Do This To Save Thousands Of Dollars On Student Loans

Do This To Save Thousands Of Dollars On Student Loans

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[worldtraveler]

I got myself from 86k down to 36k. I can finally see the light! We are paying for our crew because I am not letting our children start life with debt, especially from education!!

[brandoneldridge]

Due to Dave Ramsey and following His program, I paid off $40, 000 of student loans off in 13 months!

[ajb]

I went from 67k down to 0. I have been debt free since August 2023.

[TheFirstRealChewy]

Stop thinking about it as saving money. You already borrowed and spent the money. So what you're doing is stopping the bleeding.

[kathyhoutami]

I saw this Facebook reel for a person who became a dentist free because she join the air force. The air force paid for her degree. She has no student loan and she's earning good salary as air force dentist.

[JulEnglefaris]

$38k wow. One reason I skipped college was because I couldnt afford it. Loans arent "affording college". I went to a trade school. I make as much money as my coworkers woth degrees. I feel lucky

[millsykooksy]

I would just go to community college and then a very inexpensive state school, pay cash, work while you’re in school and not have any student loans that’s what I did

[tiffanysteen]

We could do that! We’re at 42k remaining this is our year to be debt free

[Grace-love]

You can also add your refunds from taxes and every bonus you may get from work. Whenever you get a raise add the difference to the loans. Any birthday money, yup, add to loans. This will enable you to pay more down in a much faster rate.

[Danzilly]

When Rachel's one on one this is good motivation for people!

[PCKA]

So could this be how one pays off mortgage quicker? My student loans are in the rear view, praise God!

[marsharodgers]

When I have payments, I take that payment divided it by 4 weeks and make a weekly payment.
There are 12 months in a year.
12 ×4=48
But there are 52 weeks in a year.
So we have 13 months in a year.

[elizaturner]

I have not graduated yet but I have already started organizing my finances to pay off my student loans in a year and half. Right now they are at $23, 037 with 5% interest. I’m very hopeful that the end total will still allow me to complete this goal as it is the only debt I have, I want it gone as quick as possible.

[noahzer]

I know i had a class where i did the math for mortgages. Long story short o found out when i eventually do have a mortgage if i can afford it i add around 200 or so more dollars to the mortgage if i can afford more ill try to add more. The little amount you add wether it is 50$ or 200$ is helpful because it doesnt allow the interest to build as much.

[chadthomas]

I paid off my student loans in 6 months thanks to Ramsey and Rachel. Debt snow all works. I have no student loans now 😁

[alittleantidote]

I'm from NZ, our loans are 0% interest, so everyone just keeps things on minimal payments, but I paid extra to clear it and have enjoyed knowing I'm debt free soo much

[alinewright]

I did that on my 15 year mortgage was paid off in 8 years. I put the extra on principal. I also had a emergency fund if something broke down. In December I would take all except $500. to add the house payment on principle 😊

[StcyBRD]

I kept living like a college student and had it paid off in 2 years. $48, 000 for BS & MS. I had 3 jobs at tines and only took loans for tuition and sometimes books.

[michelleanderson]

I'm hoping to do an extra $100/month and use my tax return to also knock it down! Hubby and I don't budget to the point of counting on that return.

[HikaHima]

You can really do this on a mortgage. I saved nearly 40k in interest on my mortgage by making double payments (and only buying a house at half of what I was approved for so I had the money to make double payments). I got that house paid off in just 6 years and 3 months (some missed double payments because life happens). Meanwhile - a lot of my friends will be in debt for life. My parents are also in debt for life (my mom expects their house to finally be paid off by the time they are in their late 60s despite the fact they were not struggling financially). Basically paid for the house twice due to the interest. Understanding interest and how it can work for or against you is the number one thing kids need to learn before adulthood. What happened to finance classes in school?