For us, aggressively paying back our debt was valued over whatever monetary benefits there are to waiting 25 years. But for others, this may not be case. Whatever it may be for you, I think that you should ALWAYS pursue what is true to you. Regardless of what other people say is and is not possible. I hope that you continue searching for a path that works. One that is aligned with your values, life goals, and character, and not simply one that is the most optimal choice, financially.
I always say that if we let money dictate how we live, then money wins. That’s not what this course is about. This course is about using money as a tool to get to the life we want. Not the other way around.
My second advice, and it’s one that’s counter-intuitive to decreasing debt, is to get help. Professional help. I highly recommend Travis Hornsby and his crew over at Student Loan Planner. He is THE BEST. And I am not just saying that because this is an affiliate link. Even my CFP, who focused solely on helping newly graduated dentists with their finances, learned a thing or two from my conversation with Travis here.
Travis helped save us tens of thousands of dollars by getting us on the correct repayment plan. It shaved off 2 years from our loan repayment journey.
When we started, we were told that paying down our loans in ten years with our salaries was impossible. But deep down, I knew that we could do it and that it would be the best path for us. So we set a plan to pay it down in 9 years. Before we talked to Travis, I was hoping to escalate the plan even more and pay it back in less than 9 years. After we made the changes Travis recommended, I now have hopes to get rid of it all in 7 years or less. We are implementing a number of side hustles and budgeting tactics that are speeding up progress!
I know that a conversation with a specialist from Student Loan Planner is pricey. But you can’t improve on what you don’t know. I think that it is worth the few hundred dollars investment to potentially shave off thousands of dollars from your debt and years from your repayment journey.
If you are interested in finding the optimal way to address your student debt repayment journey, I highly recommend starting with Student Loan Planner. Schedule an appointment using my affiliate link here.
You won’t regret it.
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