Six. Freakin’. Figures! [$130,782]


Just another personal finance junkie on a journey out of six figure student loan debt.Can I just say that I HATE my student loan debt!? It’s just so freakin’ much!!!

Six figure student loan debt is just beyond ridiculous right?

First off, six figure debt is a crazy amount to contend with.

Second, it is also a really embarrassing sum of money to owe for something other than a home.

If you have six figure student loan debt then you know exactly what I mean.

Anyhow, it is my burden to carry bury.  No one forced me to borrow the money and the loans ultimately made it possible for me to secure a job that I love which also happens to come with a six figure income.

So, while I wouldn’t go as far as saying borrowing the money was worth it, I would say that I am grateful that my past relationship with debt has led me to where I am today.

Now however, it is time to break up with the debt! You can follow my progress as I navigate my way to debt freedom.

Repaying My Debt

I am hoping to be able to pay this entire balance off completely in the next four years (honestly I believe I will pay it off a lot faster if I am what Dave Ramsey calls “gazelle intense“).

In the past, I seriously considered making the minimum payments for 10 years and taking the public service loan forgiveness deal. Public service loan forgiveness is a government program that allows public servants to have their loans dismissed after making 120 monthly payments. I am an educator so I qualify.

But, when I think about a ten year repayment sentence I say to myself…TEN YEARS…that’s an entire decade…I’m nearly over the hill as is…ain’t nobody got time for that!

Next, I considered devoting every free moment of my time to learning how to become a world-class hacker and then deleting all of my student loan debt records and helping others do the same but you guessed it…I really don’t have time for that! Plus I have a strong aversion to prison.

Why I’m Paying Back (When Technically I Don’t Have To)

I’m pretty sure I borrowed more money than I needed but I definitely would not have been able to complete my education without taking out some loans so, I do appreciate the fact that the loans were an option for me to choose (even though I failed to choose wisely at times).

With that being said I can honestly say I don’t have any regrets about my loans or anything else that has happened in my life because I believe in the quote from Deepak Chopra; “this moment is as it should be”.  Nothing is a mistake.

There are lots of other young people out there who want and need the same opportunities that I was afforded. If I did not pay back my loans I would feel like I was cheating someone else out of an opportunity.

Truthfully, that is the main reason why I feel like I NEED to repay my debt as quickly as possible (Read: I am not encouraging others to take out student loans. Avoid them at all costs if you can!).

What $130k Worth Of Student Loans Got Me

In case you are curious, my six figure student loan debt afforded me the following super, cool sheets of paper:

  • a bachelors in business and behavioral science,
  • a masters in education,
  • a doctorate in education,
  • a teaching credential,
  • an administrative services credential,
  • and two real estate classes! Yay me!!!

Breakdown Of My Student Loan Debt

Student Loan 1: $10,059.88 @ 5.875%

Student Loan 2: $50,145.71 @ 5.875%

Student Loan 3: $70,576.41 @ 5.875%

Total Student Loan Debt: $130,782.00

Stay Tuned…Follow My Progress Towards Debtfree2022

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Do you or someone you know have six figure student loan debt? Tell me about it in the comments.