She Strengthens

Breaking Free from Student Debt

Growing up, I never imagined that my college experience would be defined by a series of work-study jobs. However, when my parents lost their jobs during the financial crisis, I realized that I couldn’t rely on them for everything. This wake-up call prompted me to take charge of my finances and make a plan to pay off my student debt.

Smart Borrowing

When I took out my first loan, I made a conscious decision to avoid federal loans that accrue interest immediately. Instead, I opted for a college-offered loan that didn’t start accruing interest until nine months after graduation. This strategy gave me a concrete deadline to work towards and helped me avoid calculating daily interest accruals.

Juggling Multiple Jobs

During my college years, I worked multiple on-campus jobs, including a library desk job, math department grading, student leadership, and tutoring. These jobs not only helped me earn a steady income but also allowed me to develop valuable skills and build my network. I even managed to continue my tutoring job via Skype while studying abroad, which helped me save money despite being away from campus.

Saving Early and Often

The summer after my first year, I landed a paid internship that paid $5,000. Instead of splurging on luxuries, I put the money into a high-yield savings account. This habit of saving early and often helped me build a safety net and eventually pay off my debt. I encourage students to take advantage of their college years to save as much as possible, as it’s easier to live frugally when you’re surrounded by like-minded individuals.

Studying Abroad: A Cost-Effective Option

Studying abroad during my junior year turned out to be a cost-effective decision. The program was cheaper than attending school on campus, and my financial aid package transferred seamlessly. I was able to use the money I saved to pay for rent, groceries, and travel expenses while abroad. Plus, I continued to earn money through my tutoring job, which I deposited into my savings account.

Forming Good Habits

After graduation, I made it a habit to set aside a portion of my paycheck to pay off my debt. This discipline helped me save $12,000 quickly, especially since I no longer had to juggle multiple low-wage jobs. By forming good habits early on, I was able to pay off my student debt in less than a year.

No Magic Formula

Paying off debt requires discipline, hard work, and smart financial decisions. There’s no magic formula or hack to make it disappear overnight. However, by starting early, saving consistently, and making sacrifices, you can achieve financial freedom. As a recent college grad, I can attest that being debt-free is an incredible feeling, and I encourage students to start taking control of their finances today.