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Pay Off: How One Millennial Eliminated Nearly $80,000 in Student Debt in Less Than Five Years
In 2009, amid the global financial crisis, 21-year-old Shannon Young graduated from college with a degree in English and more than $80,000 in student debt. Less than five years later, she was completely debt-free. This is her story – a cautionary tale with a surprisingly hopeful outcome. Filled with practical advice and personal experience, Pay Off is an invaluable resource for anyone coming into or out of student debt.
Shannon Young is the author of The Olympics Beat and The Art of Escalator Jumping. Her memoir, Year of Fire Dragons: An American Woman’s Story of Coming of Age in Hong Kong, is forthcoming from Blacksmith Books in fall 2014. She lives in Hong Kong.
Cover design by Hannah Perrine Mode.
Shannon Young is the author of The Olympics Beat and The Art of Escalator Jumping. Her memoir, Year of Fire Dragons: An American Woman’s Story of Coming of Age in Hong Kong, is forthcoming from Blacksmith Books in fall 2014. She lives in Hong Kong.
Cover design by Hannah Perrine Mode.
- GenresNonfiction
44 pages, Kindle Edition
First published May 22, 2014
218 people are currently reading
111 people want to read
About the author
Shannon Young
7 books20 followersShannon Young is an American twenty-something living in Hong Kong. She is the editor of an anthology of creative non-fiction by expat women in Asia called How Does One Dress to Buy Dragonfruit? and the author of a Kindle Single called Pay Off: How One Millennial Eliminated Nearly $80,000 in Student Debt in Less Than Five Years. She has written e-books including a mini travel memoir, The Olympics Beat, and a novella, The Art of Escalator Jumping. Her memoir, Year of Fire Dragons: An American Woman's Story of Coming of Age in Hong Kong, will be published by Blacksmith Books in November 2014.
A graduate of Colgate University in New York, Shannon's writing has appeared in the Hong Kong Women in Publishing Society's anthology, Mary: A Journal of New Writing, Modern Love Long Distance and The Displaced Nation. She writes a blog called A Kindle in Hong Kong and likes to spy on other people's books on the train.
A graduate of Colgate University in New York, Shannon's writing has appeared in the Hong Kong Women in Publishing Society's anthology, Mary: A Journal of New Writing, Modern Love Long Distance and The Displaced Nation. She writes a blog called A Kindle in Hong Kong and likes to spy on other people's books on the train.
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Displaying 1 - 30 of 36 reviews
March 6, 2017
Well, that was beyond useless. Basically, her advice amounts to teach English overseas, get married, and stick with a job you hate. So glad I wasted my time on this.
March 15, 2017
Shaking my head
This information, as provided through the experiences of Shannon Young, has left me shaking my head in shame and disbelief at what we have done to this millennial generation. Strapped with shocking debt at the beginning of life when their outlook should be full of joy and anticipation for the future, they plunge headlong into dead end jobs. Ms. Young makes a compelling case for reform and a complete revamping of the system of higher education in our country before we lose more talent to the greater global society.
This information, as provided through the experiences of Shannon Young, has left me shaking my head in shame and disbelief at what we have done to this millennial generation. Strapped with shocking debt at the beginning of life when their outlook should be full of joy and anticipation for the future, they plunge headlong into dead end jobs. Ms. Young makes a compelling case for reform and a complete revamping of the system of higher education in our country before we lose more talent to the greater global society.
October 12, 2016
This was one of the first books I downloaded with the new Amazon Prime Reading. The first one I started and finished. It's a Kindle Single, so it's short.
As a Gen X with approximately the same amount of debt STILL, it was a little odd to read this. The author seemed very concerned and obsessed with paying off the student loan debt as quickly as possible. And she found an interesting way to do it, but it's not a way that's accessible to many people.
Well, it was an interesting quick read. She tries to offer some practical tips, but they weren't really anything I could use, or didn't already know.
Writing Kindle Singles that Amazon picks up for its first batch of Prime Reading, well, that's a good way to pay off debt too!
As a Gen X with approximately the same amount of debt STILL, it was a little odd to read this. The author seemed very concerned and obsessed with paying off the student loan debt as quickly as possible. And she found an interesting way to do it, but it's not a way that's accessible to many people.
Well, it was an interesting quick read. She tries to offer some practical tips, but they weren't really anything I could use, or didn't already know.
Writing Kindle Singles that Amazon picks up for its first batch of Prime Reading, well, that's a good way to pay off debt too!
October 12, 2017
Of only
Shannon Young offers a unique solution to an ever growing problem. I myself had dreams of going to a prestigious university to work in the arts. Years later I am still struggling with the debt. I'd honestly never considered working abroad to pay off the debt. while I appreciate this piece is her story, I wish it had gone further. I would like to see other work abroad to pay off stories, experiences in other job markets, how other countries work, and so on.
Shannon Young offers a unique solution to an ever growing problem. I myself had dreams of going to a prestigious university to work in the arts. Years later I am still struggling with the debt. I'd honestly never considered working abroad to pay off the debt. while I appreciate this piece is her story, I wish it had gone further. I would like to see other work abroad to pay off stories, experiences in other job markets, how other countries work, and so on.
March 7, 2017
A good little book that I read in one sitting. It was written well and gave me more insight to what a disaster our higher education system has become. What a shame it is, I only hope that something is done to reduce the astronomical costs involved that are seriously hurting middle Americans send their kids to College.
November 26, 2017
Really not worth reading. The Very short book took me an hour and what I learned is the author did a good job in paying off her loans. There weren't any real suggestions other than prioritizing your loans and weigh all your options. Definitely, good for her, but reading about it brought me practically zero.
October 7, 2017
Real-life Options
Straightforward, and real-life. I am glad that this was not a gimmicky sell. It is an honest and interesting option to consider for those that don't want to drown in debt and miss living.
Straightforward, and real-life. I am glad that this was not a gimmicky sell. It is an honest and interesting option to consider for those that don't want to drown in debt and miss living.
April 29, 2018
Good read but could use a little more
It was a good read, but it needs a little more in depth knowledge of how she made a budget. Things that she did that helped along the way and give different points of views
It was a good read, but it needs a little more in depth knowledge of how she made a budget. Things that she did that helped along the way and give different points of views
May 27, 2019
Out of the box thinking for a college graduate. Should be required reading for every freshman high school student, their parents, and later a refresher when said freshman high school student has high school diploma in hand.
November 9, 2017
Quick read
Nice, quick read about student loan crisis in America.
Great ideas for paying down student loan debt and now to save for the future.
Nice, quick read about student loan crisis in America.
Great ideas for paying down student loan debt and now to save for the future.
November 28, 2017
Worth the read
Full of great reminders, nothing particularly groundbreaking. Definitely worth reading and I am very much
looking forward to being debt free soon!
Full of great reminders, nothing particularly groundbreaking. Definitely worth reading and I am very much
looking forward to being debt free soon!
December 6, 2017
Not worth the read. Just skip this one.
January 15, 2018
Well-written, but it truly is how the author paid off student debt. If you have other debt, I suppose her "method" could work for that, too, if you're willing to move to Hong Kong.
January 16, 2018
More of a personal story than financial advice
June 30, 2018
Wow.....
I have been contemplating different ways to quickly pay off my student debt. After reading this book everything seems possible.
I have been contemplating different ways to quickly pay off my student debt. After reading this book everything seems possible.
June 20, 2018
She taught ESL
This whole book was really a waste of time. It culminated in nothing learned about finances other than the author taught esl abroad.
This whole book was really a waste of time. It culminated in nothing learned about finances other than the author taught esl abroad.
June 3, 2018
This has little to no application for most people. The author took a path to paying off student loans that worked for her, but is not realistic for everyone.
August 12, 2018
How?
Still have a lot of questions for the author. There are many people who have similar scenarios so her story didn’t really surprise me too much.
Still have a lot of questions for the author. There are many people who have similar scenarios so her story didn’t really surprise me too much.
August 7, 2019
TLDR: Privilege
May 10, 2020
All I can say is “Eh.”
January 2, 2021
Interesting story but not helpful at all. Mostly just illustrates how dire the student loan crisis is for everyone trapped in the US
December 12, 2021
Small steps in the right direction can make a huge difference in the long run
August 7, 2019
This book was short and easy to read. Her story was extremely personal and she got lucky with her loans. This book is not a plan on how to pay off your loans, but rather a story of how this author managed to do it. There were a few take aways that may be of use:
-Throw as much money as possible at your loans as often as possible.
-Explore options that may save you money, like consolidation. Read the fine print, because some of them may have better deals than what you have now.
-Use the power of psychology to pay off your loans - i.e. - paying off a small loan to build momentum and check it off. Going for the bigger amount makes financial sense, but it has less psychological fulfillment at the begining.
-It is possible.
-Throw as much money as possible at your loans as often as possible.
-Explore options that may save you money, like consolidation. Read the fine print, because some of them may have better deals than what you have now.
-Use the power of psychology to pay off your loans - i.e. - paying off a small loan to build momentum and check it off. Going for the bigger amount makes financial sense, but it has less psychological fulfillment at the begining.
-It is possible.
July 10, 2018
Motivating
Excellent, brief (you can finish this is one sitting) piece on the state of student loan debt in the US. It shows that millennial gen truly have a tough albeit barely manageable task of becoming debt free, before the imposed terms of profiteering banks and the enabling US government. The author demonstrated that one simply cannot trust US society to help us out of our situation. We are alone. Expect NO ONE to help you when you graduate. That is what I feel college applicants should hear from us, I would highly recommend this book as a reality check for prospective college students, and a motivating model for current and recent grads in similar situations.
Excellent, brief (you can finish this is one sitting) piece on the state of student loan debt in the US. It shows that millennial gen truly have a tough albeit barely manageable task of becoming debt free, before the imposed terms of profiteering banks and the enabling US government. The author demonstrated that one simply cannot trust US society to help us out of our situation. We are alone. Expect NO ONE to help you when you graduate. That is what I feel college applicants should hear from us, I would highly recommend this book as a reality check for prospective college students, and a motivating model for current and recent grads in similar situations.
November 17, 2022
This is an insightful book covering a real problem in the United States today. I graduated around the same time as the author and had to make similar sacrifices to pay my loans off in full before they came to term. I think that people are beginning to see that college degrees are becoming more expensive and less valuable.
October 24, 2016
I found this book interesting and easy to read. It was short and well-written. However, the solution the author used to pay off her debts was one that is unlikely to apply to the average college graduate. Luckily, I have much less student debt and don't have to go to the extremes that she did. That being said, she did give some useful tips/advice/thoughts on how best to tackle the sometimes overwhelming task of tackling student loans.
February 2, 2017
Good, but nothing I didn't know.
Being a fresh grad student that took out a loan for every year I spent in undergrad, I have had heaps of advice piled on me. All the information in this book I have heard previously. I do appreciate the style, writing, and her way of telling her story. I thought it was personable and light. This is a topic we need to continue to look at as a nation.
Being a fresh grad student that took out a loan for every year I spent in undergrad, I have had heaps of advice piled on me. All the information in this book I have heard previously. I do appreciate the style, writing, and her way of telling her story. I thought it was personable and light. This is a topic we need to continue to look at as a nation.
December 8, 2016
A great short read as someone that is in the same debt boat
My situation is better than most in regards to debt and financially but a few things struck home for me that Shannon mentioned. It is worth the read for anyone as a story and experience of how the current school system feels and debt situation is exactly how many people feel now.
My situation is better than most in regards to debt and financially but a few things struck home for me that Shannon mentioned. It is worth the read for anyone as a story and experience of how the current school system feels and debt situation is exactly how many people feel now.
October 9, 2016
Nothing new for me. I am already doing this. Just looking for more.
Nothing new for me. I am already doing this. Just looking for more. Thought there would be additional tips to what i am doing.
Nothing new for me. I am already doing this. Just looking for more. Thought there would be additional tips to what i am doing.
November 30, 2016
It is clearly a huge accomplishment to pay off so much, especially so quickly. The author advocates teaching/working abroad as a strategy to pay off debit quickly, which is not an option for most people.
Displaying 1 - 30 of 36 reviews