How We Annihilated $85K of Student Debt in 18 Months
As I sat down in our tax accountant’s office, I looked down at the piece of paper I was holding in my hands. It was an important document that reflected what I’d paid in interest toward my student debt that year.
I couldn’t believe the figure in front of my face, yet it was right there.
In just one year, I’d paid roughly $3,000 of interest into my student loans. And that was only the interest for one year. It didn’t account for the amount I’d paid into the principal balances, or what my husband had paid into his student loans either.
That $3,000 was all I was allowed to write off on our taxes.
I had just paid what accounted for a nice cruise vacation into my student debt interest, and it didn’t even help lower the balance. I would have rathered spent the money on that vacation instead, but here I was, holding the piece of paper that proved I’d done otherwise.
That money was gone, wasted.
I shook my head before I handed the document over to the accountant.