Author Topic: Student Loan Challenge (2017 Edition)  (Read 13097 times)

Civex

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Re: Student Loan Challenge (2017 Edition)
« Reply #100 on: June 01, 2017, 09:41:04 PM »
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.

June 1st balance: $72,749

Not great progress- I've been paying a minimum of $1k/month. I will be going back to $1500-2500/month in August....currently cash flowing our wedding. On track to max 401k and Roth IRA as well.

palebluedot

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Re: Student Loan Challenge (2017 Edition)
« Reply #101 on: June 11, 2017, 10:40:19 PM »

Sent in my May payment of $750! About 18 payments left.



Update for June. Things are steady and at current pace will be done paying this off by October 2018.


fruitfly

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Re: Student Loan Challenge (2017 Edition)
« Reply #102 on: June 12, 2017, 02:05:15 PM »
I'm posting for inspiration, not feeling very optimistic about paying anything off.

Loans (I'm ashamed to tell you how long I've had them):

Loan 1  $1,105.28    2.07%
Loan 2  $10,273.33   2.07%
Loan 3  $12,856.83   4.00%
Loan 4  $15,319.16   6.55%
Loan 5  $16,158.19   6.55%

Total: $55,712.79

I should just pay off Loan #1 but I know doesn't make fiscal sense. But it would feel like I'm doing something.

I'd like to pay off 25% of the loan this year. I know I should be more hardcore mustachian about it. Man, maybe Monday isn't the day to think about this. :P

NicoleO

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Re: Student Loan Challenge (2017 Edition)
« Reply #103 on: June 13, 2017, 09:47:32 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.

A little slow on the update.  Surprisingly these are still in deferment for the moment but class has ended for the summer so I am just waiting for the loans to be kicked out of deferment for a couple months.

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
        03/13/17 = $10,361.96
        04/03/17 = $10,211.96
        04/11/17 = $9,861.96
        05/01/17 = $9,711.96
        06/13/17 = $9,511.96

        12/31/17 = $9,000 - Goal

eightyeighttoone

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Re: Student Loan Challenge (2017 Edition)
« Reply #104 on: June 18, 2017, 04:14:04 PM »
Hello Everyone!

January Balance: 47,356    June Balance: 39,812

Since January, I took a new job, moved, and we are renting our old house now. I got a sign on bonus for this new job. I have been keeping the bonus money in my checking account in case I need to make a major repair this year on the rental house. Each month, I plan to use the rental money for additional student loan payments. Alternatively (or in addition), I guess I could dump the sign-on money in the loans now, and save on that interest. I would simply be at risk of having to put any unexpected, large expenses on a credit card.

Any landlords out there have advice? The sign-on money about $6,000. My loans are around 5.4%. I have $3000 in a separate emergency fund that I could use for any big rental expenses. Appreciate any thoughts.


Very inspiring to hear everyone's progress.

Cezilous

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Re: Student Loan Challenge (2017 Edition)
« Reply #105 on: June 19, 2017, 11:08:22 AM »
1/2016:
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)

3/2016:
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)

12/2016:
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, from 8% at start and 2.2% at end)
Loan 3: $5,537 (2.75%, original amount: $13,500)

2/2017:
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, 2.2% at end)
Loan 3: $5,427 (3.00%, original amount: $13,500)

5/2017:
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, 2.2% at end)
Loan 3: $3,401 (3.25%, original amount: $13,500)
« Last Edit: June 19, 2017, 11:09:58 AM by Cezilous »

Plina

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Re: Student Loan Challenge (2017 Edition)
« Reply #106 on: June 20, 2017, 02:04:17 PM »
I'm posting for inspiration, not feeling very optimistic about paying anything off.

Loans (I'm ashamed to tell you how long I've had them):

Loan 1  $1,105.28    2.07%
Loan 2  $10,273.33   2.07%
Loan 3  $12,856.83   4.00%
Loan 4  $15,319.16   6.55%
Loan 5  $16,158.19   6.55%

Total: $55,712.79

I should just pay off Loan #1 but I know doesn't make fiscal sense. But it would feel like I'm doing something.

I'd like to pay off 25% of the loan this year. I know I should be more hardcore mustachian about it. Man, maybe Monday isn't the day to think about this. :P

I don't believe it always have to make fiscal sense. The difference in interest payments between choosing the loan with the higher interest and smaller interest is minimal. It might have a bigger inspirational effect to pay of the loan with the smaller balance.

My student loans are with an interest of 0,34% so I can actually get a higher interest on a bank account. I am a bit envious of this thread because it makes no sense for me to pay of my loans.

ontheroaderic

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Re: Student Loan Challenge (2017 Edition)
« Reply #107 on: June 21, 2017, 10:59:13 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)
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)
3/8/17 $19,463.69  (-312.98)
4/7/17 $16,959.27 (-2600)
5/7/17 $14,435.04 (-2600)
6/7/17 $13,203.99 (-1300)

Well, unfortunately just as we're getting within striking distance of have these things paid off completely a new hiccup presented itself. Because my balance is getting so low, and b/c we make more money since the last time we recertified for my wife's loans - her payments went from about $300/mo to over $700! We have hers on the PSLF plan and have just 5 years left, so it is in our best interest to keep her payment as small as possible. As a result, we're going to divert some of the money earmarked for my payments into her 401K to minimize AGI and get that payment down for next year. Still going to throw extra here and there at it, but no it looks like I'll have to extend this thing out a few more months than I thought.

fruitfly

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Re: Student Loan Challenge (2017 Edition)
« Reply #108 on: June 26, 2017, 12:22:39 PM »
ontheroaderic that's inspirational! Sorry you are having a setback but I can't believe how much you've accomplished!

Plina thanks for that! I paid off the $1099 loan this morning just because I could. It feels great!

recklesslysober

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Re: Student Loan Challenge (2017 Edition)
« Reply #109 on: June 29, 2017, 02:03:52 PM »
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

March 2017:
Student loan $42,500 (paid $600 principal)
Student line of credit $69,800 (paid $2,700 principal)
$112,300

April 2017:
Student loan $41,900 (paid $600 principal)
Student line of credit $68,200 (paid $1,600 principal)
$110,100

May 2017:
Student loan $41,300 (paid $600 principal)
Student line of credit $66,900 (paid $1,300 principal)
$108,200

June 2017:
Student loan $40,700 (paid $600 principal)
Student line of credit $65,600 (paid $1,300 principal)
$106,300

Jim Fiction

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Re: Student Loan Challenge (2017 Edition)
« Reply #110 on: June 29, 2017, 05:33:05 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!

Update to post JUNE Payments:

Loan 1: $800 $750 @ 0.40%
Loan 2: $3,450 $3,375 @ 2.15%
Loan 3: $12,975 $12,950 @ 4.50%
Loan 4: $8,900 $7,650 @ 4.99%

Total: $26,125 $24,750



Steady as she goes.

June payments are in the books. Updated my tracker above to reflect.

lexde

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Re: Student Loan Challenge (2017 Edition)
« Reply #111 on: June 29, 2017, 06:20:12 PM »
Ooh! I'm in! Trying to hit $0 NW by 12/31/17 and debt free by 12/31/18!

11/2016: 51,826.31
01/2017:48,985.05
05/2017: 41,232.87

today: 39,844.81

$9,000 paid this year so far. I'm going for bonuses to really attack the debt this year to hit $0NW ($13K to go, a bit nervous about it but it may be JUST doable with bonuses).

briesas

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Re: Student Loan Challenge (2017 Edition)
« Reply #112 on: June 29, 2017, 08:02:51 PM »

Beginning of year
 
Loan 1(unsubsidized consolidation loan) 9,586
Loan 2 (subsidized consolidation loan) 18,902
Total: 28,488

 

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!

March 17
Loan 1: $6,348.45
Loan 2: 18,486.75
Total: 24,835.20

June 28
Loan 1: 2,292.46
Loan 2: 18,088.63
Total: 20,381 and change

$600 in vet bills, finishing a dental implant, and paying for a trip to see my elderly father and saving for an upcoming trip to Paris left me a bit behind my original goal -- but I'm still going to make it sometime this summer!

minimos

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Re: Student Loan Challenge (2017 Edition)
« Reply #113 on: June 30, 2017, 08:59:53 PM »
Final June Payment made... so new status update below

Loan1a - $33,560 @2.99%
Loan3 - $5,887 @2.5%
Loan5 - $32,533 @2.5%

Total: $71,979

Now at 36% of our goal of paydown for the year.  Struggling with the decision of saving vs student loan payoff -- and flip flop with every paycheck.  But maybe next month we will cross the next psychological bracket of being in the 60k's -sad to say that seems exciting?
Tackling "hair on fire" student loans, and becoming more mustachian in the process.

ontheroaderic

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Re: Student Loan Challenge (2017 Edition)
« Reply #114 on: July 08, 2017, 10:20:17 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)
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)
3/8/17 $19,463.69  (-312.98)
4/7/17 $16,959.27 (-2600)
5/7/17 $14,435.04 (-2600)
6/7/17 $13,203.99 (-1300)
7/7/17 $11,966.85 (-1300)

Can’t believe how close we are to being under 10K! Might make a bonus payment this month, just can’t resist.

sweetkerryline

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Re: Student Loan Challenge (2017 Edition)
« Reply #115 on: July 10, 2017, 01:54:48 AM »
July 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 $28,527.18 $23,962.49 $20,969.42 $17,878
Monthly Payment [Monthly Payment Goal] (Required Payment): $1000 [$1,500] ($239.50) (Monthly Payment Goal Not Met)
Total 2017 Payments: Will have to Run the Calculations Later > $23,000

So, I purchased a car and that set me back a bit but I'm back at it. Now I also have a car loan which is regrettable.

April 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 $28,527.18 $23,962.49 $20,969.42
Monthly Payment [Monthly Payment Goal] (Required Payment): $3154.74 [$1,500] ($287.50) (Monthly Payment Goal Met)
Total 2017 Payments: $18,984.74

Like last month, I am still considering liquidating an investment account or stealing some money from my emergency savings account and just paying the remainder off but pretty sure that is driven by a "I want it now" attitude. Pushing any such thoughts to the side for now.

March 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 $28,527.18 $23,962.49
Monthly Payment [Monthly Payment Goal] (Required Payment): $4,437.78 [$1,500] ($316.74) (Monthly Payment Goal Met)
Total 2017 Payments: $15,930.10

You guys; I am getting so close. It's so tempting to dump half of my savings into these loans to get them paid off but I am simply trying to stay the course and continue saving for a down payment while also dropping money into my investment account on occasion.

February Update (Part 2)

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 $28,527.18
Monthly Payment [Monthly Payment Goal] (Required Payment): $6,739.12 [$1,500] ($469.10) (Monthly Payment Goal Met)
Total 2017 Payments: $11,492.32

As I suspected, I had some leakage in my finances (unsubmitted work reimbursements) which I was able to capture to make an additional $1,400 dollar payment this month. Looks like next month may be a big one as well since I get three paychecks.

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
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 #116 on: July 14, 2017, 05:40:53 PM »

Beginning of year
 
Loan 1(unsubsidized consolidation loan) 9,586
Loan 2 (subsidized consolidation loan) 18,902
Total: 28,488

 

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!

March 17
Loan 1: $6,348.45
Loan 2: 18,486.75
Total: 24,835.20

June 28
Loan 1: 2,292.46
Loan 2: 18,088.63
Total: 20,381 and change

$600 in vet bills, finishing a dental implant, and paying for a trip to see my elderly father and saving for an upcoming trip to Paris left me a bit behind my original goal -- but I'm still going to make it sometime this summer!

Got a bit of a windfall and threw it at the loan:
Balance 7/14/16
Loan 1: 0
Loan 2: 5299

I should be done by the end of the year! I will have to refocus on wealth building then. I'm a little worried I'll be undisciplined, but I will spend the next couple of months shifting my focus and motivation from debt reduction to piling up cash.

palebluedot

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Re: Student Loan Challenge (2017 Edition)
« Reply #117 on: July 16, 2017, 08:49:53 PM »

Update for June. Things are steady and at current pace will be done paying this off by October 2018.





Made my July payments a while ago but haven't posted. Getting real close to being below 10k!

recklesslysober

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Re: Student Loan Challenge (2017 Edition)
« Reply #118 on: July 17, 2017, 02:20:21 PM »
June 2017:
Student loan $40,700 (paid $600 principal)
Student line of credit $65,600 (paid $1,300 principal)
$106,300

July 2017:
Student loan $40,100 (paid $600 principal)
Student line of credit $63,600 (paid $2,000 principal)
$103,700

lexde

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Re: Student Loan Challenge (2017 Edition)
« Reply #119 on: July 27, 2017, 06:28:30 PM »
(6/29/17):
Ooh! I'm in! Trying to hit $0 NW by 12/31/17 and debt free by 12/31/18!

11/2016: 51,826.31
01/2017:48,985.05
05/2017: 41,232.87

today: 39,844.81

$9,000 paid this year so far. I'm going for bonuses to really attack the debt this year to hit $0NW ($13K to go, a bit nervous about it but it may be JUST doable with bonuses).
(7/27/17):

Churning credit cards, so I figured I'd "MS" (or actual-spend) $2K in Gift of College gift cards this evening. So that dent should be put in my account in about 2 weeks! Getting there! Every dollar I put toward student loans is 6% interest I'm making back. :-) Hoping to pay a lot more toward my loans using the card over the next few months, too. Double-win for making minimum spend, with a nominal fee. (1.19% instead of Plastiq's 2.5%).

Jim Fiction

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Re: Student Loan Challenge (2017 Edition)
« Reply #120 on: July 28, 2017, 04:50:50 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!

Update to post JUNE Payments:

Loan 1: $750 $700 @ 0.40%
Loan 2: $3,375 $3,300 @ 2.15%
Loan 3: $12,950 $12,925 @ 4.50%
Loan 4: $7,650 $6,475 @ 4.99%

Total: $24,750 $23,400




June payments are in the books. Updated my tracker above to reflect.

Wow, a month went by fast. Almost at 10K paid off for the year, pretty happy about that.

eightyeighttoone

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Re: Student Loan Challenge (2017 Edition)
« Reply #121 on: July 29, 2017, 06:25:46 PM »
January Balance: 47,356   
June Balance:     39,812
July Balance:    36,450

Hoping to pay at a minimum 3k/m until the end of the year.
Best wishes to everyone killing those loans!

Curious if anyone on this thread read the NYT article last week on private student loans?  I dont have psl, but maybe its of interest to some on this forum.
https://www.nytimes.com/2017/07/17/business/dealbook/student-loan-debt-collection.html

recklesslysober

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Re: Student Loan Challenge (2017 Edition)
« Reply #122 on: July 31, 2017, 10:26:20 AM »
Getting a head start on August, another $600 principal down. Hit a milestone today - $39,500 on my student loan (it's been in the $40Ks since December 2015!). $103,100 altogether. 3 more paydays until $99K!

haypug16

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Re: Student Loan Challenge (2017 Edition)
« Reply #123 on: July 31, 2017, 02:02:28 PM »
                                 4/10/17       7/31/17
Loan 1 - 6.8%           6,008.64      6,008.64
Loan 2 - 6.8%           8,667.30      8,667.30
Loan 3 - 6.8%          10,077.51   10,077.51
Loan 4 - 5.84%          6,673.00     6,673.00
Loan 5 - 5.375%        7,428.95     7,307.89  (this is the only loan currently in repayment)
Loan 6 - 4.66%          2,435.37     2,435.37
Loan 7 - 4.5%            3,302.06     3,302.06
Loan 8 - 3.86%          5,224.63     5,224.63
Loan 9 - 3.4%            3,848.76     3,848.76
Loan 10 - 3.4%          5,339.07     5,339.07
Total                        59,005.29    58,884.23 ($121.06)

Slow going but I am making huge payments towards my Credit Cards and only paying the min on my SL at the moment. Hopefully in the next few months I'll be able to make some decent payments towards paying these off but CCs are my top priority for now.

Rimu05

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Re: Student Loan Challenge (2017 Edition)
« Reply #124 on: August 01, 2017, 07:50:00 AM »
I am really not part of this challenge as I am paying off the minimum and I also want to clear my CC debt 0% until 2018 (mostly medical debt and moving debt) and then clear my car loan. While these have lower interests at the moment, they are also eating up a good part of my paycheck. Paying these two off would free up an extra $350 that I could throw at student loans.

Currently paying a minimum of $216 a month

August 1 2017 - $28,717


Ms Maggie

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Re: Student Loan Challenge (2017 Edition)
« Reply #125 on: August 02, 2017, 03:26:34 PM »
Sigh!

The summer debt blues is real for me right now - feeling slightly unmotivated and like this will never end, but happily have thrown a lot of money at the loans this summer because of extra work. Nose to the grindstone, I guess! This chapter will be over soon...

Update follows:

Student Loan total Aug 2016: 41,000
Student Loan total May 2017: 27,584
Student Loan total June 2017: 24,005
Student Loan total August 2017: 18,561
Goal for 2017: down to 14,500

Loan 1: 7,992 @ 6.55%
Loan 2: 0       @ 6.55%
Loan 3: 4,204 @ 6.55%
Loan 4: 6,364 @ 5.16%

Good luck everyone! We can do this!

recklesslysober

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Re: Student Loan Challenge (2017 Edition)
« Reply #126 on: August 02, 2017, 05:25:31 PM »
Ms Maggie, you're doing great! It's a long road but it will be worth it! $41K down to $18K in a year.. that's something to be proud of.

Ms Maggie

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Re: Student Loan Challenge (2017 Edition)
« Reply #127 on: August 02, 2017, 08:17:14 PM »
Thanks so much, recklesslysober!! I appreciate your cheer - it will be totally worth it!

NicoleO

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Re: Student Loan Challenge (2017 Edition)
« Reply #128 on: August 04, 2017, 09:02:55 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.

The deferment train has come to a stop and my company has been purchased.  I was working on the master degree because it was important to my company and because they were paying for it.  The new company does not feel a masters is important in my field and will not offer 100% tuition reimbursement so I have been struggling with deciding if it was worth it to me personally to continue to work towards the degree (time and money away from family).  As of right now I have decided it is not worth it for me to continue, so I am going to have to consider refinancing these loans or deal with the 7.5% interest rate.  On the bright side we will still hit my goal, even with the interest rate but I really want these to be done.


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
        03/13/17 = $10,361.96
        04/03/17 = $10,211.96
        04/11/17 = $9,861.96
        05/01/17 = $9,711.96
        06/13/17 = $9,511.96
        08/04/17 = $9,282.67

        12/31/17 = $9,000 - Goal

ETA: Today I decided to check my full payment history on my federal student loans (this is the last one) and that was really depressing.  I consolidated these suckers in 2007 and the total 10 years ago was $23,623!  Why in the world do I still have $9k left on these things?!?!? To date I have paid $27,772, and I still have $9k left.  I really need to make these a priority, let's see if I can get the husband to agree!
« Last Edit: August 07, 2017, 01:50:40 PM by NicoleO »

palebluedot

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Re: Student Loan Challenge (2017 Edition)
« Reply #129 on: August 13, 2017, 10:11:24 PM »



Made my July payments a while ago but haven't posted. Getting real close to being below 10k!


Summer is winding down and still on a nice pace to eliminate these loans by October 2018 if I don't make any extra payments. How's everyone else doing?

Update for August


lexde

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Re: Student Loan Challenge (2017 Edition)
« Reply #130 on: August 14, 2017, 05:07:38 AM »
(6/29/17):
Ooh! I'm in! Trying to hit $0 NW by 12/31/17 and debt free by 12/31/18!

11/2016: 51,826.31
01/2017:48,985.05
05/2017: 41,232.87

today: 39,844.81

$9,000 paid this year so far. I'm going for bonuses to really attack the debt this year to hit $0NW ($13K to go, a bit nervous about it but it may be JUST doable with bonuses).
(7/27/17):

Churning credit cards, so I figured I'd "MS" (or actual-spend) $2K in Gift of College gift cards this evening. So that dent should be put in my account in about 2 weeks! Getting there! Every dollar I put toward student loans is 6% interest I'm making back. :-) Hoping to pay a lot more toward my loans using the card over the next few months, too. Double-win for making minimum spend, with a nominal fee. (1.19% instead of Plastiq's 2.5%).
(8/14/17):

Put another $2,500 toward my loans from Gift of College. Got an offer from AMEX to put $500 on up to 4 authorized user cards for an extra 5K points per user, so I knocked those out plus another $500 to make minimum spend on my card. Once they clear I will pay them off and close the AU cards. Easy bonus. :-)

Civex

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Re: Student Loan Challenge (2017 Edition)
« Reply #131 on: August 26, 2017, 08:58:36 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.

June 1st balance: $72,749

Not great progress- I've been paying a minimum of $1k/month. I will be going back to $1500-2500/month in August....currently cash flowing our wedding. On track to max 401k and Roth IRA as well.

Today's balance:$69,646.70
   Paid $1660 in August and $1256 in July

Should be able to make decent progress through the end of the year; the wedding and honeymoon have been paid for :)

Jim Fiction

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Re: Student Loan Challenge (2017 Edition)
« Reply #132 on: August 29, 2017, 07:14:24 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!

Update to post AUGUST Payments:

Loan 1: $700 $650 @ 0.40%
Loan 2: $3,300 $3,200 @ 2.15%
Loan 3: $12,925 $12,900 @ 4.50%
Loan 4: $6,475 $5,025 @ 4.99%

Total: $23,400 $21,775


I'm getting so close on loan 4 I can almost taste it!

minimos

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Re: Student Loan Challenge (2017 Edition)
« Reply #133 on: August 31, 2017, 07:32:23 AM »
Just made a final payment for the month, so we are now down to:

Loan1a - $31,639 @3.19%
Loan3 - $3,531 @3.28%
Loan5 - $32,205 @3.28%

Total: $67,376

Just hit 56% of our yearly goal -- a little behind on where we wanted to be at this point of the year - but going to continue to try to hit it!
Good luck everyone in the last quarter to hit your goals!
Tackling "hair on fire" student loans, and becoming more mustachian in the process.

NicoleO

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Re: Student Loan Challenge (2017 Edition)
« Reply #134 on: September 01, 2017, 08:22:10 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.

No more deferment but I did convince the DH that we need to put more money towards this debt.  We will see how the next few months go.

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
        03/13/17 = $10,361.96
        04/03/17 = $10,211.96
        04/11/17 = $9,861.96
        05/01/17 = $9,711.96
        06/13/17 = $9,511.96
        08/04/17 = $9,282.67
        09/01/17 = $8,987.95

        12/31/17 = $9,000 - Goal

pharmmm

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  • Age: 30
Re: Student Loan Challenge (2017 Edition)
« Reply #135 on: September 02, 2017, 03:14:12 PM »
Cash on hand: $62,513

Investments (roth/tsp/403b): $58,577

Mortgage: $276,784 (4.01%)
Monthly payment: $1,700

DW's loans:
$132,088 (6.55%)
$19,797 (2.5%)
$19,710 (2.38%)
$2,236 (2.08%)
$3,814 (2.07%)
Total: $177,645

My loans:
$31,326 (7.65%)
$25,500 (6.55%)
$122,924 (6.55%)
Total: $179,950
Note: through PSLF, my debt will be forgiven tax free after 8 more years (96 more payments) of ~1,000/month. This will fluctuate with my adjusted gross income and family size, but I do not anticipate any significant changes, at least while we're focusing on DW's loans. Only huge emergency would be if PSLF would be repealed or I'd lose my government/nonprofit position and couldn't get another one.

Net worth:
-$182,837

Total debt:
$634,379


Paid 2 big chunks (25k and 40k) on DW's big loan since last update:

Cash on hand: $42,424

Investments (roth/tsp/403b): $76,743

Mortgage: $274,532 (4.01%)
Monthly payment: $1,700

DW's loans:
$58,065 (6.55%)
$19,085 (2.5%)
$18,995 (2.38%)
$2,089 (2.08%)
$3,563 (2.07%)
Total: $101,797

My loans:
Total: $179,754 (will be forgiven tax free in 5/2024 after 100 more monthly payments of ~1k on PAYE/PSLF.)

Net worth:
-$118,647

Total debt:
$558,847

Spring update: another $20,000 down.

Cash on hand: $38,395

Investments (roth/tsp/403b): $93,389

Mortgage: $273,009 (4.01%)
Monthly payment: $1,747

DW's loans:
$37,187 (6.55%)
$18,892 (2.5%)
$18,801 (2.38%)
$2,026 (2.08%)
$3,455 (2.07%)
Total: $80,361

My loans:
Total: $179,754 (will be forgiven tax free in 5/2024 after 97 more monthly payments of ~1k on PAYE/PSLF.)

Net worth:
-$83,183

Total debt:
$540,545

Summer update: almost done with DW's high interest loan:16k left.

Cash on hand: $38,762

Investments (roth/tsp/403b): $109,595

Mortgage: $271,294 (4.01%)
Monthly payment: $1,747

DW's loans:
$16,274 (6.55%)
$18,368 (2.5%)
$18,460 (2.38%)
$1,962 (2.08%)
$3,346 (2.07%)
Total: $58,410

My loans:
Total: $179,754 (will be forgiven tax free in 5/2024 after 94 more monthly payments of ~1k on PAYE/PSLF.)

Net worth:
-$44,243

Total debt:
$512,077

Want to give a update from a year ago. We paid off DW's 6.55% loans, taking it easy on the low interest ones but will take them out soon.

Cash on hand: $45,041

Investments (roth/tsp/403b): $179,991

Mortgage: $249575 (4.01%)
Monthly payment: $1,600 (paid down to get rid of PMI)

DW's loans:
$17,238 (2.5%)
$17,152 (2.38%)
$1,689 (2.08%)
$2,881 (2.07%)
Total: $38,960

My loans:
$31,326 (7.65%)
$25,500 (6.55%)
$122,924 (6.55%)
Total: $179,950
Forgive date through PSLF: May 2024, monthly payment ~$900.

Net worth:
$91,395 (positive!)

Total debt:
$468,291

ontheroaderic

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  • Location: Colorado
Re: Student Loan Challenge (2017 Edition)
« Reply #136 on: September 08, 2017, 03:47:15 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)
3/8/17 $19,463.69  (-312.98)
4/7/17 $16,959.27 (-2600)
5/7/17 $14,435.04 (-2600)
6/7/17 $13,203.99 (-1300)
7/7/17 $11,966.85 (-1300)
8/7/17 $10,725.44 (-1300)
9/7/17 $9,473.36 (-1300)

Yes! Crossed the last big marker before complete payoff, down into the 4 digits!

palebluedot

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Re: Student Loan Challenge (2017 Edition)
« Reply #137 on: September 10, 2017, 09:17:58 PM »

Summer is winding down and still on a nice pace to eliminate these loans by October 2018 if I don't make any extra payments. How's everyone else doing?

Update for August



Great work ontheroaderic! I've also hit the 4 digit mark with this month's payment.

Update for September:


I made a 2nd extra payment of $300 in August after my regular $750/month. 4.41% loan will be finished in October and then on to eliminating the next highest interest loan. I'll be maxing out my IRA for this year by December so things are flowing nicely on all ends.

ontheroaderic

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Re: Student Loan Challenge (2017 Edition)
« Reply #138 on: September 11, 2017, 02:59:48 PM »
@palebluedot - feels great doesn't it? I love seeing all the progress!

recklesslysober

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Re: Student Loan Challenge (2017 Edition)
« Reply #139 on: September 15, 2017, 12:26:59 PM »
Made it under the six figure mark finally.. after almost 2 years. Started with $130,400 and now at $99,700. There is such a mental difference between $100K and $99K! Paid $19,500 in principal so far this year.. last year I only paid $10,000 on the same salary so I'm doing a lot better!

Jim Fiction

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Re: Student Loan Challenge (2017 Edition)
« Reply #140 on: September 17, 2017, 03:33:08 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)
3/8/17 $19,463.69  (-312.98)
4/7/17 $16,959.27 (-2600)
5/7/17 $14,435.04 (-2600)
6/7/17 $13,203.99 (-1300)
7/7/17 $11,966.85 (-1300)
8/7/17 $10,725.44 (-1300)
9/7/17 $9,473.36 (-1300)

Yes! Crossed the last big marker before complete payoff, down into the 4 digits!

Your progress is inspirational.

OthalaFehu

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    • OthalaFehu
Re: Student Loan Challenge (2017 Edition)
« Reply #141 on: September 17, 2017, 06:40:34 PM »
DID IT!, as of this summer I have finally paid off all of my student loans (wife's too). Started out over $220,000. Is not at ZERO and it feels good! Took 17 years!
One Day a Rains will come and wash away all you see before you, through Othala kept the true. http://othalafehu.com