The unconventional way this man paid off $70,000 in student loans in 1 year. via CNBCMakeIt
When Ray Laureano and his wife graduated from college, they left school with a staggering amount of student loans. Between the two of them, they were over $200,000 in debt.
"I enrolled in an accelerated program [at Robert Morris University-Illinois]," he says."I did a dual degree, earning a bachelor's and two master's degrees in four years." "To me, I felt we morally needed to get them out of debt," Ray says."It's our responsibility, in my mind. We didn't want to hold our younger siblings back [from going to college] because our parents had to worry about those loans."
Ray and his wife have a combined income of $110,000. Although that sounds high, payments on $200,000 in student loans eats up a significant portion of their pay. Conventional financial advice says that if you follow the debt avalanche repayment strategy, you make the minimum payments on all of your debt and put any extra money toward the debt with the highest interest rate.
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