How This Young College Grad Bucked The Student Loan Racket

Published on 19 Oct 2019, 23:15
University of Pittsburgh graduate Mandy Velez left with a diploma and $75,000 in debt, in 2013.
According to Business Insider, that's when she got the shock of her life.
If she made monthly debt repayments as expected, she'd be in her mid-50's before paying them off!
So she decided to pay off her loans sooner, and got busy.
She used the debt snowball method to pay off her loans sooner.
The debt snowball method makes minimum payments on all debts.
Extra cash goes toward the smallest debts first. Once they're eliminated, the cash rolls over to the next debt.
In the end, Velez paid off $102,000 in total of student loans — just $27,000 more than she actually borrowed!

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