GOD. IS. GOOD. In mid-August, I made my last student loan payment and officially became student debt free. Given that has been my only debt for years, I'm simply debt free!
I started this article weeks ago, but I'm finishing it on my 46th birthday. This will be the first time in years that I'm:
Free of the financial burden that has hovered over my life like a dark cloud for over 20 years.
Free of the shame and disappointment I felt for allowing myself to accrue so much debt.
Free of having that debt influence so many of my life decisions...
Career: If I did not have so much student loan debt as an undergrad (and later as a grad student), I would have worked abroad, or possibly joined the Peace Corps. But those desires were crushed under the weight of student loans, and I knew I had to have a career that paid well. So, all of my career decisions have been about paying off debt.
Housing: In my 20-30s, I periodically lived with roommates to lower my expenses. I was blessed to have good roommates, but it was not exactly what I envisioned as an introvert who liked privacy. And when I could afford to live solo, I was always anxious about rent renewals.
Some may wonder why I didn't buy a house, but I couldn't wrap my mind around taking out a six-figure mortgage while paying down six-figure student debt!
Retirement / Investments: Even with an aggressive student loan payment plan, it was still important to contribute to my retirement fund, and to a lesser degree, my investment accounts. Still, I know I'm behind in retirement savings and will have to make up for lost time.
Entrepreneurship: It wasn't until I moved to Seattle and got to know some great small business owners that it inspired me to dream of being my own boss. It actually feels like it's something I could legitimately pursue now.
It may sound cheesy, but I feel like I have a new lease on life. Knowing that so much of my income is no longer dedicated to student loans means that I can take risks I previously wouldn't have considered.
I will continue to stay on top of student loan news and share my insights and practical tips. But my future posts will be oriented towards my life after student loan debt, and I can't wait to live it to the fullest!