INSIDER Phil Risher paid off his entire $30,000 student loan debt in 12 months, but he had to make some compromises, like living at his parents' house. Out of his $3,000 per month paycheck, he paid $2,500 toward his student loan debt and stretched the remaining $500 per month to cover his expenses. To keep himself sane, Rishner would set aside $20 for eating out on what he called "Yum-Yum Fridays." Phil Risher changed college majors a few times before settling on international business.