I’m not going to give you statistics about student loan debt. We know the impact- most of us are living it. I’m also not going to give you generic advice about how to cut down on your debt while you’re in school. There are plenty of resources on the web for that. Besides, if you’re already out of school, that ship has sailed.
Today I break down information and pass it along in bite size steps that anyone can digest and use to pay off that nasty student loan debt. Over the next two epsiodes, I’m going to be brutally honest and lay out all of the details of how I gritted my teeth and did what I had to do to pay off $90k in student loans in 20 months. Get your notebook because the there is a TON of information here!
This episode covers:
Taking 100% accountability for paying off the loans
Prepping for an aggressive payoff plan
Identifying and planning for obstacles ahead of time
Setting up systems to keep you on track
Generating and assigning income
Using silos of income and to free up extra funds for your plan
Do not skip over the prep work. I repeat- DO NOT SKIP THE PREP WORK. Even if you apply your money following the steps I’m giving you in Part 2, I promise that you will fall off the wagon if you don’t do your homework first. It’s so easy to get resentful and start missing all of the things you used to spend your money on (i.e. instant gratification) and quit before you reach your goal. The prep work, splitting your checking accounts, skipping out on assigning income – all the things- it will ensure that you can apply the steps in Part 2 and stay on track to become student loan free!
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