This millennial paid off $102,000 in student loans in 6 years after starting with a $40,000 salary

Mandy Velez graduated from the University of Pittsburgh in 2013 with more than $75,000 in student loans.

Velez, 28, had taken out a total of five loans ranging from $7,500 to more than $32,000 with interest rates between 6% and 11.75%. She calculated that if she only made the minimum monthly payment of $300, it would take her until 2046 to pay off her student loans and cost an extra $96,000 in interest. Velez's first journalism job out of college paid $40,000. Subtract New York City rent, along with living expenses, and she would not have much spare money to throw at her debt.More from Personal Finance:

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acorns Are babysitting and dog waking taxed?... or full net gain... ?

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acorns DaveRamsey ChrisHogan360 this sounds a bit familiar. Hmmmm debt snowball. Now where have I heard that term spoken everyday for the last 3 months? Maybe a certain podcast?

acorns Grade school free. Middle school free. High school free. College school... fn unbelievable unbearable soul crushing gut wrenching must find any job to pay off what I truly wanted to do with my degree now that I cant live off of minimum wage previous grads could in 1962. Ugh.

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acorns This isn't a feel good story. This is horrific. Seriously, as a European, I can't relate to this madness at all.

acorns The only way you can live in NYC on less than $2k a month for six years if if multiple other people are taking up the slack for you. So friends/family were essentially the ones who paid off that debt for her.

acorns Brilliant... Learners do learn!!

acorns Then she took out a loan to buy a 102K silver plated balloon to celebrate

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acorns How did she pay off the last 32,000 in eight months?

acorns Debt snowball is a long-known secret to debt elimination, one that was made famous by DaveRamsey.

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