If you’re trying to destroy student loan debt, reading stories about others who have successfully done so already can be a huge motivator. It’s even more impressive when these people have paid off student loan debt very, very quickly.
Below are four examples of people who not only paid off huge student loan balances but did so in impressively-fast time. While their stories are remarkable, the strategies they used can be used by just about anyone.
Here’s how they did it:
1. Working Together Helped Them Pay Off $80,000 Early (in Just 3 Years!)
Lance Cothern started planning how to pay off his wife’s student loan debt before they were married and before his wife, Victoria, even graduated from nursing school. Talk about organization and planning!
Because they were very committed to their goal, they paid off an incredible $80,000 in student loans in just three years. What’s even more impressive is that they bought two homes during that time period and still managed to pay off their debt.
Lance is an accountant and, as stated, Victoria is a nurse, so together their income is above the national average. However, high income alone is not how these two got out of debt. Instead, it was their extra work and their commitment to a frugal lifestyle.
They sat down and made a clear budget together. They cooked a lot of meals at home, and they weighed every single financial decision together. If they went on vacation, they used credit card points for their tickets, so that all of their excess cash went straight to paying off their debt.
In addition to budgeting their money, Lance made extra income through his blog, Money Manifesto, and they sold many of their belongings. Because of this, they were extremely successful with their goals in a very short amount of time.
2. Inspirational Quotes Helped Her Pay Off $30,000 in 10 Months
Whitney Hansen might seem like your average girl at first, but a closer look shows an incredible amount of determination and discipline. After all, she did pay off $30,000 in student loans in only 10 months.
Whitney says what really worked for her was putting sticky notes everywhere around her house with inspirational quotes. She said, “I remember working two jobs, 80 hours a week, to pay off my debt and thinking it would never end.”
However, with a lot of grit, determination, hard work, and accountability—and, of course, all those quotes!—she was able to cross the finish line and pay off her debt in under a year.
3. Becoming Obsessed With Debt Helped Her Pay Off $10,000 in 5 Months
Earning just $2,100 a month, Jackie Beck paid off $10,000 in student loans in just five months. She credits being able to pay off her loans so quickly to becoming completely obsessed with the idea of destroying her debt.
For years, she sent payments on her student loans here and there. They were even in forbearance at one point. However, she grew tired of constantly having the loans hanging over her head so she got serious about paying them off.
She started tracking her expenses to cut the excess spending in her budget to free up more money for payments. Every time she sent in a payment for her student loans, she said she just wanted to send in more and more.
She finally knocked out her remaining balance by moving money over from her savings account to pay her loans off once and for all.
I think this provides a really great lesson, because so many of us have savings or emergency funds that are larger than we actually need. Once you pay off your student loans, you can always realign your focus to re-filling your savings account.
4. Serious Freelance Hustling Helped This Blogger Pay off $40,000 in 1 Year
Michelle Schroeder-Gardner went to college and then earned her MBA. She funded everything for her education herself which meant she had to work extremely hard during school at various jobs to try to minimize the amount of student loans she had to take out to begin with.
When she graduated, she had $40,000 in student loans. She also had a good job in finance, but that wasn’t enough to conquer her debt.
Instead, what she decided to do was drastically increase her income through freelancing. It didn’t happen all at once, but her blog Making Sense of Cents allowed her the opportunity to network, meet other bloggers, and start a freelancing business.
As a freelancer, she wrote for other blogs as a staff writer, managed other blogs by helping them with their content, and helped other bloggers with their advertising. Her business grew and grew, until her monthly income eventually moved into the five-figure range.
Because of this, Michelle was able to put several thousand dollars a month towards her student loans. The process wasn’t easy. Michelle essentially had two full-time jobs: her regular 9-5 and her freelancing business that she worked on during her off hours.
The hard work was worth it, though. After paying off her student loans and working for a few more months, Michelle was able to quit her day job and work for herself full time.
As evidenced, anyone, regardless of their income levels, can pay off their student loan debt quickly. However, it does take an extreme level of focus and discipline to really pay it off that fast.
The people listed above sacrificed many luxuries and worked extra hours in order to put as much money as possible towards paying off their debt.
Remember, if they can do it, then you can, too. Start to think of other ways you can earn money and what expenses you can cut to make room in your budget for higher loan payments. Then, just stick with it even though it’s tough—if you do, soon you could be our next success story.
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1 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 7.89% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 6.97% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of Month/Day/Year, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 08/21/18. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at firstname.lastname@example.org, or call 888-601-2801 for more information on ourstudent loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
2 Important Disclosures for Laurel Road.
Laurel Road Disclosures
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the fixed rate will decrease by 0.25%, and will increase back up to the regular fixed interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
3 Important Disclosures for SoFi.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown.
All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.28% effective October 10, 2018.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.47% – 6.97%1||Undergrad & Graduate|
|2.56% – 7.30%3||Undergrad & Graduate|
|2.68% – 8.96%4||Undergrad & Graduate|
|3.23% – 6.65%2||Undergrad & Graduate|
|2.61% – 7.35%5||Undergrad & Graduate|
|3.00% – 9.74%6||Undergrad & Graduate|