Also, as it stands now, no one can really “pay their own way” through college anymore. I guess it’s possible if you go to community college, go to college part-time, or *maybe* if you go to an in-state public school. But for most students, the only way to pay for college on their own is by taking out loans, if they don’t get enough in scholarships.

Current rules on federal loans also assume that parents will contribute money, whether they do or not. When parents choose not to contribute what the government thinks they can afford, students must take out private or unsubsidized loans to make up the difference.

It’s a rotten system. But I think that’s why Trent is so gung-ho about 529s for his kids–he knows how awful it feels to be saddled with debt, and he’s trying to protect them from having to go through that.

I like your plan!! Keep it up, and keep perservering. Once you are debt free, your life will change for the better!! Just dont be tempted to go back into debt, once you get out. I have been out of debt and then we bought a bigger house, and was back with a mortgage (nothing else) for another 2.5 years. I felt like I was in financial jail, because my options were so limited during that time. Now, I tell myself no more debt, unless it is just a dire emergency!!

For those who are working on their debt, I suggest putting your money on an allowance system. This systeme takes all money that is left over after fixed expenses and other savings in the budget, and divides the money amongst members of the family. Everyone gets their pre-agreed amount each payday to spend as they please. Members get the freedom to spend without criticism from others and the budget master know that spending will not go over the budget. It went a long way for us when we were knocking down the debt. We had some freedom to spend, but it kept us from overspending and straying from the plan to get completely debt free.