How one 31-year-old paid off $220,000 in student loans in 3 years

March 12, 2017 8:37 AM

To anyone who feels overwhelmed by the prospect of taking on student loans — or paying back any debt they've incurred — Horton has a simple message: "I just want them to feel empowered that they can pay if off. If I can do it, anybody can."
posted by veedubya (11 comments total)

Just because some people manage to pay off the wacky amounts of debt now flooding the US system, doesn't make it a sane, sustainable or cost-effective way to educate people. It's only the legal non-bankruptcy status of student loans in the US that hasn't burst the bubble yet. And eventually, given enough people with enough debt, that won't matter.
posted by Happy Dave at 8:41 AM on March 12, 2017

Here's the highlights

spoiler alert: it's way easier to pay off a lot of debt if you get a lot of help
posted by dismas at 8:42 AM on March 12, 2017 [9 favorites]

How one 31-year-old paid off $220,000 in student loans in 3 years

It's by being rich isn't it?
I have a feeling it's the rich people again.
posted by fullerine at 8:44 AM on March 12, 2017 [12 favorites]

this is attracting shade. a fucked up bootstrap morality play.
posted by j_curiouser at 8:47 AM on March 12, 2017

Yeah, if she can do it anyone* can!

*who happens to have a job, housing, and a free income property(!) provided for them by their family

While you're at it, you can build yourself a fortune too. All you need is a small million-dollar loan from your dad.
posted by Itaxpica at 8:48 AM on March 12, 2017 [1 favorite]

I'm absolutely certain this article is going to generate a lot of people throwing shade.

And I will be one of them. The lesson here is to come from enough means that your family (who are still alive and functionally employed) can give you a job, afford to have you move back in with them, literally give you a condo that you can rent out while you live in a different family member's home, and support you while you're paying off your debt.

I mean, good job, but not exactly a bootstraps situation.
posted by aspersioncast at 8:48 AM on March 12, 2017

Yes, moving back home, getting a job at mom's non-profit and getting a condo as a gift, which you then rent out while living, is a great idea!

Thanks, finance writer for the Business Insider for enlightening me!
posted by Brandon Blatcher at 8:49 AM on March 12, 2017

If I can do it, anybody can

Absolutely! Anybody can do this! All you need are:

1. Nepotism
2. Family Money
3. Access to Credit because of Family Money

It's simple, really.
posted by Doleful Creature at 8:50 AM on March 12, 2017 [2 favorites]

This is getting a lot of grief from people, as it should. The last line is ridiculous, inconsiderate, and tone-deaf. But also: good for them. They made sacrifices that they didn't have to make to pay off the debt sooner. If my mom gave me a nice condo I would probably live in it, not rent it out and then go live with my grandmother. With extra income, I would likely try to upgrade my car or look to put down a deposit on a nicer condo. And if the student loans were at an extremely low rate, there might have been better investment opportunities for that $200K.

But, to each their own. She set a goal and then she accomplished it. It's a good message getting buried under a few really poorly chosen turns of phrase. Her story highlights lots of problems with student debt in this country and how we force young people into making very difficult career and life decisions at a young age, but I hate that this young woman is getting so much shit and hate. Good for you, Ebony. Congrats and well done. Just keep in mind that not everyone can do what you did.
posted by (Arsenio) Hall and (Warren) Oates at 8:51 AM on March 12, 2017

Fuck, I knew I should have picked better parents.
posted by Etrigan at 8:51 AM on March 12, 2017 [5 favorites]

c'mon, the rest of us can rob banks, can't we?
posted by pyramid termite at 8:51 AM on March 12, 2017