a market you thought you could prosper in! I pray things turn around quickly. My debt was erased with the Life Ins proceeds. Sad way to get out of debt. But what really helped us .. the best day of my life financially was standing in walmart and maxing our last credit card on toilet paper!!! That was it ... it was CASH or NOTHING. We found cheaper insurance. Our house interest rate was low. Just dropped again. And prayed like crazy! If its okay to post something specific ... Dave Ramsey's program was what finally got us thinking right about our debt and cash and expenses. Yes, it takes enough income, but going through his program, he has ideas we never thought of that really worked and decreased our expenses. Just something to look at. What about car-pooling? Or public transit? My husband finally gave up commuting a hour each way for the train. The hours sucked, but the money saved in gas - the train tickets = a lot more money kept in our pockets. It was worth the time sacrificed. When it got too much, he arranged telecommuting some of his hours. There are ways ... we just have to be very creative. And by the way, Dave does suggest to build FUN money in! Just make it one $5 latte a week instead of 7 ... even that helps! :) I am a 45 year old stay-at-home mom with 5 children ages 7 -18. My husband died in 2008. My oldest son will be starting college this fall. He is an extremely above average student, amazingly mature for his age, and a great leader. He has been on mission trips around the globe (funded by gifts from family and friends). He wants to be a Dr. He has landed a full-ride scholarship at an in-state university. Its not listed as the best for Medical, but he would be in a newly developing Honors/Research program. They would pay for everything except his food. PLUS $5K a year to their Grad school! It is not his first choice, but barring a private school giving him as good a deal, he is thinking he needs to “Settle” for this one just to avoid the debt. What do you all think??

Also as far as the comments and questions about jobs .. my husband got his Assoc and then his B.S. degrees shortly after we were married. He worked 10 yr as a computer consultant in a huge accounting firm in Chicago. He was laid off and ended up literally after 7 yrs and $50K in debt, going back to work for his dad digging basements, and ditches, and septics!! I kinda agree on one point … WHAT A WASTE OF MONEY FOR THOSE DEGREES IF YOU CANNOT FIND GOOD JOBS! That is so sad to read how many gave so many years of your lives and now it is not helping you get the jobs in a market you thought you could prosper in! I pray things turn around quickly. My debt was erased with the Life Ins proceeds. Sad way to get out of debt. But what really helped us .. the best day of my life financially was standing in walmart and maxing our last credit card on toilet paper!!! That was it … it was CASH or NOTHING. We found cheaper insurance. Our house interest rate was low. Just dropped again. And prayed like crazy! If its okay to post something specific … Dave Ramsey’s program was what finally got us thinking right about our debt and cash and expenses. Yes, it takes enough income, but going through his program, he has ideas we never thought of that really worked and decreased our expenses. Just something to look at. What about car-pooling? Or public transit? My husband finally gave up commuting a hour each way for the train. The hours sucked, but the money saved in gas – the train tickets = a lot more money kept in our pockets. It was worth the time sacrificed. When it got too much, he arranged telecommuting some of his hours. There are ways … we just have to be very creative. And by the way, Dave does suggest to build FUN money in! Just make it one $5 latte a week instead of 7 … even that helps! :)

]]> By: Dan http://www.squawkfox.com/2008/02/05/how-i-paid-off-my-student-debt-in-six-months/comment-page-1/#comment-29133 Dan Fri, 26 Feb 2010 03:32:28 +0000 http://www.squawkfox.com/2008/02/05/how-i-paid-off-my-student-debt-in-six-months/#comment-29133 Some great tips and advise, I'll definately share this on my blog as well. I will say, that it takes a certain kind of person that has some dicipline. Many people I deal with have little patience to to pull it off. Some great tips and advise, I’ll definately share this on my blog as well. I will say, that it takes a certain kind of person that has some dicipline. Many people I deal with have little patience to to pull it off.

]]> By: T http://www.squawkfox.com/2008/02/05/how-i-paid-off-my-student-debt-in-six-months/comment-page-1/#comment-28532 T Fri, 12 Feb 2010 19:45:32 +0000 http://www.squawkfox.com/2008/02/05/how-i-paid-off-my-student-debt-in-six-months/#comment-28532 Question, did your loan servicer ever send you a confirmation letter that your loan has been paid off? It's been almost a month for me, and I've even called in and requested a confirmation letter and still none. Not sure how long this takes... Question, did your loan servicer ever send you a confirmation letter that your loan has been paid off? It’s been almost a month for me, and I’ve even called in and requested a confirmation letter and still none. Not sure how long this takes…

]]> By: Stacey http://www.squawkfox.com/2008/02/05/how-i-paid-off-my-student-debt-in-six-months/comment-page-1/#comment-28498 Stacey Thu, 11 Feb 2010 17:17:13 +0000 http://www.squawkfox.com/2008/02/05/how-i-paid-off-my-student-debt-in-six-months/#comment-28498 i'm still with Kelsey on this....not trying to gang up or anything.. your ideas are very good. Just in regards to your comment "do more hours at work (so you have a full week) or get a 2nd part-time job" ..well, who's to say that we aren't already working a full week? Thats what Kelsey is saying.. she gets paid $1200/month working MORE than a full week and I get paid $2000/month working a full week (40hrs). But even at that it is still hard... and Yes, we Could get a part-time job but sometimes our lives don't allow us to do that. For example: I'm taking evening french courses to make myself more marketable, I regularily go to the gym after work and so my only down time is on the weekend which is often spent doing renovations to my (very old) house. If I were to take on a part-time job on the weekend, it woudlnt last long at all because I would be completely burnt out. Everyone needs down time. So..not trying to make excuses or anything.. just, it is admirable that you guys can pay off debt so well because a lot of us don't have the luxury. Unfortunately, for some of us, we have to use our credit cards ONCE IN A WHILE (aka, rarely) to buy things like groceries, ect. I live in the county..1 hr away from my job (believe me, that is NOT ideal but I can't find anything local at the moment)... so I spend $300 a month in gas! I know if I could cut down on that, I would have a lot more money for savings/debt repayment however, I simply can't get a job that pays even close to what I get now where I live (and no, i won't relocate - I just bought a house). Seriously.. if people really dont mind, I'm interested in people listing what they do for a living??? It is more a personal interest thing and to learn where the market is (job wise). and Hell - the provice. That may help everyone get an idea where we're coming from (literally). I'll start! I'm an Administrative Assistant in Ontario i’m still with Kelsey on this….not trying to gang up or anything.. your ideas are very good.
Just in regards to your comment “do more hours at work (so you have a full week) or get a 2nd part-time job” ..well, who’s to say that we aren’t already working a full week? Thats what Kelsey is saying.. she gets paid $1200/month working MORE than a full week and I get paid $2000/month working a full week (40hrs). But even at that it is still hard… and Yes, we Could get a part-time job but sometimes our lives don’t allow us to do that. For example: I’m taking evening french courses to make myself more marketable, I regularily go to the gym after work and so my only down time is on the weekend which is often spent doing renovations to my (very old) house. If I were to take on a part-time job on the weekend, it woudlnt last long at all because I would be completely burnt out. Everyone needs down time.
So..not trying to make excuses or anything.. just, it is admirable that you guys can pay off debt so well because a lot of us don’t have the luxury. Unfortunately, for some of us, we have to use our credit cards ONCE IN A WHILE (aka, rarely) to buy things like groceries, ect. I live in the county..1 hr away from my job (believe me, that is NOT ideal but I can’t find anything local at the moment)… so I spend $300 a month in gas! I know if I could cut down on that, I would have a lot more money for savings/debt repayment however, I simply can’t get a job that pays even close to what I get now where I live (and no, i won’t relocate – I just bought a house).
Seriously.. if people really dont mind, I’m interested in people listing what they do for a living??? It is more a personal interest thing and to learn where the market is (job wise). and Hell – the provice. That may help everyone get an idea where we’re coming from (literally). I’ll start!

I’m an Administrative Assistant in Ontario

]]> By: Kelsey http://www.squawkfox.com/2008/02/05/how-i-paid-off-my-student-debt-in-six-months/comment-page-1/#comment-28495 Kelsey Thu, 11 Feb 2010 15:10:11 +0000 http://www.squawkfox.com/2008/02/05/how-i-paid-off-my-student-debt-in-six-months/#comment-28495 @Stef: Believe me, if I could get a third job (I already have two), I would have done so a long time ago. Unfortunately, I'm in a creative field, and those aren't exactly hiring right now. I also simply don't have time for a second job. I'm in the process of trying to start my own freelancing business and I currently work 14-18 hours a day, between my current two "real" jobs and the work I do trying to get my freelancing off the ground. @Stef: Believe me, if I could get a third job (I already have two), I would have done so a long time ago. Unfortunately, I’m in a creative field, and those aren’t exactly hiring right now. I also simply don’t have time for a second job. I’m in the process of trying to start my own freelancing business and I currently work 14-18 hours a day, between my current two “real” jobs and the work I do trying to get my freelancing off the ground.

]]> By: Stef http://www.squawkfox.com/2008/02/05/how-i-paid-off-my-student-debt-in-six-months/comment-page-1/#comment-28491 Stef Thu, 11 Feb 2010 12:56:46 +0000 http://www.squawkfox.com/2008/02/05/how-i-paid-off-my-student-debt-in-six-months/#comment-28491 @Kelsey : Ok ... first, I'm no CEO, I can't even afford to buy a house in the city where I live. That's how great my job is ;) Of course, you will need some extra income in order to pay off your debts. There's just no way around it. If you can't cut anymore in your budget to free some cash, then you'll need to use your imagination: get a better paying job, do more hours at work (so you have a full week) or get a 2nd part-time job, talk to your friends about your situation but get something going. @Kelsey : Ok … first, I’m no CEO, I can’t even afford to buy a house in the city where I live. That’s how great my job is ;) Of course, you will need some extra income in order to pay off your debts. There’s just no way around it. If you can’t cut anymore in your budget to free some cash, then you’ll need to use your imagination: get a better paying job, do more hours at work (so you have a full week) or get a 2nd part-time job, talk to your friends about your situation but get something going.

]]> By: Kelsey http://www.squawkfox.com/2008/02/05/how-i-paid-off-my-student-debt-in-six-months/comment-page-1/#comment-28470 Kelsey Thu, 11 Feb 2010 02:07:06 +0000 http://www.squawkfox.com/2008/02/05/how-i-paid-off-my-student-debt-in-six-months/#comment-28470 @Stef: You don't seem to understand. I make about $1200 a month. My bills, plus the minimum on my credit card, come to about...$1200 a month. I haven't bought anything on my credit card in two years, but I still have about $6k of debt. I have spent a total of $30 on non-essential costs (i.e. anything other than food, gas, or rent) since November - know how I know? Well, I had $30 in cash in November, and I ran out of cash last week, and when I did, I realized that my debit card had expired back in November (our household expenses come from a joint account card that is separate from my personal one). I honestly don't spend any money other than that I spend on essentials, and I don't use my credit card, but it's difficult to pay off debt if you don't have a well-paying job. My argument was that it seems that the poster, and most of the commenters, have great jobs that allow them to save a lot of money. @Stef: You don’t seem to understand. I make about $1200 a month. My bills, plus the minimum on my credit card, come to about…$1200 a month. I haven’t bought anything on my credit card in two years, but I still have about $6k of debt. I have spent a total of $30 on non-essential costs (i.e. anything other than food, gas, or rent) since November – know how I know? Well, I had $30 in cash in November, and I ran out of cash last week, and when I did, I realized that my debit card had expired back in November (our household expenses come from a joint account card that is separate from my personal one). I honestly don’t spend any money other than that I spend on essentials, and I don’t use my credit card, but it’s difficult to pay off debt if you don’t have a well-paying job. My argument was that it seems that the poster, and most of the commenters, have great jobs that allow them to save a lot of money.

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