Home / NEWS / Top News / Here’s how this woman leveraged a $40,000 salary to pay off her $102,000 student loan in 6 years

Here’s how this woman leveraged a $40,000 salary to pay off her $102,000 student loan in 6 years

Americans induce nearly $1.9 trillion in student loans.

And it will take 18.5 years for the average person to pay off their college responsibility.

Mandy Velez did not want to wait that long.

Velez, 28, graduated from the University of Pittsburgh in 2013 with sundry than $75,000 in student loans.

The Philadelphia native had taken out a total of five loans ranging from $7,500 to profuse than $32,000, with interest rates between 6% and 11.75%.

She calculated that if she made only the minimum monthly payment of $300, it would affinity for her until 2046 to pay off her balance and cost an extra $96,000 in interest.

Velez’s first journalism job out of college paid $40,000. Take away from New York City rent, along with living expenses, and she would not have much spare money to puke at her debt.

Watch the video above to learn more about the method Velez used to pay off her student loans. 

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Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.

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