How This 28-Year Old Paid Off His $73k Student Loan in Less Than 4 Years

How This 28-Year Old Paid Off His $73k Student Loan in Less Than 4 Years

After college, many millennials face a ton of student loan debt. Should you ignore it and let the interest grow, or tackle it now? Logan Marston took action and paid off his huge sum in less than 4 years. Here, he tells his story and offers up his best advice on how you can pay off your debts.

$73k in Student Debt


28-year old Logan Marston from North Carolina is now an accountant. He has both a bachelor’s and a master’s degree, and yet he’s already free of his student debt. According to Yahoo, Marston owed back 10 loans, and he’s now paid off every single one.


In 2012, he got his Bachelor’s degree from James Madison University and the year after he earned his master’s. But upon graduation, Marston had no idea how much debt he actually owed. Nevertheless, he was shocked to find out that his figures totaled $73,372.

Marston says, “I guess I had an idea in my head it was going to be five figures, but I didn’t know it was going to be as much as it was.” $6,000 of his debt was due to the interest that he’d acquired from December 2013 to May 2017.



Paying It All Back


Marston was motivated to beat the interest, and he wanted to minimize the total of his loans “as quickly as possible”. When he landed a job at an accountancy firm, his repayment scheme started. “There wasn’t any kind of secret strategy or secret formula,” Marston claims.


But he thanks his low-cost lifestyle. He says, “I was just living as humbly as possible–splitting rent with roommates, and doing everything I could to save money. I kept a very low cash reserve. I didn’t have any emergency cash. Whatever I saved, I paid the loans with it. No unnecessary spending whatsoever.”

Marston was also able to utilize a 0.25% interest rate reduction. To get this he signed up for an automatic repayment plan. Then, he made payment of $1000 to $1,500 on top of his monthly payment plan of $796. And soon enough his debts began to chip away.





For every loan, Marston received a letter stating that the sum had been paid back in full. Taking satisfaction is these letters, Marston decided to pay the loans back one at a time. And he treats each letter like a trophy.

His proud father, Jeff Marston says, “I couldn’t pay for his school, I wasn’t able to… I’m happy for him. He did away with the wants and applied himself to the needs and that’s what it takes. Now, the wants will come.”



How to Make Repayments Fast


Marston’s advice for others is to pay off the loans with the highest interest rates first, this way you can stretch your money further. Likewise, he says, “Don’t think there’s some secret out there that only financially savvy people know. It’s just discipline and anyone can achieve what I achieved.”

Additionally, he thinks you should create a rigorous spending budget and not make any frivolous purchases. Furthermore, he advises that you should always try to pay more than the minimum – and don’t be intimidated if the figure you owe is large.



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