I hate debt.
And if there’s one goal on my list that I feel is the most important to accomplish, it’s eliminatng my student loan debt. Over the last few years, I’ve climbed out of credit card debt, paid off my car, and wiped out a small pile of personal loans. But I’ve yet to unbury myself from the mountain of student loan debt I’ve built for myself.
When I began my college career, I was in a dire financial situation. Then I discovered an easy way to pull myself out of that situation: student loans. Having that money available without any real effort to acquire it meant taking out as much as possible every semester. I went a little crazy.
When I took out the loans, I was convinced that life after graduation would be different…BETTER! I thought paying back thousands of dollars would be just as easy as it was to get the loans in the first place. I’d have an amazing career and earn lots of money!
With graduation on the horizon, I’ve been trying to pay off as much as possible before joining the “Real World.” And today, I finally paid off all the accrued interest. It’s a small step in the right direction…and I have many more steps before I reach zero.
But I will reach zero.
Recently I set a goal to pay off the remaining $3,670.66 of my car loan. At the time, I wasn’t sure if I would be able to pay it down to zero within the timeframe I set for myself. I rolled some numbers around in my head and figured that if I was able to entirely eliminate my discretionary spending during the next six weeks, I might be able to do it.
Today, after six weeks, I am proud to say that I was able to pay off my car by the deadline I set for myself, plus 8 hours. There were some times when I wasn’t sure I would be able to do it, when I spent more money than I should have. I almost wasn’t able to accomplish my goal but I stuck with it and kept my commitment to doing what it took to reach the end.
I had to “sacrifice”. I had to sell Stuff in order to make up for the money I spent. I did whatever it took to make this happen. Now that I am free from my car debt I am looking forward to my next debt; my Student Loans.
When I looked at my Student Loan account, even though I had a mental number that was relatively close to the actual amount I owe, seeing it in black and white gave me a sick feeling in my stomach. Instead of feeling overwhelmed, I’m feeling fired up!
I’m working to develop a game plan to attack this debt as ambitiously as I can so that I can have all of my Unsubsidized Loans paid off before I complete my Bachelor Degree. I have a year and a half to make this happen and it is possible but will be a challenge and a lengthy obligation. If I stick with it, I will have more than 50% of my student loan debt paid off and possibly even more if everything goes well.
Look for an update in the future with numbers and a solid repayment plan!