Paying down student loan debt may seem like a neverending chore.
The monthly payments, the interest charges—it becomes one more bill that seems to never go away.
But one man, Matthew Burr, figured out a way to pay off $74,000 of student loans—in just two years.
His key advice? Start paying them down right away.
If you can, don’t wait for the six-month grace period to end to make payments, advises Burr.
As soon as I got my first check, I made a payment. You’ll pay less interest if you start making payments in a hurry, and it gets you into a routine. If you’re disciplined up front, you’ll be far ahead of everybody else.
He also made multiple payments per month and paid more than the minimum payment per month, but was careful to make sure that his loan allowed that type of repayment (some loans limit the number of payments you can make per month).
Now mind you—the man is not a millionaire. The job he got right after his master’s degree earned $80,000. Instead of upgrading his entire life with a new car and electronics, he put the money right towards his loans, paying them down and cutting out luxuries.
It’s not impossible, folks. If he can do it—so can you.
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