Graduating College Debt Free

Debt Free College!

Recently I ran into a former student who was at the market with her mom. We were trying to do the two minute catch-up, when her mom mentioned that she had recently gotten her SAT scores back and she was likely going to be a National Merit Scholar. The girl got a bit embarrassed by mom bragging and tried to brush it off. That is when I stopped her to say, “Graduating debt free can be life changing.”

You see, I married a National Merit Scholar, and between generous parents, multiple scholarships and working, we both graduated from college debt free. Our lives have been different from day one.

Choose a job for the fun of it

Weeks before graduation my husband was offered a job at a small mission organization. While the pay was meager, he was single and had not debt so he took the job to get experience.

Choose a job based on location

I was able to get take a job in an area where I had friends, even though it wasn’t a high paying job. I didn’t have debt, so I could make my choice based on friends instead of money.

Choose a job based on your belief in the mission

But it turns out my husband-to-be missed me, so he proposed, we got married and I moved. He kept his job, meager salary and all, because he believed in the mission of his company and felt like he was making a difference there. I found new work, and we discovered the joys of a two income family.

Saving money for down payments

Since we didn’t have to worry about student loans that first year out of college, we were both able to put major chunks of money aside for a wedding, honeymoon, and down payment on a house. That large down payment helped us get a great mortgage for our house. We also chose to live in a smaller town with cheaper housing, because we didn’t need to go to a big city to make big money.

Be out of debt faster

The great mortgage, big down payment and double income meant that we were able to pay off our house within five years. Just in time for a baby!

Live on less

Now, I am able to stay at home with three kids while my husband walks to work to a job that he loves. We have a fully funded emergency fund, and max out our Roth IRA every year. No school loan payments, no house payment, no car payments.

It’s amazing the choices you are able to make when the decisions are not ruled by interest rates or payment schedules.

Staci Fagal is just trying to keep up with her family. Staci writes for No I Wasnt Sleeping, where it’s about more than just money.

by TangoPango

Securities offered through LPL Financial, Member FINRA/SIPC