A Journey Paying Off $100k in Student Loans
So you finally graduated college after all those long, hard years of studying for exams and barely passing some of them. You start your first adult job and get your first adult paycheck.
Wow… that’s a lot of money.
You get that fresh hit of dopamine. Life feels good. Then a couple of weeks go by, and the novelty wears off. A few months after graduation, you get an email saying your grace period is about to end and you need to start paying your student loans.
Alright, can’t be that bad. I’m making more money now.
Then you look at how much you borrowed—and your jaw drops. Holy smokes. $100,000 in debt? How am I supposed to pay that on top of rent, food, bills, and everything else? I’m barely staying afloat as it is.
So yeah—this is where reality hits.
In this post, I’m going to share some strategies that I’m personally using in my own life to pay off my debt.
Who Am I?
I’m 25 years old. I’m a pharmacist and make between $100,000–$120,000 a year. After six long years of school, I graduated with about $120,000 in student loan debt, including private loans. My goal is to pay off this debt as fast as possible while still living the life I dream of—traveling, having fun, and not feeling miserable every day.
In other words, I want to be debt-free and live a sustainable, enjoyable life.
According to the Education Data Initiative, as of 2025, the average student loan debt after four years of college is $39,075 per borrower. The total average student loan debt (including private loans) can be as high as $42,673. The average monthly student loan payment is $536.
Meanwhile, according to the National Association of Colleges and Employers (NACE), the projected average salary after earning a college degree is $68,680 for 2026.
So while I may not follow the national average, you could still implement these strategies that I personally use.
Here Are 2 Things You Can Implement to Help Pay Off Those Pesky Loans
- Spend Less Money
- Make your own meals, brew your own coffee, and drink more water
- This may require some upfront costs, like buying basic kitchenware, but it will save you a lot of money in the long run
- Cut out subscriptions
- Subscriptions like Amazon Prime, Netflix, and Spotify are some of the big ones that come to mind. Do you really need your order to arrive in two days? Maybe try waiting a week and see if it actually makes a difference. How often do you really watch Netflix? A movie once a month? A show once a week? If this is your main form of entertainment, then by all means, keep it. As for Spotify—yes, the ads can be annoying, but you can always bear with them. I personally recommend listening to podcasts nowadays since they offer a lot of value for free.
- Take time to define your needs versus wants and write them down
- Do you need alcohol? Do you need new clothes? Do you need the latest iPhone model? Ask yourself: Would my life actually fall apart without this? Sit down and be honest with yourself about what you truly need versus what you simply want.
- Make more money
- Work overtime
- I don’t really recommend this unless you genuinely enjoy your job. That said, for some people, it may be their only option—especially since finding a new job isn’t always easy.
- Find side gigs such as DoorDash or Uber
- These are easy to start and don’t require much commitment. I wouldn’t go out of your way to do them, but if you’re already driving somewhere and it’s on the way, it can be a win.
- Use your passions or hobbies and find ways to monetize them
- If you enjoy creating art, you can sell it on Etsy. If you like thrifting or flipping items, eBay might be your best friend. If you enjoy teaching, you can create videos and monetize them on YouTube. The ideas are endless!
Easier said than done right? Well paying off loans doesn’t have to be complicated! It just takes time.
The Numbers
After taxes and all that good stuff, my estimated take-home pay is about $7,200 a month (Yikes! About $2,800 gone to taxes). I highly recommend creating a budget and writing down every expense so you know exactly where your money is going.
Monthly Living Budget Example
| Rent | $900 |
| Electricity | $80 |
| Internet | $70 |
| Phone | $60 |
| Groceries | $400 |
| Eating out / coffee | $120 |
| Gas | $120 |
| Car Insurance | $120 |
| Gym / fitness | $40 |
| Health / meds | $40 |
| Roth IRA (MAX) | $583 |
| 401k | $500 |
| Total | $3,033 |
Tradeoffs & Reality Check
After taxes and all that good stuff, my estimated take-home pay is about $4,167 per month.
This budget underestimates the cost of day-to-day living for most people. I didn’t include gas or water since some apartments cover those costs. Rent is also usually higher than what I listed. Still, for this example, let’s stick with the $4,167 take-home number.
My minimum student loan payment is $1,100 per month. If you only make the minimum payments, it can take up to 10 years to fully pay off your loans. But if you double that payment—for example, paying $2,200 a month—you could cut that timeline down in half to about 5 years!
That would leave you with around $1,967 per month. However, this is an overestimate of what you’d actually have left. This doesn’t account for emergency savings, unexpected expenses, or other necessary purchases.
As mentioned earlier, the national average minimum student loan payment is $536. I wouldn’t necessarily recommend doubling your payment, since everyone’s financial situation is different. That said, I do recommend paying more than the minimum, even if it’s just an extra $10 or $50.
Remember, the goal is to pay off these loans as fast as possible—and every extra dollar helps.
What This Means for You
Honestly—anyone. It doesn’t have to be a drastic lifestyle change. Even one small change can make a big difference in your finances.
If you’re on a similar path, you’re not alone.
Disclaimer:
This content is for informational and educational purposes only and is based on my personal experience. I am not a financial advisor, and this should not be considered financial, legal, or tax advice. Everyone’s financial situation is different, so please do your own research or consult a qualified professional before making any financial decisions.
