Tag Archives: Credit Cards

I finally paid off my ACS student loans!

4 Mar


It seemed impossible. Paying off over $55,000 in student loan debt $409 a month at a time. But then something happened. My student loans got tossed around from CFS to Chase and then back to ACS, my original loan company.

I realized then that I could either suffer and stress out over the next twenty years, or I could go on a crash financial diet and lose the weight of my ACS student loan off my shoulders once and for all.

I started this crash financial diet a little over three years ago. Here’s what I did:

  • Closed my credit cards down, except for my AMEX. 


  • Extreme couponing. I got my binder, clipped my coupons, and studied blogs like hip2save.com, southernsavers.com, and wesusecoupons.com I got so good, I was getting tons of stuff for free or making money from buying certain items and I grew my own stockpile.


  • I stopped buying clothes for almost a year. And I stopped going to malls.


  • I cancelled our Costco membership.


  • I worked my ass off. I networked on LinkedIn and made sure my profile was updated regularly. I’m a freelance copywriter, so I took every gig I was offered and worked hard. I put 100% into every job. And agencies kept calling me back. I worked morning, afternoon, and late into the night. Sometimes well past midnight.


  • I socked away 30% for taxes. And then I saved and saved and saved. Two years ago, I slapped down $27,000 in a single payment to ACS. The instant I did that, the coolest thing happened. The amount towards my principal changed. Before when I sent a $409 payment, $300 would go towards interest. Now $300 for every payment was going towards principal. Every time I made additional money, I sent additional payments. Sometimes, it was just an extra $100. And sometimes, it was an extra $2,000. I basically let go of the money before I had the chance to enjoy it. I knew it was meant to do more than buy the latest purse.


  • I continued to work like crazy. And just sent my final payment 10 minutes ago!


Doing this crash financial diet was hard. You have no idea how hard it was not to go buy a car or go on a fancy trip or go shopping for purses and new pretty shoes. But the end result is worth all of it. I saved about $60,000 in interest and shaved off 15 years off of my student loans.



So what next? I figured if I could conquer my student loans, why not conquer my house? My goal: pay my house off in less than 10 years. We’ll see.