Need ideas on how to tackle my debt

[salt-n-light]

Im a classic millennial case, taken up a study of field that wouldn't pay off the number of loans i took. Basically, i took a 5-year architecture program (towards being a licensed architect after 3 years of work). Although its towards my passion and my profession, the school I pick have a pretty hefty tuition. So im now looking at being in a profession where the median is about 77,000 with a 230,000 total of student loan debt.

Since im starting just now, of course my salary is way less than that while im paying off the debt. Its tough on the pockets, and it looks never ending.

I was listening to a podcast on youtube where someone was mentioning about the same problem, and the takeaway was that I don't have the luxury to depend on my job to be my only income. I have to get rid of it as quickly as I can.

So Im wondering if any of you have any ideas where I can make enough income apart from my job, to pay off this debt, and how quickly you think I can do it. The dream is 5 years im debt free, but thats a huge stretch.

 

[mukk_in]

Im a classic millennial case, taken up a study of field that wouldn't pay off the number of loans i took. Basically, i took a 5-year architecture program (towards being a licensed architect after 3 years of work). Although its towards my passion and my profession, the school I pick have a pretty hefty tuition. So im now looking at being in a profession where the median is about 77,000 with a 230,000 total of student loan debt.

Since im starting just now, of course my salary is way less than that while im paying off the debt. Its tough on the pockets, and it looks never ending.

I was listening to a podcast on youtube where someone was mentioning about the same problem, and the takeaway was that I don't have the luxury to depend on my job to be my only income. I have to get rid of it as quickly as I can.

So Im wondering if any of you have any ideas where I can make enough income apart from my job, to pay off this debt, and how quickly you think I can do it. The dream is 5 years im debt free, but thats a huge stretch.

Part-time second jobs can be a good source of income. Be sure you can handle the stress. If you have any credit card debt, its better to get rid of that first. Using public transportation instead of your personal car, skipping that weekend movie and dinner, etc. are some other ways to skimp and save a few dollars. Just some thoughts .

 

[faroukfarouk]

@Mskriskris: Do you and maybe a friend have the funds to invest in preconstruction condominum investment? there is often a good return on investments there, especially in the Toronto and Vancouver areas.

 

[vinsight4u]

/nvm

 

[Angeleyes7715]

Live below your means and save like half of your salary or more and put it towards loans. With that salary, as long as you don't have tons of other debt and bills, you can pay that off in under 10 years.

 

[Claudia Zimmer]

don't give up. Step by step you will make it. i think of you.