$90k in Student Loans: Destroyed

[Philociraptor]

It’s done! Aggressively paid off about $60k in the past two years alone. I shared the victory publicly, but not the amount; don’t need people thinking we have money to spare. Wanted to share with the MMM community.

[englishteacheralex]

Huzzah! Care to share any of the details about what the loan was for, what your income was, and how you paid it off so aggressively?

[Philociraptor]

Huzzah! Care to share any of the details about what the loan was for, what your income was, and how you paid it off so aggressively?

Loan was for a Mechanical Engineering degree from MIT. Parents made good money so I had a high EFC and I wasn’t smart enough at the time to go for scholarships.

On the income front, I’m playing in two player mode. Wife and I have been maxing our all our retirement accounts since we got married in 2014 with a combined income around $130k then, now making about $150k combined.

So of that $150k, $50k-ish goes into retirement accounts, $20k to taxes (Federal, FICA, property), about $50k annual spending (a very unmustachian amount), which left us $30k to throw at the loans each of the past two years. That extra $30k+ (cause we’ll continue to try and lower our spending) will probably go into taxable now.

[SwordGuy]

Good work!  At that savings rate you'll be FI in no time!

[soccerluvof4]

Dido to what Swordguy said! Congrats!