Author Topic: Pay 100% of student loans in 24 months or less  (Read 4996 times)

MrUpwardlyMobile

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Pay 100% of student loans in 24 months or less
« on: December 31, 2017, 10:03:15 AM »
I have $107,000 in student loan debt.  It carries a 4.64% interest rate and itís soul crushing and finance ruining.

Im going to pay every available dollar and pay it off in 24 months.  http://upwardlymobile.life/student-loan-debt-servitude/. Who will join me in paying off all our student loan debt in 24 months or less?
« Last Edit: December 31, 2017, 10:17:18 AM by MrUpwardlyMobile »

Paul der Krake

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Re: Pay 100% of student loans
« Reply #1 on: December 31, 2017, 10:09:15 AM »
Baller.

With that attitude, it will be gone in no time.

Finances_With_Purpose

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Re: Pay 100% of student loans in 24 months or less
« Reply #2 on: December 31, 2017, 10:08:19 PM »
Been there, and did it - and I can say that the #1 thing that got me there is exactly the attitude you just expressed.  So I am confident you can make it - just stick with it.  Every penny counts.

I'm about to publish my ultimate student loan repayment guide - everything I wish I had learned when I started - for folks exactly like you, who are ready to crush it. 

You are going to do well.

Just don't be like me and take a couple of years afterwards before you apply that same enthusiasm to the other side of the ledger (income) - investing. 

I'll link the post here when it's up. 

MrUpwardlyMobile

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Re: Pay 100% of student loans
« Reply #3 on: January 01, 2018, 04:22:50 PM »
Baller.

With that attitude, it will be gone in no time.
thanks for the encouragement.  Iím ready to reach the first milestone of getting below six figures.

MrUpwardlyMobile

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Re: Pay 100% of student loans in 24 months or less
« Reply #4 on: January 01, 2018, 04:41:39 PM »
Been there, and did it - and I can say that the #1 thing that got me there is exactly the attitude you just expressed.  So I am confident you can make it - just stick with it.  Every penny counts.

I'm about to publish my ultimate student loan repayment guide - everything I wish I had learned when I started - for folks exactly like you, who are ready to crush it. 

You are going to do well.

Just don't be like me and take a couple of years afterwards before you apply that same enthusiasm to the other side of the ledger (income) - investing. 

I'll link the post here when it's up.

Thanks for the encouragement.  Iím waiting on the first payment of 2018 to post from my 2017 year end bonus and profit sharing.  Iíll make an update when it posts.

MrUpwardlyMobile

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Re: Pay 100% of student loans in 24 months or less
« Reply #5 on: January 02, 2018, 07:25:34 PM »
Been there, and did it - and I can say that the #1 thing that got me there is exactly the attitude you just expressed.  So I am confident you can make it - just stick with it.  Every penny counts.

I'm about to publish my ultimate student loan repayment guide - everything I wish I had learned when I started - for folks exactly like you, who are ready to crush it. 

You are going to do well.

Just don't be like me and take a couple of years afterwards before you apply that same enthusiasm to the other side of the ledger (income) - investing. 

I'll link the post here when it's up.

Thanks for the encouragement.  Iím waiting on the first payment of 2018 to post from my 2017 year end bonus and profit sharing.  Iíll make an update when it posts.

THE THRESHOLD FROM SIX FIGURES DOWN TO FIVE FIGURES HAS BEEN CROSSED!
http://upwardlymobile.life/the-first-big-milestone-in-the-war-on-student-loans/

RockytopinDC

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Re: Pay 100% of student loans in 24 months or less
« Reply #6 on: January 03, 2018, 05:31:15 AM »
Good luck! I think you can definitely achieve this goal! My wife and I just paid off our student loans yesterday and it feels great! We made a plan to pay off about 80K Within the calendar year 2017. Slightly ambitious and we had to go an extra month but we have now achieved our goal.

MrUpwardlyMobile

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Re: Pay 100% of student loans in 24 months or less
« Reply #7 on: January 03, 2018, 10:22:12 AM »
Good luck! I think you can definitely achieve this goal! My wife and I just paid off our student loans yesterday and it feels great! We made a plan to pay off about 80K Within the calendar year 2017. Slightly ambitious and we had to go an extra month but we have now achieved our goal.

Thatís hardcore Mustachianism. I cannot fathom squeezing 80k out of my income for paying off loans in 12 months. My income is only what it is because I live and work in one of the most expensive areas on the planet. Canít move until wife finishes her medical training. 

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Re: Pay 100% of student loans in 24 months or less
« Reply #8 on: January 03, 2018, 07:51:01 PM »
Have you gotten on an IBR like PAYE or REPAYE? No sense paying more in interest than you have to.

MrUpwardlyMobile

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Re: Pay 100% of student loans in 24 months or less
« Reply #9 on: January 03, 2018, 08:07:20 PM »
Have you gotten on an IBR like PAYE or REPAYE? No sense paying more in interest than you have to.

No those programs are actually detrimental toward FI. Government backed student loans are high interest for my time in school.  I actually did a post on it.http://upwardlymobile.life/income-based-repayment-plans-are-the-death-of-upward-mobility-for-young-professionals/

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Re: Pay 100% of student loans in 24 months or less
« Reply #10 on: January 15, 2018, 03:50:36 AM »
Been there, and did it - and I can say that the #1 thing that got me there is exactly the attitude you just expressed.  So I am confident you can make it - just stick with it.  Every penny counts.

I'm about to publish my ultimate student loan repayment guide - everything I wish I had learned when I started - for folks exactly like you, who are ready to crush it. 

You are going to do well.

Just don't be like me and take a couple of years afterwards before you apply that same enthusiasm to the other side of the ledger (income) - investing. 

I'll link the post here when it's up.

Thanks for the encouragement.  Iím waiting on the first payment of 2018 to post from my 2017 year end bonus and profit sharing.  Iíll make an update when it posts.

THE THRESHOLD FROM SIX FIGURES DOWN TO FIVE FIGURES HAS BEEN CROSSED!
http://upwardlymobile.life/the-first-big-milestone-in-the-war-on-student-loans/

This is awesome and wanted to say congrats on crossing that threshold! 
I remember when we crossed that threshold - it felt like such a major mental accomplishment!  It went from feeling like we were suffocated in student loans to seeing a light at the end of the tunnel with renewed motivation.  Good luck this year!

MrUpwardlyMobile

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Re: Pay 100% of student loans in 24 months or less
« Reply #11 on: January 15, 2018, 08:54:21 PM »
$89,570.81 as of 1/15/18. Another benchmark for below 90!

Malkynn

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Re: Pay 100% of student loans in 24 months or less
« Reply #12 on: January 16, 2018, 04:55:28 AM »
I cannot manage it in 24 months, but will definitely be close.
We have ~140K left in debt, 111K of that is my remaining student debt, and I am so exciting to be in the 5 figures this year.

We put a minimum of $3500, but usually closer to $6000 per month into debt repayment.

Weíve paid off over $280K already in 4 years, but I also made more in the first 3 years. So yeah, getting down to 5 figures will be MASSIVE for us. Itís been a serious haul so far.

MrUpwardlyMobile

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Re: Pay 100% of student loans in 24 months or less
« Reply #13 on: January 16, 2018, 08:02:30 PM »
I have to average about $4000 per month for 2 years.

Anygivenlindsay

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Re: Pay 100% of student loans in 24 months or less
« Reply #14 on: January 17, 2018, 02:09:29 PM »
My husband and I are working on paying off about $175,000 left on our student loans. We started off with around $320,000. Weíre both physicians (family medicine and podiatry), recently out of residency, and live in a really cheap town. If we go hard core Mustachian with our repayment we could be done in 2 years. All of our loans are now actually a line of credit and a loan from his family, both at 4%. I just paid off the last of our government loans two days ago and it feels so good to be done with those! I also most likely saved too much for our taxes this year so we could also be throwing an extra bit of money at that soon.
So ready to be done with debt.
Thanks for starting this thread, itís so inspiring to read other peopleís stories

MrUpwardlyMobile

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Re: Pay 100% of student loans in 24 months or less
« Reply #15 on: January 17, 2018, 06:08:13 PM »
My husband and I are working on paying off about $175,000 left on our student loans. We started off with around $320,000. Weíre both physicians (family medicine and podiatry), recently out of residency, and live in a really cheap town. If we go hard core Mustachian with our repayment we could be done in 2 years. All of our loans are now actually a line of credit and a loan from his family, both at 4%. I just paid off the last of our government loans two days ago and it feels so good to be done with those! I also most likely saved too much for our taxes this year so we could also be throwing an extra bit of money at that soon.
So ready to be done with debt.
Thanks for starting this thread, itís so inspiring to read other peopleís stories
thank you for chiming in with your story! Itís hugely motivating to talk about it with others that are similarly minded

MrUpwardlyMobile

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Re: Pay 100% of student loans in 24 months or less
« Reply #16 on: January 24, 2018, 10:34:20 PM »
Iím refinancing and qualified for a 2.57% variable rate. Thatís down from the 4.64% I qualified for just 6 months ago. 

Edit:  I've gone through the refinance process and the best rate I got was from Earnest.  I'm including a link because I'm thrilled.  Once again, they beat Sofi by offering a rate that is better than Sofi's lowest advertised rate.  I'm told SoFi has a lot of event/career help services though.  For me, it was pure math that was the decision maker.  I'll save about $2,000.00 over the next 2 years compared to my prior rate.   Many thousands versus the rate of my former government backed student loans.  I really can't believe I took so long to re-finance the first time.   I refinanced the first time in 2016 from the various government rates in the 7-8.5% range to 5.99% with Earnest.  I refinanced with Citizens bank in August 2017 to receive a 4.64% rate.  Finally, I'm refinancing with Earnest this last time for 2.57%. 

My credit has steadily improved (it was always good 750+) and is now well above 800.  Each refinancing has lowered the speed at which interest accrues and makes every dollar paid count for more.  I'm really glad I decided to refinance away from government backed student loans.

« Last Edit: January 25, 2018, 07:03:40 PM by MrUpwardlyMobile »

Jeff K

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Re: Pay 100% of student loans in 24 months or less
« Reply #17 on: February 14, 2018, 12:18:22 PM »
Damn, I had $107k in student loans at the start of last year (weird coincidence) and should be able to finally kill them off by the end of this year.  Go for it!  I had some smaller ones with variable rates on them that I focused on getting rid of first and it's a really good feeling when you start knocking them out.  Not sure if you have any of those in the mix but either way, seeing that loan amount number go down is awesome.  Best of luck!

therethere

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Re: Pay 100% of student loans in 24 months or less
« Reply #18 on: February 14, 2018, 12:30:59 PM »
Iím refinancing and qualified for a 2.57% variable rate. Thatís down from the 4.64% I qualified for just 6 months ago. 


Any chance the refinancing has changed your tune on paying off the loans early? Once I got sub-5% loans I changed my strategy to max out tax-advantaged accounts and open a brokerage account. With an interest rate that low its analogous to the advice of investing instead of paying down your mortgage. It has worked out for me, I'm ahead almost 15k by diverting my extra loan payments to a brokerage account instead of the loans. This isn't even factoring in savings/earnings by maxing my 401k. Just food for thought. I know it's hard to kick the emotional side of loan payoff.

lexde

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Re: Pay 100% of student loans in 24 months or less
« Reply #19 on: February 14, 2018, 12:54:38 PM »
I just made another payment to break $21k. I want to be done with this by November.


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Re: Pay 100% of student loans in 24 months or less
« Reply #20 on: February 20, 2018, 09:04:27 PM »
My wife and I have a goal of knocking our loans out by the end of 2019. I would love to say earlier, but it will be hard because my wife will be out of work for a few months on maternity leave. After that we will definitely see our expenses rise as we will be paying $3k per month just for childcare of the two kids (shoot me).

The balances for our two student loans are as follows:

Mine: 36,626.85 USD @ 3.99%
Wife: 46,443.56 CAD @ 3.45%

I set the year-end 2018 goal for my account to be under 20k and the wife's to be under 30k. If we hit those marks then we will be in a good spot to kill the rest by year-end 2019.

It is important to note that the wife's loans are based in Canada so we get the benefit of a good exchange rate when sending money from USD to CAD. We try to send $2k USD each month, which at the current rate would be $2531 CAD.

MrUpwardlyMobile

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Re: Pay 100% of student loans in 24 months or less
« Reply #21 on: February 21, 2018, 06:14:06 AM »
Iím refinancing and qualified for a 2.57% variable rate. Thatís down from the 4.64% I qualified for just 6 months ago. 


Any chance the refinancing has changed your tune on paying off the loans early? Once I got sub-5% loans I changed my strategy to max out tax-advantaged accounts and open a brokerage account. With an interest rate that low its analogous to the advice of investing instead of paying down your mortgage. It has worked out for me, I'm ahead almost 15k by diverting my extra loan payments to a brokerage account instead of the loans. This isn't even factoring in savings/earnings by maxing my 401k. Just food for thought. I know it's hard to kick the emotional side of loan payoff.

So my current job doesnít have a 401k set up at the moment (likely will by year end).  At my income level, itís not outrageous for me to hammer at the loans, max a 401k, and do backdoor roth (did my backdoor Roth for 2017 and 2018).

MrUpwardlyMobile

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Re: Pay 100% of student loans in 24 months or less
« Reply #22 on: February 22, 2018, 12:09:50 PM »
2/22/18 - $81,748.39 @2.57% variable rate (Put my after tax signing bonus from my new job into attacking the balance further.  I'm borderline obnoxiously excited to use the tax return for the same purpose.

MrUpwardlyMobile

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Re: Pay 100% of student loans in 24 months or less
« Reply #23 on: February 27, 2018, 06:45:25 PM »
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 .07%.

Waiting on the state return to make another extra payment.

Malkynn

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Re: Pay 100% of student loans in 24 months or less
« Reply #24 on: February 28, 2018, 05:21:30 AM »
Iím refinancing and qualified for a 2.57% variable rate. Thatís down from the 4.64% I qualified for just 6 months ago. 


Any chance the refinancing has changed your tune on paying off the loans early? Once I got sub-5% loans I changed my strategy to max out tax-advantaged accounts and open a brokerage account. With an interest rate that low its analogous to the advice of investing instead of paying down your mortgage. It has worked out for me, I'm ahead almost 15k by diverting my extra loan payments to a brokerage account instead of the loans. This isn't even factoring in savings/earnings by maxing my 401k. Just food for thought. I know it's hard to kick the emotional side of loan payoff.

This is where Iím at right now.

I can pay off everything in just over two years and save nothing, or I can pay it off in 3 years and save close to 100K and offset nearly 50K in taxes...

My interest rate on my main 100K+ student loan is well below 5% and my tax rate is nearly 50%, so the math is pretty obvious. It is emotionally challenging to not put everything towards debt, but Iím not an overly emotional decision maker as it is. Never have been.

We still have some smaller debts at ~5% to tackle first, and my minimum payments on my student debt still amount to ~30K per year in principle payments, but the remaining is going to start going towards ETFs.

I am a lot more excited to reach $0 debt and already have a chunk of savings rather than reach $0 less than a year earlier and have $0.

therethere

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Re: Pay 100% of student loans in 24 months or less
« Reply #25 on: February 28, 2018, 08:27:49 AM »
Iím refinancing and qualified for a 2.57% variable rate. Thatís down from the 4.64% I qualified for just 6 months ago. 


Any chance the refinancing has changed your tune on paying off the loans early? Once I got sub-5% loans I changed my strategy to max out tax-advantaged accounts and open a brokerage account. With an interest rate that low its analogous to the advice of investing instead of paying down your mortgage. It has worked out for me, I'm ahead almost 15k by diverting my extra loan payments to a brokerage account instead of the loans. This isn't even factoring in savings/earnings by maxing my 401k. Just food for thought. I know it's hard to kick the emotional side of loan payoff.

This is where Iím at right now.

I can pay off everything in just over two years and save nothing, or I can pay it off in 3 years and save close to 100K and offset nearly 50K in taxes...

My interest rate on my main 100K+ student loan is well below 5% and my tax rate is nearly 50%, so the math is pretty obvious. It is emotionally challenging to not put everything towards debt, but Iím not an overly emotional decision maker as it is. Never have been.

We still have some smaller debts at ~5% to tackle first, and my minimum payments on my student debt still amount to ~30K per year in principle payments, but the remaining is going to start going towards ETFs.

I am a lot more excited to reach $0 debt and already have a chunk of savings rather than reach $0 less than a year earlier and have $0.


Malkynn: I'd recommend keeping separate accounts or monthly tracking of your extra earnings. That's what motivated me. Otherwise, there wasn't much emotion except the 1-3 months when I had enough money to pay off the loans and otherwise would have been done. It is much harder to have a grand celebration of finishing off loans. A year later  and I have no regrets. Unless we RE I plan to ride the loans out for the full repayment period, another 10 years or so. Good luck.

I don't want to derail the thread because any motivation to kill debt is awesome! So everyone keep on whatever path you choose is right for you. Get rid of the indentured servitude one way or another. 

Malkynn

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Re: Pay 100% of student loans in 24 months or less
« Reply #26 on: February 28, 2018, 09:30:15 AM »

Malkynn: I'd recommend keeping separate accounts or monthly tracking of your extra earnings. That's what motivated me. Otherwise, there wasn't much emotion except the 1-3 months when I had enough money to pay off the loans and otherwise would have been done. It is much harder to have a grand celebration of finishing off loans. A year later  and I have no regrets. Unless we RE I plan to ride the loans out for the full repayment period, another 10 years or so. Good luck.

I don't want to derail the thread because any motivation to kill debt is awesome! So everyone keep on whatever path you choose is right for you. Get rid of the indentured servitude one way or another.

Well, for me, the difference between an accelerated repayment schedule vs the full repayment schedule is about 1 year. So itís not like Iím making some huge extension to my pay off timeline.
My minimum payment is 3K/mo, which is still a pretty aggressive repayment schedule.

My loan is set up as a business loan, not as a student loan, with a 5 year repayment schedule, which Iím nearly 2 years into. It also makes very little sense for me to actually make extra payments onto my loan directly because that doesnít lower my risk at all. If I put every extra cent on my loan and I break an arm and canít work, Iím going to default on my $3K/mo loan and those extra payments count for nothing.

I donít think you are derailing, I think this kind of thing is worth discussing because I know I got so stuck in the ďmust pay off student debtĒ mindset that I was driving myself nuts because I intuitively knew it was the wrong decision for my specific case, but the dogma was intense.

Capt j-rod

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Re: Pay 100% of student loans in 24 months or less
« Reply #27 on: February 28, 2018, 09:44:40 AM »
My wife is also a physician and we have hammered away at this for years. We had tuition reimbursement at her last job which kicked in $12k a year. I also made double and triple payments all along. We are below $75k and still hammering away at this. It just won't die. We started with $200k in 2013. Her new job doesn't have the loan assistance and she took a 40% cut in pay in exchange for quality of life. I still dig change out of the ashtray and mail it to my buddies at Navient. The good news is I also have paid down our home mortgage at the same pace and both will be over in less than 7 years. I'd say that I'm in, but all I could do would be take the extra off the mortgage and defer it to the student loans, aka rob Peter to pay Paul.

lexde

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Re: Pay 100% of student loans in 24 months or less
« Reply #28 on: February 28, 2018, 09:55:32 AM »
I just made another payment to break $21k. I want to be done with this by November.
2/28/2018: -$19,325

MrUpwardlyMobile

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Re: Pay 100% of student loans in 24 months or less
« Reply #29 on: February 28, 2018, 01:24:32 PM »
I just made another payment to break $21k. I want to be done with this by November.
2/28/2018: -$19,325

Nice!

MrUpwardlyMobile

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Re: Pay 100% of student loans in 24 months or less
« Reply #30 on: February 28, 2018, 01:30:50 PM »
Iím refinancing and qualified for a 2.57% variable rate. Thatís down from the 4.64% I qualified for just 6 months ago. 


Any chance the refinancing has changed your tune on paying off the loans early? Once I got sub-5% loans I changed my strategy to max out tax-advantaged accounts and open a brokerage account. With an interest rate that low its analogous to the advice of investing instead of paying down your mortgage. It has worked out for me, I'm ahead almost 15k by diverting my extra loan payments to a brokerage account instead of the loans. This isn't even factoring in savings/earnings by maxing my 401k. Just food for thought. I know it's hard to kick the emotional side of loan payoff.

This is where Iím at right now.

I can pay off everything in just over two years and save nothing, or I can pay it off in 3 years and save close to 100K and offset nearly 50K in taxes...

My interest rate on my main 100K+ student loan is well below 5% and my tax rate is nearly 50%, so the math is pretty obvious. It is emotionally challenging to not put everything towards debt, but Iím not an overly emotional decision maker as it is. Never have been.

We still have some smaller debts at ~5% to tackle first, and my minimum payments on my student debt still amount to ~30K per year in principle payments, but the remaining is going to start going towards ETFs.

I am a lot more excited to reach $0 debt and already have a chunk of savings rather than reach $0 less than a year earlier and have $0.

My new job doesnít have a 401k plan set up yet.  Iíd max out my 401k if I could to keep taxes down but, unfortunately, itís not an option at the moment. MrsUpwardlyMobile and I tend to think the market is near its peak and that weíll get a better return on paying down the student loan debt as fast as possible this year versus investing in an after tax account. 

  Additionally, we want to pay these down while the rates are low so we donít get hit too hard by interest rates rising.  Next year, the 401k plan should be set, and we can start investing in after tax accounts once the loans are slain. Itís possible that our debt load might die off this year when I get my end of year bonus.

Capt j-rod

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Re: Pay 100% of student loans in 24 months or less
« Reply #31 on: February 28, 2018, 01:57:27 PM »
We do pretty much just that... We max out the 401k and then attack debt. After tax investments are pretty expensive for us at this time. I buy rental properties instead.

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Re: Pay 100% of student loans in 24 months or less
« Reply #32 on: March 01, 2018, 12:44:04 PM »
I am expecting mine to be paid off in September this year. Very much looking forward to it.

MrUpwardlyMobile

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Re: Pay 100% of student loans in 24 months or less
« Reply #33 on: March 01, 2018, 04:20:08 PM »
I am expecting mine to be paid off in September this year. Very much looking forward to it.
very cool. You must be excited as heck to get that monkey off your back!

MrUpwardlyMobile

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Re: Pay 100% of student loans in 24 months or less
« Reply #34 on: March 06, 2018, 06:04:43 AM »
The rate is currently 2.64%. Assuming my rate stays the same, I could pay off the remaining balance at $2,500 per month on September 1, 2020.  I want to be paid off at least by 12/1/19.

JanetJackson

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Re: Pay 100% of student loans in 24 months or less
« Reply #35 on: March 06, 2018, 07:12:31 AM »
Ok I'm in!!
Here's what I've got:
$10,281.55 Subsidized Consolidated Loan at 2.75%
$3,213.31 at 3.51% (just paid an extra $400 today!)

*now the bad news*
....and 7 more classes to go to complete my degree.  I am going to try like heck to pay cash for my remaining seven classes, but it's also a priority for me to finish ASAP in order to get out of my awful, disgusting, painfully toxic (but well paying and very flexible schedule around my schooling) job as soon as possible. 
My next semester begins in May and I'm hoping to have that higher percentage loan paid off by then.... then at least, worst case scenario- if I have to take out another loan in order to finish those seven classes in two semesters, I can begrudgingly do so and likely still pay it all off in 24 months. 
I've been taking classes one or two at a time, with a semester off in-between for... YEARS (maybe 7 or 8) in order not to add to that bigger loan.  The 3.51% loan came from last semester, when I took two extra classes in an effort to try to finish faster. :/ The other loan is from the early-mid 2000's when I was first in school.  I started going back in 2010 or so.  It's been the longest most stretched out undergrad degree ever.

All that being said... I can pay BOTH of these suckers off in 24 months.  I'm going to make a plan this week-I'll check back and post my plan here to see what y'all think. 
YAY!  This is my only debt and I am SO READY to be done with it.


*Edited to add that although my debt is small compared to some on this thread, I make a modest income of around 33k.  I saved about 20k last year in a wave of mustachianism, but am now recognizing the effect these loans will have on my future.  So.. here goes nothin'! :)
« Last Edit: March 06, 2018, 09:54:04 AM by JanetJackson »

coldestcat

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Re: Pay 100% of student loans in 24 months or less
« Reply #36 on: March 06, 2018, 03:38:02 PM »
My wife and I are at $36992.53 right now, with $100 being applied once a month until we graduate in May. Once we graduate I am going to refinance and pay it off quick. My wife is unsure if she wants to refinance because she thinks she might be eligible for loan forgiveness but as a civil engineer I think it would be easier for her to just pay it off than to keep track of it for 10 years (if she is even eligible, which I am not sure about.)

MrUpwardlyMobile

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Re: Pay 100% of student loans in 24 months or less
« Reply #37 on: March 06, 2018, 05:08:24 PM »
Ok I'm in!!
Here's what I've got:
$10,281.55 Subsidized Consolidated Loan at 2.75%
$3,213.31 at 3.51% (just paid an extra $400 today!)

*now the bad news*
....and 7 more classes to go to complete my degree.  I am going to try like heck to pay cash for my remaining seven classes, but it's also a priority for me to finish ASAP in order to get out of my awful, disgusting, painfully toxic (but well paying and very flexible schedule around my schooling) job as soon as possible. 
My next semester begins in May and I'm hoping to have that higher percentage loan paid off by then.... then at least, worst case scenario- if I have to take out another loan in order to finish those seven classes in two semesters, I can begrudgingly do so and likely still pay it all off in 24 months. 
I've been taking classes one or two at a time, with a semester off in-between for... YEARS (maybe 7 or 8) in order not to add to that bigger loan.  The 3.51% loan came from last semester, when I took two extra classes in an effort to try to finish faster. :/ The other loan is from the early-mid 2000's when I was first in school.  I started going back in 2010 or so.  It's been the longest most stretched out undergrad degree ever.

All that being said... I can pay BOTH of these suckers off in 24 months.  I'm going to make a plan this week-I'll check back and post my plan here to see what y'all think. 
YAY!  This is my only debt and I am SO READY to be done with it.


*Edited to add that although my debt is small compared to some on this thread, I make a modest income of around 33k.  I saved about 20k last year in a wave of mustachianism, but am now recognizing the effect these loans will have on my future.  So.. here goes nothin'! :)

Very cool.  Crush the loans and kick ass.  Being debt free is the dream and we can make it a reality.

leverage

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Re: Pay 100% of student loans in 24 months or less
« Reply #38 on: March 06, 2018, 08:29:08 PM »
I'm in! I'm currently at $73,500, and on track right now to pay off by August 2019, but that might shift back a few months once I start maxing out my HSA.

JanetJackson

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Re: Pay 100% of student loans in 24 months or less
« Reply #39 on: March 31, 2018, 07:34:08 PM »
Following up with myself:
Now:
$10,236.95 Subsidized Consolidated Loan at 2.75%
$2,629.50 at 3.51%
Total Previous: 13,494.86    Current Total: 12,866.45
Yikes it's going slow... but it's going.  I've been tucking away cash for my upcoming final few classes in order to pay in cash... so I haven't been able to attack these as aggressively as I want to.

Ok I'm in!!
Here's what I've got:
$10,281.55 Subsidized Consolidated Loan at 2.75%
$3,213.31 at 3.51% (just paid an extra $400 today!)

MrUpwardlyMobile

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Re: Pay 100% of student loans in 24 months or less
« Reply #40 on: March 31, 2018, 07:56:05 PM »
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. 

If I pay at $3,000 per month, Iíll be done by April 1, 2020.  I need to come up with more money to make extra payments,

marty998

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Re: Pay 100% of student loans in 24 months or less
« Reply #41 on: March 31, 2018, 08:43:15 PM »
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. 

If I pay at $3,000 per month, Iíll be done by April 1, 2020.  I need to come up with more money to make extra payments,


You've paid $38,000 in three months and plan only in future to pay $3000 a month?

MrUpwardlyMobile

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Re: Pay 100% of student loans in 24 months or less
« Reply #42 on: March 31, 2018, 08:58:58 PM »
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. 

If I pay at $3,000 per month, Iíll be done by April 1, 2020.  I need to come up with more money to make extra payments,


You've paid $38,000 in three months and plan only in future to pay $3000 a month?

The first few months of the year included an annual bonus, signing bonus from my new job, and an unexpectedly high tax refund.  Thatís not a sustainable rate of payment. 

lexde

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Re: Pay 100% of student loans in 24 months or less
« Reply #43 on: April 28, 2018, 02:45:09 PM »
I just made another payment to break $21k. I want to be done with this by November.
2/28/2018: -$19,325
4/28/2018: -$18,320.54 -- looks like November isn't happening with a surprise move, but I'm still going to try to get this paid off ASAP.

MrUpwardlyMobile

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Re: Pay 100% of student loans in 24 months or less
« Reply #44 on: May 13, 2018, 06:12:50 PM »
$64,266.56 left.  At my current rate of $3,500 per month, I am officially on pace to get this done in 18 months.  Payment in full by December 2019 assuming that interest rates do not sky rocket up and that I can keep up the current pace of payments.
« Last Edit: May 26, 2018, 01:41:20 PM by MrUpwardlyMobile »

MrUpwardlyMobile

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Re: Pay 100% of student loans in 24 months or less
« Reply #45 on: May 26, 2018, 01:28:11 PM »
Interest rate increasing from 2.90% to 2.97%.  Still less than what it would have been if i started with a fixed rate.

Happily Irrelevant

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Re: Pay 100% of student loans in 24 months or less
« Reply #46 on: May 26, 2018, 04:02:18 PM »
Currently I'm paying off $36k in student loan debt my son ran up.  He thought he owed $20k (insert eye roll emoji).  My goal is to have it all paid off by football season.  Now most here are responsible people that think it's dumb for me to pay this as he needs to be responsible.  Well he has a few things working in his favor and against me.

1.  He is an only child.
2.  He has a mommy that gets a say.
3.  He and his wife made my wife into a grandmother last year.  Afer that it was over.  There was no logical argument she was willing to listen to.  He does realize that he did luck out by us only having one kid. 

ardrum

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Re: Pay 100% of student loans in 24 months or less
« Reply #47 on: May 29, 2018, 10:08:13 AM »
I graduated in May 2015 with nearly $60k in student loan debt.  I decided against exclusively paying off the student loan debt, instead prioritizing max pre-tax contributions to 401k/tIRA and throwing everything else I could after that at student loans.  As of the end of May 2018, I'm down to $13.5k.  My goal is to have it all paid off by the end of winter ("Winter is coming, student loans." ...for you Game of Thrones fans).  The market has overall been very kind, so I'm glad I resisted the emotional urge to kill off my student loans...even though I absolutely despise still having this debt!

Pro tip: consider refinancing!  Some companies give big bonuses for refinancing not to mention the superior interest rates.  I first refinanced with SoFi (using MMM's referral), and then more recently to ELFI. In both cases I improved my interest rate while earning a total of $500 between the two of them.

JanetJackson

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Re: Pay 100% of student loans in 24 months or less
« Reply #48 on: June 28, 2018, 09:21:44 AM »
Ok I'm in!!
Here's what I've got:
$10,281.55 Subsidized Consolidated Loan at 2.75%
$3,213.31 at 3.51% (just paid an extra $400 today!)

*now the bad news*
....and 7 more classes to go to complete my degree.  I am going to try like heck to pay cash for my remaining seven classes, but it's also a priority for me to finish ASAP in order to get out of my awful, disgusting, painfully toxic (but well paying and very flexible schedule around my schooling) job as soon as possible. 
My next semester begins in May and I'm hoping to have that higher percentage loan paid off by then.... then at least, worst case scenario- if I have to take out another loan in order to finish those seven classes in two semesters, I can begrudgingly do so and likely still pay it all off in 24 months. 
I've been taking classes one or two at a time, with a semester off in-between for... YEARS (maybe 7 or 8) in order not to add to that bigger loan.  The 3.51% loan came from last semester, when I took two extra classes in an effort to try to finish faster. :/ The other loan is from the early-mid 2000's when I was first in school.  I started going back in 2010 or so.  It's been the longest most stretched out undergrad degree ever.

All that being said... I can pay BOTH of these suckers off in 24 months.  I'm going to make a plan this week-I'll check back and post my plan here to see what y'all think. 
YAY!  This is my only debt and I am SO READY to be done with it.


*Edited to add that although my debt is small compared to some on this thread, I make a modest income of around 33k.  I saved about 20k last year in a wave of mustachianism, but am now recognizing the effect these loans will have on my future.  So.. here goes nothin'! :)

UPDATE:
$10,281.55 Subsidized Consolidated Loan at 2.75%: Now $9,242!


$3,213.31 at 3.51% GONE!

I have also decided to stop taking classes.  I am fairly certain I don't want to continue to pursue a degree.  I had 9 classes/30 credits to finish my degree, and after exhausting several months applying for scholarships, etc. and sending transcripts to WGU, TESU, ASU, etc. etc. and everything in-between, I can't find a tuition rate that would be worth it to me.  I'm losing potential income via this pursuit, and I hate it. 
I don't think finishing will increase my earning ability, it's kind of just been "well I might as well, I've come this far..." and that's not a good enough reason to plop down significantly more money. 
So I'm paying these suckers off and I'll do some further certifications and just keep earning and saving.


shinn497

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Re: Pay 100% of student loans in 24 months or less
« Reply #49 on: June 29, 2018, 01:45:35 AM »
I pretty much am doing this!

Started paying my student loans last march ish and they are almost done! :D