My parents 'refinanced' my student loans to save me money and time - Business Insider

, I was granted enough unsubsidized loans to cover my education in addition to a small subsidized loan. I started my MBA in 2014 and the majority of my student loans were direct unsubsidized loans serviced by NelNet with a 6.21% fixed interest rate.into a different type of role. Plus, I love learning, so I really would go to school for the rest of my life if I could afford it.

The total of my loan at the time it was paid off and moved to the home equity line of credit was $38,764. Over the course of the rest of my MBA, my parents paid my tuition through the home equity line of credit. And while I was in school, I made payments toward the loan about equal to the interest accrued each month. At the maximum, I owed $70,377 on my loan.

Since finishing school, I've upped the amount I'm paying toward my loan as much as I can each month. Since I freelance full-time and have a variable income, the amount I pay changes each month, but I've still been able to pay off more than $15,000 in 2019 alone. That said, I still owe about $53,000 on my loan, so it's going to take me a while to get it paid off the rest of the way.

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