STEEM Away My Student Loans!!! Paying Off My Student Loans Using Steemit!

in #steemit8 years ago (edited)

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Earlier today, (while at work), I was sitting here thinking of what to do with some of my current and future Steemit profits and I decided that paying off my student loans was top of the list. Even if you don't make a large profit on Steemit, this can still apply to you. After all, I am a newbie so I haven't profited much yet either :) I received my undergraduate degree from a top 20 University in the United States which cost a pretty penny at the time. After racking up student loans for that wonderful piece of paper (the Diploma), I proceeded to rack up additional loans for my graduate school studies to receive my Masters degree. Now has all of that paid off career-wise? Yes, I’d like to think so. However, since I still have loans to payoff, I decided a good use of my Steemit profits would be to pay extra on my student loans and pay them off sooner!

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You can do the same and it can drastically decrease the amount of years and therefore the amount of interest and money you would have to pay. Here are 2 examples I created just to show how a modest extra payment each month can have a huge impact on even a large student loan amount:

Example #1:
Student Loan Debt: $100,000
Monthly Payment with a 4.66% Interest Rate (the current interest rate for Federal Direct Undergraduate Subsidized/Unsubsidized Loans): $1041.21
Payoff Time: 10 years

***Add an EXTRA payment each month of $200 profit earned from Steemit
Payoff Time: 8 years

Example #2:
Student Loan Debt: $50,000
Monthly Payment with a 6.21% Interest Rate (the current interest rate for Federal Direct Graduate Unsubsidized Loans): $560.39
Payoff Time: 10 years

***Add an EXTRA payment each month of $125 profit earned from Steemit
Payoff Time: 8 years

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So, I can pay off student loans 2 years sooner thanks to Steemit just by making a modest extra payment?!? Count me in! Now go ahead and Steem away your student loans too!!

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As someone who is drowning in student loans and medical issues since like 17-18.

I approve of this post.

Trust me, you're not alone! A lot of people, myself included, are drowning in student loans. Thank you for liking my post :) Good luck paying off those loans!

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