When I went to college, I took out thee student loans of $2,500 each. I did not actually get the entire $2,500, as there was something like a “funding fee”, so I only received ~$2,350. I had some VA benefits, which paid an additional $225 per month (for 36 months), of which I had previously contributed $75 a month for (for 36 months). The interest rate was ~9%. A total benefit of $5,400.
I really did not need the student loans, but it did give me some cushion, and helped motivate me to continue school. I did not want to make the payments, and if I quit school I would have to pay the loans back. I got the loans and out the money in the bank for an emergency fund.
I had some small grants, which totaled less than $500. I lived at home, and commuted to school with my old truck and car. I did not actually have anyone else living with me, but it was a property my father owned and I paid some rent.
My vehicles were old and tired. I remember getting stranded several times by each vehicle at different places throughout the cities. Ball joints that gave way, cam shaft gears that came loose, clutch cables were among the problems that I dealt with.
I also did work though, quite a bit. So, I was able to retire my student loan debt shortly after graduating. I was a bartender and did several other side hustles while in college. i lived cheap, and spent many hours at the gym, which was nearly free. If I could just get back to the gym as often, it would be a great thing…
Here are some ideas from Nate Matherson is the Co-Founder and CEO of LendEDU