How I Paid Off My $90000 MBA in Less Than 2 Years

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By fmba January 28, 2015 01:00

How I Paid Off My $90000 MBA in Less Than 2 Years

How I Paid Off My $90000 MBA in Less Than 2 Years arlier this year, Americans broke $1.2 trillion in student debt. The growing student debt load is causing widespread economic ramifications, delaying home purchases, and influencing spending habits, typically for a decade after finishing college.

However, just because most graduates today are living with student debt for a large portion of their lives does not mean that you should. I made my last student loan payment 736 days after my graduation. That’s just a little more than two years. And I did it while earning a salary within $5,000 of the median income level in the United States ($51,371). Here’s how I did it.

Start paying during school.

The entire estimated cost of attendance for my MBA program at the University of Denver was $90,000– of which $67,000 was for tuition. Even for high earners, that is a lot of money to have on hand to pay for tuition and living expenses–so taking out some student loans was the inevitable choice.

People told me that it would be impossible to work full-time and go to school full-time, but I didn’t find that to be true. I kept a full-time job in finance while going to school full-time, and I graduated with a 3.74/4.0 GPA.

I had some savings going into school, but not enough to pay for everything as time went on. After I did some budgeting, I found that I could afford to pay around $7,000, roughly half of my tuition, each quarter out-of-pocket and get government-backed student loans for the remainder. By limiting my loans to Stafford loans, I knew I would be getting the best interest rate possible. And by paying what I could afford during school, I kept my total loan burden to less than $100,000…

Read full story: Huffington Post
fmba
By fmba January 28, 2015 01:00
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