Jun 242012
 

A couple of days ago, I came across a blog run by a woman named Sarah who shares her story on how she successfully paid off her student loans quickly. Sarah was a normal person like anybody else but she found a way on how to pay off $60000 in student loans in just 10 months.

How to pay off $60000 in student loansShe started her career as a waitress but strived to become a fully qualified accountant by finishing graduate school. She now works for a big company but what sets her apart from everybody is how she managed to come up with the money to save or pay off student loans. Through her 12 steps plan she moved from being fully submerged in student loans to being debt free.

Her 12 Steps on how to pay off $60000 in student loans

  • Step 1: Like many other paying off debt stories, she had to have a beginning. And her beginning was just the same as any other way of solving a personal problem, admitting that you have a problem. Denial will never solve anything. Once you see that you have a problem to solve within you then you can begin facing it. With Sarah, she had to find a way on how to pay off $60000 in student loans as fast as possible.
  • Step 2: The next step would be taking responsibility of the problem. There is really no one to blame but you so brave up and admit that it is your fault and no else’s. She managed to see it at once and moved on to step 3.
  • Step 3: As a third step, make everyone know of what is happening so that they could help you with the problem. Sometimes they may even have a clue on how to pay off student loans faster. With Sarah, she had Mike to keep her in check all the time.
  • Step 4-5: Fourth and fifth moves are getting organized with your life and knowing more about the problem. Shooting blindly would be a waste of time. She took note of the total amount of debt (as horrifying as it may be) and checked it with her earnings.
  • Step 6: The sixth move would be the planning stage. This is the point when you create a plan and start sticking to it. There is no point in having a plan if you will not follow it.
  • Step 7: The seventh step is creating a budget using all the info that you have gathered so far. In other words, every cent that goes in and out must be accounted for.
  • Step8: Directly following is finding out those things that you could live without but can never admit to be able to do so. Every small cut backs are enough to help in the debt free life.
  • Step 9: Creating a goal or objective would be the next step. She had an objective set for her and that is: how to pay off $60000 student loan debt and she aimed for the objective without any doubts in her mind. But it was not an ordinary goal; it had an exact target that needs to be accomplished like the amount to be paid in the small amount of time. She even made it more interesting by stretching her limits to what she can normally do; like increasing the amount or shortening the time frame. It could even make you discover a secret on how to pay off student loans faster.
  • Step 10: The tenth step which she considered the hardest was inhibiting from using the dreaded cards, her credit cards. She had to endure the temptation of buying anything using the cards. Though many would say that using the cards has its benefits but upon calculating the benefits and the interests accompanying the said benefits proved to be one sided thus she was able to refrain from the evil temptation.
  • Step 11: The second to the last step was reassessing the turn out of the previous steps and figuring out what turn out as planned and what did not. She took a good look at where she was then and her situation before the program.
  • Step 12: All of the steps are completed – Enjoy a moment of triumph! She was able to last 141 days of struggles that she could not believe at first, but that is where most people tend to lack in life; the small reward for the triumph that they rightfully deserve to give themselves.

After 319 Days – Debts Paid off and More Money Being Saved

Looking at her strategic debt pay-off steps, it seemed hard at first but she managed to turn her life around and be debt free in 10 months. She sighted on her blog of the reasons for her success like being fully committed to the program, being prepared physically (lists of expenses and earnings) and emotionally (mind the attitude toward the program), keeping a tight schedule and sticking to the schedule using trackers, and most especially, spending wisely and giving yourself a pat on the back for every small triumphs in the program. Now she is eyeing a saving program and encouraging others to save or pay off student loans and to try her steps on how to pay off $60000 in student loans in just 10 months.