{"id":5171,"date":"2012-06-23T04:00:00","date_gmt":"2012-06-23T04:00:00","guid":{"rendered":"http:\/\/192.168.195.175\/index.php\/2012\/06\/23\/wiping-out-90000-in-student-loans-in-7-months\/"},"modified":"2012-06-23T04:00:00","modified_gmt":"2012-06-23T04:00:00","slug":"wiping-out-90000-in-student-loans-in-7-months","status":"publish","type":"post","link":"https:\/\/www.goodworldnews.org\/index.php\/2012\/06\/23\/wiping-out-90000-in-student-loans-in-7-months\/","title":{"rendered":"Wiping Out $90,000 in Student Loans in 7 Months"},"content":{"rendered":"

\"Credit:<\/p>\n

Economists are increasingly worried that many young Americans will spend coming years buried under student debt. Joe Mihalic was determined not to be one of them.<\/span>

Faced with $90,000 in student debt from his days at Harvard Business School, Mihalic vowed last August to eliminate every penny by this summer. He did \u2014 three months early.<\/span>

The 29-year-old from Austin, Texas, is now becoming an Internet celebrity of sorts as financial advisers and young Americans link to his blog,<\/span>NoMoreHarvardDebt.com<\/a>, which had 180,000 hits as of Thursday morning. His story is touching a nerve at a time when young Americans are more indebted than ever.<\/span>

So how did he cut through $90,000 in seven months? It helps to have a low-six-figure salary, as Mihalic does working for Dell Inc. But he also recommends getting roommates, a second job (in his case, landscaping), forgoing all restaurant dining (even McDonald\u2019s), selling all unnecessary items around the house \u2014 and getting a flask.<\/span>

Mihalic said he spent months taking a flask of liquor to bars so he could continue to go out drinking with friends without running up a tab. (Be warned: this is typically illegal.) Instead of the movies, he took dates out hiking, or for bagels and coffee. He ate protein bars packed from home and walked several miles to the city, to save a few bucks on transportation, during a trip to Michigan. He got two roommates to rent out his house.<\/span>

Mihalic also took steps that financial advisers typically say are a no-no: He liquidated his individual retirement account, drawing a tax penalty, and stopped contributing to his 401(k), even though his employer offers a matching contribution.<\/span>

\u201cMy mentality was I want to be done with these student loans as quick as possible,\u201d Mr. Mihalic says in a phone interview, adding: \u201cIt was an emotional decision.\u201d<\/span>

He made his last student-debt payment six weeks ago. He said he saved roughly $40,000 in interest that he would have paid had he stayed on the 15-year schedule for repayment of his loans.<\/span>

He says he learned other lessons, too.<\/span>

\u201cThe flask thing, it\u2019s kind of demeaning,\u201d he says. \u201cThe funny thing is that girls weren\u2019t really sketched out by it\u2026They did laugh, and I could still get their phone number. It taught me a lot \u2014 you don\u2019t have to be this flashy dude, buying drinks.\u201d<\/span><\/p>\n

\u00a0<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Mitchell, Josh. \u00a0<\/span><\/span>“Wiping Out $90,000 in Student Loans in 7 Months”. Yahoo via Wall Street Journal. 18 May 2012. Web.\u00a0<\/span><\/p>\n

View original article at Yahoo.com:<\/p>\n

http:\/\/finance.yahoo.com\/news\/wiping-out–90-000-in-student-loans-in-7-months.html<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Economists are increasingly worried that many young Americans will spend coming years buried under student debt. Joe Mihalic was determined not to be one of them.Faced with $90,000 in student debt from his days at Harvard Business School, Mihalic vowed last August to eliminate every penny by this summer. HeContinue Reading<\/a><\/span><\/p>\n","protected":false},"author":47,"featured_media":5170,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2860],"tags":[],"class_list":["entry","author-thekidstuss","post-5171","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\nWiping Out $90,000 in Student Loans in 7 Months - Good World News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.goodworldnews.org\/index.php\/2012\/06\/23\/wiping-out-90000-in-student-loans-in-7-months\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wiping Out $90,000 in Student Loans in 7 Months - Good World News\" \/>\n<meta property=\"og:description\" content=\"Economists are increasingly worried that many young Americans will spend coming years buried under student debt. 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