E154 – Student Loan is Gone!

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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.

Welcome!

[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.

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Chain of Wealth

Chain of Wealth

The Chain of Wealth podcast is a biweekly podcast boasting over 500,000 downloads. We interview inspirational guests about money topics. You can learn more about us here.

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One Response

  1. 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!!

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