Today’s episode is a bit different because we have a special occasion to celebrate. Katie’s student loan has been paid off! Yes, you heard it right! Listen about her journey and on what she’s really been trying to achieve.
[1:54] Let’s get to know Katie and her story
● She is 30 years old now, teaches elementary and has always taught public school until she moved to Virginia
● She was a typical college student in her 20’s, took a student loan and thought she’d be paying it for the rest of her life
● Moved to Virginia in June 2017, has known Denis for over a year at that time
[7:4] How much did Katie have and owe back then?
● Denis calculated everything and figured that Katie owed almost $200K
● Katie was in so much debt not because of spending much on anything, but on not-so-great decisions with her car and student loans
● Denis created a plan for Katie which started with selling her house, and was sold at 20% more
● She got a Honda which costed more than a high-end BMW, and monthly repayment was $663 for 7 years
[12:59] How did you tackle your student loan?
● Katie was teaching at a Title 1 school, where loan forgiveness was offered
● Loan forgiveness application took 6 months; was eligible for $5K
● Started freelancing and their podcast channel was mainly born out of this debt journey
[17:59] What exactly did you do?
● Denis gave one condition for Katie to prioritize paying off her debts
● All her salary was spent on paying her debt, and avoided shopping
● Kept re-adjusting her goals, instead of quitting when not hitting them
● She was earning $2400, but was short for $700-$800 on her monthly repayments
● Did some side hustles like private tutoring, freelance editing, etc.
This podcast was an adventure!!! Totally inspirational for anyone else who has debt and wants to be free!! I am so proud of you BOTH!!