1. Brittanie

    I found you on Dave Ramsey’s instsgram! Your situation is similar to ours, we have about the same income and about the same amount in student debt: $160,000 currently. It feels like we are just throwing pebbles at this monstrosity every month with our payments. The interest rates on all of the loans are killer. What strategies would you say helped you guys the most? Did you refinance? Did you have one loan or several smaller?

    • We did not refinance. We just used the debt snowball. We also read Dave Ramsey’s book and did the envelope system. We did have a couple of small loans that were $2000-$5000 but most were above $13,000 and even $32,000. I think we had about 6 different loan companies and 13-15 different loans.

      We made a very strict budget and stuck to it every single month. I think that’s what really saved us the most money. We lived on 40-50% of our income for the 4 years. So we put 60% of our income towards loans. And we also had about $6000 in savings that we threw at our loans. We honestly did not save any money though. We had an emergency fund and that was it.

      Paying off the small loans first gave us a lot of momentum to keep it up! Those big loans took 8-12 months and they were killer for momentum! Definitely celebrate every loan you pay off with ice cream or dinner or something small. You will get there I promise!

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