“I worked for a nonprofit organization, so I certainly don’t make a lot of money,” said Austin Hasenmueller.
MEMPHIS, Tenn. – Right now, federal student loan payments are on hold as millions rebound from the pandemic.
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But a woman from Memphis hasn’t stopped her payments.
“I paid $ 45,749 in 16 months,” said Austin Hasenmueller, from Memphis.
Hasenmueller made the announcement on Facebook. Now his student loan debt is fully paid off.
“School was my only debt, my loans that I took out. But also my mother had taken out Parent PLUS loans, ”Hasenmueller said. “So I was paying off my debt and his debt. This is the deal we made when I went to college.
Hasenmueller is not a millionaire and she did not inherit this money.
“I worked for a non-profit organization, so I’m definitely not making a lot of money,” she said.
During the pandemic, Hasenmueller learned these new skills in a church finance class. Budgeting, saving, and finding odd jobs helped her keep the numbers down.
“I started to create a kind of clientele of people to come home to or sit down to plant,” she said. “In Memphis, there is a place called Bio Life Plasma Services. I signed up there, and I’m telling you that in less than three months, and not even every week, I made almost $ 800, ”Hasenmueller said.
If you’re one of the millions with student debt, Stacey Hyde, CEO of Envision Financial Planning advises, in addition to bringing in money, to look for ways to save more and spend less.
“Be deliberate,” Hyde said. “Get your credit card bills, get your bank statements, and figure out where your money is going. This is the first step, is to understand where the money is going.
For Hasenmueller, that meant saving money on one of his biggest bills, rent.
“During COVID, I didn’t pay rent because my mom was kind enough to let me stay with her,” Hasenmueller said. “There definitely has to be some sacrifice, if you really want to get rid of your debt you might have to do things you don’t want to do, like moving out with your parents. And this is not an option for everyone. But it was an option for me.
Hyde says downsizing, finding roommates, or helping the elderly could save a few dollars.
“There are a lot of old people out there who need help around the house and, but still want to be home, you know, maybe you’d break some kind of deal to go and stay with them shopping. “Hyde said.
In short, getting out of the red is difficult, but it is possible.
For people who do, like Hasenmueller, it’s worth every penny.
“Now I have no debt in my name, and that’s something that’s very liberating.”
Federal student loan payments and interest rates are suspended until the end of September.
Financial planner Stacey Hyde advises you to put aside the money you owe. This way you are not late when payments resume.