Today I have a great interview with Alexis Schroeder. She managed to pay off her student loans in record time and was kind enough to share her story on how she was able to pull it off. Here's the interview below: Tell us a little about yourself, what's your background, what do you do? I'm Alexis, 26 years old and living in beautiful Colorado. I'm a full-time blogger at Fitnancials, a personal finance and entrepreneurship blog. My audience is primarily women, with a focus on introverted millennials. I'm a big side hustler - my side hustles paid off all my debt by the time I was 25 years old. A huge focus on my blog is showing other women to make extra money with side hustles or by creating their own business. What made you have to take on student loan debt? How much was it? I went to school to become a special education teacher. Before I enrolled in college, I knew I was going to have to take out student loans, so I wanted to be really smart about my financial …
Paying off Loans
Should You Focus on Paying Off Student Loans as Fast as Possible or Also Invest at the Same Time?
People ask me whether I think they should focus on paying their student loans off first or also focus on saving to invest while they’re paying their debt off. For me, there’s no right or wrong answer. I think it’s really a case by case scenario. Everybody’s different and everyone handles situations differently. I can’t tell someone to focus on investing if they have a high-interest rate on their loans, that doesn’t seem like a responsible thing to do. On the other hand, if they know how to trade and make a profit quickly, by all means, go ahead and do that. I have no idea how to do that and I’m not in the business of trading so you’ll see none of that here. People make this seem way more complicated than it really is. It’s not rocket science, it’s actually pretty simple. For me, it comes down to 3 criteria: How knowledgeable you are about investing Your tolerance for short-term risk Your loan repayment plan Related Posts 18 …
18 Ways to Pay Off Debt Faster
Paying off debt can be a huge pain in the ass. Graduating from school with thousands or even hundreds of thousands of dollars can really suck. It can be really intimidating at first when you look at your outstanding loans, whether it be from college, graduate school or wherever. Somehow a lot of my friends are studying to either be pharmacists or doctors, so I've heard firsthand how much they have in student loans to pay back when they get a job. One of my buddies literally has $1 million in loans. He hasn't even started his residency yet. Granted, he's studying to be a doctor in a field where the average starting salary is $300,000, but still, I mean that's a boatload of student loans, I don't care how much you make. Related Posts Create a Blog with SiteGround How Changing the Student Loan Payment Plan and Refinancing with SoFi Saved My Girlfriend Over 5 Years and Thousands of Dollars How to Know if Loan Consolidation is Right …
How to Know if Loan Consolidation is Right For You
Student loans have become a major burden to more and more graduates over the past few years. In order to go to college, some people just can't afford the cost upfront. So now, the average debt a graduate had coming out of college in 2016 was $37,172. And this is up 6% from the previous year!! Sometimes it's just not feasible to afford a college tuition without having to take out a loan. For those who get a higher education, the debt can run around $100,000 or more. Even 1 in 10 have more than $150,000 in student loans. Luckily, there are options to take on this debt and hopefully get a lower rate. At the very least, you get everything organized under one payment. Related Posts How Changing the Student Loan Payment Plan and Refinancing with SoFi Saved My Girlfriend Over 5 Years and Thousands of Dollars 18 Ways to Pay off Debt Faster Should You Focus on Paying Off Student Loans as Fast as Possible or Also Invest at the Same …
How Changing the Student Loan Payment Plan and Refinancing with SoFi Saved my Girlfriend Over 5 Years and Thousands of Dollars
Student loans can end up being one of the biggest burdens in a young adult's life. You graduate from school, life is awesome and then you realize you have to start adulting and get a real job to pay off those student loans before your grace period is up. That doesn't sound like fun. According to Student Loan Hero, Americans owe over $1.48 trillion in student loans between 44 million people. It's around $620 billion more than the total U.S. credit card debt. Student Loan Hero lays out a few facts for us: •the student loan delinquency rate is 11.2% (the number of loans that have late or overdue payments divided by the total number of loans outstanding) •the average student loan monthly payment is $351 between the ages of 20 and 30 years •the median student loan monthly payment is $203 for the same age range CNN Money shows, in 2015 the average undergraduate student carried $30,100 in loans. Scroll to the middle of this article to see how much debt …
