When Cameron Battagler graduated from college, he had over $30,000 in student loans. But after learning about Student Loan Hero on social media, he took control of his debt and paid off his loans more than two years ahead of schedule.
Below, find out how Cameron managed his loans and became debt free.
Going to college
Cameron grew up in a relatively low-income family, but knew he wanted to go to college. He dreamed of a career in technology and knew a degree was necessary.
“I went to Valley City State University,” says Cameron. “It’s a small, four-year school in North Dakota.”
The college has just over 1,400 students but boasts over 80 different academic programs. One of the most respected majors the school offers is a comprehensive computer systems and engineering program, where students like Cameron gain first-hand experience working with providers like Microsoft, SAP, and Oracle.
Cameron’s education served him well. After he graduated in 2009, he was able to find work, and soon landed a job with Microsoft.
Taking charge of his debt
While Cameron was able to find a good job, his $30,000 in student loans were a huge burden. At first, he just made the minimum payments and did not make much progress. But after he got married, his attitude towards his debt changed.
“My wife is a very frugal person,” says Cameron. “She convinced me to pay it off. She showed me how much I’d owe in interest if I took the full ten years to pay it off. It just made sense to pay the loans off as quickly as possible.”
Newly motivated, Cameron began to take steps to manage his debt more effectively.
Finding Student Loan Hero
Last year, Student Loan Hero CEO Andy Josuweit hosted an “Ask Me Anything” chat on Reddit. Throughout the course of the day, Andy took questions from users about their student loans, helping them find repayment solutions, refinancing information, and ideas on how to make more money to pay down their debt.
Cameron stumbled across the Reddit thread and decided to check out the Student Loan Hero site based on the information Andy provided.
Cameron immediately signed up for the app, where he could track all of his loans in one place and manage his payments.
“The Student Loan Hero app was really helpful,” says Cameron. “It kept me focused and motivated. I could adjust the payments when I had a windfall from a bonus or raise, and see how much I’d save over time. It helped me see exactly how long it would take to pay off my debt after each payment.”
With the app and prepayment calculator, Cameron could see the impact of his extra payments. When he got a bonus, he would apply it to his loan balance.
“Thankfully, by using my bonuses as extra payments, I could pay down my debts without sacrificing a lot,” says Cameron.
Looking for grants
Cameron is also an advocate for a little-known way to pay down student loans.
“I was able to find about $6,000 in grants after I graduated that helped pay off my debt,” says Cameron. “The money is there, and it often goes unused.”
Cameron says he was frustrated by how hidden some grants are.
“The one grant I I applied for, I only knew about it because I used to work for the North Dakota University system and I was the one who built the application,” says Cameron. “Otherwise, I never would have heard about it. That one grant gave me $1,500 towards my student loans.”
Cameron does caution that the grant application processes can be long and frustrating. Many of them require extensive paperwork and signatures from your employer. But Cameron says the work is well worth it.
“It’s money that is allocated to help people living and working in certain areas and fields. And since many people don’t know about these opportunities, many of the grants go to waste,” says Cameron.
With Cameron’s hard work, he was able to pay off his debt 2 1/2 years early, saving himself hundreds of dollars in interest.
And his timing could not be better. He and his wife just welcomed their first child, so the extra money he saved from his loans helps a lot with their new expenses.
Cameron believes paying off his loans early was well-worth the time and energy he put into his payments and encourages others to pay off their loans as soon as possible.
“No matter how overwhelming your loans seem, there is an end date,” says Cameron. “And if you put a little extra each month towards your loans, that end date can get closer, and that means you’re closer to freedom.”
Paying down student loans
If you feel overwhelmed with your student loans like Cameron did, there are ways to make it simpler and less stressful. To get started, check out this article on how to manage your loans.
Interested in refinancing student loans?Here are the top 6 lenders of 2019!
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1 Important Disclosures for SoFi.
2 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 2.54% APR (with Auto Pay) to 7.27% 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 March 18, 2019, 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 0318/2019. 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 email@example.com, 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.
3 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.
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 2.5% effective February 10, 2019.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.54% – 7.12%3||Undergrad & Graduate|
|2.54% – 7.27%1||Undergrad & Graduate|
|2.67% – 8.96%4||Undergrad & Graduate|
|3.23% – 6.65%2||Undergrad & Graduate|
|2.69% – 7.43%5||Undergrad & Graduate|
|2.98% – 9.72%6||Undergrad & Graduate|