Paying off 26K in student debt in 2 yrs: how one of us did it - Sports, Hip Hop & Piff Forum

GinaThatAintNoDamnPuppy! · #1 01-12-2013, 01:56 PM

Quote:

Paying Off $26,500 In Debt In Two Years: How Brian McBride Did It

Posted: 01/09/2013 2:27 pm EST | Updated: 01/09/2013 2:29 pm EST
Brian Mcbride Paid Off Loans

Brian McBride skipped meals to pay off $26,500 in debt

To college graduates saddled with student debt, reaching a day when they don't have to make a monthly payment may seem far off, especially since U.S. Senators are still paying off their loans.

However, Brian McBride, an associate producer at CNN and a 2010 graduate out of Arizona State University, managed to pay off $26,500 in debt in just two years. He explained his plan on CNN Money's website.

McBride owed $20,500 in student loan debt and $6,000 for his 2003 Honda Civic. He said he tackled his car loan first to pay down a higher interest rate during a six-month grace period following graduation on his student loans. In his first job out of college as a local reporter in Green Bay, Wisc., he lived frugally while working for $13 an hour.

He adds:

"After taxes, I was taking home roughly $1,900 a month and spending roughly $1,300 of it on rent, utilities and other living expenses. My goal was to save $1,000 a month -- so I scaled back.

Even while working 10- to 12-hour shifts, I'd skip meals -- eating a protein bar or drinking Ensure shakes to get me through the day. The occasional "splurge" entailed spending $5 at McDonald's for a Sunday breakfast of hotcakes, sausage and two hash browns."

He moved from Green Bay to Atlanta where he began making $25 an hour in a new position with CNN. Instead of loosening his belt, he resolved to pay down the debt faster than ever through personal austerity measures:

"I got rid of cable and replaced it with an AT&T U-Verse Internet connection and streaming Netflix account -- slashing my bill from $135 to just $55 a month. An employee discount helped me cut my cell phone bill from $100 to $70 a month. And by living only a couple of miles from the office my commute cost me just $40 a month in gas."

These days, McBride now has reason to celebrate like students featured in a recent Wall Street Journal article who throw "Finally Paid Off My Student Loans" parties. They, like recent Harvard Business School graduate Joe Mihalic, consider themselves debt intolerant in a time when student debt has eclipsed credit card debt. Mihalic paid off $90,000 in seven months. McBride offered his reason to live modestly at first.

"Even though I'm pretty much back to where I started when I first arrived in Atlanta -- with just about a couple thousand dollars to my name -- I still feel like I hit the jackpot."

What % of American graduates are willing to make those sacrifices? I am not sure I could. Then again 2 yrs is not that long.

the cac mamba · #2 01-12-2013, 02:01 PM

dude paid off 90 gs in 7 months

Bittasweet · #3 01-12-2013, 02:08 PM

26k?

I know a few mofos in six figures of debt. But they are in the engineering fields and have no kids, so they not too worried

acri1 · #4 01-12-2013, 02:08 PM

Personally I'd rather pay it off in 10-15 years and not have to do all that. You only live once, after all.

I have 10k+ in the bank and I'm not in any huge rush to finish paying my loans (though I owe <15k).

I respect his discipline tho.

Jakarta · #5 01-12-2013, 02:08 PM

Paying off debt is a lot easier when you're making like $50k working at CNN.

Ed MOTHERFUCKING G · #6 01-12-2013, 02:09 PM

Quote:

Originally Posted by Jakarta

Paying off debt is a lot easier when you're making like $50k working at CNN.

Right out of school

In cheap *** atlanta

And not REALLY enjoying life

Sent from Seattle, by way of Ann Arbor on Tapatalk: The Remix

GinaThatAintNoDamnPuppy! · #7 01-12-2013, 02:10 PM

Quote:

Originally Posted by Jakarta

Paying off debt is a lot easier when you're making like $50k working at CNN.

He started off making ~26K and still made concessions to pay the **** down.

And life isn't about enjoyment all the time, sometimes you have to make sacrifices.

GinaThatAintNoDamnPuppy! · #8 01-12-2013, 02:11 PM

Quote:

Originally Posted by the *** mamba

dude paid off 90 gs in 7 months

That was another dude who graduated from HBS

Point is a lot of folks are choosing to live life instead of break the shackles of debt. I don't know if thats always the right choice.

OneManGang · #9 01-12-2013, 02:12 PM

26K aint ****. I wish my **** was that low. And im bout to add more if I get into pharm school next year.

the cac mamba · #10 01-12-2013, 02:15 PM

Quote:

Originally Posted by acri1

Personally I'd rather pay it off in 10-15 years and not have to do all that. You only live once, after all.

I have 10k+ in the bank and I'm not in any huge rush to finish paying my loans (though I owe <15k).

I respect his discipline tho.

im in a similar situation

got 20 in the bank and i owe 20

newworldafro · #11 01-12-2013, 02:16 PM

Quote:

Originally Posted by She Agree That I'm Looney

What % of American graduates are willing to make those sacrifices? I am not sure I could. Then again 2 yrs is not that long.

Where's the link for that 90K college debt payoff in 7 months......... I might believe it when I read it...

GinaThatAintNoDamnPuppy! · #12 01-12-2013, 02:18 PM

Quote:

Originally Posted by newworldafro

Where's the link for that 90K college debt payoff in 7 months......... I might believe it when I read it...

Dude graduated from HBS, not unreasonable to believe he was making 2x that, and had some cash saved up from before school (most HBS grads are in their late 20s)

Its not unreasonable at all bruh.

fillerguy · #13 01-12-2013, 02:22 PM

so basically he paid off his debt by getting a decent job and not poppin bottles every other week. truly revolutionary

The Real · #14 01-12-2013, 02:23 PM

Quote:

Originally Posted by fillerguy

so basically he paid off his debt by getting a decent job and not poppin bottles every other week. truly revolutionary

I had about the same amount, and paid it off in 3 years. Is this really that uncommon?

GinaThatAintNoDamnPuppy! · #15 01-12-2013, 02:41 PM

Quote:

Originally Posted by The Real

I had about the same amount, and paid it off in 3 years. Is this really that uncommon?

Judging by the sentiments expressed by some on this forum, not only is it rare, but also entirely the fault of outside forces

The way some post here, this dude should never been able to live so frugally.

Sent from handheld Minority Report console