Paid Off 113K+ in Student Loans in 7 Years

College loan debt is a serious problem plaguing our nation today. In fact, almost everyone under the age of 30 who has a college degree has some student debt. Some people will even have this debt well into middle age or perhaps even for the rest of their lives.

Every once in awhile, though, there is someone who is smart enough to be able to pay off loan debt early and move on. One such person is Jessica Elberfeld. This amazing woman paid off $113,019 in debt within seven years of graduating!

So, what was Elberfeld’s secret to success? Well, she lived with roommates after college, cutting down on living expenses. She also continued driving her old car, which was already paid off, which kept her from having a car payment. By not having to pay these two huge bills each month, she was ultimately able to devote over $2,000 each month toward her loans.   

In addition to living modestly, Elberfeld also made the smart choice of refinancing and consolidating her loans. She also took on a second job and devoted the income from it to paying off those loans. Now, she’s completely debt free and loving it!

Obviously, soon-to-be college graduates can learn a lot from Elberfeld’s example. She advises attending community college when possible to cut costs, applying for any scholarships or other financial assistance available, and always considering and planning carefully before accepting any loan or aid package.

Another thing that can help people to have the same success as Elberfeld is to meet with a financial adviser. These professionals can help people to adequately plan and prepare for college in ways that will keep them from accumulating too much debt. Furthermore, a good financial adviser can help you come up with a plan to repay any debt you do incur as a result of your education.