My wife and I finished paying off $90k worth of student loans today after 6 year…

My wife and I finished paying off $90k worth of student loans today after 6 years of frugality. Here’s a graph of our progress. AMA!

View Source by jacobMcButtface

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36 Comments

  1. thegreatconductor says:

    Amazing job! I’d suggest you stay disciplined and start putting your extra money into 401k / investments.

  2. jacobMcButtface says:

    We used the avalanche method and have been very conscious about our spending habits. We both have pretty low-paying government jobs but have seen the most success in minimizing our living costs. Anything extra went toward our loans.

  3. SharpyTarpy says:

    Man, that’s $1250 a month. That’s basically a rent/mortgage. How the hell did you guys afford to basically pay two rents?

  4. oxford__llama says:

    Big, big congratulations!! My SO and I paid off my $35k debt in 4 years – I know how good it feels!

  5. dancingriss says:

    Very impressive! Especially since it looks like your wedding didn’t impact your debt at all. The consistency between all of the big life moments is very cool.

  6. AntsinthePants87 says:

    Question: how does it feel to be a total badass?

  7. Congrats! We paid off 80k. Welcome to the debt free club!

  8. ChicagoTRS1 says:

    Great job kicking out Sallie Mae…that b* no longer resides at your home.

  9. ChiefLoneWolf says:

    I imagine some of your(husband) loans had a higher interest rate? You and yo ur wife started with about the same amount but paid yours down quick.

  10. [deleted] says:

    such a feeling of freedom!

    AMAZING

  11. Congratulations! How did it feel when you paid it off? Will your lifestyle change in any way? What are your new goals/priorities? What’s your biggest frugal tip?

    I ask because we too just paid off a giant student loan tab (150k in five years) and the resulting feeling sort of threw us for a loop. It was my husband’s debt, and while we were obviously ecstatic, it also made him have a mini-existential crisis. He said that having that kind of debt, it was always in the forefront of his mind, and informed all his decisions and was his major goal. Just wondering if you felt anything like that.

  12. hwturner17 says:

    What software did you use? If you made that custom, care to share? Really like the visualization. Congrats btw!

  13. jumpingswan54 says:

    First, congrats!! It must feel amazing.

    This might not be something you can answer, but I’d be interested to hear your thoughts. My bf (24yr) and I (23yr) live together and do not plan on sharing one bank account anytime soon. He has loans, I don’t. I want to help him pay off his big loans, but he doesn’t want any handouts unless absolutely necessary. We’ve compromised by me doing all the grocery and utilities spending while he does his usual monthly payments, especially while interest is so low right now. With this payment plan, he suspects to be done with loans in about 6 years, similar to you guys.

    Do you have any tips for us? How else could I help him? What can keep us motivated? (We’re already messing around with investing and retirement accounts, so it’s all good there)

  14. noname_1337 says:

    Love the title! Exactly how it’s supposed to be called.

  15. basedvato says:

    Congrats, I have medical school debt. Hopefully it doesn’t follow me to the grave.

  16. disastrouspastry says:

    Hi! Did budgeting play a major role in this accomplishment, if so then how?

  17. Awesome work!

    You might appreciate my chart… I put debt as a negative number and 401k, investments, cash, etc. so you can track your +/-. Once the student debt reaches 0 the “net worth” value explodes above 0 and its awesome!!! You would appreciate.

  18. Clockwork385 says:

    congrats!!! 90k is such a huge amount but you are now free from student loan :).

  19. Impressive but I hate these posts because you shouldn’t have had to put all this effort and frugality into paying back loans that you shouldn’t have had to take out and pay ridiculous interest on because school shouldn’t cost so much. The system is broken. You could have saved and spent that money on furthering your future, buying property, traveling, future child costs, etc. I’m not saying this to “make you feel bad” but to display how much we all fell for the biggest fraud perpetuated on us. That school HAS to cost and arm and a leg and that it’s NORMAL to hamstring generations of people by keeping them in debt.

  20. Great job!!! Congrats and I hope y’all celebrate tonight or this weekend. It didn’t feel real to me until I toasted with my partner as to our freedom.

  21. This is so amazing. I’m about to enter grad school and I have no idea what the debt situation will be like for me. I luckily have no undergrad debt. This gives me hope that things will be okay! Thanks for sharing!

  22. just thinking of the total amount in interest payments you avoided is getting me all hot and bothered.

    congrats on crushing that so quickly!

  23. devindyan says:

    This graph is so satisfying! I wish I had the thought to do this when I first started my debt payoff journey! Congrats!!

  24. rubix_redux says:

    Nice work. You should check out r/financialindependence

    Good community for post-debt money goals.

  25. Congratulation but what does each color mean.

  26. RazBullion says:

    That’s fucking awesome!

  27. The_Dr_Robert says:

    What did you use to make this chart?

  28. Iatroblast says:

    Wow good job! What are we looking at here? Did you log the payments in a spreadsheet yourself, and graph it, or is this an app?

  29. infamoussanchez says:

    That’s amazing. Congrats.

  30. Excellent! So much hard work but so worth it!

  31. StonePineJack says:

    /r/personalfinance would love this!

  32. _JustAnOtaku_ says:

    What are loans ?

  33. k4rm4cub3 says:

    Can relate to the $90k of student loans, wish I had two incomes against it…

  34. Montana4th says:

    Younger people being straddled with student debt early in life is going to have ripple effects in the future economy

  35. _Bucket_Of_Truth_ says:

    So you spent $1250 a month on student loans with “low paying” government jobs? GTFO! I have $70k+ of student loans that I can never foresee paying off with any maths. I could empty my bank account and not even cover the interest that’s built up.

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