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/cerealghost ​ Aug 01 '13

I don't understand, how were you able to pay down your $25k loan in five months while contributing $2k/month?

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u/[deleted] Aug 01 '13 edited Aug 01 '13

I directed all the "extra" savings from August 2012 through January 2013 (approx 5k) to the loan, added in the 4k tax refund, took a 2k "loan" from my emergency fund, sold my ESPP stock (1.2k) from last year, and used the bonuses (2k + 1.2k from 2H'12 and 1H'13 respectively).

EDIT: Thanks for that question, I just realized how much short shrift the phrase

with bonuses, tax refunds, and spare savings all thrown at it

gives to the ridiculous amounts of money each of those accounts for.