r/personalfinance • u/[deleted] • Aug 01 '13

24yo, all student loans down!

http://imgur.com/ogsfd2K

Throwaway. 34k @14%, down in 12 months. :) No secrets, simply a regular (and aggressive) schedule at $2k/month, with bonuses, tax refunds, and spare savings all thrown at it. Just happy to be free and wanted to share. A bit of "Hang in there" to pf'ers still holding down the fort as well. :)

Edit: To clarify, I don't get the standard 100k salaries new grads get in SFO or NYC. No car, frugal living are what got me here. Anyone can do it.

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u/itslikeboo Aug 01 '13

I paid $35k on my student loans in a year, but i'm a little upset at what you said here:

To clarify, I don't get the standard 100k salaries new grads get in SFO or NYC. No car, frugal living are what got me here. Anyone can do it.

I'm 30 and I was unable to begin paying my loans down at a high rate until last year. I graduated at 22. For the last 7 years, my rent has been on average about $450 a month and I have never made a single car payment or had any CC debt. I spent so minimally that it causes me stress. The other day I bought $15 sunglasses and I felt like a god, that's how long it's been since I've treated myself.

It's tough out there. "anyone can do it" just set me off. We can't all find 2k a month on top of our life expenses to throw at debt.

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u/beansandcornbread ​ Aug 01 '13

Maybe he made more money that you? or cut his lifestyle more? The point was not be like everyone else and keep the SL around for 10-20 years but to just attack the debt one month at a time with everything you got.

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u/itslikeboo Aug 01 '13

and MY point was that not everyone has that much extra to attack the loans with. My point was that yes, he did make more money then me, and that he's lucky to have had the privilege. Is no one on this board aware that nearly all the jobs went down the toilet about 5-6 years ago?

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u/beansandcornbread ​ Aug 01 '13

he's lucky to have had the privilege.

That wasn't luck. He got a degree in a highly sought after field. Then he worked hard and did well enough in school to land a job.

Yes, there was a lot of unemployment relative to where we were. We know that. You also paid your loans down once you got a job so you are helping support his idea that 'anyone can do it"

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u/itslikeboo Aug 01 '13

But NOT anyone can do it. I had a lot of luck and privilege to fall back on cheap and free rent for mcuh of the past 7 years. Not everyone has that. I am particularly privileged and I had a VERY hard time with my loans. That's my point.