Sunday, 30 December 2012

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Feeling trapped under a mountain of student loan debt?
Joe Mihalic did. So a year ago, the 29-year old Harvard Business School graduate aimed to wipe out his $90,000 debt. He was earning just over $100,000 as a product line manager at a technology company in Austin, Texas, but was spending too much. He stopped eating out, rented two rooms in his house, sold his motorcycle and cashed out a retirement account. He paid off his loan in just seven months.

"My stress level is so much lower," says Mihalic, who blogged about his experience at NoMoreHarvardDebt.com and wrote an e-book.It's a feeling many will envy. Student loan borrowers owe nearly $25,000 on average. Paying back the minimum means it can take years to make a significant dent. But is it smart to pay off student loans as aggressively as Mihalic?
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