Author Topic: Student Loan Challenge (2017 Edition)  (Read 3955 times)

OthalaFehu

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Re: Student Loan Challenge (2017 Edition)
« Reply #50 on: February 20, 2017, 01:39:24 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.

worst idea ever. get rid of the debt.

Yeah that seems to be the consensus, I think I will go ahead and pay off the loans, thanks for your two cents.
One Day a Rains will come and wash away all you see before you, through Othala kept the true. https://othalafehu.wordpress.com

sweetkerryline

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Re: Student Loan Challenge (2017 Edition)
« Reply #51 on: February 23, 2017, 11:02:38 AM »
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

minimos

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Re: Student Loan Challenge (2017 Edition)
« Reply #52 on: February 24, 2017, 11:33:53 PM »
Last February payment made ...  keep on chugging, keep on chugging.

Loan1a - $41,537 @2.73%
Loan3 - $6,025 @2.5%
Loan5 - $32,989 @2.5%

Total: $80,551

Goal at start of the year was to pay down 40,00 -- we are at 23% of goal.
Tackling "hair on fire" student loans, and becoming more mustachian in the process.

seventytimes7

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Re: Student Loan Challenge (2017 Edition)
« Reply #53 on: February 27, 2017, 07:49:30 AM »
Jan 2017 - 47,697
Feb 2017 - 47,245

I finally knocked out my CC debt. Now to knock out the Student Loans.

sweetkerryline

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Re: Student Loan Challenge (2017 Edition)
« Reply #54 on: February 27, 2017, 09:32:42 AM »
Everyone in here is doing great this year!

I am glad to see so many folks throwing any extra dollars (no matter how many) at their goal to be debt free.

Let's keep up the momentum into March.
If you have questions about refinancing through sofi, please ask. Here's a referral link: https://www.sofi.com/refer/91/4207

Jim Fiction

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Re: Student Loan Challenge (2017 Edition)
« Reply #55 on: February 28, 2017, 06:37:47 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 for Post February Payments:

Loan 1: $1,000 950 @ 0.40%
Loan 2: $3,817  3,728@ 2.15%
Loan 3: $13,170 $13,119 @ 4.50%
Loan 4: $13,770 $12,572 @ 4.78%

Total: $31,757 $30,375

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!


Another month, another extra $1k towards loan 4! Next month I might forego making such a large payment, due to a higher than anticipated income tax bill (bad tax accountant!), but we'll see how the rest of the month shakes out.

Extra motivation: the topic of student loans came up with one of my co-workers and I mentioned that I was shelling out over $1,500 a month in payments in an effort to get them paid off as quick as possible. He was flabbergasted that I could afford to put in that much!

Cezilous

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Re: Student Loan Challenge (2017 Edition)
« Reply #56 on: March 02, 2017, 06:49:49 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)
Loan 4: $9,886 (2.49%, original amount: $9,886, car loan)

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)
Loan 4: $9,430 (2.49%, original amount: $9,886, car loan)

briesas

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Re: Student Loan Challenge (2017 Edition)
« Reply #57 on: March 02, 2017, 07:32:49 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!

end of Feb:
Loan 1: 7,488.04
Loan 2: 18,644.33
Total: 26,132.67

SquashingDebt

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Re: Student Loan Challenge (2017 Edition)
« Reply #58 on: March 03, 2017, 01:02:12 PM »

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%)


March check-in: 

5.49% - $37,853 $36,071 $34,236
5.00% - $4,814   $4,775   $4,737
2.65% - $2,774   $2,748   $2,019
2.65% - $2,060   $2,040   $2,730

Total -    $47,501 $45,635 $43,723

Paid a total of $1,896.50 towards my loans and knocked $1,912 off the principal.  **I don't know why the principal is lowered more than I paid, according to my numbers.  I did just notice that the interest amounts/new balance can be slow to update on the loan provider's website, so that's probably what introduced an error somewhere.  The balance is moving in the right direction, at least!

NicoleO

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Re: Student Loan Challenge (2017 Edition)
« Reply #59 on: March 06, 2017, 08:07:25 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!  Just paying minimum payments for now, $125/month.  Hoping that DH's side business starts bringing in some income soon.  We also are not pregnant yet so I am really tempted to divert maternity leave savings to this SL until we get a positive test, we will see.

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
        03/06/17 = $10,449.82

         12/2017 = $9,000 - Goal

TMInsall

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Re: Student Loan Challenge (2017 Edition)
« Reply #60 on: March 07, 2017, 07:37:38 AM »
In the process of training for new teacher certification; if all goes well, I'll destroy my commute and be able to walk (currently 30 mi), get a $5k increase, and be eligible for an additional 17.5K forgiven.

Math test, here I come!

thestoicstudent

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Re: Student Loan Challenge (2017 Edition)
« Reply #61 on: March 07, 2017, 09:59:58 PM »

Sent an extra $700 to the first loan listed. I hope to eliminate it by year's end but it will tight. My company is moving to a new building this upcoming March and I need to start looking for a new place to live. The new office will be 40 miles each way from where I currently live which I have no desire to commute. I will start saving up for moving costs.

November 14 2016
PER24A                   $1,200.00    5.00%   $0.00    5/13/2016
DLUNST 09/15/2014   $4,288.00    4.41%   $1,562.49    
DLSTFD 09/15/2014   $5,500.00    4.41%   $5,038.47    
DLSTFD 08/29/2013   $2,250.00    3.61%   $2,093.54    
DLSTFD 08/30/2012   $3,496.00    3.15%   $3,239.80    
DLSTFD 05/24/2012   $2,750.00    3.15%   $2,506.14    
DLSTFD 02/29/2012   $2,750.00    3.15%   $2,506.14    
Total                           $22,234.00               $16,946.58

Just finishing paying off the unsubsidized loan yesterday. I have made a plan to pay this off by December 2018. I will need to send a minimum of $700/month starting in April. You guys are doing great!

Loan                                Original Balance   Interest   Current Balance   Date Paid Off
PER24A                         $1,200.00    5.00%            $0.00                     5/13/2016
DLUNST 09/15/2014         $4,288.00            4.41%            $0.00                     3/6/2017

DLSTFD 09/15/2014         $5,500.00            4.41%            $4,881.16    
DLSTFD 08/29/2013         $2,250.00            3.61%            $2,025.90    
DLSTFD 08/30/2012         $3,496.00            3.15%            $3,133.08    
DLSTFD 05/24/2012         $2,750.00            3.15%            $2,423.56    
DLSTFD 02/29/2012         $2,750.00            3.15%            $2,423.56    
Total                                 $22,234.00                      $14,887.26

ontheroaderic

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Re: Student Loan Challenge (2017 Edition)
« Reply #62 on: March 08, 2017, 11:22:12 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)

We are making some contributions to our 2016 IRAs this month and next so had to cut back the size of my payment to the minimum. Bummer to not see a big dent in this month’s number but it ends up saving us like $1600 in taxes. Really makes you realize the penalty of debt - paying for things with after-tax dollars is pricey! This little bump in the road doesn’t change the fact that we will be finished with these this year, got my eye on the prize!

NicoleO

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Re: Student Loan Challenge (2017 Edition)
« Reply #63 on: March 13, 2017, 10:16:48 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.
Officially back in deferment!!

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

        12/31/17 = $9,000 - Goal

mactastic

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Re: Student Loan Challenge (2017 Edition)
« Reply #64 on: March 15, 2017, 10:10:34 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

Forgot to update March. Making good progress! H got a raise, which is making saving for a home down payment more feasible. I think we'll continue to hit SL1 hard until it's gone, and then focus much of our money towards a down payment. Still hope to make my loans less than $5k by the end of the year, but down payment is the new priority.

                      Jan Bal      Feb Bal        Mar Bal       Apr Bal
SL 1 (6.8%): $3,667     $3,363        $1,059         $777
SL 2 (6.0%): $8,045      $7,885       $7,885        $7,575
Total:            $11,712    $11,248     $8,944       $8,352

JustGettingStarted1980

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Re: Student Loan Challenge (2017 Edition)
« Reply #65 on: March 15, 2017, 10:23:01 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.

It's not the "worst idea ever", but 90K is not chump change. At 3.5%, you are losing >$250/month forever until the loan is paid off. Freedom from school debt is fairly priceless, and frees you up to take more risk in other areas.

How would you feel, Viking, if you put 90K into Equity just in time to see the market tank 20%?  All of a sudden you are 18K down and STILL HAVE THE LOAN DEBT.

Best of luck to you in your decision making. JGS

recklesslysober

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Re: Student Loan Challenge (2017 Edition)
« Reply #66 on: March 15, 2017, 10:25:09 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

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

briesas

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Re: Student Loan Challenge (2017 Edition)
« Reply #67 on: March 17, 2017, 01:35:25 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

On another note, I'm starting to think I got screwed by SM/Navient. I was told by the Dept. of Ed that my loans weren't the 'right type' for PSLF (which I would qualify for in October 2018) -- so I've been busting my butt these last two years to make extra payments and knock them out -- but it's dawning on me that they are Stafford loans that I consolidated to direct loans -- and for some reason Navient seems to be servicing them as FFLP or Private loans. Have to check on this...

therethere

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Re: Student Loan Challenge (2017 Edition)
« Reply #68 on: March 17, 2017, 01:54:21 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.

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.

It's not the "worst idea ever", but 90K is not chump change. At 3.5%, you are losing >$250/month forever until the loan is paid off. Freedom from school debt is fairly priceless, and frees you up to take more risk in other areas.

How would you feel, Viking, if you put 90K into Equity just in time to see the market tank 20%?  All of a sudden you are 18K down and STILL HAVE THE LOAN DEBT.

Best of luck to you in your decision making. JGS

Mathematically it will be better to put it in the market. But emotionally its better to get rid of the debt. You have to decide what you what. There are some minor benefits to keeping it around mainly having more money available for opportunities/leverage. And the student loan interest deduction. If you have the cash flow available to keep the payments for 10 more years or whatever its left  then the market is the way to go. If income is tight, or expected to be soon then pay them off.

I started putting my extra payments in a brokerage account instead of paying my sub-5% student loans. There was a scary few months at the end of 2015 where the market was down I was "behind" about 3k. But now, I'm up almost 8k compared to saving interest by paying down the loans. This was only a 2 year experiment Jan 2015-current and ~50k in student loans. Now I'm just watching my brokerage account go up. Its like free money. If I ever want to pay off my loans I can just cash out the brokerage account.

At 3.5% (assuming 15% taxes) your rate is equivalent to 3% actual. VTSAX pays ~2% (1.7% after same tax) dividends. So the dividends would almost pay for the interest that's accumulating.
« Last Edit: March 17, 2017, 01:57:59 PM by therethere »
I refinanced my student loans with Earnest and cut 1% off my rate. PM me for a referral with $200 credit.

briesas

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Re: Student Loan Challenge (2017 Edition)
« Reply #69 on: March 20, 2017, 09:22:11 PM »
Quote


On another note, I'm starting to think I got screwed by SM/Navient. I was told by the Dept. of Ed that my loans weren't the 'right type' for PSLF (which I would qualify for in October 2018) -- so I've been busting my butt these last two years to make extra payments and knock them out -- but it's dawning on me that they are Stafford loans that I consolidated to direct loans -- and for some reason Navient seems to be servicing them as FFLP or Private loans. Have to check on this...

Did figure this out. I have FFELP loans, AKA Stafford loans which were consolidated. They are federally guaranteed, and the interest is tied to rates congress set when I consolidated -- but the funding came from Sallie Mae, not the government.  Ford Direct federal loans are the ones that are funded directly by the Dept of Ed -- and this is the consolidation I would need, not FFELP, to qualify. Big mistake not sorting this out ten years ago when I got out of grad school *sigh* -- but the end is in sight and I didn't make a mistake accelerating payments.

seventytimes7

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Re: Student Loan Challenge (2017 Edition)
« Reply #70 on: March 21, 2017, 08:10:44 AM »
Jan 2017 - 47,697
Feb 2017 - 47,245
Mar 2017 - 45,808

Plugging and chugging, should be done by 2019. Maybe sooner depending on my savings strategies.

sweetkerryline

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Re: Student Loan Challenge (2017 Edition)
« Reply #71 on: March 23, 2017, 11:31:30 PM »
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
« Last Edit: March 23, 2017, 11:33:02 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