Paying off 26K in student debt in 2 yrs: how one of us did it

No1

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I had about the same amount, and paid it off in 3 years. Is this really that uncommon?

Yes. Because most people don't have jobs to finance that right off the bat. The average college graduate is not graduating to 50k a year, and won't be making that much until may 5 years after they've graduated.

The people I know who paid their shyt off that fast went into Teach for America and lived very frugal. That or they live somewhere in middle America. No one living in a metropolitan area is paying that off in 3 years.
 

The Real

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Yes. Because most people don't have jobs to finance that right off the bat. The average college graduate is not graduating to 50k a year, and won't be making that much until may 5 years after they've graduated.

The people I know who paid their shyt off that fast went into Teach for America and lived very frugal. That or they live somewhere in middle America. No one living in a metropolitan area is paying that off in 3 years.

I lived in a city myself, and I wasn't making 50k, either. It was a mix of well-saved money from before and living within my means in the present. I think the real problem for most people is that they have much larger loans than I did, which qualitatively changes things. I got lucky with scholarship money.
 

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I lived in a city myself, and I wasn't making 50k, either. It was a mix of well-saved money from before and living within my means in the present. I think the real problem for most people is that they have much larger loans than I did, which qualitatively changes things. I got lucky with scholarship money.

I graduated about 5 years ago and only owed around 17k, and still haven't paid it off. :sadcam:

Probably could have if I really wanted to, but to be honest I'm just not that interested in paying more than $100/mo at the moment. I'd rather stack and have money in the bank in case something happens.
 

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Yes. Because most people don't have jobs to finance that right off the bat. The average college graduate is not graduating to 50k a year, and won't be making that much until may 5 years after they've graduated.

The people I know who paid their shyt off that fast went into Teach for America and lived very frugal. That or they live somewhere in middle America. No one living in a metropolitan area is paying that off in 3 years.

You don't have to live in an expensive city to get a job. Dude moved to Wisconsin.

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I lived in a city myself, and I wasn't making 50k, either. It was a mix of well-saved money from before and living within my means in the present. I think the real problem for most people is that they have much larger loans than I did, which qualitatively changes things. I got lucky with scholarship money.

No, it's your first sentence. Most college students went straight through from high school and did not work a job to save up money before it. They have no savings. They live within their means because they have no choice but to do that so that's not a salient point either. The average size of American households is going up, not because of the birthrate, but because of the percentage of students moving back home. Lastly, you're only young and in your 20s once, you can't expect people to live like this guy. Drinking protein shakes in lieu of meals? That's not living. The average college student graduates about 20 to 30 k in debt, a lot of people have more than you but that amount right there is more the norm. I don't know how anyone can see it's feasible to rent an apartment in a major city, pay off loans in 2 years and have any semblance of a life or basic amenities on like 30k a year which is what college students are graduating to, if that.
 

The Real

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No, it's your first sentence. Most college students went straight through from high school and did not work a job to save up money before it. They have no savings.

I agree. I worked before going to college (though I did go to college right after HS) by doing jobs alongside school, and then throughout college, too, of course. I recognize that most people don't do that.

They live within their means because they have no choice but to do that so that's not a salient point either. The average size of American households is going up, not because of the birthrate, but because of the percentage of students moving back home.

I'm not sure about this part. I grew up without much money, but most of my peers in college were white from relatively comfortable financial situations and receiving steady money from their parents. They didn't pay for their dorms/aps, and spent relatively high amounts on clothing, food, etc. I was surprised at how many of them lived beyond their means. Every time we went out to eat, etc, together they would always pick these places that I found needlessly expensive... I guess that's just the kind of living they were used to growing up. Once they had found jobs and the parents stopped sending money, they got a harsh reality check.

I commuted to school from home (couldn't really afford to dorm,) always packed lunches, etc, so when it came time to live off of my own income, I think I was more ready for it. I think that applies whether or not the times are bad and jobs are scarce. I knew many kids who couldn't find jobs but were still living good off their parents' money in their own apartments in hip, Brooklyn neighborhoods.

Lastly, you're only young and in your 20s once, you can't expect people to live like this guy. Drinking protein shakes in lieu of meals? That's not living. The average college student graduates about 20 to 30 k in debt, a lot of people have more than you but that amount right there is more the norm. I don't know how anyone can see it's feasible to rent an apartment in a major city, pay off loans in 2 years and have any semblance of a life or basic amenities on like 30k a year which is what college students are graduating to, if that.

Fair enough. I'm not apologizing for the current system or even saying that most people can make it through like me. I'm just questioning whether the information in the article is really groundbreaking, as I know several other people who did this, too (mostly immigrants.)
 

TLR Is Mental Poison

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Yeah I know, which is why I said that in my last sentence :ld:

No, you said nobody in a metro area is paying off their loans. As though it's mandatory to move to an expensive metro area after college.

As for your other points, I think you are overstating how lavish a college graduate is supposed to live. Getting a place is pretty big...what more does one need beyond the basics?

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The people I know who paid their shyt off that fast went into Teach for America and lived very frugal. That or they live somewhere in middle America. No one living in a metropolitan area is paying that off in 3 years.

No, you said nobody in a metro area is paying off their loans. As though it's mandatory to move to an expensive metro area after college.

As for your other points, I think you are overstating how lavish a college graduate is supposed to live. Getting a place is pretty big...what more does one need beyond the basics?

Sent from handheld Minority Report console

You know exactly what I meant, I'm sorry second to last sentence. :wtb: The rest is just your typical arguing for the sake of arguing nonsense that refers to nothing I said. Go somewhere else with that....I'm watching the football game. I'll get back to you @The Real after the game.
 
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You know exactly what I meant, I'm sorry second to last sentence. :wtb: The rest is just your typical arguing for the sake of arguing nonsense that refers to nothing I said. Go somewhere else with that....I'm watching the football game. I'll get back to you @The Real after the game.
Naw, I didn't know what you meant, that's why I asked you to clarify

And whats wrong with living frugally for a limited period of time to get fully situated?

Everyone saying dude was drinking Ensure... he could have taken a little longer to pay his loan and eaten more whole foods. That was his choice
 
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so basically he paid off his debt by getting a decent job and not poppin bottles every other week. truly revolutionary

:russ: Exactly.

This could be the biggest non story ever. Dude paid off some debt by getting a decent job. Making 2k a month after taxes. 25 bucks an hour is good money is most of the country, and living in ATL, which i heard is very reasonable it most areas.

So he get rid of of cable tv. Damn what a sacrifice. Dunno how that man lives. :stopitslime:

So dude acted like an adult and paid back his debt. He gets an article in the paper for it.

:snoop:

1S for posting this DOGshyt
 
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Naw, I didn't know what you meant, that's why I asked you to clarify

And whats wrong with living frugally for a limited period of time to get fully situated?

Everyone saying dude was drinking Ensure... he could have taken a little longer to pay his loan and eaten more whole foods. That was his choice

Eating ensure, protien bars and mcdonalds is malnurishment. We off that :whoa:



Sent from Seattle, by way of Ann Arbor on Tapatalk: The Remix
 

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Eating ensure, protien bars and mcdonalds is malnurishment. We off that :whoa:



Sent from Seattle, by way of Ann Arbor on Tapatalk: The Remix
McDonalds is more expensive than real food, if you can cook. Baked chicken + mash potatoes + frozen veggies are like $3-4 a meal for ~1000 calories.
 
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