How I Paid off $20,000 in Student Loans in 14 Months

My generation is one of the most burdened by student loans. Here's a few recent statistics, courtesy of the American Student Assistance:

• Of students pursuing education, 60% borrow to help cover the costs
• There are approx 37 million student loan borrowers with outstanding student loans today
• 14 million of those 37 million are under 30
• In 2010‑11, about 57% of public four‑year college students graduated with debt, borrowing an average of $23,800 (in 2011 dollars). 66% of those earned bachelor's degrees from private schools - they had debt averaging $29,900.

You already know that I paid off $20,000, which is right around the average amount of student debt that a person in my generation has. What's not average is that I paid it off between May 2008 and July 2009. 14 months. 

Much to my chagrin, I haven't been able to re-access my student loan account and find the exact dollar amount I paid off. I know it was right at or slightly above $20,000.

I know people who take years to pay off their student loans - along they way, they get a new car, maybe a house, great clothes, and the list goes on. I didn't pursue any of that until after my loans were paid off (and even not now - I'm still driving my car from high school, we're still renting, etc). 

So how did I do it? I must have be making a ton of money, right?

My Situation: 2008 stats

• In May 2008, I started working full-time 3 days after graduating from college. 
• I was an hourly employee, earning $15/hr ($30,000/yr). 
• As I remember it, my bi-weekly paychecks were around $700. 
• Looking back at my taxes from 2008, my adjusted gross income was $20,038 (from 4 jobs: my full-time job, Coldstone Creamery, Pampered Chef, and cleaning my dad's shop). Keep in mind that's BEFORE taxes. I couldn't tell from looking at my taxes what my net income was...does anybody know if it's listed on there somewhere? (I read that the average taken out for taxes is 15%...so then my net income would have been $17,032.30.)
• I paid $1,748.43 in interest on my loans. 
• I lived in a 2bed/2bath apartment with a friend. My rent was around $400/month. 
• Anything fun, had to be free. 
• I lived off cereal for breakfast, the worst ham & cheese sandwiches money could buy for lunch (aka, cheapest meat, cheese and bread), and dinner would have been anything I could buy off the grocery store sale ad, or more cereal, or fruit.

My Situation: 2009 stats - keep in mind, I had my loans paid off by July 2009

• My 2009 adjusted gross income was $36,198 - I worked 3 jobs: my full-time job, at my dad's shop and Pampered Chef. Again, this is BEFORE taxes...anyone know where to (easily) find what my net income was? (Taking out 15% for taxes, my net income may have been around $30,768.30, which seems high for what I was making.) 
• I think my bi-weekly paychecks were around $800. (Now I'm wishing I'd tracked all of this closer!)
• I'd paid off enough of my student loans in 2008 that I only paid $160.68 in interest in 2009. 
• My living situation was the same, same car, same everything. I rarely bought new things (clothes, etc) unless it was considered a "need". And my wants vs. needs requirements were extremely strict. 

My Payment Philosophy

Now, this isn't for everyone, and it's certainly risky but every time I was paid, I paid my bills, brought a few very cheap groceries and then put everything else on my student loans. Meaning, at any given time, I had $100-$200 to my name. 

And it was worth it.

I would go back again and do it all over. That feel of freedom, knowing that I didn't own the government anymore, knowing that I was now working for myself and not just to pay back the government...so freeing. 

College graduates, don't be deceived by that first paycheck. I always kept in mind that that money wasn't mine - I owed someone else to be where I was and earning what I was. Until I paid that back, the money wasn't mine. And those 14 months of sacrifice were totally worth it. 

Don't give in to trying to keep up with all your friends, or trying to be where your parents are at. Keep your eye focused on the prize: on being debt free. You won't regret it. You can do it. I believe in you.