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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.
Melanie Lockert is the founder of the blog and author of the book, Dear Debt. Through her blog, she chronicled her journey out of $81,000 in student loan debt. She is also the co-founder of the Lola Retreat, which helps bold women face their fears, own their dreams and figure out a plan to be in control of their finances. She is passionate about empowering women, helping others get out of debt, and focuses on the intersection of debt and mental health. Every September she organizes a Suicide Prevention Awareness Blog Tour, to help share resources for those struggling with debt and suicide. In addition to her love of personal finance, art and music, she is also a karaoke master and a cat mom to Miles and Thelonious.
Latest posts by Melanie (see all)
- Talking About Money and Mental Health - September 12, 2022
- Dear Debt, We’re Better Apart - June 27, 2022
- Announcing The Mental Health and Wealth Summit - May 4, 2021
11 comments
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.
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!
Aww, thanks Isabella! This is one of the best comments I’ve ever received. Your encouragement will keep me going 🙂
Great job! Keep up the good work. You are so motivating 🙂
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.
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 🙂
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.
Great stuff. Really impressed at how hard you continue to work!
Thanks, Jacob! It means a lot to me. I’m trying to hustle hard to get this debt to go away.
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!
Hello,
I live in Brazil and I hope I can pay off my loan. Interest is abusive here 🙁
But let’s fight …