My student loan debt balance officially hit $0 after paying off $85,000 in student loans for 5 years. I feel very lucky to say that as a person in a generation where student loan debt is a struggle to pay off. I started chipping away at my student loan debt once I received my first paycheque during the first two weeks of my co-op term. It was relieving to see my balance trend downward. Now I don't have to deal with the mental and psychological exhaustion of being in debt! These are 6 decisions and habits that helped me achieve this goal. 1. Consistent Index Fund Investing I invested in well-diversified ETFs in accounts such as my TFSA and non-registered investment account and consistently investing in these ETFs for 3 years and withdrew the money to pay off my debt. 2. Living Below my Means Housing is the biggest expense for most people. Living in shared housing arrangements helped me save tons of money on rent that went straight towards my loans. 3. Co-op and Part-Time Jobs Being a co-op student for 20 months while participating in part-time work-integrated projects helped me earn a steady income and delay the upcoming period interest compounding my debt. 4. The Degree I Specialized In Choosing chemical engineering as my degree did provide me a significant financial advantage compared to other majors. 5. Applying to Scholarships I applied to more than 300 scholarships but the handful of ones that I won made a huge difference in my financial trajectory! 6. Learning Personal Finance and Putting it into Practice I took multiple personal finance courses (including the one on Blossom) that taught me how to be frugal and avoid common money traps so I didn't have to learn the hard way with my finances in most situations. Thanks Khan Academy and Investopedia! There is a lot more than those aspects that helped me become debt-free but those are the main ones! Cheers to being debt-free! 🥂
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149 Comments
Sarah Giver@staystronggiver · 1mo
Congratulations Martin! Paying off your student loans in only 5 years is so impressive! 👏🏽🎉
Danny @wannabmillionaire · 1mo
CONGRATULATIONS and I’m absolutely thrilled for you, as you completed your education goals and stayed the course to get out of debt. You’re a role model for so many and I can’t wish enough or pray enough that you WILL become successful. Your career choice was challenging but, life has more challenges for you and I believe you’re ready, as you’ve already proven your commitment and sacrifices. May God bless you young man and may He guide you to successfully achieve your dreams and goals, in Jesus’ name I pray🙏
Sachi Polo@chingblissie · 1mo
That is amazing! I am on my incoming final year soon in University and I hope to pay it off after as fast as possible as well!
Michael Noël@therev · 1mo
Alison Brown @alibee · 1moEdited
Great post congratulations. Your path will inspire many young people in your situation. Keep sharing your light.
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