How I Paid Off $54,000 in Student Loans in 2 Years and X Months

student loan debt repaymentSo… I finished paying off my student loans this month. Actually, that’s a lie. I finished paying off my student loans in July 2014. Actually, that is a lie too. It would be more accurate to say we finished paying off my student loan in July 2014. But I was too scared to say so back in July, because I had projected to be finished paying them off this month, November 2014, all by my self. Like a big boy. I think I’m also suffering from PTDRS – Post Traumatic Debt Repayment Syndrome. I’m serious. I still don’t feel like I’m done paying off this debt. I still feel like I am in the trenches everyday trying to reign debt under control. I haven’t even celebrated yet.

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Student Loan Homestretch

Student Loan Homestretch

Back in November 2013, I posted a visualization of my student loan payoff progress – please refer to that post if you want to understand the graph. I had $25,100 left to go in November 2013. Today, I am left with $13,800. I am so close to single digit thousands owing that it is making me giddy. I used up my remaining bulk of student loan tuition credits this tax season and got a substantial $5000 return, which I immediately put towards my student loans. I’ve eliminated 75% of this debt and racing to kill the remaining 25%. I’m on the student loan homestretch. I can see the light at the end of the tunnel. And it feels damn good.

Student Loan Payoff Visualization

Student Loan Payoff Visualization

I wrote previously about being at half way to zero on my debt repayment. I realized I didn’t add a visual to that post. So here it is. This is my student loan payoff visualization! This is what my student loan debt payoff looks like in graph form. The blue bars correspond to the right-side vertical axis and show my total monthly student loan payments since May 2012. The red line corresponds to the left-side vertical axis and shows my debt level dropping after each payment. And that is the visualization of my student loan repayment journey!

Successfully Hack Student Loan Interest Rates

Successfully Hack Student Loan Interest Rates

Back in high school, I remember my English 10 teacher casually mentioning that she was still paying off her student loans. I remember being absolutely blown away! I remember thinking to myself, “but you are SO old, how could you still possibly be paying off your students loans!?”

I would like to say that this frightened me off from ever taking out student loans. However…

I took out student loans to goto university. After finishing my undergraduate and postgraduate degrees I owed:

$52,154.95

Yeah, that’s a lot of money.

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