How I did it: I started small with a reduced monthly payment because my income after graduating school was not very much.   Shortly after 9/11 I was laid off from my job and had to put the loan on economic hardship deferment for a year.  When it was time to make payments again I was able to afford a higher monthly payment.  I just paid my balance slowly over time every month.  In the last few years as my salary has increased, I've made larger payments when I could.  This last year I've had so much freelance work that I have been able to make large payments on it and really lower the balance, and today I finally wrote and sent out a final payment for the last few thousand.

Lessons & tips: Make a budget, and don't be irresponsible with credit cards and loan payments.  I was very careful and responsible in my student years and I am now enjoying the freedom of being debt free and having excellent credit as an adult.  

Nov 11, 2008, 07:17PM PST | 1 comment | 6 cheers