College loans: The fresh Bane out-of My Life

Eventually, something changed in me. I was about to azing, beautiful, super-fun, and kick-ass wife (see picture). I desired to get my personal shit along with her. So, I started reading, and taking action on what I read.

I read every personal finance book and blog I could get my hands on (if you would like recommendations, email me personally in the ). These books literally changed my life. I studied. I applied. I moved into a smaller apartment. I sold my car and started biking to work. I even got creative and took out a 15-month appeal-free credit card to cover expenses for a few months until my next student loan disbursement came (I paid the balance in full before any interest was due). Slowly but surely, my financial picture started looking better.

So, there’s some background. But that’s not really why I’m up at 5:38 AM on a Thursday morning writing this to you. This post is about one of my current financial strategies, and (more importantly), something you are able to do together with your profit.

My partner and i stayed very frugally in my PGY1, surviving almost totally off of the girl salary and you may putting my salary into the my personal financing. However the the reality is that there is nonetheless got over $100k to go. And you will we’ve got extra home financing, advancing years offers, and you can an ever growing family to the monetary photo.

Since the We have finished for the 2013, we’ve generated a lot of progress back at my college loans

At the peak of my loans (I graduated with just over $200k), I was paying over $26 in interest daily. I calculated that as a resident, the first cuatro days out-of my take-home salary would be given straight to the bank just to pay the interest on my loans.

Avoid the next and think about that. Each and every day, even to invest in a cup of coffee throughout the restaurant on health where I spent some time working would initiate me personally at the bad $29 at the time. just before I’ve received some thing.

If you graduated recently (or are about to graduate), you’re probably in a similar situation. Doesn’t that make you angry? Because it sure as hell fires me up. It makes me burn with the fury of 1000 suns.

But before we get too carried away, this isn’t one of those “We’ve got to act throughout the student loans!!” complainy-posts. I’m resigned to my choices. No one forced me to go to pharmacy school. No one forced me to take out more money than I needed. I wasn’t educated about what I was doing, but that’s my fault. That’s on me. I’m able and willing to deal with the consequences of the misguided choices of my youth.

However, that doesn’t mean I am not saying browsing do everything into the my capacity to spend less and reduce the fresh new financial burden to the my family.

Cutting your Student loan Weight

Reducing the notice on the education loan saves you a lot of money. in both the payment along with the amount you pay along side title of your own financing.

If you’ve been paying attention, you may have noticed something recently. Private loan companies are coming out of the woodwork offering lower interest rates compared to federal loans. This is especially true if you’ve got Graduate and Graduate Plus federal loans. you probably manage if you graduated with a pharmacy degree.

Every time a separate private lender sprang right up inside my Facebook supply, I would excitedly feedback this new deets. I found a great amount of companies and lots of plans you to definitely checked attractive. However, things always avoided me personally from refinancing: Lack of freedom.