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Student loans have become so commonplace in our country that everyone seems to be living with them. According to Forbes in February 2017, there are over 44 million people in the US living with student loans. Those loans amount to over $1.3 trillion dollars!
And it’s not just the nation’s millennials that are carrying around this heavy debt burden. Seniors receiving social security checks are starting to see their benefits reduced in order to pay back student loans they’ve owed for decades.
If you’ve listened to or read my ramblings before, you know I’m all about preparation in the form of 529 savings, college scholarships and considering the community college route. That advice is all well and good for parents and kids preparing to go to college, but what about those who are currently drowning in student loan debt?
I had a chance catch up with Kevin who blogs at the Financial Panther. He’s a man who decided that he didn’t want to be one of those 44 million people strapped with student loans. He didn’t want to add another cent to the $1.3 trillion dollars that are currently owed.
After accumulating $87,000 in student loans from law school, Kevin decided to eliminate that debt burden from his life as fast as possible. Through debt consolidation strategies, diligently planning his finances and living like a student instead of living like a high flyin’ “lawyer”, Kevin obliterated his student loans in 2 ½ years.
What are we covering today?
Kevin and I discuss:
- How we eliminated his $87,000 in debt in 2 ½ years
- What strategies he took to avoid “lifestyle inflation” as a lawyer
- How he is now partnering with his new wife in paying off her dentist school student loans
If you’re one of those 44 million people living with student loans or you just like hearing awesome success stories, take a listen to today’s show. It will inspire you to battle your student loans or any other difficult challenge in your life.
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Financial Panther – Kevin’s website about crushing debt and side hustling.
A Breakdown of How I Paid off $87,000 of Student Loans in 2.5 Years – Kevin’s article detailing his debt destruction journey.
Hilarious Simpsons clips:
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Carpe Diem Quote
“Impossible is just a word thrown around by small men who find it easier to live in the world they’ve been given than to explore the power they have to change it. Impossible is not a fact. It’s an opinion. Impossible is potential. Impossible is temporary. Impossible is nothing.”