How Do I Tackle My Student Loans?

How Do I Tackle My Student Loans?

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[DearDebt]

There’s a psychological impact of having a 6 figure debt for sure. It’s hard to see money flying out of your account! 😭 we’ve paid off $55, 000 this year and it’s been so insanely difficult but you have to stay the course. Debt freedom is WORTH it!!! 🥺🙌🏼❤️

[rleonekc]

i had 60k starting out. i was lucky and stayed on top of it and got it paid off in 6 years

[sarahmburu]

Due to the forbearance of federal student debt (mine is $22K remaining), my plan is to pay off those private loans ($3K remaining) first. Paying off debt is as miserable as losing weight. Just don't accumulate it from the beginning and life will be good.

[waflestix]

Paid off my loans this year and didn’t have to pay those interest rates

[misterjay]

My answer to the question "how do [you] tackle [your] student loans?" would be this: pay off as much of the student loans as you can afford to and still have enough to cover other important expenses while also enjoying your life.

[RogueA.I.]

Someone gave me Dave’s CD’s as a gift 20 years ago and it changed my life. I was in massive debt. I spent a decade paying it down. It changed my outlook on everything. People that say, “you’re so lucky” don’t realize what dedication it takes to get there. It has nothing to do with luck and everything to do with smart choices and sacrifice. You don’t need a $200 dollar a month cable bill, expensive data plans, expensive coffee, expensive vacations, $1000 phones. I packed PB&J for half a decade, put off the fancy vacations, and followed the plan like an orthodox religion. If you want all that stuff, it’s your choice. I don’t judge you. But you can’t call me lucky when I’ve made the sacrifices and you haven’t. I have Dave and his philosophy to thank for that.

[priscilae.]

Made my first payment to my student loan today as a Christmas present! Left $1, 000 for my emergency fund and paid $2, 000. Feels so good! I haven’t finished my masters yet and am not required to make payments yet but I’m committed to getting rid of my debt as soon as posible and not take any other loans!

[BengalTiger]

I was in his shoes 2 years ago with $50k owed. Had to make a hard choice and sell my Dodge Charger Hellcat that I loved so much but definitely shouldn’t have bought 😞, for which I got about $9k in equity from the dealer, put that all towards the loan, consolidated it all and refinanced to a single 5% rate and then made an effort to save $500/mo to pay towards it on top of the monthly payments. The balance is presently at $19k and I just refinanced it again at 3.3% since interest rates have dropped across the board recently.

[_wqalperx]

Yes Yes! Read everything, and then say that you did not know FBC fund and their algorithm!

[BernadetteTeachesMusic]

It’s so great he’s a saver. That’s going to help him get out so fast 💨

[danielrn]

The smallest loan works. I did that and it was really a good feeling to see them getting knocked out. I would log on and see they were gone and it felt so dang good. I have had my student loans paid off since 2013 and now everything I make is mine and I can save and it is such a good feeling.

[whatif]

Plus, once you pay off one loan and the car, you free up that money to pay on the next one.

[random-nzdy]

I'm very mathematical and so the debt snowball is harder for me to go with but I will admit that I got a lot of satisfaction when I saw a student loan group go away completely. I had five groups and I definitely had a really big surge of energy when I got that first smaller one paid off and then it was down to four.

I think personally I would have kept the same energy either way but I think that I definitely got energized from doing the snowball.

[dayvidsdays]

As someone who had close to 100k of student loans, I admit the "debt snowball" method does work with such a massive amount of debt if someone has multiple student loans.

[milkncookie]

How to tackle your student loans:

Wearing shoulder pads are a good start.

[NaNa-ltpo]

If you know what you are doing, which i believe he does, no harm paying off high interest loans first.. (dave accepted it as much). This guy is already motivated enough..

He is saving and seems responsible.

[flisfinance]

I like that snowball idea is safer and the guy is really doing the math, maybe tackling the highest interest one first is the right idea for him

[tamekaosabutey-aguedje]

I'm cleaning up so many messses...I have loan debt (federal and private consolidation) and 401k loan. I need to sit down and do afar he said instead of these balance transfer hustles

[InvestToLive]

It's always amazing to see how both sides of the equation work and we all know the answer. I want to be rich...quick. I want to eliminate my debt...quick. All the ads pitching us on the next secret, the big stocks, the "x" plan, etc. Here is the hard truth. Debt elimination and wealth creation do take time. The good news, it is actually easy and straightforward as well as backed by real numbers. Stop thinking about the 5 years it will take and start thinking about the 35 you will have after! Slow wealth and long term wealth. Quick wealth is risk wealth(I know not 100% but you get it!).

[edwardlee]

It'd be interesting to hear feedback about a savings goal. Paying off debt seemed easy as it continuously got smaller but watching and waiting for savings growth feels more difficult