College loans: The fresh new Bane regarding My Life

College loans: The fresh new Bane regarding 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 crap together with her. 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 would like information, email address myself within ). 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 attention-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 you certainly can do with your funds.

My wife and i lived very frugally in my PGY1, enduring almost totally away from her income and you will getting my paycheck to your my personal loans. Nevertheless the the truth is you to definitely we still got more $100k going. And you will there is added home financing, later years deals, and you may an expanding family members to our monetary photo.

Because I’ve finished in 2013, we’ve made a huge amount of advances back at my college loans

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

Avoid the second and you may think about one to. Every day, also to buy a cup of coffee regarding bistro on health where We spent some time working would start me on negative $30 on the day. prior to title loans Erin You will find attained one thing.

If you graduated recently (or are about to graduate), you’re probably in a similar situation. Doesn’t that make you upset? 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’ve got to behave regarding student education loans!!” 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 does not mean I am not saying browsing do everything into the my personal capability to save money and relieve the latest economic weight into the my children.

Lowering your Education loan Load

Lowering the desire on your own student loan saves you plenty of cash. both in your own monthly payment and also in the total amount your pay along side label of your 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. which you most likely create if you graduated with a pharmacy degree.

Every time a unique private loan company popped right up inside my Myspace provide, I would excitedly opinion the new deets. I discovered a lot of enterprises and lots of preparations that seemed attractive. But anything usually avoided me personally from refinancing: Shortage of independency.