Speaking with a friend via email about business today, she mentioned trying to do more to earn enough to pay off her student loans. She is well into her 30s since she is a few years older than me. I knew she had student loans but she joked about paying them off well into her 50s.
It worries me when I talk to friends and family who are on 20 and 30 year loan repayment plans… for their student loans. It makes sense when you are buying a house but paying for your student loans over multiple decades sounds terrible. It worries me for them.
How long it took me to pay off my student loans!
I paid off my student loans in 2013. This means it took me 5 years from the time I graduated college to pay off my student loans which were just over $22,000. Five years!
Admittedly, I didn’t start paying off my student loans right away. I took a roundabout route and delayed and deferred for about two years when I first graduated college. I didn’t know what I wanted to do so I simply took random jobs and made so little money that I was allowed to skip paying for a while.
When I finally got around to having a “real job” and making decent money, I finally decided to attack my student loans and get rid of them. That process took a couple years and wasn’t super fun, but I’m happy to be rid of those monthly loan payments now. It’s nice to not have a huge debt over my head! I always highly recommend people pay off debt quickly if possible because debt freedom feels so nice.
How long did it take you to pay off your student loans?
I’m curious how long it took other people to pay off their student loans. Was it a long process for you? Did you pay the minimum payments? Or did you throw large chunks of money at your loans like I did?
If you haven’t paid off your student loans yet, how long will it take you? Do you have an estimated pay off date? What’s your payment plan? Is it longer than normal or shorter?
Also, what is the longest you’ve heard for someone paying off student loans? I’m curious how far these things stick around with people – it’s kinda scary!