Friday, July 4, 2014

How I borrowed and paid off my undergraduate student loans within 2 years of graduation

I successfully paid off all undergraduate loans by doing the following:
  1.  During the college selection process, I made sure to select an in-state, non-private school.
  2.  During college, I worked at part-time jobs to pay for some expenses. 
  3.  I created and maintained a budget.
  4.  I knew at all times how much I had borrowed in student loans and what kind of loans they were (subsidized, unsubsidized, etc.) in order to do estimates on how much I needed for the next academic year.
  5.  I made sure that at least some part of myself would be employable in the job environment at my target graduation year.  Since my degree was in Criminal Justice, and I knew I didn't want to be a corrections officer or a police officer, I made sure I had job experiences to put on my resume, even though they were unrelated to my degree, any job experiences are better than no work history. 
  6.  In addition to my paid job, I pursued internships (whether paid or unpaid) in areas in which I was interested in pursuing as a career, which for me was at a law firm.  In my situation, I became an office assistant at a law firm.
  7.  One of the best financial advice I received upon graduation, and one I adhered to, was to continue to live as I did while in college in order to be able to pay off my loans as quickly as possible while also establishing a savings for emergencies, retirement, and other savings goals (car, vacations, etc.).  It worked very well and I was able to pay off my undergrad loans within 2 years making $12 per hour as a secretary at a law firm.

*Image from: http://morgaineandmoney.blogspot.com/2013/03/financial-goals-complete.html

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