There Are Many Ways to Pay Your Student Loans

For example, you can pay them slowly. Or you can pay them quickly. Or you can not pay them at all. If you would like to read about two people who decided to pay their student loans off in three years and then adjusted their lifestyles so that they could pay their student loans off in three years and then actually did pay their student loans off in three years, their stories are over at the Guardian. If that kind of success stresses you out, you know what to do (don’t touch that dial).


9 Comments / Post A Comment

ellabella (#1,480)

I’m feeling a bit grumpy and cynical here, but “It helped that I had housemates who were great cooks and we shared food costs as a house.”

Anyone else wondering if his roommates resented him for doing less than his share of cooking and eating more than his share of food? Or am I just in a bad mood and reading everything negatively?

toptierstate (#453)


No, I also got a weird vibe from him. Enough that I closed the tab angrily without finishing the article, ha.

Sloane (#675)

@ellabella Hm, I didn’t read it that way at all. I’ve lived in a house where we shared costs, and sure, there were times where I consumed more or contributed less, but there were also times where I consumed less and contributed more. It generally evens out.

hellonheels (#1,407)

@ellabella Not necessarily. While I’ve never done communal meals as a house, if I did, I would prefer to cook most if not all the meals for the group, simply because I’m a good cook and consider planning meals and spending time in the kitchen to be my primary hobby, while most of my past roommates would just throw together whatever was cheap and easy because they were hungry and had to eat. I’d be MORE resentful if I was putting a lot of effort into the meals I made and others were just making like, mac and cheese and hot dogs when it was their turn. Given that he describes his housemates as “great cooks,” it doesn’t seem impossible that there’s a similar dynamic at work. As long as they’re sharing costs evenly and no one’s complaining about division of labor, I don’t see an issue.

I always read these articles thinking “Maybe this one’s different, maybe I’ll learn something new here” and nope, I never do. It’s time for me to accept that I can pay all my bills, I’m working on paying off my debt, I live in a decent neighborhood and can afford decent work clothes and a certain amount of hobbies/outings,and I’m OK with that tradeoff. My debt will be paid when it’s paid.

CubeRootOfPi (#1,098)

@polka dots vs stripes Yeah, with the Guardian article I wish they gave more details on what these guys’ budgets looked like.

For debt-payoff stories generally: Honestly, I’m tired of the “I had $100,000 in debt. But I stopped spending $500/week on clothes and drinks! And my parents pay my rent! So I was able to pay it off in 2 years!” Can we please have “normal” people stories?

Sloane (#675)

@CubeRootOfPi I thought these guys seemed pretty normal. Neither had huge salaries, huge amounts of debt, or huge assistance from other people. Only thing that was unusual was that they paid their debt quickly (and that’s the inspiration you want to hear in the first place, sooooo….).

Trilby (#191)

It’s unfortunate that you don’t feel the good of a paid-off student loan until after you make the last payment. If only it were like a credit card where, as the balance gets lower, the minimum payment does too, and if you pay more, it gets even lower. But no, it’s like a mortgage, only when it’s paid off you don’t own anything except a little peace of mind. My interest rate is so low on my loan that I hesitate to put money towards it, but if I did want to pay it off in 3 years, I’d have to pay almost $1000 per month. And that’s not even such a big loan! Let’s face it, the problem is the cost of education– too high! That is the reason you have this loan hanging over your head.

serpens kaput (#3,756)

So I’m not trying to be sanctimonius, but I’ve never personally understood why so many people have so much trouble with their student loans. If you want to pay them, change your lifestyle. Don’t go out for drinks much. Don’t eat out much. Hang out with broke artists/musicians, who make all kinds of creative fun! Yeah it’s not the most exciting and glamourous lifestyle but if you really want it, you’ll get it done. I really wanted it. Just so you know I’m not talking out my ass, I paid off about $36k in 4 years on a 27k salary (bumped up to 30k for the last year), despite living in a moderately expensive city. I still empathize with friends who feel trapped by debt, especially the underemployed/unemployed ones, but I am just so puzzled by people who will not downsize their lifestyle even as their debt spirals out of control. I do agree with the premise though! College costs way too much and it’s a real disaster for our generation.

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