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First Person: Why I Consider Student Loans to Be ‘Good Debt’

Last Updated: April 20, 2017 BY Michelle Schroeder-Gardner - 18 Comments

Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.

Some people can escape college and graduate with no debt or hardly any.  I graduated with some debt, and I can proudly say that I am not ashamed of it.

I worked full-time throughout college and managed to graduate with two degrees in less than three years after the time that I graduated from high school.  I managed to graduate before I turned 21, which I will say that I am also proud of.

However, since I graduated so quickly, I had to take a large course load in order for it to be possible. I took 14 credits (I think it was 14? Somewhere around that amount) while I was in high school, 18 or 21 during most spring and fall semesters and one summer I took 12 credits.  The larger course load also came with a higher price, as the scholarships I was offered did not cover tuition beyond full-time status.  With credits being nearly $900 an hour, each credit above 18 cost me dearly and added up quite quickly.

Currently, I have around $25,000 in debt, but that includes both my undergraduate degrees and two semesters of my MBA.

I do not regret my debt.  I pay around triple the minimum balance each month for each loan that I have taken out and I plan to have my loans paid off within 5 years.

Your turn:  Do you have any college debt?  Do you consider college debt to be “good”?

 

Edit: My student loans are fully paid off!

18 Comments
Filed Under: Budget, Debt, School Tagged With: Debt, School

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My name is Michelle and I'm the author/owner of Making Sense of Cents. Learning how to save money and make more money changed my life. It allowed me to pay off $40,000 in student loans, start my own business, and I now travel full-time.
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