How To Pay Off 100 000 Debt

How To Pay Off 100 000 Debt – When I paid off over $100,000 in student loans, it felt like a huge weight had been lifted off my shoulders.

I was very depressed when I started this journey – I didn’t think I could make it Now I’m down to about $20,000 but it seems like chump change compared to the thousands of dollars I’ve already paid.

How To Pay Off 100 000 Debt

My advice is a little different depending on how far along you are in your loan settlement, but for those just starting out and looking to get started, I want to share a tip that helped me pay off $100,175.18 in student loans . . Loans for less than three years

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My first suggestion is to set a budget It is important to know and understand your fixed expenses, your variable expenses and how much room you have in your budget to pay off those student loans.

Ariel Yasmin is a lifestyle and finance blogger She has paid off over $100,000 in student loans in less than three years Ariel Yasmin is a lifestyle and finance blogger She has paid off over $100,000 in student loans in less than three years Ariel Yasmin

Along with budgeting, I recommend preparing a debt repayment strategy. There are many types, but I personally like a zero budget, which allocates a percentage of your money to categories that work for you, like groceries or household bills.

I want to know where every penny of my salary goes. This approach doesn’t allow me to say, “Oh, I have $500, I can spend it on whatever I want.”

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I’m not strict in the sense that I have to spend every dollar in a certain category.

One category I never pull out is my student loan budget Come Hell or High Water, That Money Pays Off – This is one thing that keeps me disciplined every month

I also increase the payment amount depending on life changes; A raise at work or moving house allows a large portion of my income to be used to pay off my student loans

My second tip is also to develop a student loan repayment strategy that I know of two main types: wave and snow systems

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The first deals with paying the lowest amount of your loan, so it seems easier to manage, and the second focuses on the loan with the highest interest rate, which you try to reduce the amount of payment in the long run.

Many people prefer the snowball method because it gives that instant gratification of, “Yes, I’ve paid off another promissory note.” It often helps people walk

However, I am not really that kind of person. This way I am very disciplined I will keep climbing no matter how high the mountain is

The snowball method has never worked for me, but you have to know yourself and choose the one that works best, allowing you to move forward and get distracted.

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My third tip is to find a community of people who are also paying off student loans When I started my journey, I talked to someone about my loans; Family, friends, colleagues at work The subject is always on my mind as I focus on it Once I graduate from law school, my number one priority is paying off my student loans

I would say, “Look at these student loans, they’re predatory.” But many are tired of hearing my complaints. While many of my friends have student loan debt, some of them aren’t that worried

They slow down and say, “Okay, I’ll pay it off forever. I’m not going to let it stop my life. I’m still going to buy a house, still live my life.”

While I respect their choice, I don’t take that stand and want to find people who share the same views as me. I really need a community to help me keep going

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So every time I pay off my student loans, I’ll look on Facebook or Reddit where there are tons of groups you can join and say how much I’m paying.

There is always someone who congratulates me, there is always someone who says: Yes, you have to continue. It really helped my sanity, and I’m sure it helped my family and friends, share my frustrations with others and stop complaining.

This community building made us stronger overall and really helped me move forward in paying off my student debt.

My next suggestion is to look at refinancing options Before the federal student loan interest freeze — meaning federal student loan interest rates are zero until September 1, 2023 — I considered this approach.

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Most of my rates are around six or seven percent and I think I can get a lower rate by refinancing which I haven’t had to do since the break and don’t plan to in the future

However, if your debt is greater than mine, after the break ends and interest resumes, you may want to consider a different lender that offers a lower rate than the federal government.

I didn’t take my own advice and I remember every day the numbers magically dropped like when I first started on the student loan site.

When I stop paying off a direct loan – I have money in a high yield savings account – when it starts and stops accruing interest, I pay it off and note the amount the next day. He pulled it down

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I would spend hours researching how much I would have to pay off my debt in three or four years. I would wake up and start looking for numbers trying to figure it out which was unhealthy and caused a lot of anxiety

Live your life, give yourself grace You didn’t get all these student loans in six months, so you won’t be able to pay them off in six months

The system is rigged against us so you will take some time and that’s okay When you pay a lot you can enjoy a little Don’t burn out it’s not good for your mental health and you won’t get out of that cycle.

Do you have a unique experience or personal story to share? Email the MyTurn team at myturn@

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By clicking SUBSCRIBE you agree to the Terms of Use and Privacy Policy You can unsubscribe at any time Sunday Special 07 – “How I Paid $100,000 for 100 Loans in Just 2 Years!” With Dr. Holden’s grave

Sunday Special 07 – Sometimes our greatest achievements come without praise or recognition Sometimes it’s as simple as responding to encouragement Next time I’ll do what you say just because integrity matters Our guest today is Dr. Holden Graves and faces real challenges as he and his wife struggle to pay off all of their student loans.

They had some false starts, but they got through it and now live a great life, debt free and fully capable of making the decisions they want to make. It means making some sacrifices, but as he will tell you, it’s worth it. For all of you who are in debt and wondering when you will be able to pay off all your loans, I think this interview will really encourage you.

This is a medically themed devotional series with discussions of Bible passages, questions to think about, prayers and steps to take each day. This is a great series and you can download it for free below

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We are also developing The Body of Christ into a full 90-day series and are accepting submissions from guest authors for the devotional series. If you would like to contribute to this series and write some devotionals, please let me know!

Guest authors get full credit and promotion for their business, blog or podcast You can email me at mailto: info@.

Please take 2 minutes to fill out the podcast survey and let me know how I can make the podcast better for you!! Click here to see the survey link and be entered to win a $50 Amazon gift card

Dr. Holden Graves is a pharmacist in the Dallas, Texas area. Holden graduated

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