Personal Finance

Guy pays off $26500 student loan in less than 2 years

  • Last Updated:
  • Nov 24th, 2013 12:32 pm
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Deal Addict
Jul 21, 2011
1724 posts
221 upvotes
RMB
manixc wrote:
Jan 12th, 2013 1:21 pm
that's true in the short run but when ***** hit the fan, the gov still have to bail out the irresponsible ppl.
Yeah I know, that's why I don't understand why people are looking forward for a RE crash.
Deal Fanatic
Jan 18, 2003
5378 posts
1236 upvotes
Mississauga
If he got paid $13/hr for the entire 2 years and paid off the 26k, then that would be impressive
Sr. Member
User avatar
Jun 6, 2009
816 posts
234 upvotes
Montréal
[QUOTE]Though I often went to bed hungry, left the heater and air conditioner off during the winter and summer months until my 115-pound body couldn't take it anymore[/QUOTE]

This isn't an inspiration, it's a call for (psychological) help. Take an extra year to pay off your debt and have your three meals a day, for Christ's sake...
Deal Addict
Aug 14, 2007
2330 posts
204 upvotes
Waterloo
good for him??? I paid off my 30k car in 1.5 years... Sure living with parents which helps alot but I was still paying my parents rent.. just fairly cheap rent and I didnt have to pay for food
Deal Expert
User avatar
Oct 26, 2003
31372 posts
2772 upvotes
Winnipeg
Nothing special, still took the guy 2 years to pay it off. Kudos to him for doing something about his debt than just complain about it like countless others.
Deal Addict
May 2, 2007
3015 posts
266 upvotes
Kingston
epiphano wrote:
Jan 12th, 2013 1:58 pm
This isn't an inspiration, it's a call for (psychological) help. Take an extra year to pay off your debt and have your three meals a day, for Christ's sake...
Probably ate a lot of garbage food. Sure he's 115lbs, but I doubt there's any reasonable muscle mass there.
Deal Fanatic
User avatar
Jul 29, 2005
5736 posts
354 upvotes
What a useless article.

I just finished repaying 25k worth of OSAP loans in 1 year, living out of my parents house by myself in Toronto.

As long as you don't spend your money like an idiot, paying of 25k in 2 years isn't that hard. Worse is that the dude skipped meals and lived in the cold. Why?
Deal Fanatic
Oct 7, 2010
8685 posts
1043 upvotes
I wonder is the OP putting this article out to convince himself that he is doing well with his own low salary, and that it's ok to make less if one can save.

How about making a lot more and not having to abuse yourself in order to pay off OSAP?
Newbie
Sep 6, 2012
89 posts
10 upvotes
BEAUPORT
ccyk wrote:
Jan 12th, 2013 3:15 pm
I save $30k+/year and made $17.5/hr. why I didnt make it to news story?
Cuz nobody give a ***** about your story
Newbie
Feb 27, 2010
53 posts
2 upvotes
"I save $30k+/year and made $17.5/hr. why I didnt make it to news story?"
At 40 hours a week you wouldn't even clear 30k in a year @ $17.5/hr. You would have to work 50 hrs plus a week and live for FREE with your parents.
Deal Addict
Nov 26, 2005
3085 posts
249 upvotes
Vancouver
Lvno wrote:
Jan 12th, 2013 6:29 pm
"I save $30k+/year and made $17.5/hr. why I didnt make it to news story?"
At 40 hours a week you wouldn't even clear 30k in a year @ $17.5/hr. You would have to work 50 hrs plus a week and live for FREE with your parents.
huh?
17.5*40*52=?
Deal Addict
User avatar
Oct 27, 2007
2922 posts
69 upvotes
Paid off my OSAP loan of 34k in 10 months. Best decision ever! Was putting in $200 every Tuesday and Friday. Also put my hefty tax return in.
Newbie
Feb 27, 2010
53 posts
2 upvotes
ccyk wrote:
Jan 12th, 2013 7:38 pm
huh?
17.5*40*52=?
$36400 gross and you clear or net approx. $29k . How do you save 30k while not even netting that much.You would have to work alot of overtime and live for free no rent, no food, no car,no cell Phone, etc.
Deal Fanatic
Apr 16, 2007
7177 posts
2123 upvotes
Financial District B…
That's 1 in approx 600 that has paid off their student loans. The rest will fail

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