Who doesn't like a good ol' fashioned success story? Whether it is Secretariat overcoming all odds to win the Triple Crown, or Tom Brady winning 6 Superbowl titles, we love hearing about success. Which is why I thought writing about some student loan success stories would be pretty cool.
When writing about money, especially student loan debt, I have found that you have to keep everything in perspective. Personally, student loans have been the sole purpose of getting Money Life Wax off the ground.
While all things evolve, my mission have you, would be to help others get rid of student loan debt.
BUT not everyone is in the student loan boat or do they really care. However, gaining perspective for what has worked for others is key!
My motto when it comes to Student Loans:
Anything that works for you, is perfect for you!
Part of the reason student loans are so problematic is that there is never a one size fits all. Aside from the current 1.5 trillion dollar student loan deficit, just about every situation is exclusively unique.
So while one strategy like the $40,000 HELOC strategy that we use might work well for us, it might not help the next person.
Pay yourself first, debt snowball, debt avalanche, cash flow index, refinance student loans, and you name it. You can read here why refinancing student loans is not the best option in most cases
However, I think there is something to be said in reading different student loan success stories and grabbing some of the different tidbits that have worked for others. From cutting the cable to losing the gym membership – everyone uses different techniques.
Other “Student Loan Success Stories” may relate to you more closely then others.
In an effort to inspire, motivate and share, I have a list of the top 5 student loan success stories I have read.
5 Student Loan Success Stories
Aside from student loans flat out sucking – some of the effects millennials have experienced from student loans include less entrepreneurial endeavors and less home ownership.
In this CNBC story, 5 students share their success stories as it relates to paying off student loan debt.
From a father to a new homeowner, to a start-up founder and a career switcher, read about these 5 cool student loan success stories.
Read here how five (this number is becoming a little creepy) different people each paid off $100,000 or more of student loan debt. A direct quote below,
We were sick of being stressed out and fighting about money,” says Matt, “We still have a mortgage but it's been five to six years since we've had any consumer debt at all.”
Personally, I really like this article for a few reasons.
The list includes how much student loan debt they paid, how they did it, and WHY they are happy they paid off their student loans!
While I might assume most have read our personal story. I realize every day new visitors haven't.
In a nut shell, I had $40,000 from undergrad, my wife had close to $100,000. Then she went to grad school and got her doctorate, tack on another $155,000. After interest started accruing we were well over the $300,000 thresh hold.
Today I can tell you – we are sitting at $150,000 in student loan debt.
We have delayed on kids, trips and tons of other things.
We focused on earning more each month to help throw at our debt and we removed a lot of our excuses.
From there we got into a groove!
4. A Camper and a Combined $600,000 Student Loan Payoff
From $18,000 worth of student loan debt to $80,000 read these 10+ student loan success stories in one place.
Maybe one of them will apply to you?
One person lived in a camper while they paid off their student loans … now that is epic!
So we thought we had a lot of student loan debt – $338,000… that is a huge number. While Blake is an orthodontist, and sure he earns a nice income, the sheer fact that he made all the payments is impressive and inspiring.
Unlike some doctors who look to climb to the upper echelons of society as quickly as possible once they receive their degree, Blake and his wife drove their old cars and lived below their means while paying off their student loans.
His older brother encouraged him to throw everything at his student loans.
By doing this and focusing on the end goal – being student loan debt free – Blake and his wife were able to erase all of their student loan debt.
Straight teeth for the win (only if you could understand my humor in person)!
My takeaway when it comes to student loans.
At the end of the day, as I said in the beginning, person to person – debt and student loans vary. Every situation is 100% unique.
While there are plenty who have student loan debt, there are also many who don’t. However, there is some area of personal finance where we can all look to grow and expand in. In parting, here are some general recommendations for student loan (or debt in general) payoff:
- Create a plan that works for your individual needs
- Figure out what you can temporarily put on hold
- Get on a Budget – have a non-negotiable mindset
- Assess your progress every 60 days
- Use the pay yourself first strategy
Comment Below: Share a student loan success story!
Josh writes about ways to make money, pay off debt, and improve yourself. After paying off $300,000 in student loans with his wife in less than five years, Josh started Money Life Wax and has been featured on Forbes, Business Insider, Huffington Post, and many more! In addition to being a life-long entrepreneur, Josh and his wife enjoy spending time with their newborn son, their chocolate lab named Morgan, working out, being outside, traveling, and helping others with their finances! In case you were wondering, Josh uses Personal Capital to track his net worth and his first investment account ever was an Acorns account 😎