3- Repaying $100,000 in student loan debt
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If you graduated from a tiny, liberal arts college, there’s a strong chance you also graduated with a massive amount of student debt. In the instance of one Reddit member, it exceeded $100,000! While most lenders give you ten years to pay it off, this individual set a goal of being debt-free in four years. What was his enigma? For starters, a significant portion came in the form of low-interest subsidized loans (which did not begin accruing interest until a few months after he graduated). He also managed to balance his education while working approximately 30 hours per week as a student during the semester and up to 50 hours during the summers. When he got out into the real world, he worked a full-time job and a 20-hour part-time job on the side, devoting every penny he didn’t spend on food and rent toward paying off his student loans. The actual lesson here is that it did not come easily, so unless you count on winning the lottery, be prepared to put in a lot of hours at the workplace.
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