Author Topic: Student Loan Challenge (2018 Edition)  (Read 19123 times)

Civex

  • Stubble
  • **
  • Posts: 119
Re: Student Loan Challenge (2018 Edition)
« Reply #250 on: June 30, 2018, 07:22:11 AM »
Thought I posted in this thread....it looks like it may have been the 2017 edition.

Original balance-$90,400 @ 5.01 7/2014
End of January '18 balance-$64,481
End of June '18 balance-$55,411

We threw our tax return at it, which helped and I bumped the auto payment to $1250. Goal is pay off by ~ Spring 2020. Pretty happy with the progress over the last few months-wife was on maternity leave, so our income was reduced, but things are still chugging along.

MrUpwardlyMobile

  • Bristles
  • ***
  • Posts: 329
    • The Upwardly Mobile Life
Re: Student Loan Challenge (2018 Edition)
« Reply #251 on: June 30, 2018, 08:12:05 PM »
2/1/18 - $87,728 .74 @2.57% variable rate
2/22/18 - $81,748.39 @2.57% variable rate (Put my after tax amount from my new job's signing bonus into attacking the balance).
2/27/18 - 74,821.93 @ 2.64% used our federal return to pay it down.  Unfortunately the variable rate increased with LIBOR so the rate went up by .07%.

The war on my student loan balance is raging. I am finally below $80k.  This means the principal reached the half way mark.
3/1/18 - $72,332.43 @2.64%

I badly want another financial windfall to make another extra payment.  Waiting on State tax return now to make another extra payment.

4/1/18- $68,738.42 @2.88% another LIBOR increase screwing up my world.  Fortunately itís still under what my rate would have been if fixed.  I increased my monthly payment from $2,500 to $3,000.00.  Itís full bore warfare on student loans.

Ugh.  The existence of this loan balance gnaws at me in a way I canít describe.  Iím paying an extra $1000 this upcoming week because I desperately need to see the balance keep decreasing.

$67,825.20 @2.88%.  Iím raising my monthly payment to $3,500.00
$64,400.12 @2.90%.  Interest rates continue to rise, but still lower than if I had chosen a fixed rate.
$60,858.43 @2.97% interest rates continue to rise, but still under 3.25% that it would have been if it were fixed.
$57,506.99 @ 3.10% seems like every post involves an interest rate increase.
http://upwardlymobile.life

Refinance Student loans with Earnest.  Theyíll pay you $200 and their rates are cheaper than SoFi.

Finntastic

  • 5 O'Clock Shadow
  • *
  • Posts: 23
Re: Student Loan Challenge (2018 Edition)
« Reply #252 on: June 30, 2018, 09:18:04 PM »
10 years after finished my studies I just paid the last student loan installment yesterday and the same day I applied for new Masters programme at local university. Will find out next week if I get in. If I do I might not need loand this time, we will see.

Slow&Steady

  • Bristles
  • ***
  • Posts: 447
Re: Student Loan Challenge (2018 Edition)
« Reply #253 on: July 02, 2018, 08:41:04 AM »
The 2018 challenge has started!  I graduated in 2006 with over $30k and only occasionally focused on paying them off, but I have now been out of school for over 10 years and these need to be gone.

Goals (Jan 2018):  Wait until baby gets here safe and healthy (and maybe until after maternity leave) then pay these suckers off!  Assuming no hiccups with baby or maternity leave I would like to pay these off when or before I return from maternity leave around June/July.

Total: 02/18/16 = $16,505.16 (7.5% interest)
         01/09/17 = $10,572.09
         01/04/18 = $7,849.41
         02/02/18 = $7,743.03
         03/01/18 = $7,636.06
         04/04/18 = $7,537.60       
         06/06/18 = $7,231.53
         07/02/18 = $7,081.53 - Hmm, I might NEED to find $90 to put towards this so that it is under $7k.  That might make me feel better about the update that is below.

         12/31/18 = $0 (Goal)

Small update:  We made the min payment in July as I predicted but I am now not sure if we will get to pay these off this year.  We had an unexpected expense on our rental (in another state and property manager has not had very good communication lately) that is just about equal to the balance on these loans.  I am happy we have the space in our finances to take care of the rental but kind of pissed off that we will need to replenish that fund before I can eliminate these loans.  I am still debate paying these off before replenishment of funds because I want these gone so bad.
« Last Edit: July 02, 2018, 08:42:43 AM by Slow&Steady »

Jim Fiction

  • 5 O'Clock Shadow
  • *
  • Posts: 77
  • Location: Connecticut
Re: Student Loan Challenge (2018 Edition)
« Reply #254 on: July 02, 2018, 12:39:25 PM »
Paid off my loans last night! $140,000 in 39 months! Such an accomplishment that this message board made me realize wasn't too crazy. All while investing a similar amount with an income of $160,000.

Wow, that is tremendous! Congrats and Kudos on the hardwork!

Slow&Steady

  • Bristles
  • ***
  • Posts: 447
Re: Student Loan Challenge (2018 Edition)
« Reply #255 on: July 03, 2018, 10:28:30 AM »
The 2018 challenge has started!  I graduated in 2006 with over $30k and only occasionally focused on paying them off, but I have now been out of school for over 10 years and these need to be gone.

Goals (Jan 2018):  Wait until baby gets here safe and healthy (and maybe until after maternity leave) then pay these suckers off!  Assuming no hiccups with baby or maternity leave I would like to pay these off when or before I return from maternity leave around June/July.

Small update:  We made the min payment in July as I predicted but I am now not sure if we will get to pay these off this year.  We had an unexpected expense on our rental (in another state and property manager has not had very good communication lately) that is just about equal to the balance on these loans.  I am happy we have the space in our finances to take care of the rental but kind of pissed off that we will need to replenish that fund before I can eliminate these loans.  I am still debate paying these off before replenishment of funds because I want these gone so bad.

Total: 02/18/16 = $16,505.16 (7.5% interest)
         01/09/17 = $10,572.09
         01/04/18 = $7,849.41
         02/02/18 = $7,743.03
         03/01/18 = $7,636.06
         04/04/18 = $7,537.60       
         06/06/18 = $7,231.53
         07/02/18 = $7,081.53 - Hmm, I might NEED to find $90 to put towards this so that it is under $7k.  That might make me feel better about the update.
         07/03/18 = $6,991.53 - Could not resist getting it under $7K

         12/31/18 = $0 (Goal)
« Last Edit: July 03, 2018, 10:31:02 AM by Slow&Steady »

eightyeighttoone

  • 5 O'Clock Shadow
  • *
  • Posts: 36
Re: Student Loan Challenge (2018 Edition)
« Reply #256 on: July 03, 2018, 07:57:57 PM »
The 2018 challenge has started!  I graduated in 2006 with over $30k and only occasionally focused on paying them off, but I have now been out of school for over 10 years and these need to be gone.

Goals (Jan 2018):  Wait until baby gets here safe and healthy (and maybe until after maternity leave) then pay these suckers off!  Assuming no hiccups with baby or maternity leave I would like to pay these off when or before I return from maternity leave around June/July.

Total: 02/18/16 = $16,505.16 (7.5% interest)
         01/09/17 = $10,572.09
         01/04/18 = $7,849.41
         02/02/18 = $7,743.03
         03/01/18 = $7,636.06
         04/04/18 = $7,537.60       
         06/06/18 = $7,231.53

         12/31/18 = $0 (Goal)

I am back at work!! We plan to make the min payment again in July and then splitting up the balance between Aug, Sept, and Oct.  Hoping to not have a student loan payment in NOV and forever going forward.

Small update:  We will be making the min payment in July as I predicted but I am now not sure if we will get to pay these off this year.  We had an unexpected expense on our rental (in another state and property manager has not had very good communication lately) that is just about equal to the balance on these loans.  I am happy we have the space in our finances to take care of the rental but kind of pissed off that we will need to replenish that fund before I can eliminate these loans.  I am still debate paying these off before replenishment of funds because I want these gone so bad.

I feel your pain. We have an out of state rental that enjoyed a sewage backup in February. If that hadn't happened I probably could have finished my loans by now. What can you do! Definitely easier to deal with unplanned expenses when the savings rate is high!

My strategy sounds pretty similar to yours. Pay the rental expense in cash. Continue making regular student loan payments while building back cash reserves. If it's not too scary, kill the student loans in one big payment once you've got the cash. Or if that's too scary, wait until you have an additional amount saved for rental expenses. I'm debating these last two options myself right now.

Best of luck! 

eightyeighttoone

  • 5 O'Clock Shadow
  • *
  • Posts: 36
Re: Student Loan Challenge (2018 Edition)
« Reply #257 on: July 03, 2018, 08:00:18 PM »
10 years after finished my studies I just paid the last student loan installment yesterday and the same day I applied for new Masters programme at local university. Will find out next week if I get in. If I do I might not need loand this time, we will see.

Congrats!!

appleseed

  • 5 O'Clock Shadow
  • *
  • Posts: 28
Re: Student Loan Challenge (2018 Edition)
« Reply #258 on: July 04, 2018, 06:58:56 AM »
July update (looks like I missed June!)

DB1 - 4,465.27
DB2 - 4,743.16
N1 - 4,486.42
N2 - 3,919.61

Total - 17,614.46

The interest rate on DB loans went up to 3%, so I've switched my extra payment to those loans (2.625% on others). (Although I totally sent extra to navient to get that loan under 4k!) The rising interest rates are motivation to get them paid off ASAP. My goal is to get the total under 10k by the end of the year, which is doable. These are my husband's loans from 2004 and 2005, so it's really frustrating we're still paying on them.

UnexpectedExpenseExpector

  • 5 O'Clock Shadow
  • *
  • Posts: 5
  • Age: 33
  • Location: United States
Re: Student Loan Challenge (2018 Edition)
« Reply #259 on: July 04, 2018, 11:35:37 PM »
You guys all rock!  Crush these things and get them out of your lives!

A little back story.  My wife and I started married life in January 2014 with $131k of combined student loan debt and we have been aggressively paying these down.  Fast forward 4.5 years and 2(almost 3) children later we have just north of $34k remaining.  The end is in sight.  Going to start posting monthly with you all until these are gone!

Jul: 34,235.29
...
2018 Dec:   23,000 (GOAL)
2019 Jul: 0.00 (GOAL)
Join Robinhood and we'll both get a stock like Apple, Ford, or Sprint for free. Make sure you use my link. http://share.robinhood.com/jonathl23

Passive Income: $0.28 / hour
2017 Annual absolute necessary Spending only:  $35,565 ( $22,965 excluding rent)
Days of Freedom purchased per year: 25.17 (38.98)

Slow&Steady

  • Bristles
  • ***
  • Posts: 447
Re: Student Loan Challenge (2018 Edition)
« Reply #260 on: July 05, 2018, 07:32:51 AM »
The 2018 challenge has started!  I graduated in 2006 with over $30k and only occasionally focused on paying them off, but I have now been out of school for over 10 years and these need to be gone.

Goals (Jan 2018):  Wait until baby gets here safe and healthy (and maybe until after maternity leave) then pay these suckers off!  Assuming no hiccups with baby or maternity leave I would like to pay these off when or before I return from maternity leave around June/July.

Total: 02/18/16 = $16,505.16 (7.5% interest)
         01/09/17 = $10,572.09
         01/04/18 = $7,849.41
         02/02/18 = $7,743.03
         03/01/18 = $7,636.06
         04/04/18 = $7,537.60       
         06/06/18 = $7,231.53

         12/31/18 = $0 (Goal)

I am back at work!! We plan to make the min payment again in July and then splitting up the balance between Aug, Sept, and Oct.  Hoping to not have a student loan payment in NOV and forever going forward.

Small update:  We will be making the min payment in July as I predicted but I am now not sure if we will get to pay these off this year.  We had an unexpected expense on our rental (in another state and property manager has not had very good communication lately) that is just about equal to the balance on these loans.  I am happy we have the space in our finances to take care of the rental but kind of pissed off that we will need to replenish that fund before I can eliminate these loans.  I am still debate paying these off before replenishment of funds because I want these gone so bad.

I feel your pain. We have an out of state rental that enjoyed a sewage backup in February. If that hadn't happened I probably could have finished my loans by now. What can you do! Definitely easier to deal with unplanned expenses when the savings rate is high!

My strategy sounds pretty similar to yours. Pay the rental expense in cash. Continue making regular student loan payments while building back cash reserves. If it's not too scary, kill the student loans in one big payment once you've got the cash. Or if that's too scary, wait until you have an additional amount saved for rental expenses. I'm debating these last two options myself right now.

Best of luck!

Ha, ours is a sewage problem too! We contacted a real estate agent to see what the market looks like for that house, the only reason we haven't sold it in the past is because we would have to come to the table with extra cash.  My guess is that we will hold onto the house for another year or two, we will see what price the realtor comes back with.

haypug16

  • Pencil Stache
  • ****
  • Posts: 542
  • Age: 39
  • Location: Boston, MA
Re: Student Loan Challenge (2018 Edition)
« Reply #261 on: July 10, 2018, 12:41:23 PM »
2018 Student Loan Pay down
Jan 1st 2018 $61,210.17
Feb 1st 2018 $61,498.36
Mar 1st 2018 $60,712.61
Apr 1st 2018 $59,888.71
May 1st 2018 $56,074.38
June 1st 2018 $54,942.04
July 1st 2018 $54,231.66 ($710.38 decrease)

6,978.51/10,000 paid off this year.

Chugging along. About $3K left to hit my goal this year. I think I'll actually come in around $12K for the year. I just can't wait to be done. My interest last month was like $240!!! 38 months to go.


MrUpwardlyMobile

  • Bristles
  • ***
  • Posts: 329
    • The Upwardly Mobile Life
Re: Student Loan Challenge (2018 Edition)
« Reply #262 on: July 11, 2018, 07:44:01 PM »
2/1/18 - $87,728 .74 @2.57% variable rate
2/22/18 - $81,748.39 @2.57% variable rate (Put my after tax amount from my new job's signing bonus into attacking the balance).
2/27/18 - 74,821.93 @ 2.64% used our federal return to pay it down.  Unfortunately the variable rate increased with LIBOR so the rate went up by .07%.

The war on my student loan balance is raging. I am finally below $80k.  This means the principal reached the half way mark.
3/1/18 - $72,332.43 @2.64%

I badly want another financial windfall to make another extra payment.  Waiting on State tax return now to make another extra payment.

4/1/18- $68,738.42 @2.88% another LIBOR increase screwing up my world.  Fortunately itís still under what my rate would have been if fixed.  I increased my monthly payment from $2,500 to $3,000.00.  Itís full bore warfare on student loans.

Ugh.  The existence of this loan balance gnaws at me in a way I canít describe.  Iím paying an extra $1000 this upcoming week because I desperately need to see the balance keep decreasing.

$67,825.20 @2.88%.  Iím raising my monthly payment to $3,500.00
$64,400.12 @2.90%.  Interest rates continue to rise, but still lower than if I had chosen a fixed rate.
$60,858.43 @2.97% interest rates continue to rise, but still under 3.25% that it would have been if it were fixed.
$57,506.99 @ 3.10% seems like every post involves an interest rate increase.
$37,560.72 @3.10% Iíve paid about $70,000 toward this balance since January....insane.
http://upwardlymobile.life

Refinance Student loans with Earnest.  Theyíll pay you $200 and their rates are cheaper than SoFi.

Malkynn

  • Pencil Stache
  • ****
  • Posts: 878
Re: Student Loan Challenge (2018 Edition)
« Reply #263 on: July 12, 2018, 04:26:27 AM »
$37,560.72 @3.10% Iíve paid about $70,000 toward this balance since January....insane.

Thatís amazing.
Man, and you thought I was impressive, lol.

MrUpwardlyMobile

  • Bristles
  • ***
  • Posts: 329
    • The Upwardly Mobile Life
Re: Student Loan Challenge (2018 Edition)
« Reply #264 on: July 12, 2018, 05:38:34 AM »
$37,560.72 @3.10% Iíve paid about $70,000 toward this balance since January....insane.

Thatís amazing.
Man, and you thought I was impressive, lol.

Thanks!  If I do Nothing more than make my normal triple monthly payments, Iíll be paid off in 10 months.  Alas,I wanna be done by the end of January...
http://upwardlymobile.life

Refinance Student loans with Earnest.  Theyíll pay you $200 and their rates are cheaper than SoFi.

zeli2033

  • Stubble
  • **
  • Posts: 133
Re: Student Loan Challenge (2018 Edition)
« Reply #265 on: July 13, 2018, 08:34:32 AM »
Happy to finally be posting in this thread again! Had a couple of spendy months this spring that had us just paying minimums for May and June (so basically nothing due to interest). Here's where we're at as of an extra payment just made:

2/28/18: $63,221 [Starting Balance]
3/8/18: $62,846
3/20/18: $60,722
4/2/18: $59,399
4/18/18: $58,372
6/30/18: $ 58,175
7/13/18: $ 55,929 (-2,246)

Hoping things can keep picking up due to a raise I just received and (fingerscrossed) another raise taking effect in a couple months for DH. Onward and upward!

eightyeighttoone

  • 5 O'Clock Shadow
  • *
  • Posts: 36
Re: Student Loan Challenge (2018 Edition)
« Reply #266 on: July 13, 2018, 06:43:03 PM »
Starting Balance  : 27,416
January Balance  : 25,831
February Balance : 24,047
March Balance     : 22,198
April Balance       : 19,920
May Balance        : 17,920
June Balance       : 15,932

July Balance        :   5,973

Threw just about all we had at it this month!

eightyeighttoone

  • 5 O'Clock Shadow
  • *
  • Posts: 36
Re: Student Loan Challenge (2018 Edition)
« Reply #267 on: July 13, 2018, 08:23:08 PM »

$57,506.99 @ 3.10% seems like every post involves an interest rate increase.
$37,560.72 @3.10% Iíve paid about $70,000 toward this balance since January....insane.

Amazing! You are killing it.

Malkynn

  • Pencil Stache
  • ****
  • Posts: 878
Re: Student Loan Challenge (2018 Edition)
« Reply #268 on: July 14, 2018, 04:06:35 AM »
So, I havenít posted any of the many extra payments Iíve made because Iíve had so many extra large work expenses come up at the same time, so it all just evens out in the end, but I did actually make about an extra ~10K in payments before I then spent 11K on other things, lol.


MrUpwardlyMobile

  • Bristles
  • ***
  • Posts: 329
    • The Upwardly Mobile Life
Re: Student Loan Challenge (2018 Edition)
« Reply #269 on: July 14, 2018, 08:50:07 AM »

$57,506.99 @ 3.10% seems like every post involves an interest rate increase.
$37,560.72 @3.10% Iíve paid about $70,000 toward this balance since January....insane.

Amazing! You are killing it.

Even still, my balance increases by $3.19 per day.  A little more than $.13 per hour. Just shy of $100 per month even now.  Thatís tough to accept.
http://upwardlymobile.life

Refinance Student loans with Earnest.  Theyíll pay you $200 and their rates are cheaper than SoFi.

Jim Fiction

  • 5 O'Clock Shadow
  • *
  • Posts: 77
  • Location: Connecticut
Re: Student Loan Challenge (2018 Edition)
« Reply #270 on: July 15, 2018, 08:49:43 AM »
Beginning balance and goals for 2018

Loan 1: $461 @ 0.40%
Loan 2: $2,859 @ 2.15%
Loan 3: $12,302 @ 4.50%

Total: $15,622

July payments are in the books:

Loan 1: $0 @ 0.40% PAID OFF JUNE 2017
Loan 2: $2,327 $2,000 @ 2.15%
Loan 3: $6,201 $5,000 @ 4.50%

Total: $8,528 $7,000


I beefed up the payment on Loan 3 to get it to a rather appealing $5,000 and threw a little extra onto Loan 2 as well to get it to an even $2,000! Only $7,000 left!

Civex

  • Stubble
  • **
  • Posts: 119
Re: Student Loan Challenge (2018 Edition)
« Reply #271 on: July 18, 2018, 07:02:03 AM »
Thought I posted in this thread....it looks like it may have been the 2017 edition.

Original balance-$90,400 @ 5.01 7/2014
End of January '18 balance-$64,481
End of June '18 balance-$55,411

We threw our tax return at it, which helped and I bumped the auto payment to $1250. Goal is pay off by ~ Spring 2020. Pretty happy with the progress over the last few months-wife was on maternity leave, so our income was reduced, but things are still chugging along.

July 2018-$52,993 ($1250/regular monthly payment + $1400 unexpected work reimbursement)

AK

  • Stubble
  • **
  • Posts: 156
Re: Student Loan Challenge (2018 Edition)
« Reply #272 on: July 18, 2018, 07:11:10 AM »
Final payment made last week! Feel relieved to have them gone but rather meh / anti-climactic too.

Congrats on everyone else making steady progress! They'll be gone eventually.

Malkynn

  • Pencil Stache
  • ****
  • Posts: 878
Re: Student Loan Challenge (2018 Edition)
« Reply #273 on: July 18, 2018, 07:37:49 AM »

Weíve paid off about 280K in the last 4 years.

We have ~140K left as of now

-111K in student debt at prime - ~3K monthly payment
-11K DHís loan at ~4% -  $500 monthly payment
-6K left on car loan 2.9% $300 monthly payment
-11K on LOC ~4.99%

~101.5K remaining

-~94K student debt ~3%, ~3K monthly payment
-loan is consolidated onto LOC
-car is paid off
-~7.2K on LOC 1, 4.99%, interest only min payment

The student debt is down, but the LOC is up a bit, so it's down only a net of 1K so far this month considering all of the added expenses, which are at least tax deductible. I'll be taking another unpaid 2 weeks off in September, so that will be a big hit to my progress as well.



Slow&Steady

  • Bristles
  • ***
  • Posts: 447
Re: Student Loan Challenge (2018 Edition)
« Reply #274 on: July 18, 2018, 08:08:14 AM »
The 2018 challenge has started!  I graduated in 2006 with over $30k and only occasionally focused on paying them off, but I have now been out of school for over 10 years and these need to be gone.

Goals (Jan 2018):  Wait until baby gets here safe and healthy (and maybe until after maternity leave) then pay these suckers off!  Assuming no hiccups with baby or maternity leave I would like to pay these off when or before I return from maternity leave around June/July.

Small update:  We made the min payment in July as I predicted but I am now not sure if we will get to pay these off this year.  We had an unexpected expense on our rental (in another state and property manager has not had very good communication lately) that is just about equal to the balance on these loans.  I am happy we have the space in our finances to take care of the rental but kind of pissed off that we will need to replenish that fund before I can eliminate these loans.  I am still debating paying these off before replenishment of funds because I want these gone so bad.

Total: 02/18/16 = $16,505.16 (7.5% interest)
         01/09/17 = $10,572.09
         01/04/18 = $7,849.41
         02/02/18 = $7,743.03
         03/01/18 = $7,636.06
         04/04/18 = $7,537.60       
         06/06/18 = $7,231.53
         07/02/18 = $7,081.53 - Hmm, I might NEED to find $90 to put towards this so that it is under $7k.  That might make me feel better about the update.
         07/03/18 = $6,991.53 - Could not resist getting it under $7K

         12/31/18 = $0 (Goal)


CONGRATS @AK!  I can not wait for my anti-climactic feeling.  I am sure it will be anti-climactic too, paying off all the other ones were at least.

I don't have a real update, next payment will not be until Aug.  However, we now have a plan to get be done with these in Dec of this year, even with the rental hiccup, that should be very easy to accomplish but hopefully our hiccups are all done for the year (there was another big one with the rental since my last update)!  The plan is to make $1600 payments the next 2 months and then splitting the remaining balance over the last 3 months of the year.

MrUpwardlyMobile

  • Bristles
  • ***
  • Posts: 329
    • The Upwardly Mobile Life
Re: Student Loan Challenge (2018 Edition)
« Reply #275 on: July 18, 2018, 02:27:01 PM »

Weíve paid off about 280K in the last 4 years.

We have ~140K left as of now

-111K in student debt at prime - ~3K monthly payment
-11K DHís loan at ~4% -  $500 monthly payment
-6K left on car loan 2.9% $300 monthly payment
-11K on LOC ~4.99%

~101.5K remaining

-~94K student debt ~3%, ~3K monthly payment
-loan is consolidated onto LOC
-car is paid off
-~7.2K on LOC 1, 4.99%, interest only min payment

The student debt is down, but the LOC is up a bit, so it's down only a net of 1K so far this month considering all of the added expenses, which are at least tax deductible. I'll be taking another unpaid 2 weeks off in September, so that will be a big hit to my progress as well.

Youíre just plowing through this debt.
http://upwardlymobile.life

Refinance Student loans with Earnest.  Theyíll pay you $200 and their rates are cheaper than SoFi.

OliveFI

  • 5 O'Clock Shadow
  • *
  • Posts: 1
Re: Student Loan Challenge (2018 Edition)
« Reply #276 on: July 19, 2018, 07:38:39 AM »
I finally got out of some tax / consumer debt in Nov. 2017 so I decided to get serious about repaying my student loans quickly. I should have been posting in this thread all along... I don't know why I wasn't hitting these harder earlier ... but I'm doing it now.

Here is my situation:

Graduated law school in 2016 with $39,000. Mostly from Undergraduate as I had a full ride to law school - I took one loan during law school for stupid reasons and I've already face punched my self.

Balance as of Jan 1. 2018 - $37,793.97


Current Balances -

Loan #1: $9,533.56 @ 5.5% (fixed)
Loan #2: $17,299.21 @ 5.5% (fixed)
Loan #3: $7,792.44 @ 6.21% (fixed)

Total as of July 19, 2018: $34,625.21

June payment: $805.69

I am going to make a $650 payment now to bring my balance down into $33k!

Total July payment: $1,150

I think I am able to keep my payments in the $1k to $1.4k range for the foreseeable future!

My goal is to pay these loans off by the time I am 30. I turned 28 two weeks ago. It is totally doable on my salary, I just need to bite the bullet and throw the money at the loans. I figure posting here will help. Also, I am slated to get a bonus in March 2019 that will hopefully cover the balance of the loans. So I could hit this goal before I am 29 which would feel awesome. I know nothing is guaranteed, so that is why I plan on throwing money at them now. Plus why would I want to accrue more interest??? If I get the bonus and it is higher than my loan balance I can throw that into an investment account!




« Last Edit: July 19, 2018, 07:40:35 AM by OliveFI »

AK

  • Stubble
  • **
  • Posts: 156
Re: Student Loan Challenge (2018 Edition)
« Reply #277 on: July 21, 2018, 06:58:44 PM »
The 2018 challenge has started!  I graduated in 2006 with over $30k and only occasionally focused on paying them off, but I have now been out of school for over 10 years and these need to be gone.

Goals (Jan 2018):  Wait until baby gets here safe and healthy (and maybe until after maternity leave) then pay these suckers off!  Assuming no hiccups with baby or maternity leave I would like to pay these off when or before I return from maternity leave around June/July.

Small update:  We made the min payment in July as I predicted but I am now not sure if we will get to pay these off this year.  We had an unexpected expense on our rental (in another state and property manager has not had very good communication lately) that is just about equal to the balance on these loans.  I am happy we have the space in our finances to take care of the rental but kind of pissed off that we will need to replenish that fund before I can eliminate these loans.  I am still debating paying these off before replenishment of funds because I want these gone so bad.

Total: 02/18/16 = $16,505.16 (7.5% interest)
         01/09/17 = $10,572.09
         01/04/18 = $7,849.41
         02/02/18 = $7,743.03
         03/01/18 = $7,636.06
         04/04/18 = $7,537.60       
         06/06/18 = $7,231.53
         07/02/18 = $7,081.53 - Hmm, I might NEED to find $90 to put towards this so that it is under $7k.  That might make me feel better about the update.
         07/03/18 = $6,991.53 - Could not resist getting it under $7K

         12/31/18 = $0 (Goal)


CONGRATS @AK!  I can not wait for my anti-climactic feeling.  I am sure it will be anti-climactic too, paying off all the other ones were at least.

I don't have a real update, next payment will not be until Aug.  However, we now have a plan to get be done with these in Dec of this year, even with the rental hiccup, that should be very easy to accomplish but hopefully our hiccups are all done for the year (there was another big one with the rental since my last update)!  The plan is to make $1600 payments the next 2 months and then splitting the remaining balance over the last 3 months of the year.

Thanks