Anyone else drowning in student loans?

I got into software sales for a few reasons - didn’t want to number crunch in excel all day, enjoy meeting new people, and needed to make a boat load of money to pay off my student loans.


Curious if anyone here is in the same boat? If so, how long did it take you to pay off your student loans + how many deals (& deal size) did you need to close to be debt free? And by what age?!


There are certain things I really do love about sales and I’m early in my career, but I think my true passion might lie elsewhere. I’m thinking once I stick through a few years being an AE and am debt free I’ll probably hang it up to start my own business. Thoughts?

How much debt did you have fresh out of college? Comment how long it took to pay off

Attached poll
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🐱 Off-Topic
🎈 Mentorship
🧠 Advice
51
SADNES5
Politicker
9
down voters are marketing spies
I finished Uni in 2008. I made my last payment in early 2020.
proudprospector
Catalyst
3
Business Development Representative
lord have mercy 
detectivegibbles
Politicker
1
Sales Director
I feel your pain. Made the mistake of transferring so many times. "I was just finding myself". 
looper1010
Celebrated Contributor
1
Solutions Specialist
Ouch, graduated right into a recession :( Happy that they're all paid off though!  
Chep
WR Officer
7
Bitcoin Adoption Specialist
Have about 23k in student debt, but was a 2020 grad so have not had to worry about it. Honestly though with the way the government printed money I'm in no rush to pay it back. The value of a dollar is less tomorrow and that holds especially true now with inflation so I'll set up a payment plan come September when student loans kick in, but until then not paying a dime of that principal down
paddy
WR Officer
5
Director of Business Development
That's a valid point. Don't you think it's the best time to pay principal right now given interest isn't accruing until September?
Chep
WR Officer
3
Bitcoin Adoption Specialist
That is a great point Paddy. It is tempting to pay off that Principle now so less interest accrues but I'd rather put any extra money in long term Investments
paddy
WR Officer
2
Director of Business Development
Ah, fair. Maybe I'll give that a whirl as I'm eager to start investing more. Thanks!
Nairobi
Politicker
1
AE
Same here@Chep not looking at it until September comes. I guess that's the only advantage of our 2020 grad class...a 1-year loan break...
braintank
Politicker
4
Enterprise Account Executive
Graduated in 2008 with about 10K in debt. After I bought a plasma TV every dollar of my SDR commission went towards paying it down. Was able to get rid of it within a year.
braintank
Politicker
4
Enterprise Account Executive
If you have a kid or are planning to have them, start a 529 ASAP!
goose
Politicker
3
Sales Executive
Graduated with zero student loan debt.  It was a while ago so not relevant today.  Still, any sort of debt will ultimately get in the way of doing what you want to do, including starting a business.
ExtremeVibeChecker44
Arsonist
1
Inside Sales
Same. Blessed for mom & dad.
poweredbycaffeine
WR Lieutenant
3
☕️
Refinanced in May 2019--3 years away from being done with 6 figures.
kelun8
Politicker
0
AE
What was your refinancing experience like? I put up a post on this last week and would be interested to hear your experience/what I should consider before doing that?
poweredbycaffeine
WR Lieutenant
2
☕️
It was super smooth! I used Citizens, and the whole process from application to disbursement was 5 business days. They let me pick 5, 7, 10, 15, or 20 years for a payoff timeline (went with the 5) and I can adjust as needed. Another perk is that if I decide to go back to school, I can defer my loans for up to 18 months with no penalty.
JuicyKlay
Celebrated Contributor
2
AM
Still have 19k in student loans and other than the house, is the only thing I still haven't paid off. Will probably pay off in the next year or two - it doesn't really bother me and my interest rates are low.
fuzzy
Notable Contributor
2
CMO (Chief Meme Officer)
Out of debt -- Climbed out of it within 3 years by buying stock in Tesla and selling some as well as rolling the debt into a refi on a home purchase in a market with a ton of growth that increased my equity.  Now own $1m in assets.
CuriousFox
WR Officer
1
🦊
Damn Fuzzy I need to go to your school 😎
Beans
Big Shot
1
Enterprise Account Executive
None, but I'm 10 years removed from University. 
Incognito
WR Officer
1
Master of Disaster
I had my own business, had to pay for all my own shit in nyc, and did college full time with 3 hours of commuting daily. I did not have time to sleep on Tuesdays lol.

However, I went to a CUNY college so NYC residents get an insanely good deal - like no more than $6k for tuition. Plus, if you make below a certain amount, it’s free and they give you money for textbooks and whatnot (my giant ass NOL was SO HELPFUL for this!!). 

so I managed to pay all my bills and walk out with a 4.0 and debt free. Not for the faint of heart, I literally didn’t do much else but I did it in 2 years because I took extra classes during “semester break” times. 

Most underrated college, and definitely the best value. My professors (for the most part) were amazing. 

I think it’s still a good deal even if you’re not a resident. 
ARRyouReadyKids
Politicker
1
Enterprise Account Executive
Came out with around 40k in student loans and thanks to sales I was able to find a base salary I could pay my rent on and make enough commission to pay it all off in around 4 years.

What really hurt was when I put almost all of my largest commission check ever toward that
SammySandbags
Politicker
1
Account Executive
Uncle joe turned his back on us smh
CallahanAuto
Opinionated
1
Manager, Enterprise Life Science Partnerships
Graduated in ‘17 with federal loans through two servicing orgs. 22k in my name and about 30k in my parents that I took ownership of paying from day 1. I have enough liquid cash to fully pay them off but have held off since my investments have been outracing the interest, even if we weren’t in a federal forbearance. I have been making minimum monthly payments since graduation including during forebarance with all my loans now being strictly principal balances remaining.


It’s a bit finicky from my perspective in terms of is it worth paying off in a lump sum or continuing to let the assets I have work for me. Throw in the fact that the current administration is weighing federal cancelation across a wide range it’s a tough call on how to proceed post forbearance, even if that chance is slim.


So to answer your question I started working as an AE in June of ‘17 and was able to fully pay them off by June of ‘19 although I have yet to do so. In terms of your game plan, I’ve seen lots of AE’s do a similar plan to attack their student loans. If you’ve got a plan for your own buisness and a passion for it I say Absolutley go for it. Just make sure you’re financially in the right spot to make that jump!
newsalesguy14
Politicker
1
Account Executive
Paying it off as quickly as possible is certainly a great way to go about it. BUT, it isn't the only way and depends on preference. The way that I'm personally going about it is paying it off slowly over time, and investing the difference had I otherwise put more money to pay it off.

For example:

Could pay off $500/month in student loans that are accruing 4% interest

OR

Could pay off $200/month in student loans that are accruing 4% interest.
And invest $300/month in student loans that are accruing 7-8% interest let's say.

That's a net 3-4% gain in wealth, compounding every year over time.

Not saying it's the best way to go about it, just thought I'd broaden your choices.

Another thing that makes this strategy possible is student loans don't impact your credit or ability to buy a home
stanrym
Valued Contributor
0
CEO
no debt 😇
MontBlanc
Notable Contributor
0
Senior Account Executive
Had about $20k in loans when I graduated and lived at home for my first year and a half out to pay it all off. My first job paid $30k base and I made $10k in commission. 
lore
Contributor
0
Sales Manager
Graduated from a public university in Brazil. 

One of the top biz schools in the country. No debt. Landed a great first job in a nice startup. 

Sometimes studying abroad is a great alternative to get into debt early in your life.
Aaronlovessales
Opinionated
0
Financial advisor
Lucky paid it off early
SaaS_Queen
Good Citizen
0
Account Executive
I’m in for about 50k and I graduated in 2016. Cause it’s -a uk government loan, they just automatically deduct 9% of my earnings above about 25k. If you don’t pay it all off in 30 years it’ll be wiped, and the debt doesn’t show up on your credit file, so to be honest I just rationalise it as a ‘graduate tax’
sketchysales
Politicker
0
Sales Manager
no student debt as i didnt go to college or uni.  Rather i have enough for a decent downpayment on a house.  I really dont understand the school system and why people bother
Annonny
Big Shot
0
Account Executive
I wish I could just get it all dismissed! 

Justatitle
Big Shot
0
Account Executive
Had 40k out of college and now im down to 21. havent made a payment since they announced the loan interest was frozen and it may be extended. value of money now is more than it will be in 3 months and student loans are ok-good debt to have. invest the money and use the interest you make to pay down those bad boys 
GDO
Politicker
0
BDM
Studying in Belgium is basicly free. Tuition is more or less 1k / year.

No student debt. 
Bueller
Politicker
0
Account Executive
50k- double majored at uni. Been out for 4 years and still have about 30 left 
SaaSguy
Tycoon
0
Account Executive
I think inflation is gonna do me a solid here
NoSuperhero
Politicker
0
BDR LEAD
Yeah, I had a schollarship that covered 80% of the tuition. I made sure to keep that through out the whole career. So I feel blessed for being able to. But Student debt needs to be taken down to $0. Call me a commie but I just feel its the right thing to do. 
modoro
Good Citizen
0
Biz Dev
Just paid mine off about 25K, didn't move out till I paid it off, was paying $700+ on it for 3 years, took me 3 years to pay off in full
letsgo
Good Citizen
0
Strategic AE
it's a dirty nasty thing student loans. 

Hudsonsmom
Opinionated
0
Area Sales Manager
Graduated with about $30k in student loan debt in 2011, paid it off completely in 2018. Got married in 2019, now have husbands student loan debt 😭
SiliconBBQ
Politicker
0
The Metal Rooster
Answered the poll wrong. I had about 35k. took a few years trying to get rid of the payment. Essentially snowballed it because compounding interest rates on debt if a thief at best....i invested alongside of it, and even thought i had an edge several times before going all in on no debt payments. ...may not have been the best plan of attack but having zero debt was great....bought a house. and pay over the mortgage there too while investing. the house is my home though and although i will likely eventually sell it at a gain i don't view it as an investment. it's where i live and raise my family
dryspongebob
Opinionated
0
Business Development Manager
Perks of not being american - the best universities in my country are completely free. 
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