How I paid off my husband’s $ 22,680 student debt in two years
- When Mary Wheeler first learned that her husband had nearly $ 34,500 in student loan debt, she was determined to help him pay it off as quickly as possible.
- Wheeler learned all she could about her husband’s loan types, interest rates, and due dates before creating a repayment action plan.
- After two years, they had finally paid the entire balance together – $ 22,680 of which Wheeler personally paid.
- “People can tell paying off someone else’s debt helps them,” Wheeler said. “But I didn’t see it that way. Student loans are different from other debt. By paying off loans, I was building our net worth as a couple.”
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Before I married my husband, I knew he had student debt. But I didn’t know exactly how much, and I didn’t ask either. One day, I was sorting through some paperwork when I came across one of his student loan statements. After reading it, I was shocked to see a balance of almost $ 35,000. In the eight years since we graduated from college, he had only saved $ 15,161 in principal and paid $ 14,924 in interest.
The shock turned into anger.
I was not mad at my husband. I was angry with the student loan officer. How was it possible that he had paid $ 30,000 by now, but still owed $ 34,500 more? I thought naively.
While anger doesn’t get rid of your debt, it can be a great motivator. So I focused, did my research, and created an action plan to eliminate her debt in two years.