Author Topic: Yearly Student Loan Payoff Numbers  (Read 2423 times)

spicykissa

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Yearly Student Loan Payoff Numbers
« on: June 13, 2016, 05:12:13 PM »
I'm a long-time lurker, but I just had to post and share my happiness after sitting down and figuring out these numbers!

Total borrowed for first (mostly useless) 2006-2010 degree:      $35125.00 (at anywhere from 2.5 - 8% interest)
                                                                                   +
Total borrowed for 2nd (highly employable) 2013-2014 degree: $54549.00 ($30000 @ 8% and the rest @ 3.6% interest)
                                                                                   =
                                                                                $89674.00 in principal

Total amounts paid back in . . . .
   
   2010: $2900.00
   2011: $3501.65
   2012: $6001.79
   2013: $3200.00
   2014: $13098.67
   2015: $38596.18!!
   2016: $16547.67 (so far)

Grand total paid so far: $83845.96
    
    . . . with $20831.38 to go! Interest is a bitch, but everything left is at 3.6% and in my name only, no cosigners (that was a big mistake first time around). I'm on track to have these completely paid off by this December!!!! It's nice to see my decision to go back to school borne out by the numbers, and watch my new career accelerate payoff so dramatically. 

monte0930

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Re: Yearly Student Loan Payoff Numbers
« Reply #1 on: June 13, 2016, 06:04:45 PM »
Congratulations on the progress, feels great to get control of your financial situation. I am glad that your new degree is paying off for you!

MustachianAccountant

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Re: Yearly Student Loan Payoff Numbers
« Reply #2 on: June 14, 2016, 04:49:46 AM »
Wow, way to punch that debt in the face! Good job!

boyerbt

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Re: Yearly Student Loan Payoff Numbers
« Reply #3 on: June 14, 2016, 10:22:02 AM »
Great Job @spicykissa!

What were the two degrees?


spicykissa

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Re: Yearly Student Loan Payoff Numbers
« Reply #4 on: June 14, 2016, 08:54:33 PM »
The first was biology, and the second was nursing.

expatartist

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Re: Yearly Student Loan Payoff Numbers
« Reply #5 on: June 14, 2016, 09:10:36 PM »
Congrats OP, it took me a lot longer than you to pay mine off, b/c I used only art-related income to pay over the minimum -- my Painting degree not nearly as practical as yours ;)

clarkfan1979

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Re: Yearly Student Loan Payoff Numbers
« Reply #6 on: June 25, 2016, 05:44:57 PM »
Congrats! I'm guessing that you found MMM about halfway through 2014.