Tips for Paying off Law School Debt

Recent law graduates seeking tips for paying off their student debt – or just looking for some moral support – can find help at a blog written by someone who has been there and done that.

New York City attorney Jordan Rothman – author of the blog Student Debt Diaries – calls himself a student debt slayer.

“Just a few years ago, I was drowning in over six figures of student loans,” he writes. “The interest on my debt accrued at a rate of $31 a day, and the minimum payment on my loans was around $2,100 a month. My student debt seemed like an insurmountable burden that I would never overcome. However, with saving, side-hustles, and sacrifice, I was able to pay off all $197,890.20 of my student loans in only 3 years and 10 months. Even though I expected to pay off my student loans for the rest of my life, I ended up being debt-free in less time than it took to earn my degrees.”

And with this inspiring back-story, Jordan launched SD2 to help others climb out of the pit of indebtedness.

His site offers strategies for increasing income and decreasing expenses. It runs guest articles on interest rates and payoffs. It even offers pointers on landing side hustles.

Don’t Talk About It

Since its inception, SD2 has expanded its scope to include coverage of all sorts of educational financing – not just law school – as well as doling out advice for parents and tips on choosing a law school.

In the process, it has evolved into something of a support group for students laboring under the weight of debt.

A recent post, for example, addressed the perennial question of how to talk about student debt with your friends. The short answer: don’t.

“The most important thing you can do to minimize any social tension created by student debt repayment is to simply not talk about student loans with most friends and acquaintances,” Rothmann writes. “Student debt is one of the most distressing issues in the lives of numerous millennials, and many people do not want to be reminded of their own student loans. In addition, if you are indeed paying off your student loans early, people might be jealous of your accomplishment. Even today, I hesitate to talk about my student debt repayment success, since many people are noticeably uncomfortable when I discuss this. It does not matter that I had to work thousands of hours part-time and save in unbelievable ways to be debt-free, individuals still seem jealous of my accomplishment.”

Here are some other recent posts on the site:

• Instead of Gifts, Ask Friends and Family to Donate to 529 Plans
• Handling Agreements to Repay Parents for Fronting Education Costs
• The Benefits of Working a Part-Time Job During Medical School
• Cosigner Considerations for Student Loans

And here are three other helpful sites:

• Student Loan Hero. This site aggregates information on forgiveness, refinancing, loan rates, default and delinquency.
• org. Solutions and tips for managing student debt.
• The Student Loan Report, LLC. Started in 2016 to provide the latest student loan news and information, this site has become a valuable resource for borrowers and their families.

Source: Student Debt Diaries https://studentdebtdiaries.com/about-jordan/