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Student Loans

August 6th, 2025 at 09:02 am

Consolidating my last two student loans was the smartest move I’ve made. Even with a slightly higher interest rate, one streamlined payment lets me see real progress. My current balance is $22,546.10 (a $200 payment is still pending), and my first required payment isn’t due until December 2026. If I stay consistent, I’m praying the balance will be zero by this time next year.

I originally borrowed about $35,000, but years of capitalization—and a low income that forced me onto an income-driven plan—ballooned the debt to almost $90,000. When COVID froze interest, I doubled down. While many paused payments, I kept going and have now eliminated roughly 75 % of the balance. To God be the glory.

Higher education is pricey, and too many jobs demand degrees while paying wages that barely cover living costs. Unlike car or mortgage loans—where extra payments clearly reduce the principal—student-loan interest can feel endless. It’s astonishing that young adults can borrow six figures so easily yet struggle to make the balance budge, and discharging these loans in bankruptcy is harder than with almost any other debt. (For the record, bankruptcy isn’t an option I’d choose.)

If you’re stuck on the hamster wheel, remember: progress is possible. Keep pushing, stay consistent, and trust that time and persistence are on your side.

Side note. I hate all the new pop ups, and ads on this site, and inflation is killing me  

 

Posted in Reaching Financial Freedom, Debt | 7 Comments »

7 Responses to “Student Loans ”

  1. Turtle Lover Says:
    August 6th, 2025 at 12:11 pm 1754482275
    1754482275

    Hi Amber!
    Good to see a post from you and glad you are getting your student loans down!
    PS I agree about the stupid pop ups!

  2. Tabs Says:
    August 6th, 2025 at 11:09 pm 1754521794
    1754521794

    Good to see you doubling down on payments when the interest rate was frozen. And yes, progress is still progress, no matter how glacial it feels.

  3. Suemn Says:
    August 7th, 2025 at 06:11 pm 1754590290
    1754590290

    It's good that you never quit paying on your student loans even when it was permitted. Can't wait for you to get it all paid offSmile

  4. rob62521 Says:
    August 7th, 2025 at 08:00 pm 1754596850
    1754596850

    It was smart of you to keep chipping away at those student loans. You have worked hard on getting rid of all your debt. I'm proud of you.

    I agree, hate these pop up ads and all that.

  5. LivingAlmostLarge Says:
    August 8th, 2025 at 07:29 am 1754638191
    1754638191

    Congrats and a lot of smart people did the same thing you did. I have clients who kept on paying during the interest pause and they saw the balances finally come down fast.

  6. LifeBalance Says:
    August 8th, 2025 at 01:30 pm 1754659813
    1754659813

    Just to pile on: I also think you were smart to pay aggressively when the interest rates were frozen. I see so many people look for excuses not to make payments as though that will make the debt go away. It's refreshing to see you attack it to get it gone. We'll all be celebrating with you on the day it is gone!

  7. mumof2 Says:
    August 9th, 2025 at 01:03 am 1754701400
    1754701400

    best thing you can do when they freeze things is to keep paying look how far you have come in that time and those people now have that debt and inflation to deal with.

    How do you pay interest on your student loans over there, monthly, yearly etc? Here in aust, we are indexec once a year on 1st june. Our govt is about to take 20% off all student loans to help people out and have more money in their pockets. Thats what I am waiting for for that to happen so then I can pay off mine and be debt free...that will be a savings over $5k for me and would rather that in my pocket than theirs.

    And I am with you with those pop up ads

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