If you haven’t read The Browne Bunch of Debt Story: Part 2 go back and read it here.
Otherwise let’s get back to the story.
Beginning August 2012, my husband started his 9 month masters program at Catholic University of America. The 9 months went very quickly. Come May 2013, he graduated and with that came the student loan debt we knew would be there. Thankfully, he had multiple job offers after graduating making our financial situation better to pay off debt.
We ended up staying in D.C. (I cried a lot the first year) and started paying on the student loans in October 2013. Even though we had paid off student loans before, this time it was extremely hard because it felt like all we ever did was pay down debt the three years we had been married –and we had. It seemed there was no end in sight. Seeing how much money was going to interest was sickening. We refused to give up though. The faster we could paid off the loans the less we would lose towards interest. We had to be patient by pushing forward throwing as much money we could at the loans.
We had another son, Isaac in July 2014 while we kept paying down debt. We sacrificed so many things. We rarely ate out, we didn’t go on vacation except to visit family in Oklahoma for Christmas, and we cut every little expense we could think of.
Come September 2015 we finally paid off the last of the student loans. It took us 23 months, but we did it.
What we learned: We are never going back into debt. It took us the second round of student loans for it to finally sink in how much of a burden debt is and how much of a risk it is. We lost thousands of dollars to interest just in the 23 months it took us to pay off the private loans. We won’t be borrowing money anymore. Currently, we are working on saving a 6 month emergency fund and almost have it completed.
If you want to see the steps we took to get rid of our debt and what each of them mean check out this post here.