Author Topic: Pay 100% of student loans in 24 months or less  (Read 4997 times)

MrUpwardlyMobile

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Re: Pay 100% of student loans in 24 months or less
« Reply #50 on: June 29, 2018, 04:43:53 AM »
Interest rates continue to rise. The rate goes to 3.10% next month. The balance is $60,997.09 at the moment.

Paul der Krake

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Re: Pay 100% of student loans in 24 months or less
« Reply #51 on: June 29, 2018, 08:22:13 AM »
That's not too bad considering the risk-free rate is now around 1.8%.

You're almost there! 60k is nothing.

MrUpwardlyMobile

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Re: Pay 100% of student loans in 24 months or less
« Reply #52 on: June 29, 2018, 04:53:17 PM »
That's not too bad considering the risk-free rate is now around 1.8%.

You're almost there! 60k is nothing.

Yeah, next week I get below $60,000 with my regular monthly payment of $3500.  Iím waiting on a big fee sharing payment from my prior employer for the first quarter.  Iím hoping itís over $30k, but Iím expecting at least $14k.  MrsUpwardlyMobile and I talked it over and we feel like itís a smarter investment to use that money toward the student loans when it comes in.  The market may go up, down, or sideway but we guarantee a 3.10% return on the loan payment. Plus, once this loan is gone, we have no interest bearing payments left. 

MrUpwardlyMobile

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Re: Pay 100% of student loans in 24 months or less
« Reply #53 on: July 10, 2018, 06:00:34 PM »
That's not too bad considering the risk-free rate is now around 1.8%.

You're almost there! 60k is nothing.

Yeah, next week I get below $60,000 with my regular monthly payment of $3500.  Iím waiting on a big fee sharing payment from my prior employer for the first quarter.  Iím hoping itís over $30k, but Iím expecting at least $14k.  MrsUpwardlyMobile and I talked it over and we feel like itís a smarter investment to use that money toward the student loans when it comes in.  The market may go up, down, or sideway but we guarantee a 3.10% return on the loan payment. Plus, once this loan is gone, we have no interest bearing payments left.

Itís $20,000. Not as much as I wanted, but definitely a goodly sum.  Iím desperately watching for the check to clear and the funds to be available to make the loan payment.

JanetJackson

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Re: Pay 100% of student loans in 24 months or less
« Reply #54 on: July 11, 2018, 12:23:32 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'! :)

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.


NEW UPDATE: UPDATE:
$10,281.55 Subsidized Consolidated Loan at 2.75%: THEN $9,242! NOW $7,900.  SO DAMN CLOSE...
I've been getting aggressive with the side hustles and had a FULL ON panic attack last night after a 15 hour day... but that can temper down soon... so soon.

MrUpwardlyMobile

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Re: Pay 100% of student loans in 24 months or less
« Reply #55 on: July 11, 2018, 07:40:08 PM »
$37,560.72 left... itís insane how much Iíve paid this year so far.

MizMustache

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Re: Pay 100% of student loans in 24 months or less
« Reply #56 on: July 19, 2018, 07:34:34 PM »
Hi Everyone,

First time posting but I've been a forum lurker for quite some time now. Found MMM in January of this year and vowed to pay off my $90k in remaining student loan debt by March of 2019. I'm thrilled to report that I just sent off the final payment -- GONE GONE GONE!

I'll be sending what used to go to debt to my Vanguard fund each month, excited to watch my stache grow.

Great thread!

therethere

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Re: Pay 100% of student loans in 24 months or less
« Reply #57 on: July 20, 2018, 08:35:30 AM »
Awesome Congrats! Way to laser focus! It will feel so good see balances grow versus decrease every month.

Paul der Krake

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Re: Pay 100% of student loans in 24 months or less
« Reply #58 on: July 20, 2018, 08:51:15 AM »
$37,560.72 left... itís insane how much Iíve paid this year so far.
Cool, you'll be done in the fall, a full year ahead of schedule.

Funny how things go better than expected when armed with a plan...

MrUpwardlyMobile

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Re: Pay 100% of student loans in 24 months or less
« Reply #59 on: July 20, 2018, 10:01:34 AM »
$37,560.72 left... itís insane how much Iíve paid this year so far.
Cool, you'll be done in the fall, a full year ahead of schedule.

Funny how things go better than expected when armed with a plan...

Lol Iím actually thinking Iíll be done by January.  I donít have any other big windfalls coming my way until annual bonuses are paid.  For now, I donít have the ability to pay more than $3,500/month toward the balance.

Paul der Krake

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Re: Pay 100% of student loans in 24 months or less
« Reply #60 on: July 20, 2018, 11:27:05 AM »
My plan when we started working for realsies in late 2012 was to live lean and save about $2,000/month, which I figured would let us save 100k every three years or so, accounting for reasonable raises and market returns. We hit that number in 18-24 months instead. Fast forward to today, after raises and various life events, we are shooting for 120-150k of savings per year, which would have been unimaginable in 2012.

Windfalls happen all the time when you lay the groundwork for them.

MrUpwardlyMobile

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Re: Pay 100% of student loans in 24 months or less
« Reply #61 on: July 20, 2018, 02:46:18 PM »
My plan when we started working for realsies in late 2012 was to live lean and save about $2,000/month, which I figured would let us save 100k every three years or so, accounting for reasonable raises and market returns. We hit that number in 18-24 months instead. Fast forward to today, after raises and various life events, we are shooting for 120-150k of savings per year, which would have been unimaginable in 2012.

Windfalls happen all the time when you lay the groundwork for them.

Agreed, my income is such that there isnít anything extra to get between now and January.  $3,500/ month involves me making triple payments as is.  Itís almost half my monthly income after taxes.  Iím saving other money as well, but itís currently my biggest monthly contribution. Once itís done, I can turn the firehose toward more aggressive accumulation. Plus, Iíll have acces to a 401k again next year so Iíll be able to be more effective with savings

JanetJackson

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Re: Pay 100% of student loans in 24 months or less
« Reply #62 on: July 30, 2018, 09:38:40 AM »


UPDATE:


LOAN 1.) Originally 10k, trickled payments until recently when I got aggressive with it... $3,213.31 GONE!

LOAN 2.) UPDATE:
Originally in the high 20k's circa 2006(7?) making minimum payments and the occasional tax return lump dump I got it into the 10k range... Since I've been actively working on it.. here's my late 2017-2018 progress:
$10,281.55 ==> THEN $9,242! ==> THEN $7,900. ==> NOW $6,900!

SO CLOSE!

shinn497

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Re: Pay 100% of student loans in 24 months or less
« Reply #63 on: August 05, 2018, 11:28:06 AM »
Did 30k in 14 months gaiz!

Honestly i should have done sooner since, over this time, I have made 64 - 78 k but I like traveling and coffee cake.

There is hope ok you can do it too!

JanetJackson

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Re: Pay 100% of student loans in 24 months or less
« Reply #64 on: August 19, 2018, 06:40:00 PM »



NEW UPDATE:


LOAN 1.) Originally 10k, trickled payments until recently when I got aggressive with it... $3,213.31 GONE!

LOAN 2.) UPDATE:
Originally in the high 20k's circa 2006(7?) making minimum payments and the occasional tax return lump dump I got it into the 10k range... Since I've been actively working on it.. here's my late 2017-2018 progress:
$10,281.55 ==> THEN $9,242! ==> THEN $7,900. ==> then $6,900!==>NOW $5850!

SO CLOSE!

*I have some unexpected dental work this month and next, so I'm chipping away a little slower, but guddang if I'm not getting there... I can't wait to see them gone.  They're my only debt, and although I will likely have a mortgage soonish, that little piece of debt-free ness I get to have in-between will be so so so so worth it.