I have ~$72k in student loan debt, about half federal and half private. Paid off my credit cards this month so no other debt.
My parents are gracious enough to offer me to move back in with them. This completely eliminates me having to pay for rent, utilities, or food. My only required monthly expenses(besides student loans) would be my phone bill and my car insurance. I did leave a few hundred dollars in this budget for miscellaneous things like gas, toiletries, etc.
With my salary, I can completely pay off all of those student loans in 19 months and be completely debt free. If I only made the minimums but rolled that over into the next loan, it would take over 8 years.
After the 19 months, I'd have no debt, but I'd also have no retirement and no savings. I'd also be 28 years old.
Has anyone done this?
original posted by Uniqueusername493 to r/personalfinance on Thu, 29 Feb 2024 17:57:22 GMT.