I Paid Off My $80K In Student Loans

I know that many will not consider this option palatable, feasible, or even remotely possible, but I thought i'd take a moment to share my own personal sacrifice/success story.

Here's a little background:

* 1998 I embarked on very costly Professional Pilot training, incurring more than $35K in student loans
* 2001 I changed my major from Professional Pilot to Aerospace (9/11 was part of the reason as pilots were being laid off in droves.) Incurred another $15K in loans to obtain the BS in Aerospace degree
* 2005 I enrolled in a Master's degree program, incurring another $30K in loans.

Although my educational path was not exactly straight, I have enjoyed what I consider to be a successful career in aviation so far. My salary has been in the $60-70K area for about 4 years now and all indicators point to continued growth. Accordingly, I have been able to pay my monthly student loans (never late, never defaulted), as well as my other living expenditures and loans. That's not to say that times weren't tight occasionally, but I have managed to stay above water.

However, with that amount of debt, I grew mentally anxious knowing that i'd be making monthly SL payments for a large chunk of my working years. This of course on top of a house that i'd like to buy at some point in the near future. All of this got me to thinking "how can I pay this debt off faster?" Aside from imposing a severe austerity plan on myself, the options were very limited.

Here's what I did: I went to Iraq to work for a year as a civilian contractor.

Like I said earlier, this may not be palatable or even feasible for many (or most), but I decided that a one year sacrifice far outweighed the 15 years (or more) that I would be paying on my loans. Those 15+ years didn't seem all that appealing to me if the end result was to hamper my ability to buy a house, raise a family, buy a car, go on vacation, etc.

To be honest, it's the best decision I have ever made. Even though I resigned from a good paying, upwardly progressive position, the fact that I am now debt free makes that good job seem completely irrelevant in the grand scheme.

I didn't go there to build my resume, I went there to make money. But I did find my way into a management position in my field of aviation. This was a very welcome surprise and excellent opportunity. My salary was $180K, including all hazardous pay uplifts. Also, the first $91,500 was tax-free, which is what put me over the top in paying my student loans off.

Here's what I experienced: It was extremely hot there. I lived in a CHU (containerized housing unit) with A/C and a small bathroom/shower. Management CHU's get a bathroom, non-managment CHU's did not have a bathroom and shared a community bathroom of 10+ showers and toilets. Sharing a bathroom is not as bad as it sounds. Consider it no different then going to the showers/bathroom at your local gym. Nothing a person can't handle. I was fed 3 full meals daily at an all you can eat dining facility. The work hours were long......I worked 84 hour weeks (12 hours X 7 days per week), but you put yourself in a work mindset and its not as bad as it sounds. It was literally the fastest year of my life. It came and went in a blink it feels like.

Why am I posting this? Because I know what it feels like to be under the crushing weight of student loans. Those loans were an obligation I took upon myself, and I feel like I have benefited out of the education that they provided. But more importantly, I just wanted to provide my experience and maybe help out someone who may not have even given this option a thought.

Is it right for everyone? No, absolutely not. But if you have a solid work ethic and are willing to sacrifice a year out of your life to free yourself from crushing student loan debt, I personally think it is an option worth looking into. I'm personally glad I made the decision to go to Iraq, as I am now 100% debt free.

PS....I have no vested interest in prodding people to work in Iraq, Afghanistan, or any other foreign locale. This is my experience only. Maybe it will help someone.