Student loans: The latest Bane from My Life

Student loans: The latest Bane from My Life

Student loans: The latest Bane from My Life

Eventually, something changed in me. I was about to azing, beautiful, super-fun, and kick-ass wife (see picture). I needed to find my personal shit together. So, I started reading, and taking action on what I read.

I read every personal finance book and blog I could get my hands on (if you want guidance, email myself from the ). These books literally changed my life. I studied. I applied. I moved into a smaller apartment. I sold my car and started biking to work. I even got creative and took out a 15-month attract-free credit card to cover expenses for a few months until my next student loan disbursement came (I paid the balance in full before any interest was due). Slowly but surely, my financial picture started looking better.

So, there’s some background. But that’s not really why I’m up at 5:38 AM on a Thursday morning writing this to you. This post is about one of my current financial strategies, and (more importantly), something can be done together with your cash.

My wife and i stayed really frugally in my PGY1, surviving nearly totally away from the woman income and getting my personal paycheck towards the my money. Nevertheless the the reality is one there is nevertheless got more than $100k to visit. And you can we added home financing, later years deals, Johnson City title loan and cash advance and a growing family to our monetary photo.

Because I have finished during the 2013, we’ve produced a ton of advances to my student education loans

At the peak of my loans (I graduated with just over $200k), I was paying over $26 in interest a day. I calculated that as a resident, the first 4 days regarding my collect income would be given straight to the bank just to pay the interest on my loans.

Stop one minute and you will contemplate that. Every day, actually to get a cup of coffee in the cafe on the hospital in which I has worked create initiate me personally on bad $29 on the day. before I have made anything.

If you graduated recently (or are about to graduate), you’re probably in a similar situation. Doesn’t that make you enraged? Because it sure as hell fires me up. It makes me burn with the fury of 1000 suns.

But before we get too carried away, this isn’t one of those “We have to act on figuratively speaking!!” complainy-posts. I’m resigned to my choices. No one forced me to go to pharmacy school. No one forced me to take out more money than I needed. I wasn’t educated about what I was doing, but that’s my fault. That’s on me. I’m able and willing to deal with the consequences of the misguided choices of my youth.

But that doesn’t mean I am not gonna fit everything in from inside the my personal ability to spend less and relieve the latest financial burden to the my family.

Cutting your Education loan Weight

Decreasing the appeal on the education loan helps you to save a bunch of cash. in both the payment as well as in the total amount you shell out over the title of the financing.

If you’ve been paying attention, you may have noticed something recently. Private loan companies are coming out of the woodwork offering lower interest rates compared to federal loans. This is especially true if you’ve got Graduate and Graduate Plus federal loans. you probably manage if you graduated with a pharmacy degree.

Whenever a different sort of personal lender popped right up during my Twitter supply, I’d excitedly feedback the newest deets. I came across a number of enterprises and plenty of plans you to checked glamorous. However, something constantly eliminated myself off refinancing: Shortage of liberty.

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