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I Just Paid Off A $25,000 Student Loan!

By Frugaling 30 Comments

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Graduation Debt Student Loans

Remarkably, over the course of this year, I’ve completely changed my budget — both in spending and income. The aim is simple: I want to destroy my student loan debt as rapidly as possible while in graduate school. Over the last few months, I’ve deposited more than ever into the federal government’s coffers by paying everything off early.

In August, one of my student loans — the unsubsidized at 6.8% — was actively gaining interestย and sat around $25,000. My debt had metastasized and was snowballing into a serious concern. I thought I was doomed to this reality until I started Frugaling, found more ways to make money, and prioritized debt reduction. Then, it all clicked, and debt started disappearing.

Today, I’m shocked and proud to announce that I’ve paid off the biggest hurdle. The $25,000 loan in August now sits at $0 — completely paid off. Instead of losing thousands of dollars over the years and struggling to pay it all back, I have shortened everything. Now, it’s gone!

Unsubsidized Student Loan Chart Debt Question
My unsubsidized student loans were going crazy. In August 2013, they reached $25,000. Now, they’re completely paid off!

I know this is shorter than normal, but I just wanted to share this little achievement with all of you. Trying to keep personal finance… Well, personal!

Thank you everyone for your support and help thus far. I have a ways to go, but this is the biggest mountain to climb.

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Filed Under: Loans Tagged With: debt, debt reduction, federal, Frugal, loans, make, more money, Save, Student Loans, subsidized, unsubsidized

Comments

  1. Girl Meets Debt says

    April 24, 2014 at 12:13 pm

    That’s awesome that you were able to pay off a 25k loan in such a short amount of time Sam! Congrats! ๐Ÿ™‚

    Reply
    • Sam Lustgarten says

      April 24, 2014 at 3:29 pm

      Thanks GMD! It’s been hard road, but I’m paying it off as rapidly as I can!!! ๐Ÿ™‚

      Reply
    • Michael | The Student Loan Sherpa says

      April 27, 2014 at 5:08 pm

      Agreed! This is an incredible accomplishment and an inspiration for those of us with huge mountains of debt.

      Reply
  2. Syed says

    April 24, 2014 at 2:29 pm

    Love hearing stories of people beating student loans into oblivion. I have a $35,000 gorilla at 6.5% I’m getting to now. My goal is to get rid of it in 18 months. Great job Sam you’re my hero.

    Reply
    • Sam Lustgarten says

      April 24, 2014 at 3:28 pm

      Aww… You’re awesome man. Thanks for the kind words. Good luck on that debt of yours!

      Reply
  3. Raquel@Practical Cents says

    April 24, 2014 at 2:38 pm

    Congrats on accomplishing this goal. It’s very impressive that you did it in less than a year.

    Reply
    • Sam Lustgarten says

      April 24, 2014 at 3:28 pm

      Thanks so much for the encouragement! ๐Ÿ™‚

      Reply
  4. Victoria @thefrugaltrial says

    April 24, 2014 at 3:33 pm

    Wow! Congratulations. That is defintely worth boasting about!!!

    Reply
    • Sam Lustgarten says

      April 27, 2014 at 1:56 pm

      Haha! Thanks so much, Victoria.

      Reply
  5. Krista@2CopperCoins says

    April 24, 2014 at 3:34 pm

    That’s awesome Sam! $25k in a matter of months! These are the types of posts that give other hope. Thanks for sharing.

    Reply
    • Sam Lustgarten says

      April 24, 2014 at 3:41 pm

      Thanks Krista! Means a lot that you’re following along.

      Reply
  6. Adrienne says

    April 24, 2014 at 7:25 pm

    That is an amazing achievement. You are my hero too! Can you loan me a few dollars? ๐Ÿ™‚

    Reply
    • Sam Lustgarten says

      April 24, 2014 at 9:54 pm

      Thanks Adrienne! Glad to have you support. ๐Ÿ˜‰

      Reply
  7. Dee @ Color Me Frugal says

    April 24, 2014 at 7:47 pm

    Congratulations! What a fabulous accomplishment! Hope you celebrate this milestone ๐Ÿ™‚

    Reply
    • Sam Lustgarten says

      April 24, 2014 at 9:55 pm

      Dee,

      The celebration was all internal. Hah. Trying to keep it frugal, as I work to keep school student-loan-free. Thanks for the kind words.

      Reply
  8. Grayson @ Debt Roundup says

    April 24, 2014 at 10:09 pm

    This is great news Sam! Way to kick that debt’s ass. All it takes is hard work and determination. You just proved that point.

    Reply
    • Sam Lustgarten says

      April 24, 2014 at 10:45 pm

      Grayson!

      Thanks for your support and tweet. Great to have it. ๐Ÿ™‚

      It’s been a tough road, but I’m continuing to work hard to reduce my debt. Definitely getting there!

      Reply
  9. Melanie@Dear Debt says

    April 25, 2014 at 1:24 am

    Hot damn! You are doing a great job! Keep up the good work.

    Reply
    • Sam Lustgarten says

      April 25, 2014 at 11:07 pm

      Thanks Melanie! Haha. It’s awesome getting this far.

      Reply
  10. Zee says

    April 25, 2014 at 1:49 am

    Congrats! 25k since August, that’s amazing!

    Reply
    • Sam Lustgarten says

      April 27, 2014 at 1:55 pm

      Thanks Zee! Hope the blogging is going well.

      Reply
  11. LaTisha says

    April 25, 2014 at 2:00 pm

    Super sweet! Nice job tackling that debt. I know it feels really good.

    Reply
    • Sam Lustgarten says

      April 25, 2014 at 11:07 pm

      You are absolutely right! Feel like I’m well on my way having the biggest hurdle behind me.

      Reply
  12. Eliza from Happy Simple Living says

    April 26, 2014 at 8:34 am

    You are an inspiration! I like the graph you made to show how you intensely focused on reducing that debt to nothing. Congratulations.

    Reply
    • Sam Lustgarten says

      April 26, 2014 at 1:13 pm

      Eliza! Thank you so much for commenting. You are too! I read your Denver Post article! ๐Ÿ™‚

      Reply
  13. Jacque @ dollars and sense says

    April 26, 2014 at 9:18 pm

    Wow, that is AWESOME! My total student loan debt is about $20,000 and I want to pay it off in the next 2 years of less. Any additional advice? Did you just throw all extra monies at this debt?

    Congratulations!

    Reply
    • Sam Lustgarten says

      April 27, 2014 at 1:54 pm

      Jacque,

      Thanks for the comment. Hopefully I can help! Here’s the deal: everyone’s situation is different and one size of advice does not fit all. Generally speaking, you need to strategize how to reduce costs (extremely), pay as much as you can, and skim the bottom of your checking account. That’s my best advice, as the sooner you pay it off, the sooner the interest clock stops ticking. Check out my article on 5 Essentials for Paying Student Loans.

      Sam

      Reply
  14. save. spend. splurge. says

    April 27, 2014 at 1:56 am

    Congratulations!! Now life can begin ๐Ÿ˜€

    Reply
    • Sam Lustgarten says

      April 27, 2014 at 1:51 pm

      Haha! I’m pretty sure I was already living!! ๐Ÿ™‚

      Reply
  15. Kalen @ MoneyMiniBlog says

    May 3, 2014 at 8:52 am

    Congratulations! That is such an accomplishment!

    Reply

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