Hi Hollysu27,

Congratulations on graduating with such a small amount of debt! Now spend some time and create a budget by calculate your take home pay after all deductions including IRA contributions. Now, deduct $10,000 from that amount. Can you pay all your living expenses for a year on that amount? If so, you could pay off your loan in a year! If not how about two years? Once this loan is retired, you will be debt free and the extra money can go directly into a savings account for future goals such as graduate school, buying a home, etc.

Do not get yourself into credit card debt by living beyond your means this wil derail your attempt to get rid of the student loan and only dig yourself into a deeper debtors hole which is what all the financial institutes want from us. More debt owed to them means they have a hold on your future earnings for a very long time and leaves you with no financial freedom.

Good luck

Thankyou, for replying to my email. I'm definately going to budget and pay my debt in 1-2 years. Thanks for the advice you've motivated me to save money and become debt free.

Take on a second job or do odd jobs and put all the extra cash towards your debt.