Paying Off Student Loans - Happy New Year!

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Before I go... The money to pay off your student loans is hidden in the ... Beeeeeep.

What's the best way to pay off your student loan? How do you do it? For those who have multiple student loans - have you thought about merging them into one? Any other ideas?

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Specializes in HIV, Psych, GI, Hepatology, Research.
I would say when you get your taxes keep paying them off by the thousands because the loans will decrease faster in that way, but it's just my opinion.

Great idea!

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Specializes in Psychiatry.

My husband and I paid over the principal amount and were able to pay off nearly $30,000 in 13 months! What a relief!

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Specializes in NICU.

Paid off my undergrad loans this past year ($18k) after 4 years of being a RN. Also paid off $12k in credit card debt, paid for 2 cars ($20k), and a modest wedding (~$8k in cash). We're down to $22k on DH's grad loan from $28k, still have $18k on his undergrad loan, and golly I don't even wanna think about my grad loans I'm getting right now...but I pay off the interest each month which should save me a few thousand in the long run.

We hope to pay it all off within two years or so...now that he's working full-time, me working full-time (and going to school part-time, i.e. no life!!), we are trying to pretend that we don't suddenly have double the income that we used to have...

next up after this: down payment for mortgage and baby! I cannot wait!!

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The cartoon is quite funny.

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student loans...can't wait to have them all paid off!

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at least unlike other college degrees we have jobs that allow us to pay them off!

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Specializes in Pediatrics, Emergency, Trauma.
at least unlike other college degrees we have jobs that allow us to pay them off!

^Agreed!!

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Specializes in Programming / Strategist for allnurses.
On 1/27/2013 at 12:12 PM, Joe V said:

money-pay-off-nursing-student-loans.jpg.a3cabc573a24deee71821771f46c4928.jpg

What's the best way to pay off your student loan? How do you do it? For those who have multiple student loans - have you thought about merging them into one? Any other ideas?

Click Like if you enjoyed it. Please share this with friends and post your comments below!

Happy New Year everyone!

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Specializes in Acute Mental Health.

I've been paying double or triple on my loans since the government deferred payments. I just read they are deferred again through the end of May of 2022.  I'm hoping to knock off a few more grand before the interest starts up. Living lean and not spending a lot on fun things has helped a lot

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Specializes in Geriatrics, Dialysis.

Funny how a thread from 2013 was resurrected and from reading those 2013 responses it seems not much has changed.  I bet the overall level of student debt for graduates is probably a lot higher as well as interest rates but even 2013 graduates were complaining about repayment costs being such a huge chunk of their income.

Every time I read these threads it makes me realize just how lucky I was. I maxed out student loans for my ADN back in '99 - '02 at a community college and still graduated less than $15,000 in debt. I paid it off SLOWLY as my interest rates were a fixed 1.125% and my payments were a fixed $50.00/month. At those rates I didn't care if it took me forever to pay it off, which it seemingly did, LOL! I think I paid on it a full 20 years before I was totally paid off. 

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