How many college graduates have responded to travel invitations or big life purchases with, “Sure, as soon as I pay off my student loans.” It’s a burden that can saddle a graduate for years after the last day of classes, but what if smart planning could erase that debt sooner rather than later?
But we should first mention that this member’s story is just an example we can learn from—and what worked for them might not work for someone else. Following in her footsteps might not yield the same results, because everyone’s finances and debt payoff strategy is different. But the key takeaways from these members’ repayment approaches might help if you’re currently crafting a plan to knock out your student debt.
Erika Jimenez, a member of the SoFi Community, is an MBA graduate who left grad school with around $50,000 in debt. At first, she said she was resigned to paying it off over the next nine to 10 years. But after paying for three years and only making a $10,000 dent in her total balance, she decided it was time to revisit her options.Read more