I saw a list like this on another blog and thought it would be funny (and maybe a tad depressing) to write a list of things we could’ve bought with the $117,000 we have in student loans. Here are 20 things we could’ve bought for $117k instead of our loans.
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The average college student now finishes school with nearly $40,000 in student loan debt. Those with advanced degrees, such as master’s, doctorates, or professional fields (medicine, law) often graduate with six figure debt.
Many articles have been written about the student loan crisis, and some have predicted that student loans will be the next “bubble” to burst. Others have argued that the student loan crisis is not a “real” crisis.
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When I was 18, I believed that going to college was my only option. I had naively thought that I would spend the rest of my life flipping burgers if I didn’t go to college. Since my parents earn middle-class incomes, they couldn’t afford to pay for my education, but I was too “well off” to qualify for any assistance other than loans.
I have two main goals with this blog. The first is to inspire those who have student loans or other forms of debt to live below their means so that they can pay off their debt as quickly as possible.
The second goal is to reach those who are currently in college or will be heading to college soon. Many young people believe that attending college immediately after high school is the only path to success. If their parents can’t afford to help them pay for college, they often think student loans are their only option.
If you don’t know who Dave Ramsey is, you might not be familiar with the concept of the “debt snowball.” So, what the heck does that even mean?
A “debt snowball” means paying off your smallest debts first, while making the minimum payments on your larger debts. Once the smallest debt is paid off, you then move on to the next smallest debt, and proceed with this process until all of your debts are paid off.
I’m here to tell you some things you probably don’t want to hear. I am not your parent. I’m not going to tell you that “you can be anything you want to be”, that you should follow your dreams, or that working hard in school is the key to a bright future.
When you think about your student loans do you feel anxious, depressed, or trapped? Does it infuriate you when you review your bill and realize that only about 50% of your payments are going toward the principal balance, while the remainder is going to interest?
Unfortunately, there is no magic secret to getting rid of student loan debt. Lowering your payments by switching to an income-based repayment plan is not a good solution for most people – your payments will be lower, but you will be paying a fortune in interest over time. Can you imagine being 50 years old when you make your final student loan payment?
This blog is about destroying debt by living below your means, so it probably seems strange that I would say that I’m grateful for my student loan debt. Obviously, there is a HUGE part of me that is not happy about my student loans. Here is why I’m grateful for my student loan debt.