This couple paid off $70,000 in student loans in 1 year. Here's how you can copy their strategy. via CNBCMakeIt
Getting into student loan debt
Although his unique program was cheaper than it would have been to earn each degree individually, his education costs still added up quickly. By the time Ray and his wife graduated, their loan balance was more than $200,000. Thankfully, they both relied on federal loans to pay for school, so they had lower interest rates than they would have had if they used private student loans. "Our interest rates ranged from 3.00 percent to 8.00 percent on our loans," he says.Ray started researching his repayment options and looked for a tool he could use to see all of his family's loans at once.
"We're being very intentional with our money," Ray says. "We do a lot of preplanning. If it's not in the budget, we just don't spend the money."Besides cutting their expenses and sticking to a budget, Ray and his wife decided on a nontraditional plan for debt repayment. , interest continues to accrue on those loans, so you can end up paying more in interest fees over the length of your loan. But for Ray, seeing the progress they made on each loan was highly motivating.
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