Student Loan Repayment Sacrifices

How Far Would You Go to Pay Off Your Student Loans?

Paying off student loan debt can be unsettling. Debt can be a significant hurdle to overcome, affecting your purchases for years to come! Some of us have five figure amounts of student loan and debt (not to mention any credit card debt as well!), which might prevent us from becoming homeowners or even moving out of our parents’ homes. The impediment of debt begs the question: what are you willing to do to get rid of your student loan debt?

I can’t stand being in debt. I loathe the monthly student loan statements that indicate how much I owe. I was raised on the notion that having debt is horrible. I graduated with over twelve thousand dollars of student loan debt, which I am still paying off. However, I made significant lifestyle changes that allowed me to cut chunks off of what I owed.

I started by cutting small things from my monthly budget, such as going out to eat and extra clothes, attributing to about a hundred dollars each month in savings. Of course, this wasn’t enough. I began to cook exclusively at home and buying generic brands by the bulk. My boyfriend and I even moved with his parents for a while. This helped us accrue about a thousand dollars in savings each month.

Like any thing that comes with saving money, we lost some of our freedom. Needless to say, living with your significant other’s parents is not the most desirable situation. However, this sacrifice allowed me to pay off almost $10k in debt within a few short months!

And my efforts pale in comparison to efforts of others. I have read stories where some gave up nearly all of their material possessions to live in their cars, saving them thousands of dollars. I even once heard of someone who did a crowd-funding campaign to raise money for her paying off her student loans. Now for the mother-ship: can you sacrifice convenience and pleasure to be free of your student loan debt? And how far are you willing to go?

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