Paid it off themselvesStudent loans$102,000 with interest
How Mandy Paid Off $102K in Student Loans With Side Jobs and the Snowball
Mandy Velez left school with $75,000 in loans and a $40,000 salary in New York. She used the debt snowball, took on dog walking, babysitting and freelance writing, and paid the last $32,000 in about eight months.
Video by CNBC Make ItPublished March 29, 2021Breakdown updated September 15, 2026
Key moments
“Paying Off $102K In Student Loan Debt” by CNBC Make It. We didn't make this video; it loads from YouTube when you press play.
Where Mandy started
Mandy Velez graduated from the University of Pittsburgh in 2013 with more than $75,000 in student loans and started her career in New York City on a $40,000 salary. By the time the balance was gone, her total payments came to about $102,000. She didn't want to spend decades repaying.
What Mandy did
- 1
She graduated in 2013 owing more than $75,000 in student loans.
- 2
She kept living costs tight in New York City and cut back on eating out and social spending.
- 3
She used the debt snowball, paying the smallest balances first while making minimum payments on the rest.
- 4
She took on side jobs such as dog walking, pet sitting, babysitting and freelance writing, and put that money toward the loans.
- 5
She paid off the last $32,000 in about eight months, then marked the finish with a funeral-themed celebration for her debt.
What you can learn from it
The snowball trades some interest for momentum
Mandy used the snowball, which pays the smallest balance first so progress shows up quickly. The CFPB notes this can cost more over time than paying the highest-rate debt first, so it's worth comparing the two.
Extra student loan payments carry no penalty
Much of Mandy's progress came from paying well above the minimum. The CFPB says all student loan borrowers can make extra payments at any time without fees or penalties.
Tell the servicer where extra money goes
The CFPB warns that a servicer may use extra money to push back the next due date instead of lowering the balance. Borrowers can ask for extra payments to go to a specific loan, such as the one with the highest rate.
Side income sped things up
Mandy took on side jobs like dog walking, babysitting and freelance writing and put that income toward the loans, on top of what her salary alone could cover.
Before you copy this path
Mandy's pace depended on her particular loans, income, city and the side work she could find. The video doesn't say which of her loans were federal and which were private, and their terms differ.
Watch out: It needs a steady monthly budget, and nobody negotiates for you.
Build your own payoff planCommon questions
Is the debt snowball or the highest-interest method better for student loans?
The CFPB describes two basic approaches. The snowball pays the smallest debt first for faster visible progress, while the highest-interest method targets the costliest debt first and saves money over the long term.
Source: consumerfinance.govCan you pay off student loans early without a penalty?
Yes. The CFPB says all student loan borrowers have the right to make extra payments at any time without fees or penalties.
Source: consumerfinance.govWhy didn't an extra student loan payment lower the balance?
According to the CFPB, some servicers apply extra money to a future payment instead of the loan balance, which is called paid ahead status. Borrowers can contact their servicer and ask for the extra amount to go toward principal.
Source: consumerfinance.govSources
By DebtCheckUSAEditorial Team. This is our summary of a video we didn't make, and nobody paid us to include it. It's one person's experience, not financial, tax or legal advice. Advertiser disclosure
More stories
All stories
Paid it off themselves
How NiaChloe Paid Off Nearly $20,000 in Student Loans in 16 Months
NiaChloe Bowman paid off nearly $20,000 in student loans 16 months after graduating. She listed every debt, automated payments from a separate bills account, and explains why refinancing federal loans can cost you their protections.
Paid it off themselves
5 Lessons From Paying Off a $40K Truck Loan in 34 Months
Diamond Edwards bought a new truck with no money down on an 84-month loan. He paid off his smaller debts first, put $9,000 of savings toward the truck and made principal-only payments to finish in 34 months.
Paid it off themselves
How a Chicago Single Mom Paid Off $50K in Debt With No-Spend Weekends
A Chicago single mom tried no-spend weekends, moved somewhere cheaper, cooked from what was already in the cupboard and paid down a high-interest car loan. Her freelance writing side job grew into a full-time one.
Your story starts with the whole picture.
List your debts once and see your debt-free date and which options fit. Nothing you enter leaves your browser.