Author Topic: Student Loan Challenge (2017 Edition)  (Read 9534 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.


tikimama

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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.

tikimama

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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)

Canít believe how close we are to being under 10K! Might make a bonus payment this month, just canít 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