The success stories keep rolling in. It is so exciting to hear that more and more people are doing the hard work of reducing their need for student loans and paying them off as fast as possible.
My post on the wisdom of paying student loans off quickly really got people’s attention. I got more positive feedback and success stories from that post than almost any other.
Here is a comment from John, a CPA.
“I am the second eldest in a family of 9 kids – all 18 months or so apart. While my father had a good job, there was no way he could help any of us with college. He also couldn’t risk co-signing college loans. My solution was to go to my least in-state option – the University of Michigan – and live at home (over 50 miles away). The daily commute, especially when it snowed, was brutal. At the same time, I worked easy jobs during the school year and two shifts at Ford factories all summer. I graduated with no debt and went on to law school after working and saving for two years while my wife went to grad school.
Having said this, my wife and I didn’t want our daughter to follow what we call the “spaghetti and stuffed peppers route” that we did. We managed a pay-as-you-go system for her at an in-state, Texas school. She worked to buy books and other necessities. And today, we are all thrilled that we actually pulled it off.
From experience, I do believe that there is a strategy for getting through school with little or no debt. A family road map that shows and keeps up with costs, cutbacks, savings and the like really helps. If parents can’t help monetarily, they should be passionate cheerleaders and fans. Help comes in many ways.”
Here is my response to John.
“Thank you so much for sharing your experience and perspective John. I think it is so important that students and parents hear more stories like yours. People are being bombarded with the conventional wisdom that it’s impossible to go to college without borrowing the money. And not just borrowing a little money, they are borrowing huge sums. Almost without regard to the implications of debt. Like it is a form of financial “aid” – a gift from the government.
It’s not easy. But mixing wise planning with sacrifice (and setting priorities), goes a long way to creating a future that is bright and free from student loans. And you are so right about the value in becoming a cheerleader for wise choices and avoiding student debt.
Congratulations on a job very well done.”
Your Success Story or Plans
My next book is going to be about helping you become free from student loans. It will focus on the wisdom of paying student loans off quickly rather than falling for the trap of paying them off over 10, 20, 30 years or more.
Most people are unaware of the dangers involved in paying their student loans off over a long period of time (especially in the Income Based Repayment plan and the new Pay As You Earn plan).
If you have a success story that you would like to see in my book, please email it to me at pcampbell@pdq.net. I would love to read and share your story about your plans, or your actual results, at becoming free from student loans.
This is a great opportunity to help others in the same position you are in.
Send it to me real quick at pcampbell@pdq.net.