(Topic ID: 176778)

Merry Christmas to me - Student Loans - PAID!!!!!!


By NPO

2 years ago



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  • 79 posts
  • 47 Pinsiders participating
  • Latest reply 2 years ago by Yoski
  • Topic is favorited by 2 Pinsiders

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There are 79 posts in this topic. You are on page 1 of 2.
76
#1 2 years ago

This may not be a huge deal here on Pinside, but I had to share this.

Today, I made my final payment on my federal subsidized student loans. I am student loan debt FREE!!!!!

I started off with $17k; I paid $14k of it off this year. Got tired of paying half the year in interest alone. Earned my BSEE in August 2011, now it is said, done, and paid for!!!

Not a story I expect to get a lot of attention here, and that is 100% fine. With the struggle of paying off student loans being VERY real for millions of students, it is nice to know that this is over for me, and I never have to worry about school loans again.

Next up, going to USC (California, not Carolina) for my Masters in Systems and Architectural Engineering. Being active duty, the Post 9/11 Bill will pretty much take care of the bill, so when I'm done, I will have my Masters with zero student loan debt across the board.

BAM!

#2 2 years ago

congrats! great feeling!

We just paid off the last of wife's student loans last month. Enjoy the freedom from that debt.

#3 2 years ago

F that noise, congrats! I'm digging out of a much more substantial pile of debt, but still chipping away at it. Takes real dedication to cutting off things you want versus things you ACTUALLY NEED to take down that much in a year for a lot of us. That's awesome.

#4 2 years ago

I'm paying my daughters off. 50 k more over 10 years. Anybody use sofi to to refi student loans? Getting lots of promo emails about them.

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#5 2 years ago

Regardless of the nature of the debt.
Congratulations for meeting your obligations and taking it seriously.
Great job.

#6 2 years ago

Good for you. Congrats on the EE degree. A great way to start

#7 2 years ago

Congrats, I know it feels good when a large debt is lifted!

#8 2 years ago

Congrats!, obviously a big accomplishment if you're posting it here.

#9 2 years ago

Congratulations on the EE degree and paying off your loans, and thanks for your service.

#10 2 years ago

Great job! And congrats for paying off YOUR dept. Thanks for not asking me to pay them for you. It is a big accomplishment to earn your BSEE. It should take you far in your carrier. I know it wasn't easy.

#11 2 years ago

Very nice. I started off with $37k in 2013, down to $7k now so I now how nice it is to get that burden off your shoulders.

#12 2 years ago
Quoted from TxJay:

Great job!...Thanks for not asking me to pay them for you.

Asking me to have you pay them? There was such an option??? Man, wish I had known!

J/K - in all seriousness though, what do you mean by this? To me, paying them was the only option and certainly more honorable as this was MY responsibility to take care of.

Is there some situation where students are requesting others to pay their debts off for them? If so, man, that kinda sucks. No sense of accomplishment having someone else do it...!

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#13 2 years ago
Quoted from NPO:

Asking me to have you pay them? There was such an option??? Man, wish I had known!
J/K - in all seriousness though, what do you mean by this? To me, paying them was the only option and certainly more honorable as this was MY responsibility to take care of.
Is there some situation where students are requesting others to pay their debts off for them? If so, man, that kinda sucks. No sense of accomplishment having someone else do it...!

Yes, he is making a reference to those millienals that want the government to simply forgive their student loans (meaning have everyone else satisfy them with their tax dollars). Not starting a political discussion, just pointing out his reference so you don't think it was targeted in some way.

#14 2 years ago

Not a Huge deal? This topic's Hot.. Thumbs up for You...

#15 2 years ago

Nothing better than debt free! We got there about 5 years ago - what a great feeling!

#16 2 years ago
Quoted from TigerLaw:

Yes, he is making a reference to those millienals that want the government to simply forgive their student loans (meaning have everyone else satisfy them with their tax dollars). Not starting a political discussion, just pointing out his reference so you don't think it was targeted in some way.

Ahhhhh! I'm tracking, now. I can't imagine doing that. No way. This was my responsibility. I'll be damned if someone is giving me a handout. I was born in 81, so I feel in that awkward "am I or am I not a millenial?" quandary. If so, I'll gladly go against that stereotype.

Definitely didn't take it personally. I appreciate the explanation and the kudos.

No one is paying my debts but me. We need mend and women who are willing to take their responsibilities head on.

Next up, Masters!!! That journey begins 2nd week of January 2017.

#17 2 years ago

Congratulations!

#18 2 years ago
Quoted from NPO:

Ahhhhh! I'm tracking, now. I can't imagine doing that. No way. This was my responsibility. I'll be damned if someone is giving me a handout. I was born in 81, so I feel in that awkward "am I or am I not a millenial?" quandary. If so, I'll gladly go against that stereotype.

You are Generation X, the child of baby boomers. You are not a millennial.

#20 2 years ago

Congrats!!

#21 2 years ago

Congratulations for you taking on the responsibility of paying for your own college.

I wish more parents would do this, instead of spoiling their kids!

#22 2 years ago

Being debt free is the shit

Congrats!

Once you are in the clear you're no longer working to survive... you're working to build wealth!

#23 2 years ago
Quoted from Magic_Mike:

Congratulations for you taking on the responsibility of paying for your own college.
I wish more parents would do this, instead of spoiling their kids!

Meh I disagree

A lot of personal finance is philosophy so go figure

Edited: Too winded

#24 2 years ago

Way to go NPO.
I did the same years ago, and paid off my student loan within the first year after getting my undergrad degree (in Mech Eng.)
Freedom-yell (resized).jpg

#25 2 years ago

I listened to this many times today !!!

#26 2 years ago
Quoted from Pinball-is-great:

Way to go NPO.
I did the same years ago, and paid off my student loan within the first year after getting my undergrad degree (in Mech Eng.)

Your Mech Eng degree probably helped land a good job allowing you to pay off the loan quickly.

I got a ME degree also, but 35 years ago. Never used degree because I went into the Air Force and learned to fly! I'm a one trick pony, but love my job.

#27 2 years ago

Awesome job buddy... congrats

#28 2 years ago

Great work! I was lucky in that I went to school at a state school in 1994-1998. Was able to pay my way through, probably the last generation to do so given the skyrocketing education costs. Also lived at home and commuted which helped. Being debt free is the key to a good pinball collection IMHO

I have a coworker who paid off 130K in student loans in 3 years, November was his last payment. He lived like a monk and didn't even have a cellphone plan. But he got it done. It's a real burden on people getting started in life, student loans. I hope we come up with a way to fix it so people aren't getting so deep in debt in the first place.

#29 2 years ago

congratulations

#30 2 years ago
Quoted from Richthofen:

Being debt free is the key to a good pinball collection IMHO.

Very true! AWESOME JOB on paying off your loans. You should be on cloud nine. I'm the same age as you and am still working to pay off student loan debt. No regrets on getting the education, just need to be persistent and hard working in paying it off. Pinball will always be around when I am ready to build a collection. Thanks for your service and time for you to celebrate!!!

#31 2 years ago

To side track a bit, I think the main problem with student loans is that it costs the exact same to get a electrical engineering degree as it does to get a sports management degree. One will make $65k out of school and the other will be $35k

#32 2 years ago
Quoted from lordloss:

To side track a bit, I think the main problem with student loans is that it costs the exact same to get a electrical engineering degree as it does to get a sports management degree. One will make $65k out of school and the other will be $35k

Why get a degree at all then?

Even the cable guy gets a company car & almost $65K yr for fucks sake lol.

#33 2 years ago

Because a decent engineer has a higher ceiling for income, that's why.

#34 2 years ago

Atta boy buddy. So will I see ya at the Louisville show ? Hope so, but Cali sounds much nicer anyway. Good luck dude and thanks for yer informative threads.

#35 2 years ago

Congrats!! It's such a great feeling. We did this after a cachout-refi with no increase in monthly mortgage payment saying over $35k in student loan interest. Feels so good. $550 a month for the next 20 yeats, GONE!

#36 2 years ago

Congratulations! What a fine accomplishment, something no one can ever take away from you.

Onwards and upwards!

-- Matthew

#38 2 years ago
Quoted from investingdad:

Because a decent engineer has a higher ceiling for income, that's why.

I know alarm installers making $50K-$150K tho. Thats a sweet ceiling for the debt free "uneducated". Cant even do a Roth @ that level

The cable guy worked for 8 years while the engineer went into debt. Factor future interest + current loan debt + 8 years of lost wages & that engineer has a lot of ground to make up. The engineer has a leg up tho when the tradesman gets hurt. Engineers can nurse a wound while a tradesman sits at home with no income

Not attacking engineers. 2 are visiting my house today. Just saying education debt is risk. Like an investment mr investingdad

Also I have a kid, maybe a few more later, so education costs vs benefits are on my mind a lot.

OP not trying to riff your chill. Keep on moving on up & kudos again.

#39 2 years ago

Nice job but college costs have really gotten out of whack . It cost me a total of 3,500 a year to go to a state college back in 1978 to 1981 . A guy could get a summer job and just about make enough to pay for a full year maybe have to get a few hundred from mom n dad no debt to worry about . Now i have got 5 to help out its $20000 a year for the same college and no way a kid can make that kind of money with a summer job . Shit they want $450 for a parking permit now .

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#40 2 years ago

One of the big travesties with college is people going to school and into debt and getting a degree that really is not worth much.

Look at, for example, history or English majors. How many jobs are there for those degrees per state compared to how many people are getting those degrees? People who get one of those degrees must keep going beyond college to get a marketable skill.

*Disclaimer, I have a history and English degree, neither would have landed me gameful employment.*

#41 2 years ago
Quoted from lordloss:

To side track a bit, I think the main problem with student loans is that it costs the exact same to get a electrical engineering degree as it does to get a sports management degree. One will make $65k out of school and the other will be $35k

I mostly agree with the comparison in costs of college in different fields versus respective salaries being a problem, especially as college tuition has become such a burden for middle and lower class families. However, if you graduate with a BSEE in a major recession like I did (1993) only about 30% of my graduating class in a major university were getting jobs right out of school. It took some time and post graduation creativity to end up with the opportunities many of us eventually got. Fortunately college was much less expensive even for an out of state student back then. I was not saddled with any debt because my parents were generous as heck and planned from my birth to send me to school on my dad's BSEE salary alone, and I helped out by being as frugal as I could while going to school and working a part-time job from my senior year of high school to my junior year of college. I have made sure to tell my parent's several times throughout the years how thankful I am for what they did to help me be successful. It was not only the financial support, but also the numerous times they gave me encouragement to achieve.

#42 2 years ago
Quoted from PW79:

I know alarm installers making $50K-$150K tho. Thats a sweet ceiling for the debt free "uneducated". Cant even do a Roth @ that level
The cable guy worked for 8 years while the engineer went into debt. Factor future interest + current loan debt + 8 years of lost wages & that engineer has a lot of ground to make up. The engineer has a leg up tho when the tradesman gets hurt. Engineers can nurse a wound while a tradesman sits at home with no income
Not attacking engineers. 2 are visiting my house today. Just saying education debt is risk. Like an investment mr investingdad
Also I have a kid, maybe a few more later, so education costs vs benefits are on my mind a lot.
OP not trying to riff your chill. Keep on moving on up & kudos again.

Eight years? Only four years to get an engineering degree.

I've learned not to debate this topic, good luck in whatever decision you make.

#43 2 years ago
Quoted from plowpusher:

Nice job but college costs have really gotten out of whack . It cost me a total of 3,500 a year to go to a state college back in 1978 to 1981 . A guy could get a summer job and just about make enough to pay for a full year maybe have to get a few hundred from mom n dad no debt to worry about . Now i have got 5 to help out its $20000 a year for the same college and no way a kid can make that kind of money with a summer job . Shit they want $450 for a parking permit now .

Introduce easy financing/money into any industry and watch the costs SKYROCKET! Housing, Education, Auto, everything. Its criminal.

Congrats OP! All others who want to do the same, check out Dave Ramsey and get your freedom back.

#44 2 years ago
Quoted from investingdad:

Eight years? Only four years to get an engineering degree.
I've learned not to debate this topic, good luck in whatever decision you make.

I thought 8 years was the new 4

I'm past the school days. I have no career decisions left to make other than when to retire. That will be determined by the market vs my level of consumption.

FYI sorry if it seemed I was arguing with you. That was not my intent. You have good points. I was just saying there's more than one way to a good income & I dont completely trust "higher education".

Quoted from Pablito:

check out Dave Ramsey and get your freedom back.

Agreed. Also check out Mr Money Mustache (he's a former engineer!) & the "root of good" (ah shit another former engineer too I think lol).

#45 2 years ago

Lot's to congratulate here! You didn't pile up $100K in student loans. You paid it off quick. You got a real degree. Great job!

I've got one about to complete her Masters in Speech Pathology with less than $20K in student loans. Now just gotta steer the other into into something meaningful.

People can be real stupid when it comes to funding college. That applies to parents as well as students.

#46 2 years ago

Debt free is the only way to be...

#47 2 years ago
Quoted from TigerLaw:

One of the big travesties with college is people going to school and into debt and getting a degree that really is not worth much.
Look at, for example, history or English majors. How many jobs are there for those degrees per state compared to how many people are getting those degrees? People who get one of those degrees must keep going beyond college to get a marketable skill.
*Disclaimer, I have a history and English degree, neither would have landed me gameful employment.*

+1

A good friend of mine is a truck driver and never finished college.

He brings home six figures.

#48 2 years ago
Quoted from TigerLaw:

Disclaimer, I have a history and English degree, neither would have landed me gameful employment

*gainful employment

where did you get that degree in English?

#49 2 years ago
Quoted from Eric_S:

*gainful employment
where did you get that degree in English?

Speed typing on a cell phone wasn't a course offered back in my day.

#50 2 years ago
Quoted from TigerLaw:

Speed typing on a cell phone wasn't a course offered back in my day.

You're way faster at thumb typing/texting on a smart phone than I am Tiger.
I'm self-taught. Thinking you got a certification at a local community technical school in speed thumb typing.

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