Student loans have become so commonplace in our country that everyone seems to be living with them. According to Forbes in February 2017, there are over 44 million people in the US living with student loans. Those loans amount to over $1.3 trillion dollars!
And it’s not just the nation's millennials that are carrying around this heavy debt burden. Seniors receiving social security checks are starting to see their benefits reduced in order to pay back student loans they’ve owed for decades.
If you’ve listened to or read my ramblings before, you know I’m all about preparation in the form of 529 savings, college scholarships and considering the community college route. That advice is all well and good for parents and kids preparing to go to college, but what about those who are currently drowning in student loan debt?
I had a chance catch up with Kevin who blogs at the Financial Panther. He's a man who decided that he didn’t want to be one of those 44 million people strapped with student loans. He didn’t want to add another cent to the $1.3 trillion dollars that are currently owed.
After accumulating $87,000 in student loans from law school, Kevin decided to eliminate that debt burden from his life as fast as possible. Through debt consolidation strategies, diligently planning his finances and living like a student instead of living like a high flyin’ “lawyer”, Kevin obliterated his student loans in 2 ½ years.
What are we covering today?
Kevin and I discuss:
- How we eliminated his $87,000 in debt in 2 ½ years
- What strategies he took to avoid “lifestyle inflation” as a lawyer
- How he is now partnering with his new wife in paying off her dentist school student loans
If you’re one of those 44 million people living with student loans or you just like hearing awesome success stories, take a listen to today’s show. It will inspire you to battle your student loans or any other difficult challenge in your life.
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Financial Panther – Kevin's website about crushing debt and side hustling.
A Breakdown of How I Paid off $87,000 of Student Loans in 2.5 Years – Kevin's article detailing his debt destruction journey.
Hilarious Simpsons clips:
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Carpe Diem Quote
“Impossible is just a word thrown around by small men who find it easier to live in the world they've been given than to explore the power they have to change it. Impossible is not a fact. It's an opinion. Impossible is potential. Impossible is temporary. Impossible is nothing.”
Great post! The amount of student loans in this country is sickening. Not that they aren’t necessary to pay for college sometimes, but still. And the consolidation and refinance world focus on reducing your monthly expenses not reducing the amount you pay overall which I think should really be the focus.
Thanks Lance! Kevin has had some huge success in crushing his student loans. I hope the conversation inspires others to do the same.
Great post! Once we finish paying off our first $30,000 of other personal debts next month, we will be shifting our focus to $70,000 in student loans. Our debt payoff plan is to save for a house while paying down these loans and be debt free (except mortgage) within 2 years. If we would have known the exact monthly payment when borrowing these amounts, there’s no way we would have taken the maximum every semester.
It’s all good Ryan. You have a plan and a vision for your future. Keep crushing that debt and celebrating every win along the way.
When I first started working in my post-college career, a co-worked casually mentioned in conversation that when he got a raise, he and his wife would go out to one nice dinner to celebrate and proceed to adjust his investment/savings rate so that the raise didn’t show up in future paychecks. I had not heard of lifestyle inflation at the time, but I now realize how crucial his tip was in my financial education/formation… thank goodness he mentioned it to me!
~Mrs. Adventure Rich
That is one smart co-worker. It is all about surrounding yourself with the right people, isn’t it? It sounds like you and your husband took that advice and ran with it based on your success so far. Congratulations!