Here’s how this millennial living in NYC used the “snowball method” to pay off her student loans in 6 years. investinyou (In partnership with acorns.)
Mandy Velez graduated from the University of Pittsburgh in 2013 with more than $75,000 in student loans.
Velez, 28, had taken out a total of five loans ranging from $7,500 to more than $32,000 with interest rates between 6% and 11.75%. She calculated that if she only made the minimum monthly payment of $300, it would take her until 2046 to pay off her student loans and cost an extra $96,000 in interest. Velez's first journalism job out of college paid $40,000. Subtract New York City rent, along with living expenses, and she would not have much spare money to throw at her debt.More from Personal Finance:
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