It's a little late for New Year's Resolutions, but I wanted to put this goal out there to help hold myself accountable and to connect with other people who are working on multiple areas of their financial lives.
Americans currently hold more than $1.7 trillion in student debt, according to the Federal Reserve. And I am one of them.
I have a lot of friends who stopped paying their student loans when interest was paused last year. A lot of people were hoping that Biden would come in and forgive all student loan debt (or at least a huge chunk of it).
Instead of pausing, I actually accelerated paying my student loans. If Biden ends up paying everything off, great- but I'm not about to hang my financial future on hopes that someone else does something for me.
I would be genuinely happy for those people who stopped paying if Biden ends up forgiving student loan debt. I'm never bent out of shape when good things happen in other people's lives, plus, that would help me too- so what would I have to complain about?
But I'm betting that Biden won't use any special executive orders to wipe student debt away. Instead, it's much more likely to go through a slow process in congress, and the most likely outcome is probably legislation that forgives $10,000 in federal student loan debt per person.
So my goal is to get down to $10,000 in student loan debt before this happens.
And if I get there and it still looks unsure that anything will pass... well, then the goal is to beat them to it, and finish paying off my debt before they can forgive it! It will be kind of fun to be able to say I was able to finish them off all on my own.
So here's to finishing 2021 debt free! Is anyone else in the same boat as me?
