Author Topic: Student Loan Challenge (2016 Edition)  (Read 80074 times)

ptgearguy

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Re: Student Loan Challenge (2016 Edition)
« Reply #150 on: May 05, 2016, 08:29:13 AM »
April was not a great month because I have decided to put an offer in on a house with my brother. Until closing I won't be able to put much away. Sadly my rental situation will be up in the fall so I needed to find a place and would rather own a home close to work than rent for the same cost. The other benefit is I can share utilities with someone and hopefully save some more. Next couple months will see minimums on my loan but then Ill get back too it. I should still be able to end this thing by the end of the year.


December 2015: 50200
January 2016: Start of Jan 47621; End of January at 42,185
Feb 2016: 36355.42  (5830 payed off principle)
Mar 2016: 26091.37
Apr 2016: 23014.68
May2016:
June 2016:

minimos

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Re: Student Loan Challenge (2016 Edition)
« Reply #151 on: May 09, 2016, 08:44:37 AM »
Haven't updated in a few months... we're making slow and steady progress.    Our update as of the first of May is:

Loan1a - $66,074 @2.39%
Loan3 - $7,231 @2.35%
Loan5 - $34,638 @2.35%
Loan7 - $2,161 @2.1% <--Paid off!  Woohoo!

Total: $107,944

Since the last update in February - it as a decrease of $7625.  Also did end up refinancing Loan 1a from a 3.3% interest rate, so that will help us work through our goal a little bit faster.   Goal is still to knock it down in half by end of year - not sure if we will hit that while we are also looking to buy a property, but we will try!

Good luck everyone -- it's encouraging to hear of everyones progress.

Slow&Steady

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Re: Student Loan Challenge (2016 Edition)
« Reply #152 on: May 09, 2016, 09:19:34 AM »
Loan A: $11,468.27 @ 7.5% - $11,277.68 @ 0%
Loan B: $5,036.89 @ 7.5% - $2950.99

Total: 2/18 = $16,505.16
            3/2 = $14,795.16
            4/2 = $14,359.70
            5/2 = $14,228.67

Life happened, looks like we will just be making small payments to this the rest of the year. Not sure I could be any less happy about this, grr.

I am so done with these stupid loans, this summer will be 10 years since I graduated.  I have been paying 7.5% interest on these damn things for 10 years.  I decided to take money out of savings and pay off the one that is not in deferment.  That means a few other things that really NEED to happen on the house might take a little longer but I have determined that we and the house can deal with the delayed schedule.  It will probably take me another 18 months before I finish grad school, so I have 18 months of 0% on Loan A, I THINK I can be happy just make a $100-150 payment each month since it will not be accumulating interest.

Loan A: $11,468.27 @ 7.5% - $11,277.68 @ 0%
Loan B: $5,036.89 @ 7.5% - $2950.99

Total: 2/18 = $16,505.16
            3/2 = $14,795.16
            4/2 = $14,359.70
            5/2 = $14,228.67
         5 /10 = $11,277.68

Commander Baggins

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Re: Student Loan Challenge (2016 Edition)
« Reply #153 on: May 09, 2016, 01:09:04 PM »
Update!

Jan 2016:

My loans:
Stafford:
1. $2041.54 @ 3.15%
2. $3202.22 @ 5.35%
Perkins:
3. $10,474.65 @ 5%

Wife:
All Stafford:
1. $18,318.02 @ 6.8%
2. $5284 @ 3.4%
3. $2,212.36 @ 5.41%

Total: $41,532

May 2016:

My loans:
Stafford:
1. $3014.89 @ 5.35%
Perkins:
3. $9969.75 @ 5%

DW:
All Stafford:
1. $5829.66 @ 6.8%
2. $5107.93 @ 3.4%
3. $2002.37 @ 5.41%

Total: $25,924.60

For a total repayment so far this year of $15,607. Feels so good! We got an unexpected boost, which really helped in the repayment. Time to reset the goals. I think it's doable to get under 20k already this year, so the stretch goal is 15k left by Jan 2017

Fred2004

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Re: Student Loan Challenge (2016 Edition)
« Reply #154 on: May 09, 2016, 01:50:16 PM »
I had maybe 10k in loans total, finally paid it off earlier this year (balance was 2k or so)...got a call last week about qualifying for loan forgiveness!!!

The irony is real.

clarkfan1979

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Re: Student Loan Challenge (2016 Edition)
« Reply #155 on: May 10, 2016, 01:09:16 PM »
I have posted in previous threads. I ended up coming $500 short of my goal for 2015. However, that was mostly because I ended up moving and used $3000 of my own money in August. However, the job pays more, so I should make up that $500 next year no problem. The main reason why I got off to a slow start in 2011 was because I bought a house in FL at the bottom of the market and spend most of my extra money fixing it up (16K over 4 years). Now that is all done.

I originally had about 15K at 2.32% and 41.5K at 6.8%. This does not include the .25% reduction for auto-pay. I am currently enrolled in the 25 year plan that increases your contributions every month. My auto pay is around $220 and I am currently making about $600 worth of extra payments a month. When I make extra payments I get to choose the 6.8% loans. The high interest rate loans should be gone in 3 years and another 2 years for the low interest rate loans. I won't buy another house until the high interest loans are done. However, I might do it before the low interest loans are paid off.

2011: 56,500
2012: 55,000
2013: 52,000
2014: 49,000
2015: 43,000
2016: 35,000 (goal)
2017: 25,000 (goal)
2018: 13,000 (goal)
2019: 7,000 (goal)
2020: 0 (goal)

Instead of making $820/month worth of payments, I made $1035 worth of payments this month. If I can keep this up, I will pay off the high interest loans in 2.5 years instead of 3 years.

Today I'm at $40,255. I'm waiting on a tax refund ($550) and a travel refund ($800) to put towards my student loans. It's going to feel really good this month when I break the $40,000 mark. I am definitely on pace to break $35,000 before January 1st.

LawMMMan

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Re: Student Loan Challenge (2016 Edition)
« Reply #156 on: May 13, 2016, 01:12:49 PM »
Long time lurker here and huge fan of the site! 

First, I wanted to say congrats to all for the efforts in hammering their student loans.  We are all different and its really impressive!  I registered yesterday after scheduling my final law school loan payment ever.  It took a 3 years and 11 months to complete my challenge but sadly, I was a minimum payment idiot for the majority of the time.  The rate was originally 6.8% and was dropped down to 6.55% when I automated the repayment.  When I graduated, the rates were terrible (no refi)...  I already punched my own face for doing the automation approximately 2 years + into the repayment and opting not to refi.  Started with about 45K.  As of 1/29/15, I had $39,584.05 with the goal of killing it in 2015.  It took a little longer, but I am still thrilled with the interest savings and cash flow improvement!  Not to mention that I dropped a few serious bombs on it along the way.  So happy to be dropping future chunks into the market!

Cheers.

-LawMMMan

palebluedot

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Re: Student Loan Challenge (2016 Edition)
« Reply #157 on: May 13, 2016, 10:29:58 PM »
Hey all! I am glad to be taking part of this challenge. I officially finished my degree last December and I am ready to eliminate this ASAP. I paid off 4 loans while I was in school. I mostly paid off the Unsubsidized loans during that time because of the high interest rate. Also I entered repayment in December (my grace period started May 2015 because I dropped below half time for my last semester).

I started a new job near the end of February and it's the most money I've ever made. I want to max my IRA (I have 1400 left to contribute) for 2015 before April 15 so I won't be sending all the surplus left at the end of each paycheck to the student loans just yet. I am usually left with $1500-$1800/ month that can be put towards investments or loans after my regular expenses.

My loan total when I finished in December: $21,045

The breakdown:
As of March 20 2016             
Loan                           Original Balance  Interest       Current Balance Date Paid Off
PER24A                       $1,200.00           5.00%        $1,205.00    
DLUNST 09/15/2014    $4,288.00           4.41%        $3,100.09    
DLSTFD 09/15/2014    $5,500.00           4.41%        $5,343.50    
DLSTFD 08/29/2013    $2,250.00           3.61%        $2,225.45    
DLSTFD 08/30/2012    $3,496.00           3.15%        $3,448.66    
DLSTFD 05/24/2012    $2,750.00           3.15%         $2,667.74    
DLSTFD 02/29/2012    $2,750.00           3.15%         $2,667.74    
Total                            $22,234.00                             $20,658.18    

Previous loans:
PAID IN FULL         
Loan                           Interest   Balance       Date Paid Off
DLSTFD 10/28/2013   3.86%   $500.00        7/31/2015
DLUNST 09/24/2012   6.8%   $1,646.00    8/22/2013
DLUNST 05/24/2012   6.8%   $1,246.00    11/21/2012
DLUNST 02/29/2012   6.8%   $754.00         9/28/2012
                                Total   $4,146.00    

I hope to learn from others here and keep momentum going! My plan is to finish off in 12 months by next March.

I was able to finish maxing my 2015 Roth IRA by April 15th. I am now focused on the loans and building a 3 month basic expenses fund.

As of May 13 2016             
Loan                           Original Balance  Interest       Current Balance Date Paid Off
PER24A                       $1,200.00           5.00%        $0.00                   5/13/16
DLUNST 09/15/2014    $4,288.00           4.41%        $3,054.02   
DLSTFD 09/15/2014    $5,500.00           4.41%        $5,267.93
DLSTFD 08/29/2013    $2,250.00           3.61%        $2,192.72
DLSTFD 08/30/2012    $3,496.00           3.15%        $3,396.79
DLSTFD 05/24/2012    $2,750.00           3.15%         $2,627.60
DLSTFD 02/29/2012    $2,750.00           3.15%         $2,627.60   
Total                            $22,234.00                             $19,166.66

« Last Edit: May 13, 2016, 10:40:11 PM by thestoicstudent »

Stachetastic

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Re: Student Loan Challenge (2016 Edition)
« Reply #158 on: May 16, 2016, 08:27:16 AM »
My payoff is now at 12,903.23 at 6%. We have had the money to pay it all off for awhile now, but with husband's lay off two years ago and subsequent underemployment, we needed to hold on to as much cash as possible. So I have been sending the minimum payment, plus an extra 1k or so as we had it, but it's now time to get serious. I couldn't psychologically bring myself to send in 13k at once (what is wrong with me?!?!), so I just sent in 6k. I plan to sent the remainder next week. I'm weird, I know.

ontheroaderic

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Re: Student Loan Challenge (2016 Edition)
« Reply #159 on: May 16, 2016, 08:40:38 AM »
3/5/15: $74,618.23 at 5.625% {Starting Balance}
3/5/15: $72,613.01 (- 2005.22)
3/7/15: $72,650.18  (-271.44)
3/9/15: $72,219.94  (-177.6)
4/9/15: $69,889.41 (-2600.00)
5/7/15: $67,086.58 (-3100.00)
6/12/15: $64,281.49 (-3100.00)
7/7/15: $61,917.04 (-2600)
8/7/15: $59,610.78 (-2600)
9/7/15: $57,385.37 (-2600)
10/7/15: $54,931.48 (-2600)
11/13/15: $52,325.25 (-2900)
12/9/15: $49,975.41 (-2600)
1/11/16: $47,557.16 (-2600)
2/7/16: $47,557.16 (-376.81)
3/7/16: $47,451.50 (-376.81)
4/7/16: $45,531.28 (-1941.73)
5/16/16: $43,161.09  (-2600)

Stoked to be back to making the big payments after diverting some of the money to our IRA's for Feb & March.

briesas

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Re: Student Loan Challenge (2016 Edition)
« Reply #160 on: May 17, 2016, 03:43:04 PM »
I'm in! Student Loan payoff goals are what led me to MMM.

Jan. 1, 2016
total: 36,131.39

current balance:
Loan 1 (unsubsidized consolidation loan) 13,533 @3.375%
Loan 2 (subsidized consolidation loan) 20,121 #3.375%
Total: 33,654

goal: pay off the 13K loan or as much of it as I can by the end of 2016!



current balance:
Loan 1 (unsubsidized consolidation loan) 12,660 @3.375%
Loan 2 (subsidized consolidation loan) 19,986 #3.375%
Total: 32,647

Keep em coming - I love to see all these amazing payment amounts and people zeroing out their loans. Thanks!

Thrifty Snail

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Re: Student Loan Challenge (2016 Edition)
« Reply #161 on: May 18, 2016, 09:11:04 AM »
I will have reduced my loans by 34K dollars on June 15th, from the balance in October of 2015. In addition, I hammered out 4K in CC debt and reduced food spending by 40%.

Not all of the student loan reduction is repayment, I was able to get some forgiveness too.


JustGettingStarted1980

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Re: Student Loan Challenge (2016 Edition)
« Reply #162 on: May 18, 2016, 09:34:42 AM »
This is some serious Badassitty, Thrifty, well done!

Cardinal12

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Re: Student Loan Challenge (2016 Edition)
« Reply #163 on: May 20, 2016, 08:09:22 AM »
Bonus and tax refund came in the past two weeks so was able to apply those towards the remaining grad-school loan.
I'd rally like to finish the remaining loan this year, but there are other equally important goals to be reached as well. With the rate being under 4%, I feel comfortable not putting extra cash towards it right now.

1,351 @6.21% (Grad School) Paid off!
2,696 @5.41% (Grad School) Paid off!
15,568 @3.86% (Undergrad)

Total: $15,568

$12,217 @4.16% (Undergrad)

Original goal was to get the loans to <10,000 by the end of the year but now I plan on having them completely paid off. Getting so close to the end has really motivated me to watch my spending and put every extra dollar towards paying these off.
It looks like some others in this thread have gotten the same motivation. Great work!

Zaga

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Re: Student Loan Challenge (2016 Edition)
« Reply #164 on: May 21, 2016, 07:09:36 AM »
As of yesterday we are below $30K!  $10K paid off so far in 2016.

b-rad

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Re: Student Loan Challenge (2016 Edition)
« Reply #165 on: May 23, 2016, 03:55:28 PM »
I'm in!  I'm a long-time lurker who decided to make this my first post.  Me and my SO decided to make my graduate school debt (our only debt) our primary goal this year.  Our combined net income for 2016 is projected at around $129k and we live in NYC.

As of 1/7/16 my loan total was= $132,297.15 @ 6.75%.  Ouch!

So far this year we have made the following payments:
1.  $218.40 (1/3/16)
2.  $20,000 (1/7/16) Cashed out all but $3K from our Savings Acct
3.  $62,500 (1/8/15) Cashed out our Vanguard Brokerage Acct
4.  $1,705  (1/13/16)
5.  $2,000 (1/25/16) 
6.  $218.40 (2/3/16)
7.  $3,985 (2/12/16) 

Student Loan Debt remaining: $41,670.35

We are planning to devote $6500/mo, a third paycheck in July, and any other savings we can manage toward this to be done by July or Aug 2016! 

Things we love and will continue: no cable, keeping utility bills crazy low, making most of our meals/drinks for the week at home, public transportation and walking almost everywhere, fewer things.
Things we miss: travel(!!!), non-work hobbies, free time.
Things we dislike: working two jobs (me), working an unfulfilling career (SO), having a roommate.
Plans for after: rebuilding savings, save for financial independence, save for bikes, frugal travel, reimagine work/careers.

*Figured it was time for an update.  We're making progress!  On track with scheduled payments and putting down extra when we're able. 

Student Loan Debt remaining: $29,304.42

**Made our final May payment today and down to $15,692.  Still on track for being done by the end of July!!!

Slow&Steady

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Re: Student Loan Challenge (2016 Edition)
« Reply #166 on: May 24, 2016, 07:32:39 AM »
Life happened, looks like we will just be making small payments to this the rest of the year. Not sure I could be any less happy about this, grr.

I am so done with these stupid loans, this summer will be 10 years since I graduated.  I have been paying 7.5% interest on these damn things for 10 years.  I decided to take money out of savings and pay off the one that is not in deferment.  That means a few other things that really NEED to happen on the house might take a little longer but I have determined that we and the house can deal with the delayed schedule.  It will probably take me another 18 months before I finish grad school, so I have 18 months of 0% on Loan A, I THINK I can be happy just make a $100-150 payment each month since it will not be accumulating interest.

Loan A: $11,468.27 @ 7.5% - $11,277.68 @ 0%
Loan B: $5,036.89 @ 7.5% - $2950.99

Total: 2/18 = $16,505.16
            3/2 = $14,795.16
            4/2 = $14,359.70
            5/2 = $14,228.67
         5 /10 = $11,277.68
[/quote]

I NEED OPINIONS!  We only get paid once a month and it is almost payday.  Should I keep making payments on this SL that is in deferment while I am in grad school and try to pay it off before I finish (before it starts collecting interest again. ~18 months)? OR should I use that money to replenish the home remodel fund that I borrowed from to pay off the SL that was not in deferment? OR should I use that money to put more into DH's IRA? OR something else (save up for the next car replacement, kid's 529, travel)?  The only other debt we have is mortgage and one of the cars is 10 years old and knocking on 300k mile mark.

RentSeeking

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Re: Student Loan Challenge (2016 Edition)
« Reply #167 on: May 24, 2016, 09:22:58 AM »
Situation:

Almost exactly one year out of undergrad:
Loan A: $7,400 @ 6.55%
Loan B: $7,800 @ 3.61%

Goal:
Have Loan A below $2,000 on 1/1/17, and paid off in full by 1/6/17 (will need to slow pace of payments to max 2016 IRA during 1Q2017)

therethere

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Re: Student Loan Challenge (2016 Edition)
« Reply #168 on: May 24, 2016, 09:39:15 AM »

I NEED OPINIONS!  We only get paid once a month and it is almost payday.  Should I keep making payments on this SL that is in deferment while I am in grad school and try to pay it off before I finish (before it starts collecting interest again. ~18 months)? OR should I use that money to replenish the home remodel fund that I borrowed from to pay off the SL that was not in deferment? OR should I use that money to put more into DH's IRA? OR something else (save up for the next car replacement, kid's 529, travel)?  The only other debt we have is mortgage and one of the cars is 10 years old and knocking on 300k mile mark.

Since the loan is in deferment (assuming interest is not accumulating) I would set aside the money that you would pay towards it into a separate account. I'd have this account separate from my regular checking account so it would require work to get the money out. That way you have a buffer in case your car does crap out in the next 18 months or some home repair is a MUST (not a want!). Then when the loan comes out of deferment you can put a big lump sum payment towards it or maybe even pay it off! But in the meantime you are minimizing risk. If you build payments into your budget now then it will be "normal" later. You'll be used to a smaller monthly budget thus lowering the temptation for spending creep.

Slow&Steady

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Re: Student Loan Challenge (2016 Edition)
« Reply #169 on: May 24, 2016, 11:07:48 AM »

I NEED OPINIONS!  We only get paid once a month and it is almost payday.  Should I keep making payments on this SL that is in deferment while I am in grad school and try to pay it off before I finish (before it starts collecting interest again. ~18 months)? OR should I use that money to replenish the home remodel fund that I borrowed from to pay off the SL that was not in deferment? OR should I use that money to put more into DH's IRA? OR something else (save up for the next car replacement, kid's 529, travel)?  The only other debt we have is mortgage and one of the cars is 10 years old and knocking on 300k mile mark.

Since the loan is in deferment (assuming interest is not accumulating) I would set aside the money that you would pay towards it into a separate account. I'd have this account separate from my regular checking account so it would require work to get the money out. That way you have a buffer in case your car does crap out in the next 18 months or some home repair is a MUST (not a want!). Then when the loan comes out of deferment you can put a big lump sum payment towards it or maybe even pay it off! But in the meantime you are minimizing risk. If you build payments into your budget now then it will be "normal" later. You'll be used to a smaller monthly budget thus lowering the temptation for spending creep.

I like the bold suggestion, thank you!

Stachetastic

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Re: Student Loan Challenge (2016 Edition)
« Reply #170 on: May 26, 2016, 05:40:16 AM »
My payoff is now at 12,903.23 at 6%. We have had the money to pay it all off for awhile now, but with husband's lay off two years ago and subsequent underemployment, we needed to hold on to as much cash as possible. So I have been sending the minimum payment, plus an extra 1k or so as we had it, but it's now time to get serious. I couldn't psychologically bring myself to send in 13k at once (what is wrong with me?!?!), so I just sent in 6k. I plan to sent the remainder next week. I'm weird, I know.

I did it!! Final payment of 6903.57 sent yesterday. Now just waiting impatiently for it to post so I can see those beautiful ZEROS on the account balance! Took me nine years exactly, and I'm so glad it's over.

AlwaysLearningToSave

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Re: Student Loan Challenge (2016 Edition)
« Reply #171 on: May 26, 2016, 06:57:28 AM »
My payoff is now at 12,903.23 at 6%. We have had the money to pay it all off for awhile now, but with husband's lay off two years ago and subsequent underemployment, we needed to hold on to as much cash as possible. So I have been sending the minimum payment, plus an extra 1k or so as we had it, but it's now time to get serious. I couldn't psychologically bring myself to send in 13k at once (what is wrong with me?!?!), so I just sent in 6k. I plan to sent the remainder next week. I'm weird, I know.

I did it!! Final payment of 6903.57 sent yesterday. Now just waiting impatiently for it to post so I can see those beautiful ZEROS on the account balance! Took me nine years exactly, and I'm so glad it's over.

Congrats!  Celebrate and enjoy it a bit and then keep building that 'stache!

rageth

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Re: Student Loan Challenge (2016 Edition)
« Reply #172 on: May 29, 2016, 04:54:16 PM »
Wife and I are in!

Balances January 31
$9502 at 5.25% Payoff by 07/16
$3300 Perkins
$30,927 at 3.4-6.8% Pay down $10k in principal in 2016

Total: $43,729


Balances February 26
$8166 at 5.25%
$3300
$30927

Total: $42,393
Principal Paid in February: $1336

Balances April 2
$6981 at 5.25%
$3200
$30927

Total: $41,108
Principal Paid in March: $1285


We have Great Lakes for the last loan and we want to pay that one before the Perkins loan because we can make extra payments with a rewards credit card and get money back to pay down even more!

We won't slay all the loans in 2016 but by the end of 2017 hopefully!

Balances as of April 30
$5911
$3000
$31000

Total$39,911
Principal paid in April: $1,197

Just getting going with my summer side hustling, so hopefully we can get down below $5000k on the car loan by the end of the month.

Balances as of May 29
$4905
$2950
$31000

Total $38,855
Principal Paid in May: $1,056

RuntoFIRE

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Re: Student Loan Challenge (2016 Edition)
« Reply #173 on: June 01, 2016, 01:05:55 AM »
Hi all,

I am patiently waiting for my refund check to come and then I can finally sink my last chunk of student loans and declare freedom. I have $8200 left down from $90K in 2011. We filed by mail and are now living abroad, so I don't expect to get the check in hand until end of May/beginning of June at the earliest. I cannot wait- it's the last few miles of a marathon. After this, I can start putting more away for our wedding, savings, and any eventual down payment. Yee hah!


Made the final payment on my student loans today, almost 10 years to the day of graduating college. I was 90K in debt 5 years ago, and now debt free!!!! Time to focus on saving!

Stachetastic

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Re: Student Loan Challenge (2016 Edition)
« Reply #174 on: June 01, 2016, 05:11:35 AM »
Hi all,

I am patiently waiting for my refund check to come and then I can finally sink my last chunk of student loans and declare freedom. I have $8200 left down from $90K in 2011. We filed by mail and are now living abroad, so I don't expect to get the check in hand until end of May/beginning of June at the earliest. I cannot wait- it's the last few miles of a marathon. After this, I can start putting more away for our wedding, savings, and any eventual down payment. Yee hah!

Congrats!!!!! That's amazing progress!


Made the final payment on my student loans today, almost 10 years to the day of graduating college. I was 90K in debt 5 years ago, and now debt free!!!! Time to focus on saving!

QueenAlice

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Re: Student Loan Challenge (2016 Edition)
« Reply #175 on: June 01, 2016, 05:26:59 AM »
Loan
Rate
01/16
02/16
03/16
04/16
Current
Loan 1*
1.72%
$2577.18
$2577.18
$2577.18
$2577.18
$2577.18
Loan 2*
6.8%
$1598.74
$1598.74
$1598.74
$1598.74
$1598.74
Loan 3*
6.8%
$5271.00
$5271.00
$5271.00
$5271.00
$5271.00
Loan 4*
5.6%
$5246.00
$5246.00
$5246.00
$5246.00
$5246.00
Loan 5
6.8%
$1474.21
$1158.35
$0
$0
$0
Loan 6
6.8%
$10452.30
$7444.83
$7485.15
$7498.36
$5041.39
Loan 7
6.8%
$2073.29
$2043.96
$1218.21
$0
$0
Loan 8*
5%
$5000.00
$5000.00
$5000.00
$5000.00
$5000.00
Total
$33692.72
$30340.06
$28396.28
$27191.28
$24734.31

*Loans not currently accruing interest

I ended up paying these slightly out of order this month. I know the math says to pile everything on the loan accumulating interest, but all the rest come out of deferment in a month (before I'll be able to make another big payment). I couldn't stand the idea of ANY interest accumulating on the smallest loan if I could knock it out first. Sometimes even an OCD engineer's emotions trump logic  ¯\_(ツ)_/¯

Loan
Rate
01/16
02/16
03/16
04/16
05/16
Current
Loan 1*
1.72%
$2577.18
$2577.18
$2577.18
$2577.18
$2577.18
$2577.18
Loan 2*
6.8%
$1598.74
$1598.74
$1598.74
$1598.74
$1598.74
$0
Loan 3*
6.8%
$5271.00
$5271.00
$5271.00
$5271.00
$5271.00
$5271.00
Loan 4*
5.6%
$5246.00
$5246.00
$5246.00
$5246.00
$5246.00
$5246.00
Loan 5
6.8%
$1474.21
$1158.35
$0
$0
$0
$0
Loan 6
6.8%
$10452.30
$7444.83
$7485.15
$7498.36
$5041.39
$4667.37
Loan 7
6.8%
$2073.29
$2043.96
$1218.21
$0
$0
$0
Loan 8*
5%
$5000.00
$5000.00
$5000.00
$5000.00
$5000.00
$5000.00
Total
$33692.72
$30340.06
$28396.28
$27191.28
$24734.31
$22761.55

*Loans not currently accruing interest

ptgearguy

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Re: Student Loan Challenge (2016 Edition)
« Reply #176 on: June 02, 2016, 08:01:04 AM »
Another slow month this month as I am still in the middle of moving into a new home. I have all the finances in order but am keeping all my extra money in the bank for any unforseen costs that may pop up when I move in. Currently have about 7000 dollars tied up and it burning to jump on my loan. One more slow month to go and I should be able to drop a good chunk by mid July. Keep up the good work everyone :)

December 2015: 50200
January 2016: Start of Jan 47621; End of January at 42,185
Feb 2016: 36355.42  (5830 payed off principle)
Mar 2016: 26091.37
Apr 2016: 23014.68
May2016: 22888.13
June 2016:

ptgearguy

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Re: Student Loan Challenge (2016 Edition)
« Reply #177 on: June 02, 2016, 08:06:02 AM »
Hi all,

I am patiently waiting for my refund check to come and then I can finally sink my last chunk of student loans and declare freedom. I have $8200 left down from $90K in 2011. We filed by mail and are now living abroad, so I don't expect to get the check in hand until end of May/beginning of June at the earliest. I cannot wait- it's the last few miles of a marathon. After this, I can start putting more away for our wedding, savings, and any eventual down payment. Yee hah!


Made the final payment on my student loans today, almost 10 years to the day of graduating college. I was 90K in debt 5 years ago, and now debt free!!!! Time to focus on saving!

Congrats, that must feel really good :). It keeps me inspired seeing posts like these.

minimos

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Re: Student Loan Challenge (2016 Edition)
« Reply #178 on: June 02, 2016, 08:39:06 PM »
Update as of June 1st:

Loan1a - $63.785 @2.39%
Loan3 - $7,220 @2.35%
Loan5 - $34,586 @2.35%


Total: $105,592

So dropped it by  $2352 this last month.  It feels like there have been so many other competing expenses lately, and its frustrating to not be able to knock it down even more lately.  Just keeping chugging along....

therethere

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Re: Student Loan Challenge (2016 Edition)
« Reply #179 on: June 08, 2016, 09:54:24 AM »

Desired Date Payoff Date: 5/21/2016 (10 years since graduation!)
53029.48  Loan Balance
38247.37  Payoff Account Contributions
14,782.11 Remaining.

14,482.11 Remaining -2150 1/11/2016
12,332.11 Remaining -800 1/21/2016 -395 Jan Payments
11,138.28 Remaining
-2000 2/2/2016
9,138.28 Remaining --> 3/1/2016 Feb Payments
8,365.11 Remaining 3/30/2016 - 2707 +395 Mar Payments
5,261.28 Remaining 5/4/2016 - April Payments + $200 Earnest Referral + $300 extra payments
3,692.88 6/8/2016 - May and some June Payments
3,307.02 Remaining

Parent Loan Balance
+ 28,854.17 3/15/2016(Parent's Remaining Loan Balance)
27,307 - 5/4/2016
26,806 Remaining


A little late on the update so one of my payments is already accounted for. DH accepted a job to start after the summer so we may even have some extra money at the end of the year! Not much after maxing out retirement accounts. But for once the money will actually be OURS!

Technically, if I count the recent gains on the brokerage account, we are only short $750! I guess if I count that we are pretty damn close to my original net zero/payoff date of May 20 2016 (10 years after graduation). Foolish me is still dreaming about just cashing everything out and paying all the balances off. But, I don't want to pay any more taxes than I have to and if I can just get over it emotionally I know I'll be better off in the long run sticking to my original plan.

ontheroaderic

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Re: Student Loan Challenge (2016 Edition)
« Reply #180 on: June 08, 2016, 12:22:24 PM »
3/5/15: $74,618.23 at 5.625% {Starting Balance}
3/5/15: $72,613.01 (- 2005.22)
3/7/15: $72,650.18  (-271.44)
3/9/15: $72,219.94  (-177.6)
4/9/15: $69,889.41 (-2600.00)
5/7/15: $67,086.58 (-3100.00)
6/12/15: $64,281.49 (-3100.00)
7/7/15: $61,917.04 (-2600)
8/7/15: $59,610.78 (-2600)
9/7/15: $57,385.37 (-2600)
10/7/15: $54,931.48 (-2600)
11/13/15: $52,325.25 (-2900)
12/9/15: $49,975.41 (-2600)
1/11/16: $47,557.16 (-2600)
2/7/16: $47,557.16 (-376.81)
3/7/16: $47,451.50 (-376.81)
4/7/16: $45,531.28 (-1941.73)
5/16/16: $$43,161.09  (-2600)
6/8/16: $40,746.42 (-2600)

Woohoo, getting close to another breakthrough - into the $30s. I’m gonna take a good hard look at the budget for June and see if I can’t come up with another $800 to get a little extra boost.

Lanthiriel

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Re: Student Loan Challenge (2016 Edition)
« Reply #181 on: June 08, 2016, 03:52:43 PM »
Loan 1: $8297; Pay off goal: October 2016

I went a little nuts paying for some home improvements and this loan, so the next couple of months will be building the efund back up. That said, I'm still on track to pay this loan off by October at the latest. I absolutely cannot wait to be debt free except the mortgage.

The efund is back in place and the loan has dropped a bit. Husband was laid off, but has found seasonal work. The goal is to pay off the student loan ASAP, then stash as much cash as possible to tide us over if he winds up being unemployed over the winter. Looks like 2016 is going to suck financially, but THIS LOAN WILL DIE.

Loan 1: $7505; Pay off goal: August 19, 2016

arpies

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Re: Student Loan Challenge (2016 Edition)
« Reply #182 on: June 10, 2016, 12:30:21 AM »
November 29, 2105 :
22,365.36 @ 4.7% (and tax deductible)
4,940.95 @ 1%

January 8, 2016 : $21,327 @5.2% (lousy variable interest rates)
January 27 :19,597
March 1: 10,559
April 3: 6,226
April 15: 6,190

June 10: 441
Probably wont finish it off this month, but first payday of July is gonna do it!

AlwaysLearningToSave

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Re: Student Loan Challenge (2016 Edition)
« Reply #183 on: June 10, 2016, 07:39:45 AM »
Loan 1: $8297; Pay off goal: October 2016

I went a little nuts paying for some home improvements and this loan, so the next couple of months will be building the efund back up. That said, I'm still on track to pay this loan off by October at the latest. I absolutely cannot wait to be debt free except the mortgage.

The efund is back in place and the loan has dropped a bit. Husband was laid off, but has found seasonal work. The goal is to pay off the student loan ASAP, then stash as much cash as possible to tide us over if he winds up being unemployed over the winter. Looks like 2016 is going to suck financially, but THIS LOAN WILL DIE.

Loan 1: $7505; Pay off goal: August 19, 2016

I'm sorry to hear this but it is encouraging to see that you remain resolute despite hard circumstances.  That said, be sure not to let your zealousness for killing this loan put you in a precarious financial position.  Know that there are people out there rooting for you! 

JustGettingStarted1980

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Re: Student Loan Challenge (2016 Edition)
« Reply #184 on: June 10, 2016, 07:29:00 PM »


1/1/16 -$83265.16 in loans (his and hers combined)
4/1/16 -$75413.33 (7851.83 Paid off)
6/9/16 -$68071.59 (7341.74 Paid off last 2 months)

clarkfan1979

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Re: Student Loan Challenge (2016 Edition)
« Reply #185 on: June 25, 2016, 05:52:29 PM »
I have posted in previous threads. I ended up coming $500 short of my goal for 2015. However, that was mostly because I ended up moving and used $3000 of my own money in August. However, the job pays more, so I should make up that $500 next year no problem. The main reason why I got off to a slow start in 2011 was because I bought a house in FL at the bottom of the market and spend most of my extra money fixing it up (16K over 4 years). Now that is all done.

I originally had about 15K at 2.32% and 41.5K at 6.8%. This does not include the .25% reduction for auto-pay. I am currently enrolled in the 25 year plan that increases your contributions every month. My auto pay is around $220 and I am currently making about $600 worth of extra payments a month. When I make extra payments I get to choose the 6.8% loans. The high interest rate loans should be gone in 3 years and another 2 years for the low interest rate loans. I won't buy another house until the high interest loans are done. However, I might do it before the low interest loans are paid off.

2011: 56,500
2012: 55,000
2013: 52,000
2014: 49,000
2015: 43,000
2016: 35,000 (goal)
2017: 25,000 (goal)
2018: 13,000 (goal)
2019: 7,000 (goal)
2020: 0 (goal)

Instead of making $820/month worth of payments, I made $1035 worth of payments this month. If I can keep this up, I will pay off the high interest loans in 2.5 years instead of 3 years.

Today I'm at $40,255. I'm waiting on a tax refund ($550) and a travel refund ($800) to put towards my student loans. It's going to feel really good this month when I break the $40,000 mark. I am definitely on pace to break $35,000 before January 1st.

Broke the $40,000 mark last month. I'm currently at $38,550. My original goal was $35,000 by the end of 2016 and I should hit it no problem. I'm going to get some bigger paychecks in August because I'm teaching a summer course. I also raised the rent by $100 each on two rentals, starting August 1st. This is pretty good considering that we dropped $10,000 on a used RV in May. 

Lanthiriel

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Re: Student Loan Challenge (2016 Edition)
« Reply #186 on: June 25, 2016, 10:48:40 PM »
The efund is back in place and the loan has dropped a bit. Husband was laid off, but has found seasonal work. The goal is to pay off the student loan ASAP, then stash as much cash as possible to tide us over if he winds up being unemployed over the winter. Looks like 2016 is going to suck financially, but THIS LOAN WILL DIE.

Loan 1: $7505; Pay off goal: August 19, 2016

The husband's first paycheck at the new job overlapped his last check at the old job, so we had a ton of money to throw at this last loan. It's looking like we can get rid of it one check sooner than planned, especially if he keeps getting this much overtime.

Loan 1: $5242; Pay off goal: August 5, 2016

ptgearguy

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Re: Student Loan Challenge (2016 Edition)
« Reply #187 on: June 30, 2016, 08:20:17 AM »
Lots of good progress last month guys. I look forward to seeing the updates for June. I will be putting down around 10k on my loan in the next few days and will break the 20k point :). Keep you posted.

QueenAlice

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Re: Student Loan Challenge (2016 Edition)
« Reply #188 on: June 30, 2016, 12:47:46 PM »

I ended up paying these slightly out of order this month. I know the math says to pile everything on the loan accumulating interest, but all the rest come out of deferment in a month (before I'll be able to make another big payment). I couldn't stand the idea of ANY interest accumulating on the smallest loan if I could knock it out first. Sometimes even an OCD engineer's emotions trump logic  ¯\_(ツ)_/¯

Loan
Rate
01/16
02/16
03/16
04/16
05/16
Current
Loan 1*
1.72%
$2577.18
$2577.18
$2577.18
$2577.18
$2577.18
$2577.18
Loan 2*
6.8%
$1598.74
$1598.74
$1598.74
$1598.74
$1598.74
$0
Loan 3*
6.8%
$5271.00
$5271.00
$5271.00
$5271.00
$5271.00
$5271.00
Loan 4*
5.6%
$5246.00
$5246.00
$5246.00
$5246.00
$5246.00
$5246.00
Loan 5
6.8%
$1474.21
$1158.35
$0
$0
$0
$0
Loan 6
6.8%
$10452.30
$7444.83
$7485.15
$7498.36
$5041.39
$4667.37
Loan 7
6.8%
$2073.29
$2043.96
$1218.21
$0
$0
$0
Loan 8*
5%
$5000.00
$5000.00
$5000.00
$5000.00
$5000.00
$5000.00
Total
$33692.72
$30340.06
$28396.28
$27191.28
$24734.31
$22761.55

*Loans not currently accruing interest

All my loans, except the Perkins loan, officially come out of deferment today :(

Loan
Rate
01/16
02/16
03/16
04/16
05/16
06/16
Current
Loan 1
1.72%
$2577.18
$2577.18
$2577.18
$2577.18
$2577.18
$2577.18
$2577.18
Loan 2
6.8%
$1598.74
$1598.74
$1598.74
$1598.74
$1598.74
$0
$0
Loan 3
6.8%
$5271.00
$5271.00
$5271.00
$5271.00
$5271.00
$5271.00
$5271.00
Loan 4
5.6%
$5246.00
$5246.00
$5246.00
$5246.00
$5246.00
$5246.00
$5246.00
Loan 5
6.8%
$1474.21
$1158.35
$0
$0
$0
$0
$0
Loan 6
6.8%
$10452.30
$7444.83
$7485.15
$7498.36
$5041.39
$4667.37
$2693.51
Loan 7
6.8%
$2073.29
$2043.96
$1218.21
$0
$0
$0
$0
Loan 8*
5%
$5000.00
$5000.00
$5000.00
$5000.00
$5000.00
$5000.00
$5000.00
Total
$33692.72
$30340.06
$28396.28
$27191.28
$24734.31
$22761.55
$20787.69

*Loans not currently accruing interest

Lanthiriel

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Re: Student Loan Challenge (2016 Edition)
« Reply #189 on: June 30, 2016, 04:23:06 PM »

All my loans, except the Perkins loan, officially come out of deferment today :(


Does anyone know if there's a way to go in and see how much interest you've paid on a loan over its lifetime? I was just thinking today that I don't actually have any idea how much interest (accrued on unsubsidized loans during school and after school) we paid on our loans. I guess I just need to look at old tax returns?

Zaga

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Re: Student Loan Challenge (2016 Edition)
« Reply #190 on: June 30, 2016, 06:15:36 PM »
Yeah, I'd go to old tax returns or tax paperwork to find student loan interest records.


First 6 months $12,200 paid off!  Original plan was $20K for the year, we're ahead of plan!

QueenAlice

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Re: Student Loan Challenge (2016 Edition)
« Reply #191 on: July 01, 2016, 09:12:15 AM »

All my loans, except the Perkins loan, officially come out of deferment today :(


Does anyone know if there's a way to go in and see how much interest you've paid on a loan over its lifetime? I was just thinking today that I don't actually have any idea how much interest (accrued on unsubsidized loans during school and after school) we paid on our loans. I guess I just need to look at old tax returns?

All my loans, except the Perkins loan, are through Navient. There is an option to download an excel sheet with all the transaction history of each loan on their website. I think it breaks out into principal and interest columns for each transaction.

minimos

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Re: Student Loan Challenge (2016 Edition)
« Reply #192 on: July 01, 2016, 06:03:54 PM »
Monthly Update!

Loan1a - $61,920 @2.40%
Loan3 - $7,000 @2.35%
Loan5 - $34,386 @2.35%


Total: $103,305

So dropped it by  $2286 his last month. Still chugging along, but definitely not making as good progress as I originally planned for.   So close to getting it to a 5 figure number..... big milestone! 

JustGettingStarted1980

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Re: Student Loan Challenge (2016 Edition)
« Reply #193 on: July 02, 2016, 05:37:31 AM »
I'm really impressed by your progress Minimos. Down 100K in Student Loan Debt in 2.5 years while starting with 100K+ over 6% interest. That's super hard to do. You did all the right moves with refinancing as well.

Congrats!

JGS

rageth

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Re: Student Loan Challenge (2016 Edition)
« Reply #194 on: July 04, 2016, 09:41:10 PM »
Balances January 31
$9502 at 5.25% Payoff by 07/16
$3300 Perkins
$30,927 at 3.4-6.8% Pay down $10k in principal in 2016

Total: $43,729

Balances February 26
$8166 at 5.25%
$3300
$30927

Total: $42,393
Principal Paid in February: $1336

Balances April 2
$6981 at 5.25%
$3200
$30927

Total: $41,108
Principal Paid in March: $1285


Balances as of April 30
$5911
$3000
$31000

Total$39,911
Principal paid in April: $1,197

Just getting going with my summer side hustling, so hopefully we can get down below $5000k on the car loan by the end of the month.

Balances as of May 29
$4905
$2950
$31000

Total $38,855
Principal Paid in May: $1,056
[/quote]

Balances as of July 4
$4052
$2822
$31000

Total $37,874
Principal Paid in June: $981

A little less this month than our previous monthly average, but we're preparing to close on a house at the end of the month and some of that extra money is going towards that.
« Last Edit: July 05, 2016, 11:26:20 AM by rageth »

ptgearguy

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Re: Student Loan Challenge (2016 Edition)
« Reply #195 on: July 06, 2016, 09:22:33 PM »
June was a great month as I was able to save about 10 grand over the past few slow months. My daily interest rate is now down to 1.82 a day. Starting to get this beast down to a much more manageable chunk!

December 2015: 50200
January 2016: Start of Jan 47621; End of January at 42,185
Feb 2016: 36355.42  (5830 payed off principle)
Mar 2016: 26091.37
Apr 2016: 23014.68
May2016: 22888.13
June 2016: 12778.59

Lanthiriel

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Re: Student Loan Challenge (2016 Edition)
« Reply #196 on: July 08, 2016, 10:02:54 PM »
June was a great month as I was able to save about 10 grand over the past few slow months. My daily interest rate is now down to 1.82 a day. Starting to get this beast down to a much more manageable chunk!

WOW!! Great progress! I'm a bit embarrassed that almost the same amount took me a good 3 years. When do you predict you'll be done?

Lanthiriel

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Re: Student Loan Challenge (2016 Edition)
« Reply #197 on: July 08, 2016, 10:05:47 PM »
The husband's first paycheck at the new job overlapped his last check at the old job, so we had a ton of money to throw at this last loan. It's looking like we can get rid of it one check sooner than planned, especially if he keeps getting this much overtime.

Loan 1: $5242; Pay off goal: August 5, 2016

It seems like it's bad form on this thread to post more than once a month, but I'm trying to maintain my momentum, so I'm posting anyway. Today was payday, and we threw another $2000 at the loan!

Loan 1: $3263; Pay off goal: August 5, 2016

Thrifty Snail

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Re: Student Loan Challenge (2016 Edition)
« Reply #198 on: July 09, 2016, 06:43:02 AM »
As a teacher, i am paid a lump sum at the end of each school year. I put the entire sum and the previous paycheck to pay off the highest interest loan. Still have some distance to go though.

Zaga

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Re: Student Loan Challenge (2016 Edition)
« Reply #199 on: July 09, 2016, 07:37:38 AM »
As of yesterday we are below $30K!  $10K paid off so far in 2016.
Scheduled the payment that will put us below $25K next week.  I'm kind of amazed at how fast this is going after years of just ambling along!

$12K in the first 6 months, aiming for more than that the second 6 months!