About two years ago in July, I finally paid off my student loans. It felt amazing and I still think about it often. While I was successful in getting rid of my student loan debt, I know many people are still struggling with theirs every day.
On average, graduates leave school with over $35,000 in student loan debt. That number is increasing, and more students are relying on loans. If you have a law or medical degree, your debt might even reach hundreds of thousands of dollars. This is a lot of money and can be very stressful.
After earning three degrees, I had roughly $40,000 in student loan debt. For some, that might seem like a lot, and for others, not so much. For me, it was too much. Initially, paying off that debt felt impossible, but I didn’t want to carry it for years or decades. So, I made a plan to pay it off as quickly as possible, and I succeeded.
I managed to pay off my student loans in just seven months, all thanks to my blog. Without it, I might still be in debt. My blog gave me motivation, a fun way to earn extra income, and helped me pay off my loans quickly. While you don’t need to start a blog, finding a side hustle could help. Blogging worked for me, and it might work for you too.
I truly believe that earning extra income can change your life. It can help you stop living paycheck to paycheck, pay off debt, and achieve your dreams. My blog not only helped me pay off my student loans but also allowed me to quit a job I hated, start my own business, and now I make over $50,000 a month from it.
If you’re interested in starting a blog, I created a tutorial to help you get started cheaply, with hosting starting at just $2.95 a month. Plus, you get a free blog domain when you purchase at least 12 months of hosting. You’ll want to be self-hosted if you plan to make money from your blog.
Here’s a quick background on my student loans. I graduated with two undergraduate degrees, took a short break, worked as an analyst, and then got my Finance MBA. Despite working full-time, I still took out student loans and didn’t pay much towards them. Instead, I spent money on food, clothes, and a house that was probably too expensive. This led to about $40,000 in student loan debt.
After getting my MBA, I made a plan to eliminate my debt and paid it off in seven months. It wasn’t easy, but it was worth it. The main reason I could pay off my loans was by earning extra money outside my day job. I did mystery shopping and surveys, but my biggest income came from my blog.
I put in a lot of effort into my blog, using any free time I had. I woke up early, stayed up late, used lunch breaks, and even vacation days to work on it. It was a big commitment, but I enjoyed blogging and the income made it worth it. While paying off my loans, I earned between $5,000 and $11,000 a month from my blog, on top of my day job income. This made a huge difference in paying off my debt quickly.
One reason I could juggle my day job and side hustles was that I made sure they were fun. Blogging was enjoyable, and I made great friends through it. It was challenging in a good way and rewarding when I helped others through my blog. The enjoyment made it feel like a hobby, allowing me to put in many hours.
I focused on growing and improving my blog, which included learning about social media, understanding my audience, creating high-quality content, and keeping up with changes in the blogging world. I put nearly every cent from my side hustles towards my student loans to avoid spending it on other things. This discipline was crucial in paying off my debt quickly.
Staying positive was also important. Managing everything was tough, as I worked around 100 hours a week between my day job and side jobs, leaving little time for sleep or loved ones. But I loved blogging, and seeing my debt decrease was a huge motivator. Paying off my student loans was one of the best decisions I’ve ever made.
Do you have student loan debt? How are you managing to pay it off?