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How long did it take you to pay off your student loan?
- Thread starter Doom_Bringer
- Start date
I still have about 4.5 years left on mine. I started off at $90k at the end of 2015, and it's down to about $60k now. I've been paying $1k+ per month all this time on them.
Once I finish them off, I'm going to try to go to Canada so I don't have to worry about starting this all over again with future potential medical debt.
Once I finish them off, I'm going to try to go to Canada so I don't have to worry about starting this all over again with future potential medical debt.
My primary student loans through Sallie Mae (now Navient) were paid off a month or two ago, so 10 years. A portion were sold off to FedLoan and I'm working on getting those paid off, should be in another year or so.
it counts as 'real' debt? I think in the UK it isn't included in things like mortage calculations.
I'm 20 years and still have $29k left of $54k. All from grad school (Master's and Ph D in a city where the stipend wasn't enough, and some bad decisions to not live with roomates for a few years etc.).
I don't really mind as I consolidated (FedLoan) at 3% and the minimum payment is $265. I send $300 a month lately, did $350 before wedding and then home purchase savings. Will up it again once I get the rainy day fund back up to 6 months expenses. Little set back there from needing surgery and having to give up my summer class taking some money out of my pocket (about $5k after taxes).
We make good money, so they payment isn't any kind of burden. My wife has way more student loans and a higher payment and higher interest as she finished years later than I did. But she makes the payments easily, but definitely feels it more than I do (we keep our finances completely separate).
I don't really mind as I consolidated (FedLoan) at 3% and the minimum payment is $265. I send $300 a month lately, did $350 before wedding and then home purchase savings. Will up it again once I get the rainy day fund back up to 6 months expenses. Little set back there from needing surgery and having to give up my summer class taking some money out of my pocket (about $5k after taxes).
We make good money, so they payment isn't any kind of burden. My wife has way more student loans and a higher payment and higher interest as she finished years later than I did. But she makes the payments easily, but definitely feels it more than I do (we keep our finances completely separate).
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2 years, but i went after it hard cause i didn't have any debt back then
now that i have a mortgage and other payments i couldn't have done it as fast. so do it early if you can
now that i have a mortgage and other payments i couldn't have done it as fast. so do it early if you can
First, I'm Gen X, so my loans weren't awful. According to most reckonings I'd be a millennial if I was born one year later.
Second, I was amazingly lucky with jobs out of college and was earning good money by age 23. I was even making decent money in college working for the IT dept.
I paid off my loans when I was 26 or 27. I probably could have done it sooner but there were other life things going on and I was saving a lot.
Second, I was amazingly lucky with jobs out of college and was earning good money by age 23. I was even making decent money in college working for the IT dept.
I paid off my loans when I was 26 or 27. I probably could have done it sooner but there were other life things going on and I was saving a lot.
Me and my wife had about 70k combined, we paid off the high interest ones (including 30k of mine which was a private loan) in about 2 years, and now only have 15k in very low interest, which we're okay putting on the backburner a bit and just paying a little bit above the minimums while we save for other things and start investing.
I'm about 2.5 years into paying off mine but i'm at the point now where I don't know if it's better to use my additional income to pay off the $16k I have left (started at $20k) or to save the money for a down payment on a house. My goal is to buy my first home within the next 2 years so while I could pay off that $16k in probably 18 months, I think it would be better served to afford me a better home.
God damn that is insane. I am so sorry. My CS degree was about $40k back in 2003. Tuition rates are absolutely bonkers now. Condos cost less when I was in my twenties.
Took me like eight months. Lots of overtime and living like a monk to pay back 25k. Kept going like that for three years, shoveling all my cash into RRSP (401k) since I had tons of unused deductions from working since I was 14. Just kept reinvesting the tax refunds into more RRSPs.
I graduated in 2001. I paid mine off in 2017. To be fair, my debt wasn't that high and my payments were comparatively small ($113 a month). Felt good to be done, though.
Been like ten years and I've actually got enough to pay it all back. Just a matter of if I should exhaust most of savings to do it. I might lose my job or need to buy a new car.
I alternated between school and full-time work for 7 years instead of taking out loans for a 4-year degree.
Less than a year.
Went a community college and four year state school. Cheap as shit.
Fuck a name brand college.
Went a community college and four year state school. Cheap as shit.
Fuck a name brand college.
This is the approach everyone should be taking unless it's a relatively high balance and you're looking for that psychological satisfication of having almost none to no debt.
graduated with 30k in debt and my salary for the most part was 35k in SEATTLE, and im about to finish paying it all off this month after 29 months. With your salary and if you went as aggressive as I did, you could pay it all off in less than a year.
never needed a loan, fortunately. Tuition isnt that high over here so I was able to keep a steady side-job for 10 to 16 hours a week which paid for pretty much everything during that time.
Masters left me with about 21k in debt, paid off in less than two years on an aggressive schedule
In the UK they forgive the debt after 25 years if you haven't paid it off, which I definitely won't have. 10 years in and I've done very little.
2 years. I paid it down aggressively and I live at home and kept my expenses minimal back then. I spent way less on gaming as well(league of legends RP only)
It does for one of two DTI's in the U.S.
What factors make up a DTI ratio?
I don't a few months? I went to a SUNY school and had a bunch of grants, so only had maybe $10k to pay off. I was also working full time by my second year.
My grandmother paid my undergrad for me and I paid mine my grad loans as so as I was done thanks to an inheritance but I has less than $10k ish because I worked on campus for almost half my tuition and got another 5k per year off for being an "adult" student with entering in with a 4.0.
I refinanced back when the government gave a sh*t, so I just paid the minimums. My interest rate was locked in very low. I think it was 14 years.
Like a year or two as I recall. But this was in the early 1990s when college wasn't nearly so obnoxiously expensive. I also worked throughout college.
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Pay it off as quickly as possible. I paid mine off in two years (I didn't have that much though).
Hard disagree. First, 3% is high enough that it should be knocked out sooner than later. Second, student loan debt is one of the worst kinds of debt you can have... it's not discharged in bankruptcy.
I was 74k in debt took me about 6-7 years. Last 3 years I was intense with it. I think counting the interest I probably paid about a 100k