I'm Debt Free!

Started by Old_Mil
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Old_Mil

Old_Mil

Senior Member
20+ Year Member
So at the risk of sounding all Dave Ramsey, this morning I logged on to the website of my wretched student loan company and made the necessary clicks to pay off the last outstanding student loan that I had.

Let me tell you...knowing that you can quit tomorrow if you want is one GREAT feeling.
 
Old_Mil said:
So at the risk of sounding all Dave Ramsey, this morning I logged on to the website of my wretched student loan company and made the necessary clicks to pay off the last outstanding student loan that I had.

Let me tell you...knowing that you can quit tomorrow if you want is one GREAT feeling.
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Amazing. Congrats.
 
RustedFox said:
Yep. I hate you.

Lolz. Congrats. Strong work.

Edit: I think that OldMil and I matched together, so it took him about 2.5 years if I'm not mistaken.
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My feeling exactly. I am getting there but man its a slow process. Having kids and living in a place with a semi high cost of living doesnt help. I did pay off 2 loans this year with hopes to do away with 1 more per yr over the next 4-5 until im left with little debt.
 
EctopicFetus said:
My feeling exactly. I am getting there but man its a slow process. Having kids and living in a place with a semi high cost of living doesnt help. I did pay off 2 loans this year with hopes to do away with 1 more per yr over the next 4-5 until im left with little debt.
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I don't even have kids; but I do live on the sunshine coast.

Oh, and I had an unholy amount of debt.
 
RustedFox said:
Yep. I hate you.

Lolz. Congrats. Strong work.

Edit: I think that OldMil and I matched together, so it took him about 2.5 years if I'm not mistaken.
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Obviously my internet cloaking device has malfunctioned.

But you're right - 2.5 years. How? Well, live cheap.

No credit card debt, live in a $178,000 house, drive a $3000 cash car.

Aside from the mortgage payment, electricity, heat, water, TV, internet, groceries, fuel, and cell phone no monthly expenses.

...and I took a job that offered $100,000 in student loan repayment. They cut you the check up front, and deducted taxes from your paycheck. I just stuck that into savings and as I worked it off, took a couple of grand from that savings account every month to augment my student loan payments. The majority of that balance is still there so if I leave I just give that back.

There are months when I put $10,000 towards it.
 
If a doctor can put $10,000/mo towards loan repayment than doctors are clearly overpaid!

I mean, my house and car are more expensive. I have higher monthly expenses. Clearly I should should be paid more too, since I need it.

/sarcasm

But seriously Old Mil - congrats! "Obit anus, abit onus"

P.S.: I figured you were older than that.
 
Congrats.

I'm paying back at a similar rate, I've got about another 9 months. Whats your plan for the money you were funnnelling towards your loans? Are you guys going to start saving more for retirement, a different house / car, kids college fund, or just going to grow into a more expensive lifestyle?
 
How common are jobs that offer a large amount of cash for loan repayment? I have a seen a few that offer like 10-20k or so.
 
Old_Mil said:
Obviously my internet cloaking device has malfunctioned.

But you're right - 2.5 years. How? Well, live cheap.
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Nah, no cloaking device; I remember posting similar interview dates with you back in the *OFFICIAL INTERVIEW THREAD* back when you and I were MS4's. Seemed we interviewed at a lot of the same places.
 
two guys said:
Congrats.

I'm paying back at a similar rate, I've got about another 9 months. Whats your plan for the money you were funnnelling towards your loans? Are you guys going to start saving more for retirement
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Yes. I would rather be retired at my current standard of living than be working with a higher standard of living.

As far as jobs that offer a large loan repayment amount, you have to look around. None of the CMGs offer that much, those numbers are usually in the 10k-30k range for a signing bonus. To get the big packages you need to look for a hospital employed position in a location that not everyone would be happy in. Not necessarily a bad place with crime and so on, but perhaps lacking in the social/restraurant/shopping/entertainment options that those who go practice in cities of a million or more have access to.

Anyway, hopefully just a bit of encouragement. It can be done, just don't put on the golden handcuffs, get married multiple times, or flip multiple houses.
 
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Congrats.

And I hope to be posting a thread like this in the future (maybe 10 years from now...lol)
 
congrats!!

thank my lucky stars very, very often that i graduated from med school in 2005 and that my student loan interest rate is lower than any mortgage... actually less than #%... so i won't be paying mine back early any time soon... would NOT be the smart thing to do.

also, count among the things NOT to do: have an injury that puts you out of work AND requires surgery with a multi-month rehab AND requiring cash payment overseas to get the best treatment... at least i didn't also get divorced, or buy real estate my first year out!
 
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