Debt Free by December

We made a big decision this year: we are going to pay off all of our debts outside of our mortgage, the biggest debt being our student loans. This is huge because many people are still paying off student loans well into their 40s.

With all the talk of student loan forgiveness, there is something I want to say. Unless someone personally came to me and offered to pay my student loans in full from their own account, I would not accept any student loan forgiveness. Rather, I accept the consequence of my choices.

Regardless of if people think college is affordable or not, there are ways to make it out debt free. There are tons of scholarships and grants available. I knew that when I applied for school, but I didn’t take any time to fill out scholarship forms. That was my choice. Although I don’t think most 18 year olds are mentally prepared to sign such documents, I signed to take out loans totaling about $19,000 over the course of 4 years. That was also my choice, whether I understood the implications or not.

Now here we are. It’s been almost 4 years since I graduated college and more than 10 since my husband did. We’ve paid down our loans substantially in the last 4 years, but we are tired of the debt hanging over us.

We’ve gone part-way through Financial Peace. If you don’t know what that is, you should look it up. It’s really difficult, but if you can stick to it, it’ll change your life. We haven’t been the best at sticking with the plan, so we are making some changes.

Step 2 in Financial Peace is pay off all debt. That’s where we are. Although it will require a lot of sacrifice, we’ve decided to put all extra money this year towards paying off our loans, which total $22,000. We’ve made a new plan, and if we can stick to it, we will have paid off all student loans by December! We haven’t done it yet, but even the thought of being debt free is awesome.

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