Advice | Side gigs and spreadsheets: How two Canadians paid down their student debt faster

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Side gigs and spreadsheets: How two Canadians paid down their student debt faster

Ashley MacPherson, a 33-year-old pharmacist based in Vernon Bridge, P.E.I., owed $128,000 between provincial and federal student loans, as well as a student line of credit, after graduating in 2015.

To ensure they didn’t climb further into debt, the couple cut all unnecessary spending and sold items they no longer needed, such as purses, watches, old baby items, old bridesmaid dresses, and her husband even sold his motorcycle. “This made it virtually impossible to pay extra on my student loans,” she said. “It was difficult making what should have been a very healthy salary as a pharmacist and still feeling like I still had to budget every dollar. But the vision of being financially secure kept us going.”

In Jordann Brown’s case, a 32-year-old Halifax-based spokesperson for Zolo.ca, moving to her hometown after university helped make substantial headway on her $40,000 worth of provincial student loans. She was able to pay down her debt in less than two years. So, Brown, living in Halifax at the time, picked up and moved to live near Moncton, N.B. To keep her living expenses low, she moved into a 400-square foot cottage that cost $350 per month at the time.

“I used a spreadsheet and every extra payment I made brought my debt-free date a little bit closer,” she said.

 

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