As I’ve mentioned in past debt repayment updates, this year I am making a huge effort to pay off the last of my student loans. I originally had a massive debt of about $68,000 that I owed to the US government for my 5 + years that I was working toward my Master’s degree. I’ve been slowly chipping away at that debt since I graduated in 2010.
This week I paid off another loan! Now I only have 5 more loans to go. hahaha
Part of the reason I’m writing about it here is to stay accountable. It would be really easy for me to just jet off to another country for a three day weekend, but instead, I’m trying to focus on paying off this student loan debt. It is sometimes challenging for me to stay focused on this repayment push because life comes up and I have to pay off car repairs, my friends are traveling to cool places, or I worry that I don’t have enough in savings. Thanks for reading!
As of today, I owe slightly more than $20,000. I expect to pay off another loan next month.
If I can travel frugally in December/January during my three-week Cuba trip, I hope to use my Christmas bonus and some savings to pay off the rest of my student loans by mid-January.
Wish me luck!
Please comment below! Have you ever tried to pay off a significant debt? What keeps you motivated to pay off your debt? Have you tried to pay off debt while living overseas?