I recently posted that I paid my student loan off on Facebook. I
have gotten quite a few inquiries asking me how I paid my student loan off so
quickly. I must say it hasn't been easy. With two bachelors, two masters and
four study abroad experiences you would think it would be easy to land my
dream job or somewhere close but that isn't quite my story. However as I work toward my career of study abroad and international programs I still managed
to pay off my student loans exactly two years after finishing my masters
degrees. I didn't have a secret formula or anything of the sort but what I did
have was a serious goal and a mind set that I would give myself no other option but to achieve my goal. With that I stayed diligent, persistent,
organized, made sacrifices and celebrated each payment until my goal was accomplished.
Diligent:
I made my plan and did not waiver from it. Whenever I got paid I would put as much money as I could toward my
student loan. I made sure my immediate expenses were paid first. I would then
make as large of a contribution to my student loan as I possibly could. Instead
of making it feel like an obligation, I looked at each student loan payment as a privilege. That gave me the motivation to stay diligent.
Persistence and Sacrifice:
Persistence and Sacrifice went hand in hand. I was so persistent
in my goal that I would willingly sacrifice other things to meet my goal. Not always easy but I gave myself no other option. I
have wanted to change my wardrobe for some time now but my goal of paying
my student loan off trumped my desire to change my wardrobe. The incentive of
not having to pay interest on my loan was way more enticing at the time than
shopping for new outfits. Plus I knew that my outfit purchase(s) would feel so much
better without the debt of my student loan hanging over my head. I can gladly say that the outfit purchases are definitely more enjoyable knowing that my student loan is paid off.
Organization:
Organization was key. I always knew how much money I
owed on my student loan. I kept a records of the payments that I made through the loan provider's
app on my phone. I also researched all my options on loan repayments plans and
determined which plan would best suit my goals. Always check with your loan provider
to see what options they provide. Don't be afraid to pick up the phone and call
the provider as well doing research online. Doing preliminary
research can help guide your phone conversation with the provider and ensure that you chose the option
that is best suited for you.
Celebration:
The most important factor in my loan repayment success was
celebrating each time I made a payment toward my student loan. Paying my student loan always
made me feel good. I made it a positive experience by celebrating or giving
myself a pat on the back each time I paid a payment. Although I did not want to
see the money go I loved the feeling of knowing that I was getting closer to
financial freedom. After a while paying my student loan turned from a daunting task to something I looked forward to doing.
As I writing and revising this blog I realized that these tips are not only helpful when paying off your student loan but they could be helpful with any goal that you may have. Feel free to give these tips a try. If you have any
tips to share that have helped you pay down your student loan or helped you achieve another goal feel free to leave a comment and let me know.
Thanks for reading!
Hasta el proximo vez,
KoMiSa
