Inspiration for Student Loan Repayment
Posted on September 06, 2006 by Her and tagged inspiration, overtime, student_loan
Sometimes I meet people who are so financially savvy and responsible that they inspire me. I recently met a co-worker whose story can be an inspiration to anyone struggling with the burden of student loan debt.
This woman is in her early twenties and graduated from college with $15,000 worth of student loan debt. She wants to go onto graduate school, but doesn't want her undergrad loans to continue to accrue interest while she pursues another degree. So she has chosen to put off going to graduate school until she has entirely repaid her undergraduate loans. She wants to get back to school as soon as possible, so she's made debt repayment her urgent priority. Here's what she's doing to ensure she'll be back in a lecture hall in three years or less:
1. She started repaying her loans as soon as she graduated, even before she had found a "real" job. She is still technically in deferment, but has already made a payment every month since graduation.
2. She is working full time at her "real" job, plus she told the boss that she is willing to work overtime on any project in the office. So now she's serving as a pinch hitter for my project team, and pulling some very late nights to earn extra money.
3. In addition to her full-time job, she also has an agreement with a local restaurant to be a part-time pinch-hitter waitress there. So on nights when she can't get overtime at her real job, she waitresses at the restaurant.
4. Every dollar she earns in overtime or at her second job goes directly toward student loan debt repayment.
When she told me her story, she seemed tired but upbeat. She knows this will only be for three years, so she feels she can struggle through. Knowing the exact date when she will be debt-free keeps her going!
Comments/Trackbacks
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lin | Sep 7, 2006
this would be incredibly difficult for people with families or even a relationship. definitely not for everyone.
Mamie | Sep 7, 2006
I have a family of my own (husband & 2 year old child) and I am also taking care of my 13 year old niece. So it's hard for me to work 40 hrs. Extra hrs would be pushing it to far. Right now my loans are in deferment and I will begin paying on my private loans next month.
tired-of-being-broke | Sep 10, 2006
I commend her for that. It is not easy, I am also doing the same thing to pay down my student loans. The goal of being debt free keeps me motivated.
chris | Sep 27, 2006
If she is working so much and so hard, why is it going to take her 3 years? Granted I don't know how much she makes, but she has a degree, so I assume she does alright. I am in my second year of a job right out of college and should have my $17,000 in loans paid off at the end of this second year (with no overtime) since I still live like a college student. Does she live by herself and drive a nice car? Getting a roommate and a hooptie would probably get her to her goal a lot quicker.
jim | Sep 7, 2006
You may want to tell her that her loans will be in deferment while she is continuing her education, mine are.
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