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College graduate Kelsey Mikula, 26, paid off a staggering $80,000 in student loans in just three years with a clever side hustle. After earning her degree in zoology from Liberty University, Mikula faced the difficult task of finding a job in her field. When her search proved difficult, she decided to take matters into her own hands.
From zoology to fashion entrepreneur
Mikula turned her passion for fashion into a profitable business. She began buying and reselling her clothes and shoes from eBay and her Depop thrift store. She invested her $1,800 a month in her inventory and was able to generate enough profits to significantly reduce her student loan debt.
The power of integration and financial discipline
Mikula’s path to financial freedom was more than just a side hustle. She also made the strategic decision to consolidate her student loans, which allowed her to streamline payments and secure lower interest rates. This decision proved to be very important in expediting her debt repayment process.
Expert recommendations
Financial experts often recommend assessing your financial situation before deciding to consolidate your loans. For federal loans, consolidation can provide benefits such as income-driven repayment plans and access to student loan forgiveness programs. However, if you refinance your federal loan through a private lender, you may lose these benefits.
Advantages and disadvantages of consolidation loans
Consolidating your loans can simplify the repayment process and potentially lower your monthly payments. However, it is important to consider the potential drawbacks. Extending the repayment period can increase your total payments over time, and consolidating federal and private loans can cause you to lose the benefits of your federal loans.
Lessons learned from Kelsey’s experience
Mikula’s story is a powerful reminder of the importance of financial discipline and creativity. By combining her lucrative side hustle with strategic financial decisions, she was able to pay off her student loans and purchase a Ford Explorer for her. She is now reselling full time and saving up to buy a home.
A ray of hope for struggling borrowers
For many people, the burden of student loan debt can feel insurmountable. But Kelsey Mikula’s story offers a glimmer of hope. By turning to an unconventional side hustle and making smart financial decisions, she was able to pay off her loans and reach her financial goals. Her journey is an inspiration to others struggling with student loan debt, proving that with determination and creativity, it is possible to take back control of your financial future. .
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