Just paid off 1% of my student loans

[CATman]

It's a small step in the right direction, but today I made the first of many extra payments toward my student loan balance. It's a little depressing because I somehow managed to rack up about 106k of student loan debt, but it's really empowering to know that it's totally in my ability to pay them off bit by bit and finally be free of the biggest financial burden in my life.

As a bonus, today was the first day in my adult life where I looked at my finance spreadsheet and after having bills paid I still had my whole paycheck left over due to the surplus from the last paycheck.

[forummm]

Hey, you gotta start somewhere! The next percent will go by even faster. Speaking of which, maybe roll that paycheck into loans too?

[CATman]

Hey, you gotta start somewhere! The next percent will go by even faster. Speaking of which, maybe roll that paycheck into loans too?

Hats actually where it went. Kind of a double milestone for today. Even though all that extra money is gone it feels good knowing I'm "investing" it in myself instead of blowing it on something unfulfilling.

[nereo]

a victory, no matter how small, is still a victory

congrats!

any sort of time-frame you're looking at?  Is this one giant loan or a whole bunch of ~8k loans?  What's the rate?

[forummm]

Hey, you gotta start somewhere! The next percent will go by even faster. Speaking of which, maybe roll that paycheck into loans too?

Hats actually where it went. Kind of a double milestone for today. Even though all that extra money is gone it feels good knowing I'm "investing" it in myself instead of blowing it on something unfulfilling.

That money was gone when you spent it years ago--not today. You're just putting those checks in a savings account with a much higher rate of interest than you can get elsewhere--and one where you have to keep saving a certain amount in it.

[SwordGuy]

Congrats on making progress!

Here's a blog about someone who decided to pay off $97,000 worth of student loan debt in one year, despite the fact that his gross salary was less than that.

Lots of good tips on how to really kick that student loan debt's butt!

https://nomoreharvarddebt.com/

[CATman]

a victory, no matter how small, is still a victory

congrats!

any sort of time-frame you're looking at?  Is this one giant loan or a whole bunch of ~8k loans?  What's the rate?

It's a bunch of smaller loans. The rates vary from 2.07-9.25. Killing the highest interest loans first and working down from there. Conservative estimate is to pay them off within 2.5 years, but it may be faster depending on income. I have a base salary, but can rack up serious overtime based on catastrophe volume (insurance claims).

Normally I'd leverage the lower rate loans and invest that money  in something with higher returns, but it's important to me to say I took these loans on and I took on the responsibility of paying them off in full.

Forummm, you are exactly right. That perspective really helps me keep in mind that while I have this debt, every non-necessity I buy is essentially bought on borrowed money. I'm not totally depriving myself of life's little joys, but not going anywhere near as extravagant as many of my peers.

[Metric Mouse]

It's a small step in the right direction, but today I made the first of many extra payments toward my student loan balance. It's a little depressing because I somehow managed to rack up about 106k of student loan debt, but it's really empowering to know that it's totally in my ability to pay them off bit by bit and finally be free of the biggest financial burden in my life.

As a bonus, today was the first day in my adult life where I looked at my finance spreadsheet and after having bills paid I still had my whole paycheck left over due to the surplus from the last paycheck.

This is epically awesome. Congrats. Think - from here your networth will only go one direction - up!

[CATman]

Thank you. It is awesome, but according my Personal Capital I'm going from negative to slightly less negative ;) On the day I make it in the black, that will truly be a day to celebrate.