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Financial Goal: Paying Off $50,000 of Student Debt in 2 years
Join me in my journey to pay off my student loans
According to the Institute of College Access & Success, 65% of students who graduate from public or private schools incur student loans. The average amount of debt equals $29,200, which is significant. Back in 1996, the average was sitting at $12,750. Forbes is reporting that the student debt in 2019 was the highest ever, and it adds up to $1.5 trillion nationally.
I am no exception to the student loans. The only difference is I reside in Canada, and our average is a little lower: $28,000 in Canadian Dollars for a Bachelor’s Degree, as per the 2015 research. But the idea remains the same: many people owe the government money for their education. And today, I’m starting my debt-free journey, which I’m planning to conclude in precisely 2 years — in April 2021.
Show Me the Numbers! How Much I Owe
I graduated from a 3-year college program when I was 25 years old. By the time I found employment, my student loans had amounted to almost $50,000 in Canadian dollars — that is roughly $35,700 US dollars. No, the currency exchange doesn’t make it any easier to pay that money back, as our salaries and expenses costs remain the same.
