Paying Off $80k of Student Loan Debt on a $30k Salary: How I’m Doing It

by Melanie

When I was 17, I signed papers that solidified my relationship with student loans, but I didn’t really know what kind of relationship it would be. For the last seven years, I’ve been diligently paying back my student loans.

In that time, I also went to graduate school and accumulated more debt at an even higher interest rate.

When all is said and done, I will have paid $81k toward student loans, plus interest. That’s a hard number to swallow, but I’ve learned not to get overwhelmed by it. I believe in my education and I made certain choices, and now I am working my way out.

Read more on GoGirl Finance

Melanie
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11 comments

Mo' Money Mo' Houses March 9, 2014 - 7:45 pm

Good for you! It may sound like a lot of debt, but nothing’s impossible and once you’ll have paid it all of, the journey will have been all worth it.

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Isabella March 10, 2014 - 9:40 pm

Great article! I keep rooting for you, Melanie. You are one of the PF bloggers who is going to make it. You are the real deal. Just get that baby under $40,000, and I believe you will have a great mental boost. It’s all downhill then!

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deardebt March 11, 2014 - 4:52 am

Aww, thanks Isabella! This is one of the best comments I’ve ever received. Your encouragement will keep me going 🙂

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Shoeaholicnomore March 11, 2014 - 1:42 pm

Great job! Keep up the good work. You are so motivating 🙂

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deardebt March 11, 2014 - 3:12 pm

Thank you! So glad you find it motivating. I want to create an inspirational space so we can all work together to become debt free.

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Shoeaholicnomore March 12, 2014 - 2:01 pm

Well, I think you are doing a great job! Reading all these different PF blogs and seeing people begin to make great strides of progress is what inspired me to admit my problem to myself and get a move on with handling it 🙂

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Mr Ikonz @ Project Ikonz March 13, 2014 - 12:21 am

Side-hustling is almost essential when you’re young to make sure you can clear debt quickly.
I’m now looking at new side hustles as I try to work out how to retire a millionaire.

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Jacob March 14, 2014 - 2:31 pm

Great stuff. Really impressed at how hard you continue to work!

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deardebt March 14, 2014 - 11:11 pm

Thanks, Jacob! It means a lot to me. I’m trying to hustle hard to get this debt to go away.

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Rebecca March 14, 2014 - 9:11 pm

You’re going in with confidence and a great attitude; that will make a big difference in getting it paid off quickly and with less stress. I make your salary and started on a little less than you owe. Six months later and lots of extra in, I owe a couple thousand less and I’m getting a 1.5 interest rate reduction soon. It’s hard work, but in the end it’ll be worth it all!

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Jovem Aprendiz Salário January 3, 2018 - 6:56 am

Hello,

I live in Brazil and I hope I can pay off my loan. Interest is abusive here 🙁

But let’s fight …

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