Navigating through paying off a mountain of debt can be intimidating. I know, as I incurred student loan debt myself and have been through the repayment process.
It’s true. I had my own battle with student loans and my story got featured on AOL Finance when I managed to pay off $30,000 of student loans in just 12 months.
Awesome stuff, right?
Reading other stories about how people are saving money by refinancing student loans or finding ways to pay off student loans faster is so motivating especially to those who are feeling overwhelmed with their own student loans.
Want free money?
There are a lot of Millennials out there making big changes in their finances in order to pay off those pesky student loans or other forms of debt.
Here are some of my favorite stories to help keep you motivated paying off debt fast:
Debt Success Stories
In case you’re new around these parts, The Meet Millennials Series features Millennial’s personal stories with money. Growing up I was raised thinking that talking about money was considered taboo. I’m here to change that. Learning about our peers real, raw, stories can provide inspiration, purpose, and you can learn what to do, and what not to do, from somebody else’s experience.
Student loans paid off: $33,000
Holly and her husband paid off $33000 worth of student loan debt. This wasn’t your typical we made more money and paid off the debt, it was a story of going from two incomes to solely one and still paying off a huge chunk of debt. They knew debt was going to be hanging over their heads from the school loans they had taken out so they committed to paying off each school bill as it came due. It was a big bite out of their paychecks but it was worth the hard work. This choice saved them from paying interest on 2 ½ years worth of schooling… Read more.
Student loans paid off: $30,000
Learn how Vince was able to pay off $30,000 of Student Loans in 4 years. With nearly $30,000 in student loans to pay off, this millennial planned ahead. During a time of unemployment, he applied for over 350 jobs, interviewed at 20 companies, before I got the one he wanted, making $73k at a fortune 100 company… Read more.
Student loans paid off: $50,000
Bakhtiyar college experience was excellent and he had a great time. It was a big slap in the face when he checked my balance shortly before he graduated and happiness was replaced with panic! He was $53,000 in debt and his highest job offer was only $45,000. What is worse, during the course of my entire education he never once learned anything about personal finance. He could tell you random facts about marketing and management and could recite something he learned in history class, but he literally didn’t know how to build a personal budget! He still managed…Read more.
Student loans paid off: $43,000
Angelo took something of an unorthodox approach to paying off his student loans. In short, I wanted to be fully paid off in a year from the time he started making payments. The loans compounded daily so he figured the best way to save was to make daily payments. After breaking the outstanding balance into daily payments (250 per calendar year) he never looked back… Read more.
Student loans + Consumer Debt (paying off): $150,000
Learn about Ava, a consultant with over 150k in student loan debt and consumer debt but she has a plan to pay it all off by the end of 2018… Learn how.
Consumer Debt paid off: $33,000
This is Holly’s personal finance story on how her husband and her have paid off $33000 worth of debt. Her story is not the typical we made more money and we paid off the debt but instead, it’s how we went from 2 incomes to one and… Read more.
7. How I Paid off $5,000 of Credit Card Debt in 9 Months
Consumer Debt paid off: $5,000
I received a submission from Johnson Joseph recently. He told me his story about how being too nice and not knowing how to say no got him into financial debt. Also, how he made a plan of action to pay off over $5,000 of credit card debt in 9 months. How did he pay off $5000 credit card debt in 9 months? Let’s find out!
8. $60K in Student Loan Debt: What I’m Doing About It
Student loans (paying off): $60,000
KP went to college and not surprisingly he also graduated with student loan debt. A lot of student loan debt. Around 60K in student loan debt. Learn how he is planning on tackling this debt… Read more.
Student loans + Consumer Debt (paying off): $154,000
In 2015 our unknown submission was fresh out of my MBA program and fresh in $154K of debt. Learn how she is currently coping with this mountain of debt (great post)… Read More.
Want to Read More Meet Millennial Stories?
Here are some successful submissions to the Meet Millennials Series:
- Six-Figure Salary with Six-Figure Debt
- Meet the Millennial Saving for a Tiny House
- My Top Tips For Paying Off Debt and How To Save Money
- How to Pay Off $30,000 of Student Loan Debt in 4 Years
- I’m Scared To Death Of Being Broke
- Meet The Wise Millennial Who Saves Every Penny
- Shaun’s Personal Experience with Money & Finances
- Meet the Millennial Who Paid Off 43K in Student Loans in 8 Months
- How A CPA Working In Corporate America Approaches Personal Finance
- How To Achieve Financial Freedom While Being Average
- This Millennial Quit His 9-To-5 Job To Travel All Over The Country
- Meet Andrew, of Wallet Squirrel (All About Saving Your Nuts)
- Meet the Millennials behind The A&J Muse Blog
- How One Shopaholic Learned to Control Bad Spending Habits
- Millennial Families: How Can They Attain Financial Independence?
- Meet the Millennial Entrepreneurs Developing an App | StudyHubb
- Meet the Australian Millennial Who Invests in Websites
- All Submissions
What I Wish I Knew Before Paying Back $30,000 in Student Loans
#1. Use NSLDS.
#2. Update your contact information.
#3. Verify uncertainty
If you’re ready to get back into learning about your student loans after those debt success stories, here are some good student loan resources to consider:
- Want to pay off your student loans and need an actual repayment plan? Here’s everything you need to know to get started.
- Looking for the top-rated student loan refinancing companies? Find out the top-rated student loan refinancing companies.
- In a position where you actually NEED more student loans? If so, do it the right way. Here’s how to find the best private student loans.
Games that pay you to play. Yes, we're serious.
These 3 apps will pay you to play games on your mobile device:
- Mistplay (Android) - If you have an android device, you can download this app and start getting cash rewards for playing new games.
- Solitaire Cube (iOS) - Earning money by playing games on your phone sounds like a dream. But this app really pays you for playing solitaire with cash rewards.
- Lucktastic (Android) - This free app offers the same daily scratch-off cards that you find at your local convenience store — but here you can play for free and win real money.
Good luck with those student loans and consumer debts. Please let me know if you have any questions or if you want to share your own debt success story, see here.