Looking for kickass student loan payoff stories


Would you take something like this deary?


Yes, 8 months is kickass !

If you can give me a 1-3 paragraphs quote to go with the link, it would be great. Thanks


Yes ma’am, gimme a few hours. Bed time :slight_smile:


Somebody way smarter than me once said taking on debt is borrowing from your future self. However education can be a form of investing in yourself. Therefore I viewed the choices about whether to study, what to study, where to study, and how to pay for it as investment decisions.

To me taking on debt for education was functionally the same as using leverage to purchase an investment property. It only made sense if the long term return on that investment would exceed the costs associated with borrowing and servicing the debt.

While I still mostly enjoyed the student experience, I didn’t spend as much time chasing pretty girls, majoring in pub studies, and playing sports in the sunshine. Instead I worked two or three student jobs while studying full time, so I could graduate debt free. That meant instead of paying off student loans, I could instead start purchasing investment properties right out of university, which ultimately allowed me to be financially independent by the age of 40. As it turned out I only worked in my chosen field of study for a year before pursuing other opportunities, so while everything ended up working out pretty well I am glad I wasn’t heavily indebted to an education I didn’t end up making a lot of use of.


We started our journey with very little debt. As students, we each ranked up five or six thousand dollars on lines of credit but never really needed to borrow a lot. We both worked part-time jobs, worked during the summers, and saved a lot to pay for our school expenses. Being from Canada, our costs were drastically less than any university in the United States. In our province, the average undergraduate pays only $2,851 per year in tuition fees. In comparison, it costs $20,090 per year, on average, for in-state universities in the US. We have that to thank our country for!


Lucky you. How long did it take to pay off that $10K-12k?


Awesome stories guys. Keep them coming!


It took me 8 months to pay off roughly $20,000 in student loan debt. I was undecided between pushing the debt into graduate school to worry about later or if I should pay it all back before applying to graduate school. My discomfort with holding any sort of debt made me go with option #2 which is to kill off the balance sheet ASAP.

I bunked with my parents through it because San Francisco was not an easy place for a penniless kid rent wise. It was a crunch down, miserable, do-it-in-one-go thing. It also delayed me from applying to graduate school by 1 year.

BUT, I would absolutely do it again. The feeling of seeing my Great Lakes debt balance (the loan servicer) drop to zero was euphoric. I learned more about the real world in that 8 months than 16 years of school. I learned I wanted to find my own way in the world than staying in that ‘ivory tower.’


The first year we started working full-time we saved up enough for a downpayment on our first home AND repaid all our debts. :slight_smile:


Does using my insurance check from my house burning down to pay off $170 k over night instead of over 10 years count?


Yes, it would qualify. Tell us what made you make that decision and how you are going to buy a new house if you are $170K short? Are you going to downsize? Move to a cheaper area? Rent? Or was the insurance extra generous?


Cool article @Ms99to1percent.

My payoff story is this:

I graduated with $32,000 in student loan debt and moved to a city where I rented a 1500 sq ft house for a measly $325. It was barely worth that much! I thought that paying off the student loans at 2x the minimum payment was great ($750/mo), but then I got married and moved to China on an expat assignment. Marriage came with an extra $20,000 in student loans (totally worth it, you just need to talk about your finances going in), but the move to China came with an almost 50% raise and multiple bonuses.

We moved to China with $32,000 remaining on the student loan balance and paid it off in 7 months. I wasn’t looking for an expat assignment for the money, but the opportunity presented itself and we couldn’t say no. Moving to China was a new start for us and we really wanted to be debt-free. For 2 years now, we have been debt-free and building our net worth up in preparation for early retirement 6.5 years after graduating from university.

I hope this qualifies for your quick payoff stories. :stuck_out_tongue_winking_eye:

Justin @ Atypical Life


Yes, it qualifies. $32K paid off in 7 months is kickass :grinning:


I don’t know if this counts as kickass, but here is my story:


I can write more about it. The gist is there is insurance money allocated for rebuilding and insurance money allocated for possessions loss.

I will be taking money for possessions lost (we were well insured) and allocate a large chunk of it to pay off my student debt. Then when we decide to buy things we can use my regular income to do that. Plus we likely wont replace everything lost in the fire. Maybe 40%.


Yes 29K paid off within 2 years is kickass. Can you provide a 1-3 paragraph quote summarizing your story? It will be included in the article if the quote is received by 10pm EST today :slight_smile:



Thanks @Ms99to1percent! I hope this isn’t too late!

While we had some support from our parents and scholarships to pay for college we gradated with almost $50,000 in student loan debt at the height of the great recession. We both decided to pursue graduate school, which came with free tuition and a research assistantship (roughly $20,000/year each). We recognized that we were delaying our careers and debt repayment, but we wanted to land close to home, and graduate school was the best way to do that. We recognized that may not be the most financially savvy option, and chose to embrace frugality. Our willingness to live frugally helped us save 50% of our income as graduate students!

To achieve that great savings rate we lived next door to a crazy fraternity in year one and found free housing for half of year two. We also lived car-free for over a year. Learning to make choices that go against the norm was key to our debt repayment journey.

During graduate school we paid off Mr. Kiwi’s loans and saved up a 20% down payment for our home. We were house hunting during the last months of graduate school and bought our home within three months of us graduating and landing full time jobs. We finished paying off my loans after the mortgage closed! We are now saving towards financial independence!


Hey guys,

Thanks for sharing your kickass student loan payoff stories with us. I just published the article. Enjoy and share with your peeps :slight_smile:


Staph upstaging me!!! :yum::laughing:


Hi @Ms99to1percent!

We paid off over $97k in debt (mostly student loans and two auto loans) in less than one year. The biggest step we took toward acheiving this goal was spending time budgeting and focusing on where we were spending money.

We probably put in close to 15 hours each week investigating where we were spending our money. 15 hours is a great deal of time, but as I investigated where the money was going I was shocked and eventually it became addicting to track where our money was going. Most people, myself included, use credit cards and we are not disciplined… It was so frustrating to see how much money we were spending on things we didn’t need. If you are finding that you cannot stay disciplined, you may want to go to a cash only budget. With the cash only budget, you take out the amount of money for each category in your budget and when the money runs out you have to wait until the next month.

Here is my post asking the question: How much time do you spend budgeting?