With fingers crossed, I’m about a year away from paying off my student loans, the only debt I have to my name. I lived at home during the four years I went to UNI, only living on my own during a semester of out-of-state student teaching, and I only accepted enough financial aid to cover tuition and various student “fees”, choosing to pay for my textbooks with my JDEW income. So my loan balance after graduation was considerably less than what most people are saddled with.
I began paying off the loans in July 2004 — right after I had moved back from Oxford OH. My bank account was nearly empty, so I paid the minimum payment until I was working full time the following summer. That allowed me to rebuild my savings a bit. Now I’m sitting pretty on a eight-month safety net. Since January, when I received a big fat raise at work, I’ve been diligently devoting most of the additional income towards the loans, making significant headway towards paying them off by the time Obama is re-elected next November.
Anyway, here’s an interesting graph I found online today that spells out the dangers student loans pose to a lot of college students. Thankfully, it does not apply to myself. –>