Comments on: Why Paying Off Student Loan Debt Makes No Sense and Why I Did It

By: The Honey Badger's Guide to Financial Domination | You Have More Than You Think

Tue, 07 Feb 2012 13:15:32 +0000

[...] example, you’ve committed to paying off your student loans within the next two [...]

By: Penny Stock Blog

Penny Stock Blog — Fri, 27 Jan 2012 01:33:35 +0000

I would like to comment about the value of a college degree. Most students go about this the wrong way instead of going to college and specializing in some kind of tech field or something else and than go out and get a decent job in their field of expertise that pays far more than wallgreens for example you do not have to have a four year degree to get a really good job that is if you go into the right field. Than use the generous benifits package that the company offers and this most likly includes paying for part of your continuing education. Also never count out wallgreens or kmart or really any large company because they may have a job in the field you are in even wallgreens has personal involved in web design or computer science.. Also if you start working in the speciality field before you leave college you will be in the sweet spot compared to your counter parts that are not.

By: Michelle Hughes

Michelle Hughes — Fri, 25 Nov 2011 17:33:50 +0000

Paying off my student loans will complete my debt snowball. I’m extremely ecstatic about December 2017. People think I’m crazy because I’m single, thirty, driving a hupty and delaying home ownership (i.e living with my sister, her husband and my 2 yr old nephew) to pay off Uncle SAM. It’s definitely a mind thing. I don’t like the idea that my student loans will be taking a quarter of my monthly net salary for two decades. That just doesn’t sit right with me. The sooner I can get this over with the better.

By: Rob

Rob — Wed, 11 Aug 2010 06:06:39 +0000

I also have my govt loan @ 1.625% with 12 years to go. Other than a small 2nd mortgage which will be paid off next year, we have a 20yr fixed mortgage. I would love to have the student loan paid off, but I have a hard time justifying spending the cash other than for psychological reasons.

By: Student Loans

Student Loans — Mon, 09 Aug 2010 20:46:58 +0000

Funny post with good points, I liked it a lot. Just want to let others know that if you do have to take out private student loans be absolutely sure to do your homework and research rates before you take on any sort of debt. Sites like SimpleTuition.com have great comparison tools that let you sort lenders by interest rate, monthly payments, total cost etc. so that you can make a smart decision about funding your college education.

By: Bucksome Boomer

Bucksome Boomer — Thu, 19 Nov 2009 13:30:02 +0000

Yes, like Enemy of Debt I plan to scream "I'm debt free!" some day. I became a Dave Ramsey fan via his Financial Peace University course through my church.

By: Tweets that mention Why Paying Off Student Loan Debt Makes No Sense and Why I Did It -- Topsy.com

Thu, 19 Nov 2009 01:02:27 +0000

[...] This post was mentioned on Twitter by Shawanda Greene, Elle. Elle said: RT @theycallmecheap Why Paying Off Student Loan Debt Makes No Sense and Why I Did It http://bit.ly/3dG9DE [...]

By: Shawanda

Shawanda — Wed, 18 Nov 2009 16:58:50 +0000

@Jackie – It seems like once you get started paying down debt, money comes from everywhere. I actually think it's money you had all along, but you just weren't using it optimally.

@Jason – You're right. I sold a small amount of individual stock back in April 2008 to put towards a car loan I had at 6.5%. Considering how that stock is performing now, getting rid of it was a really good decision. Ten years from now I may regret selling it, but I seriously doubt it.

@Venus – Aah. Debt-Free Land. I want to live here forever. Wishing you well in your return.

I used to calculate the amount of money freed up by paying off debt at least once a week. Because I'm out of debt, I can reasonably save about 1/2 my net income. I may not always choose to do so, but I like having the option.

@Bucksome Boomer – Are you a Dave Ramsey listener?! Listened to that guy almost every weekday during the journey out of debt. Are you going to call in and scream "I'm debt free!!!"

By: Bucksome Boomer

Bucksome Boomer — Wed, 18 Nov 2009 14:06:12 +0000

Believe me, someone who has had student loan debt for many years, you did the right thing. I can't wait to get the thing paid off asap (it's third in line of my debt snowball).

By: Venus

Venus — Wed, 18 Nov 2009 11:55:34 +0000

I did the same thing for the same reason. My loans were older, though. So my interest rates were more like 5-9%. But it just felt good having that extra few hundred dollars in my monthly budget…to do other things with…like pay off credit cards and such.

I agree with @Jackie, debt feels like a weight. Freedom feels light and wonderful.

Debt-Free Land is a wonderful place. Been there twice. Hope to get there again next year.