NiaChloe Bowman paid off her student loans just 16 months after graduating.
NiaChloe Bowman knew she didn't want to become one of the millions of student loan borrowers still making payments in their 30s and 40s.
During her freshman year accounting class at Babson College, Bowman determined how long it would take for her to pay off the $19,000 she borrowed for school -- and how much it would cost her in interest if she stuck to the standard 10-year repayment plan.
"I projected out what my loan liability was going to be, and at that time it was going to be $25,000," the now-28-year-old tells CNBC Make It. Bowman vowed to get rid of her balance as soon as she could, avoiding additional interest along the way.
Bowman's fears are a reality for many of the roughly 43 million Americans with student loan debt. Around 3.5 million of those borrowers are 60 and older and owe a total of $125 billion, according to the National Consumer Law Center. Nearly a third of borrowers 62 and older have been in repayment for over 25 years.
For Bowman, avoiding loans altogether wasn't an option. Taking on debt to pay for her education "was the only way I was going to get out of poverty," she says. "There [were] no other options for me at the time, other than get student loans or stay in the hood."
Here's how Bowman strategically paid off her student loans early and why she doesn't regret her choices.
