Conquering debt, one payment at a time.
Despite a high income of $350,000 and diligent savings habits (maxing out her 401k and backdoor Roth IRA), Dr. Sharma's $280,000 in student loans felt like a constant burden, hindering her ability to invest further in her practice and personal goals. The sheer size of the debt, combined with varying interest rates, made it difficult to visualize a clear path to payoff.
Using the Debt Snowball Calculator, Dr. Sharma prioritized paying off her smallest loan balances first, regardless of interest rate. This provided quick wins and boosted her motivation. By allocating an extra $3,000 per month towards debt repayment, guided by the calculator's projections, she optimized her payment strategy.
Dr. Sharma input her loan details (balance, interest rate, minimum payment) into the Debt Snowball Calculator. The calculator then generated a customized repayment schedule, showing her the order of loan payoff and the impact of her extra payments.
$65,000 in interest savings and a projected debt-free date 7 years earlier than her original repayment schedule.
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