When I came across the article “16 Millennial Women Who Climbed Out of Student Loan Debt” by Bustle, I had to share it!  Click through to learn about some very inspiring women who have overcome crushing student loan debt.  The millennial generation has long been stereotyped as having things handed to them and living off of their parents.  These women prove that there are a lot of innovative, hard-working millennial women out there who are making the most of their unique situations. 

Inspiring Millennial Women Overcoming Student Loan Debt

The methods that these women used to pay off their student loan are truly inspiring:

  • Refinance student loans. They paid the same amount each month, but since their interest rate was now lower – they could pay down the principal.
  • Do Not Increase Spending When You Get a Raise. Instead, use the extra funds to go straight to paying down loans.
  • Roommate or Live with Parents. Millennials get a lot of ribbing for living with their parents.  Why mock them if it makes sense to save money in rent and put it toward paying off student loan debt?
  • Spreadsheet and Apps. Know where your money is being spent by taking the time to track it in a spreadsheet or an app. Only when we have a clear picture of where our money is, do we know how to cut expenses.
  • Quit Buying New Stuff.   Quit eating out so much, buying new clothes, and going on vacations that you can’t afford.
  • Side Hustle. Whether it’s working for someone like Avon on the side or writing a blog that makes some money, extra income = extra payments on your student loan debt.

 

In January, CNBC published the article “Women carry bigger burden of student loan debt than men”.   Women currently outnumber men in college, so they will have more student loan debt. Plus, more women get graduate degrees, so therefore incur more debt.

 

As a debt relief attorney, I see the uphill battle that student loan borrowers face on a daily basis.  And things do not appear to be getting any easier.  Whether it’s student loan debt collection giant Navient giving it’s 12 million borrowers the middle finger or that the new policy on student loan rehabilitation could escalate already high default rate.  So congratulations to these inspiring millennial women who have overcome crushing student loan debt!

 


Daniel R. Gamez, an attorney focusing exclusively in debt relief, is licensed to practice in all state and federal courts in California and Texas. Mr. Gamez owns and operates the Gamez Law Firm in San Diego, CA. For more information, please contact Daniel Gamez at 858-217-5051, daniel@gamezlawfirm.com or use our online contact form. Stay updated with the latest debt relief tips by following on Facebook and Twitter!