My name is Kelly Russell, and I have $92,670 in student loan debt.
Its not as bad as it sounds, though.
Last October, that number was $104,105.
I also paid off the remainder of my $7,000 car loan in September.
But while theaverage student loan debtis around $30,000, many of us have a much higher balance.
Heres how Im working on paying off my student loans without making a huge salary or working two jobs.
I went straight into grad school, and my lender deferred my loans.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help…
I was always fully aware of my loans and the amount of interest that was accruing on them.
But for some reason, I wanted to pay off a big chunk of my loans all at once.
In October, I put $6,000 toward my student loans.
In seven months, I knocked $14,400 off my student loans.
Even as Im paying down my loans, interest continues to accrue and add to the balance.
Its like taking 14,000 steps forward, then 3,000 steps back.
and I dont work multiple jobs.
I have my 9-to-5 job and occasionally do somefreelance work on the side.
But I do have a secret savings weapon: I live at home.
Yes, at the age of 21, I moved back in with my parents.
Im now 25, and I plan on staying put for at least another year.
Drastic student loan balances call for desperate measures.
And instead, all of that money can go straight toward my loans.
But if your familys open to the idea, try it for at least a year.
Create a Budget and Prioritize Loan Payments
A budgethelps you see exactly where your money is going.
While I splurge occasionally, I dont spend a lot of money on shopping orgoing out to barswith friends.
Pick a Payment Method
Most people focus onpaying off their loans in one of two ways.
With the snowball method, you focus on paying down your smallest loans first.
Coincidentally, these two loans also have the highest principal balances.
This strategy helps keep my interest amounts a bit lower.
Paying off a six-figure student loan balance isnt going to be easy, but Im on my way.
If youre facing a similar amount of debt, Id love to hear your strategies for paying it off!
Kelly Russell is a marketing professional with a goal of paying off her student loan debt in five years.
She currently resides in Massachusetts.
No Interest Til Almost 2027?
Balance Transfer = Credit Card Cheat Code
