Student loan debt can be very difficult to pay down. During my undergraduate years, I ended up spending more than $15,000 on my tuition and other expenses. This was a lot of debt to take on at the tender age of 18.
When I was 22, I graduated from college and went into the real world. At that time I faced a harsh reality, that my student loan would haunt me forever if I did not take action. Here is information on how I paid off my student loan in less than 24 months.
Formulating a Plan
Two months after I graduated from college, I looked at my student loan statement and it said outstanding balance 15,225.84. I remember being stunned at the amount that I owed because it was more than the cost of a brand new sedan.
I was a business major so I began to formulate a plan to reduce my debt. I had just been offered a full time job working as an HR assistant so I knew all of my bills would be paid. I broke down the amount owed into 18 payments. I wanted to pay the entire loan off in a year and a half.
Taking the Reigns to Pay Down Debt
The amount I would have to set aside each month for the loan came out to $845.88. I decided that I would take on a part time job. Working two jobs did not seem that enticing to me but I knew that I had to do it because having this huge burden for years on end was too much for me to take.
It took me two months to land a job working at a retail store 25 hours per week. I made $800.00 per month at my part time job and then I got the extra $46.00 per month from selling my textbooks and other items online. I made it my mission to save as much money as I could.
I made sure to not increase my amount of debt by not charging any purchases on my credit cards while I worked both jobs. I would even save my change and turn it every four months and apply the amount to my loan balance.
Progress Made after Year One
After the first year, my debt was reduced to around $5,500.I felt very confident with my progress. After two years, I was able to go online and make my final student loan payment and I rejoiced when I read that my balance was $0.00. I feel much better knowing that this loan is finally paid off and I can move on with my life.
*Note: This was written by a Yahoo! contributor. Do you have a personal finance story that you'd like to share? Sign up with the Yahoo! Contributor Network to start publishing your own finance articles.