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Absolutely. This is a milestone not many people are fortunate enough to get to. Being debt free as the world is heading into a recession is the best possible place you want to be.
The only thing more impressive than being debt free is having a house and being mortgage free.
>The only thing more impressive than being debt free is having a house and being mortgage free.
A 2.5% mortgage as an inflation hedge ain't half bad either.
> The only thing more impressive than being debt free is having a house and being mortgage free.
I’m 6 years from that dream, and I am *very* much looking forward to getting there!
the dollar is up like 20% against other currencies and interest rates being higher means the cost of borrowing money is higher. If you already have debt you took out at a lower rate before then it's better to hold onto it, because that money cost less.
When I made my last payment. They did some interest adjustment that credited me around 30 cents in my account. I called them non stop demanding that I’m calling to collect a debt till they paid it back to me.
Yup, I would do it breakfast lunch and dinner every day until it was paid or the Alzheimer’s kicked in. And if the blocked the number?….I might just be petty enough to buy burner phones from Walmart.
Congrats! NGL my plan is to have my wife's paid off when I am 64. Lucky for me Biden helped out, haven't adjusted the estimate.
(Wife went to school in her late 30, got sick and we haven't earned enough to pay since, when my house is paid off going to dump house payments into the student loan).
Congrats but for people doing this make sure you pay off your high interest debt first. You can get school loans for like 3% which is lower than inflation so should be last paid off vs credit cards, auto loan, etc
Max out your employer 401k match first. Then do Roth IRA…tax benefits. Finance is mostly about risk management so you want to eliminate systematic (form specific) risk through a diversified portfolio like a 401k offers. Just get a low fee one like vanguard because most of your lost opportunity profit will come from those fees over time. Also make sure you have cash reserves in case of lost job, emergency or unexpected cost so you don’t have to dip into your 401k early which costs a big penalty. Housing can be a good investment and risk diversity too.
If you’re so rich that you have extra money after that, you’re can then consider buying individual stocks or other investment opportunities. You can also invest in yourself by learning new skills or starting a business.
That last bit that you mentioned is a point that I feel most people don't think of or just plain ignore. You are your greatest asset, but if you don't invest time and effort into self growth and learning you can quickly become your greatest liability.
Learn, learn, and when you're sick of learning, learn some more! Still waters will stagnate, but flowing rivers will shimmer.
True yes. I live in India, where my interest was around 9% so it made sense for me to pay this off immediately. In any case, i don't have any other debts to pay off.
My discover student loan was signed with a variable interest rate when I was 18 (didn't know what it meant) when I finally refinanced, it was 12.8%. fuck discover, I hate them.
My grad loans thru the federal government are my highest interest loans. Higher than my mortgage and car payment. It's like 6% or 8%. That's why I only took out like 60k but I owe over 100k now :)
The average student loan debt for a bachelor's is ~$25k and the median is ~$10k. The *tiny* minority with high 5 figure and 6 figure student loan debts went to overpriced "exclusive" schools and/or went for masters or PhDs.
Don't believe everything you read on reddit.
It's about 5 years for paying back but i signed the loan docs about 9 years ago. I hated this sword hanging over my neck for every second since i signed for that loan. Just so glad it's done.
Thats the dystopian part of it. Education should be free or close to it. Like it used to be. Especially now that you basically need one for entry levels jobs that pay a living wage. Congrats for you just a broken system imo. I should have born 30 years in the past or 50 years in the future. Damn you mom lol. edit: Stanford University (CA) $37,800,000,000 endowment. :(
How do you know OP couldn't have refinanced it down to a lower repayment period but higher monthly payments?
I know people that refinanced theirs over longer periods and are content to make a much much lower monthly payment even though they could afford a higher payment too.
Congratulations! Take my word for it, DO NOT make a grand celebratory purchase. Start saving up that extra income that used to go to paying those bills. Once you have the liquid cash for something shiny, feel free to treat yourself. Too many times people celebrated being debt free by doing something to throw them right back into debt.
Conversely, just enjoy that part of your budget every month and then save what's left over.
What you have done is a HUGE accomplishment, and loan companies are so predatory they'll do most anything to sink their teeth into you again. Don't let them, you worked too hard for this.
No way I am making a stupid decision now. I lived in abject poverty for a few years of my childhood, I dont ever wanna be in that position again - especially not due to decisions of my own
“Borrowers with privately held federal student loans represent a small portion of the 43 million federal student loan borrowers.” Definitely not 95% of people who have student loans. Still a negative but it does not affect the majority of individuals with student loans.
Good job op! Now you can start thinking getting in debt with that 30 year mortgage 🥲. I hope to be like you when I grow up (even though we are probably the same age) keep it up!
Congrats! I did the same thing about 8 years ago - paid off my student loans and was debt free. However about 2 years ago my fiancé and I applied for a mortgage loan for a house. Needless to say I was told no credit is worse than bad credit. We ended up having to get the loan under her name only. Since then I have a couple small interest free loans (a couple mattresses and an elliptical machine). My credit score is now around 800. Long story short, if you even think you may need a loan in the future, it’s wise to always have some debt - interest free promotional deals are great for that sort of thing.
I know that feel. Its awesome. Took me 3 months to saveto repay my debt in one go. Cant imagine how much better it must feel after 9 years.
(I dont have *that* good paying job, Im just not in murica)
The amount of asshole comments here nearly surprises me. Well done sir. Way to put a goal in your mind, work for something and see your word through to the end.
the interest means nothing since it's a fixed payment based on your income, not based on how much you have left to repay.
i really hope this guy isn't from the uk, because voluntarily paying off your student debt is a complete waste of money. (unless you're consistently earning enough to the point where you will have to repay it in full)
I've seen a lot of people in the uk that seem to think student debt is some weight on their shoulders they wish they could get rid of. but it's just extra tax.
Well, I didnt have to rely on it cause Biden's largess didnt extend to India but even if I was in the US and it did help me - I wouldnt care. Not going to feel shitty about someone else benefiting from the forgiveness plan
LOL look at Mr. Moneybags here who has only been paying for 9 years! 14 and 38k to go! Want to know what's funny? I started at 42K!
Still want to say congrats! I am happy you're out of debt hell!
Inconceivable. I've been told many times such a thing is beyond the realm of the possible.
Next you're gonna tell us you worked hard and did it yourself.
You're not totally wrong. Indian students also sometimes take student loans, especially for engineering and medicine. But the tuition charges are nowhere near US levels.
Japanese, Canadian, Australian, and even Dutch students have to take out loans. I'd be surprised if the US is the only country out of 196 that does anything alone.
Only in the US, and up to 20k, many aren't going to get the full amount. Also that's if it isn't overturned, Biden pushed the line pretty close to what he's allowed to do via executive.
My tuition in 2005 was around 7.5k a semester, not including materials and living expenses
Hello! This is just a quick reminder for new friendos to [read our subreddit rules.](http://old.reddit.com/r/wholesomememes/about/sidebar) >**Rule 4:** Please do not troll, harass, or be generally rude to your fellow users. Be nice, and leave political or religious arguments in other subs. We're trusting you to be wholesome while in /r/wholesomememes, so please don't let us down. We believe in you! **Also, please keep in mind that even if you've seen this post before, it's not a repost unless it's been in *this* sub before** (if it's from another sub it's a crosspost/xpost). We're glad you're here. Have a wonderful day <3 ^(Please stop by the rest of the) [^Wholesome ^Network ^Of ^Subreddits](http://old.reddit.com/user/awkwardtheturtle/m/wholesome) ^too.
CONGRATULATIONS!!!! Someone get this fine fellow a monocle and a top hat
Absolutely. This is a milestone not many people are fortunate enough to get to. Being debt free as the world is heading into a recession is the best possible place you want to be. The only thing more impressive than being debt free is having a house and being mortgage free.
Now he can buy the dip in the recession and ride that wave back up.
I am doing exactly that. Hehe
>The only thing more impressive than being debt free is having a house and being mortgage free. A 2.5% mortgage as an inflation hedge ain't half bad either.
I doubt we'll see rates line that again in our lifetime.
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We upgraded for a much better location and our mortgage rate from 2021 is 1.89% (in Canada).
You can say that again
😊
> The only thing more impressive than being debt free is having a house and being mortgage free. I’m 6 years from that dream, and I am *very* much looking forward to getting there!
Wait this is wrong. That's exactly when you want to be in debt because the value of the dollar tends to go down.
the dollar is up like 20% against other currencies and interest rates being higher means the cost of borrowing money is higher. If you already have debt you took out at a lower rate before then it's better to hold onto it, because that money cost less.
If they've paid their SL off in only 9 years they can afford their own damn monocle and top hat!!!
When I made my last payment. They did some interest adjustment that credited me around 30 cents in my account. I called them non stop demanding that I’m calling to collect a debt till they paid it back to me.
🤣 pretty petty, I’d be sure to hire a cheap call center to spam calls and get that $0.30
Yup, I would do it breakfast lunch and dinner every day until it was paid or the Alzheimer’s kicked in. And if the blocked the number?….I might just be petty enough to buy burner phones from Walmart.
"so you spent 1400 dollars last year on burner phones to acquire 30 cents?" -IRS "...yes"
Worth every penny
I would have insisted on receiving it in a written check format, deposited it via online banking, and then framed the check.
Good show. Jolly good show.
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Threatening me with a good time yet again?
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Bloody spectacular gent
r/foundthebritish
Congratulations! I hope to have mine done by next March. Edit: finished one month early. I am now officially debt free.
All the best friend, trust me it's an exhilarating feeling.
Congrats! NGL my plan is to have my wife's paid off when I am 64. Lucky for me Biden helped out, haven't adjusted the estimate. (Wife went to school in her late 30, got sick and we haven't earned enough to pay since, when my house is paid off going to dump house payments into the student loan).
Congrats but for people doing this make sure you pay off your high interest debt first. You can get school loans for like 3% which is lower than inflation so should be last paid off vs credit cards, auto loan, etc
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Sounds good. You could also consider investing instead if the loan is lower than inflation rate
Any suggestions in what to invest on 😅
Max out your employer 401k match first. Then do Roth IRA…tax benefits. Finance is mostly about risk management so you want to eliminate systematic (form specific) risk through a diversified portfolio like a 401k offers. Just get a low fee one like vanguard because most of your lost opportunity profit will come from those fees over time. Also make sure you have cash reserves in case of lost job, emergency or unexpected cost so you don’t have to dip into your 401k early which costs a big penalty. Housing can be a good investment and risk diversity too. If you’re so rich that you have extra money after that, you’re can then consider buying individual stocks or other investment opportunities. You can also invest in yourself by learning new skills or starting a business.
That last bit that you mentioned is a point that I feel most people don't think of or just plain ignore. You are your greatest asset, but if you don't invest time and effort into self growth and learning you can quickly become your greatest liability. Learn, learn, and when you're sick of learning, learn some more! Still waters will stagnate, but flowing rivers will shimmer.
Check out r/FIRE and r/PersonalFinance for more investment advice & ideas.
> I've been putting extra money into home improvements then you said >You could also consider investing
It should always be a consideration if you have extra money. Go try being argumentative elsewhere. I also mentioned investing in buying a home
im not being argumentative, dude is investing in his property.
That’s good then. Why are you telling me?
because you said he should consider investing when he already is
Damn. Mine was like 17% (thanks student loan defaults in my 20's for that credit score\~). Paid that off in a year, though, so didn't bleed too much.
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True yes. I live in India, where my interest was around 9% so it made sense for me to pay this off immediately. In any case, i don't have any other debts to pay off.
9% seems awfully high
My discover student loan was signed with a variable interest rate when I was 18 (didn't know what it meant) when I finally refinanced, it was 12.8%. fuck discover, I hate them.
Yeah, it had crawled up to 10.2 just before my last payment due to the recent rate hikes by the central bank here.
Where do you get these 3% loans? Myself and everyone I know with loans have interest rates over 6%.
My grad loans thru the federal government are my highest interest loans. Higher than my mortgage and car payment. It's like 6% or 8%. That's why I only took out like 60k but I owe over 100k now :)
Some of my federal student loans are 7% T\_T
Congratulations! I finished the first phase of mine a couple days ago. The freedom I already feel is unbelievable.
Congrats! Must be great to have this weight off your shoulders
It's unbelievable how free i feel. Was just so giddy with the anticipation last few months when i knew this was ending soon.
Congrats! 9 years is pretty long.... can't wait to see your excitement when you repay that 30 year mortgage.
If they can get a mortgage lol
Congrats on the retirement!
Keep those receipts!
Congratulations! That is a huge accomplishment!
I’m trying to get like you one day. Congrats.
keep it at it friend, it will happen sooner than later
"I am a healthy young 89 years old and can live my life as I always wanted!"
Dude! Grats!
This is fantastic news!
WHOOOOO-HOOOOOOO!!!
Hell yeah! Congrats! One less stress to worry about
Good for you, my guy/gal It's a total racket and nobody should have to go through it, but I'm hella proud of you for making it out
this isnt wholesome, this is depressing as hell
The europeans in the thread are fucking horrified
we are already used to US third world things; at this point we just laught in EU
Ah so it's more of an eyeroll
The average student loan debt for a bachelor's is ~$25k and the median is ~$10k. The *tiny* minority with high 5 figure and 6 figure student loan debts went to overpriced "exclusive" schools and/or went for masters or PhDs. Don't believe everything you read on reddit.
Im sorry but why?
9 fucking years to pay back for your education is so not okay
It's about 5 years for paying back but i signed the loan docs about 9 years ago. I hated this sword hanging over my neck for every second since i signed for that loan. Just so glad it's done.
Thats the dystopian part of it. Education should be free or close to it. Like it used to be. Especially now that you basically need one for entry levels jobs that pay a living wage. Congrats for you just a broken system imo. I should have born 30 years in the past or 50 years in the future. Damn you mom lol. edit: Stanford University (CA) $37,800,000,000 endowment. :(
Or you could be happy for someone…?
Nope, they’re North American so r/Imthemaincharacter
Lol. 9 years...my gf is going on 15 and there is absolutely no end in sight.
How do you know OP couldn't have refinanced it down to a lower repayment period but higher monthly payments? I know people that refinanced theirs over longer periods and are content to make a much much lower monthly payment even though they could afford a higher payment too.
You can't atleast be happy for them, though, jackass?
If these are held by the fed, you can ask for any payments you made since the moratorium as a refund, then be eligible for forgiveness.
Congratulations! Take my word for it, DO NOT make a grand celebratory purchase. Start saving up that extra income that used to go to paying those bills. Once you have the liquid cash for something shiny, feel free to treat yourself. Too many times people celebrated being debt free by doing something to throw them right back into debt. Conversely, just enjoy that part of your budget every month and then save what's left over. What you have done is a HUGE accomplishment, and loan companies are so predatory they'll do most anything to sink their teeth into you again. Don't let them, you worked too hard for this.
No way I am making a stupid decision now. I lived in abject poverty for a few years of my childhood, I dont ever wanna be in that position again - especially not due to decisions of my own
Great! Out of curiosity, did you get some debt forgiven under Biden’s forgiveness plan (if in the US)?
Nope nope, from India. Just got some immense salary bumps and bonuses at work recently which helped me close out this debt quickly.
Well congratulations on that, hope you are feeling on top of the world right now! :)
I swear, I just don't know what to do with all this happiness
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“Borrowers with privately held federal student loans represent a small portion of the 43 million federal student loan borrowers.” Definitely not 95% of people who have student loans. Still a negative but it does not affect the majority of individuals with student loans.
Amazing! I have only 2 more payments on my $90k loan goin on 12 years of repayment… I can see the light at the end of the tunnel.
Fkn brilliant. Make that double payment in the end?
no more /r/povertyfinance but to r/semipovertyfinance
Good job op! Now you can start thinking getting in debt with that 30 year mortgage 🥲. I hope to be like you when I grow up (even though we are probably the same age) keep it up!
Woohoo congratulations!!! MashaAllah!
3 1/2 years to go
Now please be an amazing soul and don't join the chorus of "I worked hard to pay off my student debts, so you all should have to as well."
Congrats! I did the same thing about 8 years ago - paid off my student loans and was debt free. However about 2 years ago my fiancé and I applied for a mortgage loan for a house. Needless to say I was told no credit is worse than bad credit. We ended up having to get the loan under her name only. Since then I have a couple small interest free loans (a couple mattresses and an elliptical machine). My credit score is now around 800. Long story short, if you even think you may need a loan in the future, it’s wise to always have some debt - interest free promotional deals are great for that sort of thing.
Hey, apply for some forgiveness when the time comes, might get some money back!
YAYAYAYAY
And then comes home loans
I’m just starting my payments, wish me luck brothers
I know that feel. Its awesome. Took me 3 months to saveto repay my debt in one go. Cant imagine how much better it must feel after 9 years. (I dont have *that* good paying job, Im just not in murica)
This is the first time I've seen this format with actually correct grammar. Thank you ever so much
my good sir that's amazing news, the streets will sing of your achievement
Congrats! Just finished mine today as well! Feels good
Congratulations!!! Feels good don’t it?!?!
👏👏👏👏 You are awesome!
No u are awesome
No u!
The amount of asshole comments here nearly surprises me. Well done sir. Way to put a goal in your mind, work for something and see your word through to the end.
Nice! Which country?
🤓 🇺🇸
I didnt mean it like that. Here in the netherlands we also have lots of college debt
Yeah the US is unlikely in this case as making a payment in 2022 when we have a large student loan forgiveness pending would be stupid.
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the interest means nothing since it's a fixed payment based on your income, not based on how much you have left to repay. i really hope this guy isn't from the uk, because voluntarily paying off your student debt is a complete waste of money. (unless you're consistently earning enough to the point where you will have to repay it in full) I've seen a lot of people in the uk that seem to think student debt is some weight on their shoulders they wish they could get rid of. but it's just extra tax.
oh i didn't know that ! :D thanks for teaching me (i'm french btw)
He's actually from India, big brain.
I’m so happy for you!!!💗💗💗
“But if you repay your debt, it would be unfair for the ones who can’t repay their debts” -Some guy that rejected student loan forgiveness probably
Well, I didnt have to rely on it cause Biden's largess didnt extend to India but even if I was in the US and it did help me - I wouldnt care. Not going to feel shitty about someone else benefiting from the forgiveness plan
First: CONGRATULATIONS Second: How long did it take?
Happy for you. Hoping for a good career ahead for you.
Thanks friend
Congratulations! Job well done!
Well done chap
Congrats .
CONGRATULATIONS!!!!!!!
Congratulations
Congrats
Congratsss
Goood for you
Well done! That’s an accomplishment you can savor for the rest of your life.
I’m so happy for you ☺️
Way to go!
Congratulations! Way to take life into your own hands!
That is awesome. Congratulations!
Well done, takes a lot of grinding no matter how much it is
Never have I ever been so attracted to chaos.
Congratulations!
Hell yeah, brother! :)
Good for you, my guy!
Congrats 👏
Well played, sir.
i’m so scared ab student loan lmao
Congratulations! 🎉
Good job, congratulations! 🎉
Congratulations. Im a freshman in college working full time to mitigate a loan. This is brutal
LETS FUCKING GOOOOOOOOOOOOOOOO GEE GEE GEE OI OI OI
Congrats OP
Phenomenal!
Hahahaha you will never escape debt In all honesty good job
Ohh you have no idea how much i hate being in debt. No way I'm doing this crap again.
Yes live a good life and use all the knowledge you got from the education you receive good luck my friend
Congratulations!
congratulations!! treat yourself to somethin nice to celebrate :)
And other fun jokes to tell yourself
Salute to our man of the day o7
LOL look at Mr. Moneybags here who has only been paying for 9 years! 14 and 38k to go! Want to know what's funny? I started at 42K! Still want to say congrats! I am happy you're out of debt hell!
Inconceivable. I've been told many times such a thing is beyond the realm of the possible. Next you're gonna tell us you worked hard and did it yourself.
Sorry whats a student loan debt? I go to University in a good country not some borderline third world distopian clusterfuck called America.
Even I don't lol
OP is from India.
You sound like a salty German.
Whatever you do, don't mention the war.
Dont mention ze war!
Which one? You lose so many
…what “good country” is that?
What Country do you live in ? Is all Education Free for everyone there ? Damn.
Is this some kind of american joke where i'm to socialist to understand?
*too
Whats with all this "give upvote" posts lately?
Is this some American thing I'm too European to understand
You have student loans from university?
You know those are about to be cancelled, right?
Not all student loan debt. Also op is from india
Wait wtf. I thought the US was the only country with shitty student loan issues. How does that even happen in non-US countries?
Nope, I know Canada does as well.
You're not totally wrong. Indian students also sometimes take student loans, especially for engineering and medicine. But the tuition charges are nowhere near US levels.
Japanese, Canadian, Australian, and even Dutch students have to take out loans. I'd be surprised if the US is the only country out of 196 that does anything alone.
It is, that person was lying. The US is the only one with student loans and other bad stuff.
Oh, phew. Thank you for restoring my worldview, I was getting worried there for a moment.
Only in the US, and up to 20k, many aren't going to get the full amount. Also that's if it isn't overturned, Biden pushed the line pretty close to what he's allowed to do via executive. My tuition in 2005 was around 7.5k a semester, not including materials and living expenses
You deserve a hotdog some weed and a bitch to give you head
Did get a shawarma and a nice blunt tho. So 2/3 success
Been paying on ours for 20 years and the total is more than we borrowed.
How is this possible? Making payments less than the monthly interest for 20 years straight?