Author Topic: Student Loan Challenge (2017 Edition)  (Read 6515 times)

sweetkerryline

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Student Loan Challenge (2017 Edition)
« on: December 12, 2016, 04:51:02 PM »
The end of the year is nearly upon us so I thought it prudent to go ahead and get this party started for 2017. I have been working (somewhat) diligently during 2016 to get free of my law school and undergraduate debt.

Background: Lawyer, Graduated in 2013
Debt at Graduation: Law School (Around $90,000); Undergraduate (Around $15,000)
Background: Full Scholarship for Law School (But Cost of Living; Interest) and Near Full Scholarship from Undergrad; Refinanced with SoFi in very late 2013 (3.31%) and got serious about repaying Loans in 2016.
Total Current Debt: $39,919.00
Required Payment: $493.12
2016 Payments: In excess of $30,000

2017 Goals: Get down to $20,000 in student loans by December 31, 2017 by:
(1) Paying a minimum of $1500/month;
(2) using tax refund (if any) to pay down student loans;
(3) liquidating non-efficient investments and use proceeds to pay down student loans.

What are your goals for 2017?
« Last Edit: January 09, 2017, 03:33:10 PM by sweetkerryline »
If you have questions about refinancing through sofi, please ask. Here's a referral link: https://www.sofi.com/refer/91/4207

Cezilous

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Re: Student Loan Challenge (2017 Edition)
« Reply #1 on: December 13, 2016, 10:18:51 AM »
January 2016, I was at:

Loan 1: $0 (paid off 9/30/2014, started at $8,500 @ 6.8%)
Loan 2: $3,008 (1.95%, original amount: $13,000)
Loan 3: $6,213 (2.5%, original amount: $13,500)


As of today (3/18/2016):

Loan 1: $0 (paid off 9/30/2014, started at $8,500 @ 6.8%)
Loan 2: $942 (2.20%, original amount: $13,000)
Loan 3: $6,091 (2.75%, original amount: $13,500)

Hope to be done by August 2016.  :)

Unfortunately, with some hiccups, I did not reach my previous goal.  Had to buy a used car so now I've got another monthly payment, which I think I'm just going to lump in with student loan payments, because I want them both gone asap!  And today is the first payment due date.  Perfect timing.  :)

As of today:

Loan 1: $0 (paid off 9/30/2014, started at $8,500 @ 6.8%)
Loan 2: $0 (paid off 4/7/2016, started at $13,000 @ variable rate ranging from 8% at start and 2.2% at end)
Loan 3: $5,537 (2.75%, original amount: $13,500)
Loan 4: $9,886 (2.49%, original amount: $9,886, car loan)

Lagom

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Re: Student Loan Challenge (2017 Edition)
« Reply #2 on: December 13, 2016, 10:41:17 AM »
2017 will be time to get radical for me and DW. No more half-assed mustachianism. Among other things, we are ditching one of our cars, cutting $50 from our mobile plan, pledging to buy no clothing and no alcohol in 2017, strictly enforcing a food budget, and a couple other small things. The purpose: decrease the timeline to pay off the remaining $51k of student loan debt from 25 months to 18 months. Thus the goal by the end of 2017 is to have the loan balance at $17k. Wish us luck!

frugalfelicia

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Re: Student Loan Challenge (2017 Edition)
« Reply #3 on: December 14, 2016, 05:55:21 AM »
I want my student loan GONE by the end of 2017!

At graduation in April 2015, my loan was $60,000. It's now down to $39,000. It will be really hard to get it paid off entirely in the next 12.5 months, but I can do it!

mactastic

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Re: Student Loan Challenge (2017 Edition)
« Reply #4 on: December 14, 2016, 11:11:16 AM »
Can I join the hunt this year? My numbers are smaller, since I'm a social worker married to a student. DH is set to graduate this time next year, so we have dual goals. First, get my student loans paid down as much as possible before he graduates and we have to start paying on his; and also avoid taking out any more loans for him (current total: $22,500) by cash flowing his final two semesters. All of his loans are subsidized except for one, which we throw $25 per month to just to avoid compounding interest.

I doubt I'll be able to get mine completely paid off this year, but goal is to get them below $5K (current total is ~$12.5K) by end of 2017, and to smash the rest of it before we have to start paying his in summer 2018 (and six years from my grad school graduation date.)

Original value of loans (2012): SL 1: $19,500 (under grad)
                                                SL 2: $22,000 (grad school)
                                                Total:  $41,500

Start of 2016: SL 1 (6.8%): $9,058
                       SL 2 (6.0%): $11,803
                       Total: $20,861

Start of 2017: SL 1 (6.8%): $3,667
                       SL 2 (6.0%):  $8,702
                      Total: $12,369
« Last Edit: December 14, 2016, 12:06:25 PM by mactastic »

ontheroaderic

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Re: Student Loan Challenge (2017 Edition)
« Reply #5 on: December 14, 2016, 03:41:07 PM »
Ooh - this will be fun as this is the year we'll finish my loans off!

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)
7/8/16: $38,328.00 (-2600)
8/10/16: $36,104.98 (-2600)
9/8/16 $33,652.74 (-2600)
10/10/16 $29,609.78 (-4038.67)
11/9/16 $27,145.46 (-2600)
12/9/16 $24,662.23 (-2600)

Factoring in my upcoming Christmas bonus and some extra pay checks in March we should be completely done with these in July!

recklesslysober

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Re: Student Loan Challenge (2017 Edition)
« Reply #6 on: December 14, 2016, 06:05:23 PM »
I'm in! I want these student loans gone.

Starting balances:
Student loan $50,237.36
Student line of credit $80,000.00
$130,237.36

December 2015:
Student loan $49,364.51
Student line of credit $80,000.00
$129,364.51

December 2016:
Student loan $44,300.00
Student line of credit $74,900.00
$119,200.00

Minimum payments 2017:
Student loan $7,200.00
Student line of credit $9,382.08
$16,582.08

I'm hoping to round this up to at *least* $20,000.00. $25,000.00 for a stretch goal. I do have a tax return coming and can definitely reduce spending. I'll be doing some buy nothing months as well so that will help too.

eightyeighttoone

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Re: Student Loan Challenge (2017 Edition)
« Reply #7 on: December 22, 2016, 07:25:25 AM »
I accept the challenge! Man, it is inspiring to read all these posts. You rock, people!

My goal is pay in full all my student loans in 2017.

Current Balance: 47,356 (about 28k is law school; about 19k is LLM)

I graduated law school in late 2014 and am fortunate to have parents who were helping me out. They were graciously willing to pay on the loans for three years, and after that I would take over. This all sounded good, and my plan was to start making payments in 2018.  Then this June I started reading MMM. "AAH! These loans must die!" was my daily war-cry. My wife and I tightened our belts, and started paying $1,285/mo. I cashed out my 1 yr old Roth IRA. All told, we paid down ourselves $12,500 in the last half 2016. If we can somehow pick up the pace a bit this year, the law school loans will be gone. 

My employer is paying for the LLM over the next three years. For all the obvious reasons, I would like this to be paid off faster than that--I don't know, maybe, say, by the end of 2017? :) Hoping to negotiate a faster pay-off on this in January. Wish me luck!

dividendsplease

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Re: Student Loan Challenge (2017 Edition)
« Reply #8 on: December 26, 2016, 06:54:57 AM »
Starting 2017 with $13,850 of student loan debt from grad school. Goal is by the end of 2017 to have these paid off and snowball the $172 minimum required payment to the next item:)

clarkfan1979

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Re: Student Loan Challenge (2017 Edition)
« Reply #9 on: December 26, 2016, 08:25:17 AM »
My numbers are a copy and paste from the 2016 challenge. The numbers represent December balances.

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)

I came up $500 short of my 2015 goal.

However, I'm currently at $34,850, so I made my 2016 goal.

I still made my goal even though my wife was unemployed for 4 months in 2016. She decided to switch fields and will start to have income again in Feb 2017. There were some short-term sacrifices, but there should be more long-term benefits for the switch.

rageth

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Re: Student Loan Challenge (2017 Edition)
« Reply #10 on: December 26, 2016, 09:58:16 PM »
I'm in again this year!  I'm including my car loan and my loans in teacher loan forebearance as well.

Loans in foregiveness programs:
Loan 1: $4999 (forgiven June 2019)
Loan 2: $386 (forgiven June 2017)

Other loans:
Car loan: $11,701
Student loan 1: $30,250
Student loan 2: $2300

Medical bill (0% interest): $4800

Total December 2016: $54,436
Total minimum monthly payments for the year: $10,344

My goal is to use our tax refund to nearly payoff Student Loan 2. Then use all of my extra side hustle  funds to throw at Student Loan 1 because it is with Great Lakes and can be paid via credit card but who knows for how much longer. Last year in side hustles I brought in just shy of $5k, so the goal is to put at least $15k towards reducing our loan debt in 2017.

Last year we reduced our principal balance by just over $10k, so the goal will be to have all of these loans gone by 2021 at the latest.

NicoleO

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Re: Student Loan Challenge (2017 Edition)
« Reply #11 on: December 27, 2016, 10:58:18 AM »
I am currently taking graduate classes on a "life paced" basis so when I am taking a class my loan is in deferment (0% interest).  For every 3-4 months there is usually 1 month in there that the loan is not in deferment.  My interest rate when not in deferment is 7.5%.

Total: 2/18/16 = $16,505.16
        12/27/16 = $10,578.68
         12/2017 = $9,000 - Goal

Goals:  We are probably not going to attack this loan too much this year.  We are planning baby #2 and will be putting all extra money into maternity leave savings, we are a one income family where Dad stays at home.  After we save up enough to not have to worry (or touch other savings) while on leave we will probably put extra into an investment property.

SquashingDebt

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Re: Student Loan Challenge (2017 Edition)
« Reply #12 on: December 31, 2016, 08:41:36 AM »
Ok, here goes!

May 2015 (at the end of grad school):  $85,002
January 2016:  $73,593
January 2017:  $47,501 ($37,853 @5.49% + $4,814 @5% + $2,774 @2.65% + $2,060 @2.65%)

Goal for January 2018:  $17,125 ($8,500 @5.49% + $4,350 @5% + $2,450 @2.65% + $1,825 @2.65%)

This goal doesnít include my annual bonus (~5k before taxes), most of which Iíll put towards my loans too, so it should be easily achievable.  More importantly though, my goal is to stick to a set savings rate (50%), which will let me achieve these numbers and hit my goal of loan payoff by June 2018.  In 2016, I was a little too lax with my spending, so I want to reign things in this year and keep on track.

frugalfelicia

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Re: Student Loan Challenge (2017 Edition)
« Reply #13 on: December 31, 2016, 09:21:05 AM »
I want my student loan GONE by the end of 2017!

At graduation in April 2015, my loan was $60,000. It's now down to $39,000. It will be really hard to get it paid off entirely in the next 12.5 months, but I can do it!

Made a big payment today and I am starting 2017 with only $34,322 to go!

greengardens

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Re: Student Loan Challenge (2017 Edition)
« Reply #14 on: December 31, 2016, 11:09:24 AM »
Best of luck! My 2017 goal also has to do with student loans. I plan to have the last $22,000 of my and DH's student loans paid off by my 30th birthday (6 months)!

Eirene

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Re: Student Loan Challenge (2017 Edition)
« Reply #15 on: January 01, 2017, 04:44:24 PM »
December 2014: $55,500.08
December 2015: $44,881.00
December 2016: $36,004.09 (-$8,876.91)

Goal for 2017 is to kill $12,000 of the principal so approximately $14,500 in total payments.

ZagNation

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Re: Student Loan Challenge (2017 Edition)
« Reply #16 on: January 01, 2017, 05:39:51 PM »
Count me in! My overall original loan balance after graduating from Gonzaga University in 2012 was approximately 25K. I vowed to myself that I would pay off this debt within 5 years so this thread is right up my alley. Back in 2015 I took advantage of refinancing through SoFi to reduce my interest rate from 6.8% to 4.25% through a 5yr variable loan. Currently my remaining student loan balance is ~17K and based upon my forecasts, I should be celebrating a post student loan life around Thanksgiving. Best of luck to you all!

Erinbynight

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Re: Student Loan Challenge (2017 Edition)
« Reply #17 on: January 01, 2017, 11:06:20 PM »
This is my goal for my birthday this year! I have about 32k left of 82k in student loans. My hope is to have it paid off by my birthday, so my DH and I have 8 months to do it!! It's a pretty lofty goal. I have been carting around 37k in undergrad and 45k from a year of law school since 2006/2007. I never made enough money/was very smart about money until I became a nurse in 2014. Paid for that degree in cash, which now allows me an income to pay for yesteryears. My DH and I paid over 30k on student loans last year. His are paid as a perk of work compensation. I am also doing this while maxing 403b contributions and contributing to IRA's. Cheers to overtime!

minimos

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Re: Student Loan Challenge (2017 Edition)
« Reply #18 on: January 02, 2017, 06:45:36 AM »
Coming to join the 2017 Party here --- and bringing over the final balance from the 2016 thread. 
Missed our 2016 goal by a huge amount, mainly due to buying a house and the money that would have been used to further loan pay down was used for house down payment.  So we are starting 2017 with:


Loan1a - $50,417 @2.55%
Loan3 - $6,108 @2.35%
Loan5 - $33,429 @2.35%

Total: $89,956

Realistic goal - is to have the balance down to $49,900.  Stretch goal -  final balance of $35,500.
Here's hoping to a frugal year with lots of progress for everyone!
Tackling "hair on fire" student loans, and becoming more mustachian in the process.

Civex

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Re: Student Loan Challenge (2017 Edition)
« Reply #19 on: January 02, 2017, 09:22:49 AM »
Starting balance July 2014: $90,406 @ 5.09%
January 2017 balance: $77,944

I'd like to knock $15-20k off my loan in 2017; wildcard is how much our wedding will take from my budget.

Lot of work to do.

Jim Fiction

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Re: Student Loan Challenge (2017 Edition)
« Reply #20 on: January 08, 2017, 03:45:28 PM »
I'll be jumping in on the challenge this year.

Loan 1: $1,050 @ 0.40%
Loan 2: $3,900 @ 2.15%
Loan 3: $13,225 @ 4.50%
Loan 4: $15,050 @ 4.78%

Total: $33,225

Loan 4 must die in 2017. Should I finish early (doubtful), I will start working on loan 3.

Best of luck to everyone!
« Last Edit: January 08, 2017, 03:50:06 PM by Jim Fiction »

wtrfre

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Re: Student Loan Challenge (2017 Edition)
« Reply #21 on: January 08, 2017, 05:38:46 PM »
Would really like to get these things off my back this year. Here we go, 2017.

NicoleO

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Re: Student Loan Challenge (2017 Edition)
« Reply #22 on: January 09, 2017, 01:16:10 PM »
I am currently taking graduate classes on a "life paced" basis so when I am taking a class my loan is in deferment (0% interest).  For every 3-4 months there is usually 1 month in there that the loan is not in deferment.  My interest rate when not in deferment is 7.5%.

Total: 2/18/16 = $16,505.16
        12/27/16 = $10,578.68
         12/2017 = $9,000 - Goal

Goals:  We are probably not going to attack this loan too much this year.  We are planning baby #2 and will be putting all extra money into maternity leave savings, we are a one income family where Dad stays at home.  After we save up enough to not have to worry (or touch other savings) while on leave we will probably put extra into an investment property.

Back out of deferment as I stopped classes for a couple months.  I will get started back this month.  Due to interest (capitalized) my Jan payment didn't moved the needle.

Total: 2/18/16 = $16,505.16 (7.5% when not in deferment)
        12/27/16 = $10,578.68
        01/09/17 = $10,572.09
         12/2017 = $9,000 - Goal

Keef

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Re: Student Loan Challenge (2017 Edition)
« Reply #23 on: January 13, 2017, 11:18:33 AM »
This is the year to be debt free for me. I am so PUMPED, and can hardly wait! I plan to share my journey with you all.

- In 2015 I paid off my credit cards (still use them but never carry a balance. Treat them like a debt card)
- In 2016 I paid off my car.

This leaves my Student Loan as my only outstanding debt. After paying this off I will be debt free for the first time as an adult.


January 12, 2017 - Total remaining Student Loan Debt: $15,260.30


My goal is to pay as much as 70% of monthly income toward this goal. This would allow me to be debt free in roughly 3 months. I am self-employed, as a result some months are financially better than others. The low end of my goal, is no less than $1500.00 per month, bare minimum. I'll be back to share more.

sweetkerryline

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Re: Student Loan Challenge (2017 Edition)
« Reply #24 on: January 13, 2017, 11:26:02 PM »
January Update:

Debt at Graduation: Law School (Around $90,000); Undergraduate (Around $15,000)
Total Current Debt: $39,919.00 $36505.93 $35,213.35
Monthly Payment [Monthly Payment Goal] (Required Payment): $4,753.20 [$1,500] ($493.12) (Monthly Payment Goal Met)
Total 2017 Payments: $4,753.20
« Last Edit: January 26, 2017, 10:12:40 AM by sweetkerryline »
If you have questions about refinancing through sofi, please ask. Here's a referral link: https://www.sofi.com/refer/91/4207

briesas

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Re: Student Loan Challenge (2017 Edition)
« Reply #25 on: January 19, 2017, 09:45:55 PM »
Beginning of year
 
Loan 1(unsubsidized consolidation loan) 9,586
Loan 2 (subsidized consolidation loan) 18,902
Total: 28,488

1/19/2017
Loan 1 (Unsubsidized Consolidation Loan) $8,880.23
Loan 2 (Sunsidized Consolidation Loan) $18,755.11
Total $27,635.34

Posting to keep my motivation up. Teaching a class this spring which should bring me about 5k extra, in addition my normal take home of about 2900 per month. The goal is to knock out Loan 1 by the end of May!
« Last Edit: January 19, 2017, 09:52:03 PM by briesas »

sweetkerryline

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Re: Student Loan Challenge (2017 Edition)
« Reply #26 on: January 19, 2017, 11:15:03 PM »
Beginning of year
 
Loan 1(unsubsidized consolidation loan) 9,586
Loan 2 (subsidized consolidation loan) 18,902
Total: 28,488

1/19/2017
Loan 1 (Unsubsidized Consolidation Loan) $8,880.23
Loan 2 (Sunsidized Consolidation Loan) $18,755.11
Total $27,635.34

Posting to keep my motivation up. Teaching a class this spring which should bring me about 5k extra, in addition my normal take home of about 2900 per month. The goal is to knock out Loan 1 by the end of May!

Good luck!! We will be rooting for you to reach your goal in May!
If you have questions about refinancing through sofi, please ask. Here's a referral link: https://www.sofi.com/refer/91/4207

TMInsall

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Re: Student Loan Challenge (2017 Edition)
« Reply #27 on: January 23, 2017, 12:23:24 PM »
My remaining student loan total as of 1/1/2017 is $29,002.72

As a teacher in a low income district, I am eligible for some loan forgiveness programs (5 year, not the 10 year one). I hope to take advantage of those...

Here's to paying off 18K+ this year!

recklesslysober

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Re: Student Loan Challenge (2017 Edition)
« Reply #28 on: January 23, 2017, 04:47:51 PM »
I'm in! I want these student loans gone.

Starting balances:
Student loan $50,237.36
Student line of credit $80,000.00
$130,237.36

December 2015:
Student loan $49,364.51
Student line of credit $80,000.00
$129,364.51

December 2016:
Student loan $44,300.00
Student line of credit $74,900.00
$119,200.00

Minimum payments 2017:
Student loan $7,200.00
Student line of credit $9,382.08
$16,582.08

I'm hoping to round this up to at *least* $20,000.00. $25,000.00 for a stretch goal. I do have a tax return coming and can definitely reduce spending. I'll be doing some buy nothing months as well so that will help too.

January 2017:
Student loan $43,700 (paid $600.00 principal)
Student line of credit $73,900 (paid $1,000.00 principal)

mactastic

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Re: Student Loan Challenge (2017 Edition)
« Reply #29 on: January 25, 2017, 11:36:44 AM »


Original value of loans (2012): SL 1: $19,500 (under grad)
                                                SL 2: $22,000 (grad school)
                                                Total:  $41,500

Start of 2016: SL 1 (6.8%): $9,058
                       SL 2 (6.0%): $11,803
                       Total: $20,861

Start of 2017: SL 1 (6.8%): $3,667
                       SL 2 (6.0%):  $8,702
                      Total: $12,369

January was a good month! Got a nice bonus from work, was able to put a decent amount towards the loans!

February 2017: SL 1 (6.8%): $1,059
                        SL 2 (6.0%):  $8,045
                                    Total: $9,104

SO excited to be down into 4 digits! Should have loan 1 paid off by June!

seventytimes7

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Re: Student Loan Challenge (2017 Edition)
« Reply #30 on: January 26, 2017, 07:15:06 PM »
I'm in!

Loans at $47,697, fixed payment of $435. Working on credit card debt now, then going to switch to student loans!

minimos

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Re: Student Loan Challenge (2017 Edition)
« Reply #31 on: January 27, 2017, 09:53:36 AM »
So just made the last payment for the month of January -- so updated balances below

Loan1a - $44,329 @2.70%
Loan3 - $6,058 @2.5%
Loan5 - $33,169 @2.5%

Total: $83,556

So of the goal of paying the loan down $40,000, we are at 15% of goal. Just want these loans gone!
Tackling "hair on fire" student loans, and becoming more mustachian in the process.

Jim Fiction

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Re: Student Loan Challenge (2017 Edition)
« Reply #32 on: January 28, 2017, 10:14:24 AM »
I'll be jumping in on the challenge this year.

Loan 1: $1,050 @ 0.40%
Loan 2: $3,900 @ 2.15%
Loan 3: $13,225 @ 4.50%
Loan 4: $15,050 @ 4.78%

Total: $33,225

Loan 4 must die in 2017. Should I finish early (doubtful), I will start working on loan 3.

Best of luck to everyone!

Update for Post January Payments:

Loan 1: $1,000 @ 0.40%
Loan 2: $3,817 @ 2.15%
Loan 3: $13,170 @ 4.50%
Loan 4: $13,770 @ 4.78%

Total: $31,757

Made the minimum payments for Loans 1 through 3. Minimum payment on Loan 4 is $318, which I made but I threw an addition $1,000 on top. Progress!

SquashingDebt

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Re: Student Loan Challenge (2017 Edition)
« Reply #33 on: February 01, 2017, 07:53:07 AM »

May 2015 (at the end of grad school):  $85,002
January 2016:  $73,593
January 2017:  $47,501 ($37,853 @5.49% + $4,814 @5% + $2,774 @2.65% + $2,060 @2.65%)

Goal for January 2018:  $17,125 ($8,500 @5.49% + $4,350 @5% + $2,450 @2.65% + $1,825 @2.65%)


February check-in: 

5.49% - $37,853 $36,071
5.00% - $4,814   $4,775
2.65% - $2,774   $2,748
2.65% - $2,060   $2,040

Total: $47,501 $45,645

Paid a total of $2,070 towards my loans and knocked $1,856 off the principal.  Can't wait until the compounding interest is working in my favor!  I met my savings rate goal for the month, so now need to keep it up in February.

sweetkerryline

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Re: Student Loan Challenge (2017 Edition)
« Reply #34 on: February 01, 2017, 01:03:15 PM »
February Update

Debt at Graduation: Law School (Around $90,000); Undergraduate (Around $15,000)
Total Current Debt: $39,919.00 $36505.93 $35,213.35 $29,924.14
Monthly Payment [Monthly Payment Goal] (Required Payment): $5,300.00 [$1,500] ($469.10) (Monthly Payment Goal Met)
Total 2017 Payments: $10,053.20

Made my payment early this month. I'll try to sneak some additional dollars in there this month. Looks like next month may be a big one as well since I get three paychecks.

January Update:

Debt at Graduation: Law School (Around $90,000); Undergraduate (Around $15,000)
Total Current Debt: $39,919.00 $36505.93 $35,213.35
Monthly Payment [Monthly Payment Goal] (Required Payment): $4,753.20 [$1,500] ($493.12) (Monthly Payment Goal Met)
Total 2017 Payments: $4,753.20
« Last Edit: February 01, 2017, 10:41:21 PM by sweetkerryline »
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briesas

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Re: Student Loan Challenge (2017 Edition)
« Reply #35 on: February 02, 2017, 08:08:30 PM »


1/19/2017
Loan 1 (Unsubsidized Consolidation Loan) $8,880.23
Loan 2 (Sunsidized Consolidation Loan) $18,755.11
Total $27,635.34

Posting to keep my motivation up. Teaching a class this spring which should bring me about 5k extra, in addition my normal take home of about 2900 per month. The goal is to knock out Loan 1 by the end of May!

2/2/17
Loan 1: 8,291.66
Loan 2: 18,779.37
Total: 27071.04

briesas

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Re: Student Loan Challenge (2017 Edition)
« Reply #36 on: February 02, 2017, 08:16:39 PM »
February Update

Debt at Graduation: Law School (Around $90,000); Undergraduate (Around $15,000)
Total Current Debt: $39,919.00 $36505.93 $35,213.35 $29,924.14
Monthly Payment [Monthly Payment Goal] (Required Payment): $5,300.00 [$1,500] ($469.10) (Monthly Payment Goal Met)
Total 2017 Payments: $10,053.20

Made my payment early this month. I'll try to sneak some additional dollars in there this month. Looks like next month may be a big one as well since I get three paychecks.



Way to go!

McBuck

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Re: Student Loan Challenge (2017 Edition)
« Reply #37 on: February 03, 2017, 09:55:21 AM »
I'm going to join in on this.
Starting balance:    $29200 @ 4.75% (4% with tax deduction)
Jan 1, 2016:           $27400
Jan 1, 2017:           $14050
Current balance:     $13038
Minimum payment: $325
I've been paying $1000+previous month's interest to bring the balance down to an even thousand ($XX,000) each month.

At this pace, my loan would be paid off Feb 2018, but I think I can move that up to be a nice Christmas present to myself by the end of this year!

NicoleO

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Re: Student Loan Challenge (2017 Edition)
« Reply #38 on: February 03, 2017, 10:36:53 AM »
I am currently taking graduate classes on a "life paced" basis so when I am taking a class my loan is in deferment (0% interest).  For every 3-4 months there is usually 1 month in there that the loan is not in deferment.  My interest rate when not in deferment is 7.5%.

Total: 2/18/16 = $16,505.16
        12/27/16 = $10,578.68
         12/2017 = $9,000 - Goal

Goals:  We are probably not going to attack this loan too much this year.  We are planning baby #2 and will be putting all extra money into maternity leave savings, we are a one income family where Dad stays at home.  After we save up enough to not have to worry (or touch other savings) while on leave we will probably put extra into an investment property.

They really need to get those deferment papers processed, this interest sucks!  Minimum payment is $125/month, which is what I paid on Feb 1, if there is more $ left after we stash some into the maternity category I will get to put more towards this.

Total: 2/18/16 = $16,505.16 (7.5% when not in deferment)
        12/27/16 = $10,578.68
        01/09/17 = $10,572.09
        02/03/17 = $10,520.53
         
         12/2017 = $9,000 - Goal

frugalfanny

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Re: Student Loan Challenge (2017 Edition)
« Reply #39 on: February 04, 2017, 01:40:10 PM »
Started repayment in August of 2010. Original balance was $52,115  @ 6.25%

Jan 2016: 25k
Jan 2017: 20k

Current balance: $16,827

It's gonna be a big fat zero by the end of the year.



ontheroaderic

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Re: Student Loan Challenge (2017 Edition)
« Reply #40 on: February 08, 2017, 12:41:29 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)
7/8/16: $38,328.00 (-2600)
8/10/16: $36,104.98 (-2600)
9/8/16 $33,652.74 (-2600)
10/10/16 $29,609.78 (-4038.67)
11/9/16 $27,145.46 (-2600)
12/9/16 $24,662.23 (-2600)
1/13/16 $22,203.78 (-2600)
2/8/17 $19,691.71 (-2600)

Woohoo! Another 10K psychological barrier passed! Going to have to scale down the payment next month so we have a little more to throw at our IRAs for 2016, but then itís back at it full strength. My loan will be dead by the end of the year! I had been thinking July but it made sense to use my bonus money on our IRAs as well.

OthalaFehu

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Re: Student Loan Challenge (2017 Edition)
« Reply #41 on: February 15, 2017, 07:14:10 AM »
I expect to half my outstanding loans this year.

started at $200k (Wife and me, law school)
down to $90k (10 years later) in 2 gov loans locked at 3.5% and 4.5%
will pay off one $45k in entirety this year.
One Day a Rains will come and wash away all you see before you, through Othala kept the true. https://othalafehu.wordpress.com

pattycakepdx

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Re: Student Loan Challenge (2017 Edition)
« Reply #42 on: February 16, 2017, 09:18:31 AM »
I'm a little late to this party, but I want to join this challenge! I don't actually have any students loans, but my husband had about $52k from undergrad and graduate school when he finished in May 2014. We kind of slow deciding that we wanted to get serious about paying them off, but have been more aggressive each year.

The current balance is down to $30k. One is $12.5 @ 5.87% interest and the other $17.5 @ 5%. Last year we paid at least $1000/mo on these loans, and this year we're planning on a minimum of $1500. This month we were actually able to do $3500 thanks to our tax refund and my husband getting some overtime at work.

We're on track right now to have the higher interest loan paid off by August and be completely done by April 2018. I'm hoping that we can scrounge a few more extra payments and move this timeline up a little more! This year, we've also made some other changes to budget that will pretty dramatically reduce our grocery and eating out spending, so I'm hoping that will free up even more cash for attacking this debt!

recklesslysober

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Re: Student Loan Challenge (2017 Edition)
« Reply #43 on: February 16, 2017, 10:54:12 AM »
December 2016:
Student loan $44,300
Student line of credit $74,900
$119,200

January 2017:
Student loan $43,700 (paid $600 principal)
Student line of credit $73,900 (paid $1,000 principal)
$117,600

February 2017:
Student loan $43,100 (paid $600 principal)
Student line of credit $72,500 (paid $1,400 principal)
$115,600

FunSizedStash

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Re: Student Loan Challenge (2017 Edition)
« Reply #44 on: February 18, 2017, 06:22:01 PM »
Student Loans: $29,855 (difference from sum below due to rounding all values)
  • $4945 at 6.31% (gaining interest)
  • $6110 at 4.66% (interest gaining on ~$1435)
  • $5500 at 4.29%
  • $5750 at 3.86% (interest gaining on ~$2250)
  • $7555 at 3.76% (interest gaining on ~$6055)

Values are as of the beginning of February, and loans are listed in order of interest rate (highest to lowest).  The 6.31% loan should be paid off in March or April.

I postponed posting since I realized I didn't have concrete goals.  My student loan goal was "Pay off the loans as soon as possible, while not taking money from retirement/investment funds or depleting emergency fund too much."  But that was a very vague goal, which wouldn't be easy to track.  So, now, my new goal is to get the student loan total down to $20,000 by the end of the year.  Normally, I pay $600 each month, so the $20,000 is a bit of a stretch goal, but I think I can do it!

moneyviking

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Re: Student Loan Challenge (2017 Edition)
« Reply #45 on: February 18, 2017, 09:26:59 PM »
I have the opportunity to pay off all my remaining student loans in a month or so ($90k)

I have not decided yet to do it or not b/c they are locked in at 3.5% and I think I can beat that in the market.

dividendsplease

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Re: Student Loan Challenge (2017 Edition)
« Reply #46 on: February 19, 2017, 06:47:51 AM »
I have the opportunity to pay off all my remaining student loans in a month or so ($90k)

I have not decided yet to do it or not b/c they are locked in at 3.5% and I think I can beat that in the market.

worst idea ever. get rid of the debt.

greengardens

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Re: Student Loan Challenge (2017 Edition)
« Reply #47 on: February 19, 2017, 10:56:39 AM »
I'm student loan free! paid off the last $2,900 @ 5.15% student loan debt today. Now just need to kill DH's $15,000 and we'll be a student loan free household!

sweetkerryline

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Re: Student Loan Challenge (2017 Edition)
« Reply #48 on: February 20, 2017, 04:40:23 AM »
I have the opportunity to pay off all my remaining student loans in a month or so ($90k)

I have not decided yet to do it or not b/c they are locked in at 3.5% and I think I can beat that in the market.

worst idea ever. get rid of the debt.

I disagree that its the worst idea ever; if you feel ambivalent about the decision you could split the difference by paying down half of your student loans and investing the rest in the market.
If you have questions about refinancing through sofi, please ask. Here's a referral link: https://www.sofi.com/refer/91/4207

khangaroo

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Re: Student Loan Challenge (2017 Edition)
« Reply #49 on: February 20, 2017, 06:55:06 AM »
I went through this journey back in 2015 with a substantial amount for an undergrad degree ($57k) but was fortunate enough to pay it all off in one year. I threw some other stuff in there as well like a car loan and some credit card. I think the best thing you can do is to get a side hustle and create a tracking chart/table like I did below. It REALLY helps to see some traction especially when your balance is so high. Best of luck to you all and it feels so great not having that damn student loan payment in your life!!

https://imgur.com/gallery/jRant
"Live like no one else so that later you can live and give like no one else" - Dave Ramsey
My Story of How I Paid off $81k of Debt in 1 Year and got completely debt-free! http://khang-nguyen.com/?p=624