This woman paid off her $12,000 student loan in a year instead of 20

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  • washcomom Beaverton, OR
    March 15, 2013 10:16 p.m.

    This goes beyond a student loan. This is a good idea with other long term loans as well. That's why you should not live above your means, and not have a plan to pay off that which is owed.

  • samhill Salt Lake City, UT
    March 15, 2013 2:50 p.m.

    "Her trick, she said, was having the motivation to get rid of the debt, so she was willing to forgo things she wanted to do.

    'I didn’t want to sacrifice a little for 10 years or even five years. I wanted to sacrifice a lot for one year,' Wong said.”


    Smart move Kristin!

    I did the same thing when I graduated 30 years ago (with about half the debt you had) and have been thankful ever since.

    Having a noose of debt around one's neck is no way to live. The faster one removes it the sooner one feels free.

  • raybies Layton, UT
    March 15, 2013 12:50 p.m.

    I did similar with mine and my wife's. One thing that helps pay it off quickly is that once you go from student to being paid fulltime, you get a much bigger income, but you're used to living much below what you're receiving, so it's a great time to just get that sort of stuff out of the way.

    I know every once in a while there are certain politicians who want to forgive all student debt or something crazy like that, but it really isn't necessary for most of us. We just pay what we owe as quickly as we can and try to stay out of debt.

  • atl134 Salt Lake City, UT
    March 15, 2013 12:25 p.m.

    Nice, it took me 3 to pay off my 18k so I was only managed half the rate she was pulling (6k/yr vs 12k).