Author Topic: Student Loan Challenge (2018 Edition)  (Read 8879 times)

palebluedot

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Re: Student Loan Challenge (2018 Edition)
« Reply #100 on: February 26, 2018, 07:35:23 PM »

My February payments are posted.



I'll be receiving a tax refund (Meh I need to adjust my withholdings/allowances) check in a few weeks. I'll be putting another dent on my loans from that.

Happy to be posting twice in a month on this thread :-) I sent another $750 last week which was about 1/2 of my tax refund. At this pace I'll be done by September instead of the previous November forecast.


MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #101 on: February 27, 2018, 06:49:34 PM »
2/1/18 - $87,728 .74 @2.57% variable rate
2/22/18 - $81,748.39 @2.57% variable rate (Put my after tax amount from my new job's signing bonus into attacking the balance).
2/27/18 - 74,821.93 @ 2.64% used our federal return to pay it down.  Unfortunately the variable rate increased with LIBOR so the rate went up by .07%.

The war on my student loan balance is raging. I am finally below $80k.  This means the principal reached the half way mark.
http://upwardlymobile.life

Refinance Student loans with Earnest.  They’ll pay you $200 and their rates are cheaper than SoFi.

sweetkerryline

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Re: Student Loan Challenge (2018 Edition)
« Reply #102 on: February 28, 2018, 06:36:46 PM »
Final Update:

Debt at Graduation: Law School (Around $90,000); Undergraduate (Around $15,000)
Total Current Debt: ZERO

Made my last payment and paid off my student loans. Thank you all for standing with me and encouraging me. I look forward to hearing about your successes.

:)


February 2018 Update (Part 2)

Debt at Graduation: Law School (Around $90,000); Undergraduate (Around $15,000)
Total Current Debt: $11,405.63 $9,735.82 $8,546.87 $5,567.08
Monthly Payment [Monthly Payment Goal] (Required Payment): $4,053.86 [$1,000] ($218.50, $153.86) (Monthly Payment Goal Met)

Total 2018 Payments: $6,854.36

Details: This month I got an unexpected tax refund due to overpaying into Medicare (mid-year job change) and I put about $3,000 of that into my loans in addition to my usual payments. It's now looking like I might finish closer to July than November, which is nice.

The only weird thing about my loan is that it is a SoFi loan and SoFi provides me with a no-cost access to a roboadvisor as long as I have the loan outstanding. I am trying to decide at what point to stop paying the loans down more than is necessary. Or if, given that its a variable rate loan, I should just pay it all the way off and then shift my money back into a Vanguard account. We'll see.

January 2018 Update

Debt at Graduation: Law School (Around $90,000); Undergraduate (Around $15,000)
Total Current Debt: $11,405.63 $9,735.82
Monthly Payment [Monthly Payment Goal] (Required Payment): $1,700.50 [$1,000] ($218.50) (Monthly Payment Goal Met)
Total 2018 Payments: $1,700.50

It's 2018 y'all and time to get cracking on getting rid of our student loans. 2017 was a promising year and I'd like to keep up my momentum.

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%; now 4.025%) and got serious about repaying Loans in 2016.
Total Current Debt: $11,405.63
Required Payment: $206.31
2017 Payments: From $39,919.00 to $11,405.63

2018 Goals: Pay off the remaining 11,405.63 student loans by my birthday (November)
, as they are variable rate loans, by:
(1) Paying a minimum of $1000/month;
(2) using performance bonus (if any) to pay down student loans;
(3) continuing to liquidate non-efficient investments and use proceeds to pay down student loans; I was previously restricted from selling certain assets due to my job.

What are your goals for 2018?
« Last Edit: February 28, 2018, 10:23:28 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

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #103 on: February 28, 2018, 07:43:56 PM »
Final Update:

Debt at Graduation: Law School (Around $90,000); Undergraduate (Around $15,000)
Total Current Debt: ZERO

Made my last payment and paid off my student loans. Thank you all for standing with me and encouraging me. I look forward to hearing about your successes.

:)


February 2018 Update (Part 2)

Debt at Graduation: Law School (Around $90,000); Undergraduate (Around $15,000)
Total Current Debt: $11,405.63 $9,735.82 $8,546.87 $5,567.08
Monthly Payment [Monthly Payment Goal] (Required Payment): $4,053.86 [$1,000] ($218.50, $153.86) (Monthly Payment Goal Met)

Total 2018 Payments: $6,854.36

Details: This month I got an unexpected tax refund due to overpaying into Medicare (mid-year job change) and I put about $3,000 of that into my loans in addition to my usual payments. It's now looking like I might finish closer to July than November, which is nice.

The only weird thing about my loan is that it is a SoFi loan and SoFi provides me with a no-cost access to a roboadvisor as long as I have the loan outstanding. I am trying to decide at what point to stop paying the loans down more than is necessary. Or if, given that its a variable rate loan, I should just pay it all the way off and then shift my money back into a Vanguard account. We'll see.

January 2018 Update

Debt at Graduation: Law School (Around $90,000); Undergraduate (Around $15,000)
Total Current Debt: $11,405.63 $9,735.82
Monthly Payment [Monthly Payment Goal] (Required Payment): $1,700.50 [$1,000] ($218.50) (Monthly Payment Goal Met)
Total 2018 Payments: $1,700.50

It's 2018 y'all and time to get cracking on getting rid of our student loans. 2017 was a promising year and I'd like to keep up my momentum.

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%; now 4.025%) and got serious about repaying Loans in 2016.
Total Current Debt: $11,405.63
Required Payment: $206.31
2017 Payments: From $39,919.00 to $11,405.63

2018 Goals: Pay off the remaining 11,405.63 student loans by my birthday (November)
, as they are variable rate loans, by:
(1) Paying a minimum of $1000/month;
(2) using performance bonus (if any) to pay down student loans;
(3) continuing to liquidate non-efficient investments and use proceeds to pay down student loans; I was previously restricted from selling certain assets due to my job.

What are your goals for 2018?
[/quote]
[/quote]

Congrats Sweetkerryline!  That’s awesome news.  Will we be seeing you in one of the “race to x net worth” threads?
http://upwardlymobile.life

Refinance Student loans with Earnest.  They’ll pay you $200 and their rates are cheaper than SoFi.

sweetkerryline

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Re: Student Loan Challenge (2018 Edition)
« Reply #104 on: February 28, 2018, 07:48:56 PM »
Probably. I think I'm at ~$123,000 but I'm also thinking of buying a house. I'll jump into the under $250,000 here shortly.
If you have questions about refinancing through sofi, please ask. Here's a referral link: https://www.sofi.com/refer/91/4207

imadandylion

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Re: Student Loan Challenge (2018 Edition)
« Reply #105 on: February 28, 2018, 08:47:36 PM »
Congratulations Sweetkerryline! That's amazing and very inspiring!  I am not a lawyer, but my significant other is and his student loan debt totals 209k currently. :/ Seeing these stories give me hope for him!

For me, I started off with around 32k four years ago when I graduated.  The main hindrance was that I didn't find a great full time job with benefits until 2 years ago (but worked several low-paying entry level or part-time jobs, once employed at 3 part time jobs at the same time :/ not a good time for me!), so for a while I was just trying to get by and pay rent while keeping up with the minimum payments.

I just drained my savings account to a little over 1k to pay some small loans that were at 5% and 5.7 %, so now I have just $21,800 (a bundle of loans around 3%) to go!

My plan is to pay this down aggressively. Best case scenario is 14 months, which is late April 2019), but that may get delayed into May or even June if I need to budget for something else.  It would go a lot faster if I didn't contribute to my 401k, but it is important to me that I do that.  I've been trying to figure out a feasible way to generate additional income on the side for a while now but not having any "luck" so far. :(  I thought I might do Amazon FBA but have been having issues signing up with them. Should contact them again soon about this.

The best additional source of income is for me to get licensed in my profession and thus get a new title and a raise.  Hopefully that will happen in the next couple months, after I take (and pass!) my exams. Mid-year and holiday bonuses this year should help make a dent, too.  Trying to stay positive!

Slow&Steady

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Re: Student Loan Challenge (2018 Edition)
« Reply #106 on: March 01, 2018, 07:38:04 AM »
The 2018 challenge has started!  I graduated in 2006 with over $30k and only occasionally focused on paying them off, but I have now been out of school for over 10 years and these need to be gone.

Goals (Jan 2018):  Wait until baby gets here safe and healthy (and maybe until after maternity leave) then pay these suckers off!  Assuming no hiccups with baby or maternity leave I would like to pay these off when or before I return from maternity leave around June/July.

Total: 02/18/16 = $16,505.16 (7.5% interest)
         01/09/17 = $10,572.09
         01/04/18 = $7,849.41
         02/02/18 = $7,743.03
         03/01/18 = $7,636.06         

         12/31/18 = $0 (Goal)

I am very jealous of those that are putting good chunks of money towards SLs.  I really really want to but am trying to leave that money in savings for "just in case" until baby gets here and maternity leave is over.

Final Update:

Debt at Graduation: Law School (Around $90,000); Undergraduate (Around $15,000)
Total Current Debt: ZERO

Made my last payment and paid off my student loans. Thank you all for standing with me and encouraging me. I look forward to hearing about your successes.

:)


CONGRATS!!!

Now a MMM people problem, who is going to start the challenge next year?  I don't plan to be around next year either but somebody will have to start it!

sweetkerryline

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Re: Student Loan Challenge (2018 Edition)
« Reply #107 on: March 01, 2018, 07:42:17 AM »
Lol. I just took it over last year, so I'm sure someone new will step in to start the thread and encourage others. Alternatively, we can also just make this the "Pay off my Student Loan Challenge."
If you have questions about refinancing through sofi, please ask. Here's a referral link: https://www.sofi.com/refer/91/4207

ontheroaderic

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Re: Student Loan Challenge (2018 Edition)
« Reply #108 on: March 01, 2018, 09:13:25 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)
8/7/17 $10,725.44 (-1300)
9/7/17 $9,473.36 (-1300)
10/7/17 $8,265.30 (-1300)
11/7/17 $6995.62 (-1300)
12/7/17 $5689.39 (-1300)
1/7/18 $4444.60 (-1300)
2/7/18 $4340.22 (-96.55)

Back for 2018, will be the last time! So close. It’s annual recertification time for my wife’s student loans so we cut the payment back to the minimum to show a higher balance but as soon as her payment is recalculated we’ll finish mine - in a hurry! My wife’s loans are another story, she’s on the PSLF plan so our strategy there is to show as little income as possible and maximize the forgiveness (5 years to go). We filed MFS this year and that’s going to really help (payment should drop from $826 to $100).

palebluedot

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Re: Student Loan Challenge (2018 Edition)
« Reply #109 on: March 01, 2018, 07:22:29 PM »
Final Update:

Debt at Graduation: Law School (Around $90,000); Undergraduate (Around $15,000)
Total Current Debt: ZERO

Made my last payment and paid off my student loans. Thank you all for standing with me and encouraging me. I look forward to hearing about your successes.

Nicely done! Did you wipe the remaining balance using savings? Couldn't wait until July? hehe.

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #110 on: March 01, 2018, 08:11:43 PM »
2/1/18 - $87,728 .74 @2.57% variable rate
2/22/18 - $81,748.39 @2.57% variable rate (Put my after tax amount from my new job's signing bonus into attacking the balance).
2/27/18 - 74,821.93 @ 2.64% used our federal return to pay it down.  Unfortunately the variable rate increased with LIBOR so the rate went up by .07%.

The war on my student loan balance is raging. I am finally below $80k.  This means the principal reached the half way mark.
3/1/18 - $72,332.43 @2.64%

I badly want another financial windfall to make another extra payment.  Waiting on State tax return now to make another extra payment.
http://upwardlymobile.life

Refinance Student loans with Earnest.  They’ll pay you $200 and their rates are cheaper than SoFi.

sweetkerryline

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Re: Student Loan Challenge (2018 Edition)
« Reply #111 on: March 01, 2018, 09:50:27 PM »
Final Update:

Debt at Graduation: Law School (Around $90,000); Undergraduate (Around $15,000)
Total Current Debt: ZERO

Made my last payment and paid off my student loans. Thank you all for standing with me and encouraging me. I look forward to hearing about your successes.

Nicely done! Did you wipe the remaining balance using savings? Couldn't wait until July? hehe.


I actually ended up getting a bonus, a tax refund and an extra paycheck. I moved some of these funds to savings and used the rest to pay off the remaining student loans. E-Fund is still intact.
« Last Edit: March 03, 2018, 09:24:29 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

Jim Fiction

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Re: Student Loan Challenge (2018 Edition)
« Reply #112 on: March 03, 2018, 06:09:12 AM »
Final Update:

Debt at Graduation: Law School (Around $90,000); Undergraduate (Around $15,000)
Total Current Debt: ZERO

Made my last payment and paid off my student loans. Thank you all for standing with me and encouraging me. I look forward to hearing about your successes.

:)



Congrats!

JustGettingStarted1980

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Re: Student Loan Challenge (2018 Edition)
« Reply #113 on: March 03, 2018, 09:28:06 AM »
Final Update:

Debt at Graduation: Law School (Around $90,000); Undergraduate (Around $15,000)
Total Current Debt: ZERO

Made my last payment and paid off my student loans. Thank you all for standing with me and encouraging me. I look forward to hearing about your successes.

:)



Congrats!

Well Done!!!
"If you can keep your head when all about you
 Are losing theirs and blaming it on you,
If you can trust yourself when all men doubt you,
 But make allowance for their doubting too.....

If you can dream—and not make dreams your master;
 If you can think—and not make thoughts your aim;
If you can meet with Triumph and Disaster,
 And treat those two impostors just the same"

leverage

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Re: Student Loan Challenge (2018 Edition)
« Reply #114 on: March 03, 2018, 09:54:57 PM »
First post! Hello everyone. :) So inspiring to see everyone focused on nuking their loans. My own status:

Original balance: ~$120,000 in 2012 (undergrad)
Current balance: $73,500
Rate: 3.865%
2018 end-of-year goal: $48,000
2018 stretch goal: $20,000

After paying the minimum payments of $900 for years, in August 2017 I refinanced the remaining $85k down to a 3.865% 5-year repayment @ $1,500/month (via SoFi). Obviously, aiming to pay that down a lot sooner! With my current budget, I shouldn't have any trouble dropping it down to $48k this year, though I'm really hoping to be able to hit my stretch goal of $20k via side hustle.

Right now I'm paying the $1,500 minimum while I vanquish the SO's remaining car loan: $12k at a soul-crushing 14% interest! That should be gone by July, after which all the surplus goes to these bad boys.
Referral codes:

Ting - $25 credit
SoFi - $100 bonus
Wealthfront - $5,000 extra managed for free

eightyeighttoone

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Re: Student Loan Challenge (2018 Edition)
« Reply #115 on: March 03, 2018, 10:39:21 PM »
Final Update:

Debt at Graduation: Law School (Around $90,000); Undergraduate (Around $15,000)
Total Current Debt: ZERO

Made my last payment and paid off my student loans. Thank you all for standing with me and encouraging me. I look forward to hearing about your successes.


Congrats! I look forward to seeing what you do next.

tanzee

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Re: Student Loan Challenge (2018 Edition)
« Reply #116 on: March 04, 2018, 06:31:09 AM »
I had a good December in terms of student loan payoff.  I'm set for a couple more good months with tax returns etc.  My highly ambitious goal for this year is to have the loans totally paid off, though I'm not sure how feasible that is.  Here is my situation:

Loan 1:  4178.88  @  5.16%
Loan 2:  1802.99  @  5.16%
Loan 3:  9517.22  @  5.31%

Total:   15,499.09

A great month for me!  By the end of the month, I will be paid down to about 13,197 total.  I am in the midst of a frugal month challenge and I got my tax returns to boot.  I'm hoping to have these paid off by August.

I should add that I'm currently making about 25k per year between my two jobs.  I'm a graduate student, so making money can be a bit challenging.  But I'm living lean and crushing these loans.  It's so much fun!

Loan 1: 4112.94 @ 5.16%
Loan 2: 1775.82 @ 5.16%
Loan 3: 7479.17 @ 5.31%

Total: 13367.96  (reduced 2131.04 since last post)

tanzee

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Re: Student Loan Challenge (2018 Edition)
« Reply #117 on: March 04, 2018, 06:32:38 AM »
My largest remaining loan just got transferred to another servicer (ironically to Discover, from whom I originally got the loan). As a result, I'm locked out of making payments for a few days while the transfer completes. The auto-withdrawal occurred just before the transfer, but now I want to make my extra payment and I can't. Darn it!

Perhaps I should post this into the mustachian people's problems thread. I mean, normal people don't derive this much joy from paying bills, right?

So true.  I think I get more pleasure from crushing these loans than most people do from buying whatever crap they are spending their cash on. 

tanzee

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Re: Student Loan Challenge (2018 Edition)
« Reply #118 on: March 04, 2018, 06:40:50 AM »
First post! Hello everyone. :) So inspiring to see everyone focused on nuking their loans. My own status:

Original balance: ~$120,000 in 2012 (undergrad)
Current balance: $73,500
Rate: 3.865%
2018 end-of-year goal: $48,000
2018 stretch goal: $20,000

After paying the minimum payments of $900 for years, in August 2017 I refinanced the remaining $85k down to a 3.865% 5-year repayment @ $1,500/month (via SoFi). Obviously, aiming to pay that down a lot sooner! With my current budget, I shouldn't have any trouble dropping it down to $48k this year, though I'm really hoping to be able to hit my stretch goal of $20k via side hustle.

Right now I'm paying the $1,500 minimum while I vanquish the SO's remaining car loan: $12k at a soul-crushing 14% interest! That should be gone by July, after which all the surplus goes to these bad boys.

Welcome, leverage! 

Seems like you're taking great steps.  Join us in crushing these loans!

Malkynn

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Re: Student Loan Challenge (2018 Edition)
« Reply #119 on: March 04, 2018, 06:47:12 AM »
My largest remaining loan just got transferred to another servicer (ironically to Discover, from whom I originally got the loan). As a result, I'm locked out of making payments for a few days while the transfer completes. The auto-withdrawal occurred just before the transfer, but now I want to make my extra payment and I can't. Darn it!

Perhaps I should post this into the mustachian people's problems thread. I mean, normal people don't derive this much joy from paying bills, right?

So true.  I think I get more pleasure from crushing these loans than most people do from buying whatever crap they are spending their cash on.

For me, it’s been so long, the thrill of paying it off wore pretty thin awhile ago.
The first 200K was exciting, like slaying a dragon, the next 100K was like “nice, I can see the end in sight”, the last ~140K is kind of like “ugh...I’m so over this”

It’s pretty much autopilot now. Although, I do feel like I’ll get a good jolt of excitement from when I down to 5 digits this year.

Ms Maggie

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Re: Student Loan Challenge (2018 Edition)
« Reply #120 on: March 08, 2018, 10:09:01 AM »
A huge congratulations to Sweetkerryline!! What an amazing success. Hope you're enjoying the freedom!


sweetkerryline

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Re: Student Loan Challenge (2018 Edition)
« Reply #121 on: March 08, 2018, 12:49:17 PM »
A huge congratulations to Sweetkerryline!! What an amazing success. Hope you're enjoying the freedom!

I seriously don't know what to do with myself. I'm now paying down my car loan aggressively as I try to save up for a house. I want to put a fair bit down when I buy. Good luck as you continue the good fight!
If you have questions about refinancing through sofi, please ask. Here's a referral link: https://www.sofi.com/refer/91/4207

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #122 on: March 08, 2018, 03:06:02 PM »
A huge congratulations to Sweetkerryline!! What an amazing success. Hope you're enjoying the freedom!

I seriously don't know what to do with myself. I'm now paying down my car loan aggressively as I try to save up for a house. I want to put a fair bit down when I buy. Good luck as you continue the good fight!

Save for a house and, if you aren’t maxing your retirement accounts, invest in an after tax account.
http://upwardlymobile.life

Refinance Student loans with Earnest.  They’ll pay you $200 and their rates are cheaper than SoFi.

Malkynn

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Re: Student Loan Challenge (2018 Edition)
« Reply #123 on: March 08, 2018, 04:19:02 PM »


We’ve paid off about 280K in the last 4 years.

We have ~140K left as of now

-111K in student debt at prime - ~3K monthly payment
-11K DH’s loan at ~4% -  $500 monthly payment
-6K left on car loan 2.9% $300 monthly payment
-11K on LOC ~4.99%

Another 5K paid today
Paid down 19K so far this year, 121K remaining

-~104K student debt ~3%, ~3K monthly payment
-~9K DH’s loan at 4%, $500 monthly payment
-car is paid off
-8K on LOC, 4.99%, interest only min payment
« Last Edit: March 09, 2018, 01:02:21 PM by Malkynn »

sweetkerryline

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Re: Student Loan Challenge (2018 Edition)
« Reply #124 on: March 09, 2018, 08:24:17 AM »
A huge congratulations to Sweetkerryline!! What an amazing success. Hope you're enjoying the freedom!

I seriously don't know what to do with myself. I'm now paying down my car loan aggressively as I try to save up for a house. I want to put a fair bit down when I buy. Good luck as you continue the good fight!

Save for a house and, if you aren’t maxing your retirement accounts, invest in an after tax account.

I meant that in a more colloquial sense. So far, I've decided to put ~$2,000 aside a month for my house account, continue maxing out my 401(k) (I get a 7.5% match) and finally get on taking advantage of the backdoor Roth. I've also dropped 1,000 a month in non-tax advantaged account. Other than overpaying my car loan, I feel like I'm in a weirdly decent financial spot.
If you have questions about refinancing through sofi, please ask. Here's a referral link: https://www.sofi.com/refer/91/4207

ontheroaderic

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Re: Student Loan Challenge (2018 Edition)
« Reply #125 on: March 09, 2018, 11:57:56 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)
8/7/17 $10,725.44 (-1300)
9/7/17 $9,473.36 (-1300)
10/7/17 $8,265.30 (-1300)
11/7/17 $6995.62 (-1300)
12/7/17 $5689.39 (-1300)
1/7/18 $4444.60 (-1300)
2/7/18 $4340.22 (-96.55)
3/7/18 $4262.37 (-95.55)
3/8/18 $0.00 (-4235.02)

DONE! We took some money from here and there and just killed it yesterday! Almost three years to the day since we decided to get serious about them. It feels pretty good, but I’m sure it will feel even better when I can start diverting that money to other goals next month.

haypug16

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Re: Student Loan Challenge (2018 Edition)
« Reply #126 on: March 09, 2018, 01:15:57 PM »
Congrats @ontheroad that must feel awesome!

I forgot to update on Feb and mar 1st. Probably because there was nothing exciting to update but here goes;

Jan 1st 2018 $61,210.17
Feb 1st 2018 $61,498.36
Mar 1st 2018 $60,712.61

$497.56/$10,000 paid off in 2018 Pretty slow start to the year but I hope to pick up the pace in May once the CCs are all paid off.

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #127 on: March 09, 2018, 11:00:43 PM »
A huge congratulations to Sweetkerryline!! What an amazing success. Hope you're enjoying the freedom!

I seriously don't know what to do with myself. I'm now paying down my car loan aggressively as I try to save up for a house. I want to put a fair bit down when I buy. Good luck as you continue the good fight!

Save for a house and, if you aren’t maxing your retirement accounts, invest in an after tax account.

I meant that in a more colloquial sense. So far, I've decided to put ~$2,000 aside a month for my house account, continue maxing out my 401(k) (I get a 7.5% match) and finally get on taking advantage of the backdoor Roth. I've also dropped 1,000 a month in non-tax advantaged account. Other than overpaying my car loan, I feel like I'm in a weirdly decent financial spot.
that’s such an exciting place to be in.  I hope to be standing in your shoes in 21 months or less.

Earnest says if I did nothing more than make my regular monthly over payment of $2500,  I would pay off on September 1, 2020.  I’m putting another $750 payment in next week.  Combination of state tax return money and $200 I received because someone decided to get an ultra low refinance (plus $200 for themself) through earnest via the referral link in my signature.  My next big threshold is getting under $70,000.00.  Can’t wait to do it.
http://upwardlymobile.life

Refinance Student loans with Earnest.  They’ll pay you $200 and their rates are cheaper than SoFi.

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #128 on: March 09, 2018, 11:01:41 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)
10/7/17 $8,265.30 (-1300)
11/7/17 $6995.62 (-1300)
12/7/17 $5689.39 (-1300)
1/7/18 $4444.60 (-1300)
2/7/18 $4340.22 (-96.55)
3/7/18 $4262.37 (-95.55)
3/8/18 $0.00 (-4235.02)

DONE! We took some money from here and there and just killed it yesterday! Almost three years to the day since we decided to get serious about them. It feels pretty good, but I’m sure it will feel even better when I can start diverting that money to other goals next month.
that’s a huge congratulations to you. Seriously, great work.
http://upwardlymobile.life

Refinance Student loans with Earnest.  They’ll pay you $200 and their rates are cheaper than SoFi.

imadandylion

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Re: Student Loan Challenge (2018 Edition)
« Reply #129 on: March 10, 2018, 06:26:11 PM »
Seriously... how is this even fair? One of the student loan "accounts" I paid off closed, which apparently bumps my credit score down 3 points because it's an account closure? Come on... I thought this was going to have a positive impact. Has this happened to anyone else?

"Lenders like to see that you have experience successfully managing your credit. Closing an account could affect your average age of credit history. Generally, you'll want to keep your oldest accounts active and in good standing in order to prevent them from being closed.
Between February 23, 2018 and March 10, 2018, your US DEPT OF EDUCATION/GLE student loan account appears to have been closed."

So paying off your student loan isn't considered successfully managing your credit...?

EDIT:  After a little bit of googling, this is apparently a normal result of paying off student loan(s). Really wish the credit system didn't work this way, but doesn't everyone? Sigh.
« Last Edit: March 10, 2018, 06:43:09 PM by imadandylion »

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #130 on: March 10, 2018, 08:24:06 PM »
Seriously... how is this even fair? One of the student loan "accounts" I paid off closed, which apparently bumps my credit score down 3 points because it's an account closure? Come on... I thought this was going to have a positive impact. Has this happened to anyone else?

"Lenders like to see that you have experience successfully managing your credit. Closing an account could affect your average age of credit history. Generally, you'll want to keep your oldest accounts active and in good standing in order to prevent them from being closed.
Between February 23, 2018 and March 10, 2018, your US DEPT OF EDUCATION/GLE student loan account appears to have been closed."

So paying off your student loan isn't considered successfully managing your credit...?

EDIT:  After a little bit of googling, this is apparently a normal result of paying off student loan(s). Really wish the credit system didn't work this way, but doesn't everyone? Sigh.

Refinancing to 2-3 times over the life of my student loans to get a lower rate has been like a rocket ship to my credit score (830+).  Total credit availability improves it.  Toward the end I might slow down payments to keep my score artificially high until after I buy a house.
http://upwardlymobile.life

Refinance Student loans with Earnest.  They’ll pay you $200 and their rates are cheaper than SoFi.

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #131 on: March 10, 2018, 09:44:15 PM »
Congrats @ontheroad that must feel awesome!

I forgot to update on Feb and mar 1st. Probably because there was nothing exciting to update but here goes;

Jan 1st 2018 $61,210.17
Feb 1st 2018 $61,498.36
Mar 1st 2018 $60,712.61

$497.56/$10,000 paid off in 2018 Pretty slow start to the year but I hope to pick up the pace in May once the CCs are all paid off.

Why did your balance increase from January to February 2018?
http://upwardlymobile.life

Refinance Student loans with Earnest.  They’ll pay you $200 and their rates are cheaper than SoFi.

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #132 on: March 11, 2018, 10:23:29 PM »
My largest remaining loan just got transferred to another servicer (ironically to Discover, from whom I originally got the loan). As a result, I'm locked out of making payments for a few days while the transfer completes. The auto-withdrawal occurred just before the transfer, but now I want to make my extra payment and I can't. Darn it!

Perhaps I should post this into the mustachian people's problems thread. I mean, normal people don't derive this much joy from paying bills, right?

So true.  I think I get more pleasure from crushing these loans than most people do from buying whatever crap they are spending their cash on.

For me, it’s been so long, the thrill of paying it off wore pretty thin awhile ago.
The first 200K was exciting, like slaying a dragon, the next 100K was like “nice, I can see the end in sight”, the last ~140K is kind of like “ugh...I’m so over this”

It’s pretty much autopilot now. Although, I do feel like I’ll get a good jolt of excitement from when I down to 5 digits this year.

What is your interest rate at?
http://upwardlymobile.life

Refinance Student loans with Earnest.  They’ll pay you $200 and their rates are cheaper than SoFi.

palebluedot

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Re: Student Loan Challenge (2018 Edition)
« Reply #133 on: March 11, 2018, 10:39:39 PM »

Happy to be posting twice in a month on this thread :-) I sent another $750 last week which was about 1/2 of my tax refund. At this pace I'll be done by September instead of the previous November forecast.



March payment is in and I paid off another loan. Only two remain. At current pace should be done by September.



And congrats to ontheroaderic, astounding job!

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #134 on: March 11, 2018, 10:42:51 PM »

Happy to be posting twice in a month on this thread :-) I sent another $750 last week which was about 1/2 of my tax refund. At this pace I'll be done by September instead of the previous November forecast.



March payment is in and I paid off another loan. Only two remain. At current pace should be done by September.



And congrats to ontheroaderic, astounding job!


You’re crushing it. 
http://upwardlymobile.life

Refinance Student loans with Earnest.  They’ll pay you $200 and their rates are cheaper than SoFi.

Malkynn

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Re: Student Loan Challenge (2018 Edition)
« Reply #135 on: March 12, 2018, 04:41:30 AM »
My largest remaining loan just got transferred to another servicer (ironically to Discover, from whom I originally got the loan). As a result, I'm locked out of making payments for a few days while the transfer completes. The auto-withdrawal occurred just before the transfer, but now I want to make my extra payment and I can't. Darn it!

Perhaps I should post this into the mustachian people's problems thread. I mean, normal people don't derive this much joy from paying bills, right?

So true.  I think I get more pleasure from crushing these loans than most people do from buying whatever crap they are spending their cash on.

For me, it’s been so long, the thrill of paying it off wore pretty thin awhile ago.
The first 200K was exciting, like slaying a dragon, the next 100K was like “nice, I can see the end in sight”, the last ~140K is kind of like “ugh...I’m so over this”

It’s pretty much autopilot now. Although, I do feel like I’ll get a good jolt of excitement from when I down to 5 digits this year.

What is your interest rate at?

Now it’s at about 3%, it was variable, but I locked it in when our interest rates started rising.

appleseed

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Re: Student Loan Challenge (2018 Edition)
« Reply #136 on: March 12, 2018, 12:18:18 PM »
Thanks for starting a 2018 thread! I kept trying to update my balances for the end of December in the old thread, instead  I'll start here new for 2018.

These are my husband's loans from 2005ish. They've been low interest and low priority, but I'm so sick of them and sending money to a loan instead of stashing it.

Loans:

DB1 - 2.5% - $5,991.33 (monthly payment - $182.67)
DB2 - 2.5% - $6,388.29 (monthly payment - $194.77)
N1 - 2.625% - $6,171.61 (monthly payment - $91.08) 
N2 - 2.625%  - $5,392.19 (monthly payment - $79.59 

Total - $23,943.42

I only starting increasing our payments in August by about $500/month to the N1 and N2 loans due to lurking in this forum and seeing so many people have great progress.

My goal for 2018 is to get the total under $10k, which will be a stretch but I think doable especially with motivation from here.

End of January update:

DB1 - 2.5% - $5,819.28 (monthly payment - $182.67)
DB2 - 2.5% - $6,149.84 (monthly payment - $194.77)
N1 - 2.625% - $5,824.97 (monthly payment - $91.08) 
N2 - 2.625%  - $5,089.28 (monthly payment - $79.59 

Total - $22,883.37

I sent an extra $500 to N1 and N2 plus threw $55 at D2 to get the total for the first two loans under $12k (it was $23 over so I added to cover February interest, so I don't have to see it over $12k ever again!). It's silly, but paying attention to those milestones (my next one - all 4 loans will be under $6,000) has been motivating to me! Getting the total below $20,000 will be cause for celebration!
End of February update/mid-March update:

DB1 - $5,652.79
DB2 - $5,972.17
N1 - $5,483.76
N2 - $4791.12

Total - $21,899.84

Sending an extra $500 to the N1&N2 loans makes our principal payment about $1k, so I'll be under $20k in 2 months! Getting ready to invoice a $2k project, so I may send half of that in addition depending on how 2017 taxes wash out.

Congratulations to everyone for chipping away and sharing your success!

eightyeighttoone

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Re: Student Loan Challenge (2018 Edition)
« Reply #137 on: March 12, 2018, 09:35:37 PM »
First post! Hello everyone. :) So inspiring to see everyone focused on nuking their loans. My own status:

Original balance: ~$120,000 in 2012 (undergrad)
Current balance: $73,500
Rate: 3.865%
2018 end-of-year goal: $48,000
2018 stretch goal: $20,000


Welcome! Looking forward to seeing your progress!

3/5/15: $74,618.23 at 5.625% {Starting Balance}

3/8/18 $0.00 (-4235.02)

DONE! We took some money from here and there and just killed it yesterday! Almost three years to the day since we decided to get serious about them. It feels pretty good, but I’m sure it will feel even better when I can start diverting that money to other goals next month.

Congrats!!!!!! Seriously, nice work!

Jim Fiction

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Re: Student Loan Challenge (2018 Edition)
« Reply #138 on: March 15, 2018, 05:48:57 PM »
Beginning balance and goals for 2018

Loan 1: $461 @ 0.40%
Loan 2: $2,859 @ 2.15%
Loan 3: $12,302 @ 4.50%

Total: $15,622

March payments are in the books:

Loan 1: $362 $312 @ 0.40%
Loan 2: $2,681 $2,592 @ 2.15%
Loan 3: $9,417 $7,859@ 4.50%

Total: $12,460 $10,763


Steady as she goes...

Jim Fiction

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Re: Student Loan Challenge (2018 Edition)
« Reply #139 on: March 15, 2018, 05:51:30 PM »
Congratulations to our recent graduates! Your hard work has paid off, on to the next financial goal!

eightyeighttoone

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Re: Student Loan Challenge (2018 Edition)
« Reply #140 on: March 15, 2018, 10:30:36 PM »
Starting Balance  : 27,416
January Balance  : 25,831
February Balance : 24,047

March Balance     : 22,198

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #141 on: March 19, 2018, 06:58:03 PM »
Starting Balance  : 27,416
January Balance  : 25,831
February Balance : 24,047

March Balance     : 22,198

Keep plugging away at that. You’re steadily knocking it down.
http://upwardlymobile.life

Refinance Student loans with Earnest.  They’ll pay you $200 and their rates are cheaper than SoFi.

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #142 on: March 19, 2018, 07:02:57 PM »
A huge congratulations to Sweetkerryline!! What an amazing success. Hope you're enjoying the freedom!

I seriously don't know what to do with myself. I'm now paying down my car loan aggressively as I try to save up for a house. I want to put a fair bit down when I buy. Good luck as you continue the good fight!

Save for a house and, if you aren’t maxing your retirement accounts, invest in an after tax account.

I meant that in a more colloquial sense. So far, I've decided to put ~$2,000 aside a month for my house account, continue maxing out my 401(k) (I get a 7.5% match) and finally get on taking advantage of the backdoor Roth. I've also dropped 1,000 a month in non-tax advantaged account. Other than overpaying my car loan, I feel like I'm in a weirdly decent financial spot.

FWIW, The backdoor Roth is best done in the total amount for the year. One deposit and conversion of $5500 is a lot less work than 5 deposit and conversions of $1100.  That match is pretty great though.
http://upwardlymobile.life

Refinance Student loans with Earnest.  They’ll pay you $200 and their rates are cheaper than SoFi.

Malkynn

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Re: Student Loan Challenge (2018 Edition)
« Reply #143 on: March 21, 2018, 07:40:08 AM »

We’ve paid off about 280K in the last 4 years.

We have ~140K left as of now

-111K in student debt at prime - ~3K monthly payment
-11K DH’s loan at ~4% -  $500 monthly payment
-6K left on car loan 2.9% $300 monthly payment
-11K on LOC ~4.99%

Another $2500 paid today, 118.5K remaining, may pay another 2K before the month is over, it’s been a lucrative March.

-~104K student debt ~3%, ~3K monthly payment
-~9K DH’s loan at 4%, $500 monthly payment
-car is paid off
-5.5K on LOC, 4.99%, interest only min payment

tanzee

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Re: Student Loan Challenge (2018 Edition)
« Reply #144 on: March 23, 2018, 05:29:17 AM »
I had a good December in terms of student loan payoff.  I'm set for a couple more good months with tax returns etc.  My highly ambitious goal for this year is to have the loans totally paid off, though I'm not sure how feasible that is.  Here is my situation:

Loan 1:  4178.88  @  5.16%
Loan 2:  1802.99  @  5.16%
Loan 3:  9517.22  @  5.31%

Total:   15,499.09

A great month for me!  By the end of the month, I will be paid down to about 13,197 total.  I am in the midst of a frugal month challenge and I got my tax returns to boot.  I'm hoping to have these paid off by August.

I should add that I'm currently making about 25k per year between my two jobs.  I'm a graduate student, so making money can be a bit challenging.  But I'm living lean and crushing these loans.  It's so much fun!

Loan 1: 4112.94 @ 5.16%
Loan 2: 1775.82 @ 5.16%
Loan 3: 7479.17 @ 5.31%

Total: 13367.96  (reduced 2131.04 since last post)

Loan 1: 4098.55 @ 5.16%
Loan 2: 1769.61 @ 5.16%
Loan 3: 6523.26 @ 5.31%

Total: 12391.42

I'll have a few more dollars to throw at this before the end of the month.  But I felt like posting to maintain a sense of progress.  Thanks, guys!

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #145 on: March 23, 2018, 05:40:12 AM »

We’ve paid off about 280K in the last 4 years.

We have ~140K left as of now

-111K in student debt at prime - ~3K monthly payment
-11K DH’s loan at ~4% -  $500 monthly payment
-6K left on car loan 2.9% $300 monthly payment
-11K on LOC ~4.99%

Another $2500 paid today, 118.5K remaining, may pay another 2K before the month is over, it’s been a lucrative March.

-~104K student debt ~3%, ~3K monthly payment
-~9K DH’s loan at 4%, $500 monthly payment
-car is paid off
-5.5K on LOC, 4.99%, interest only min payment

What are you and DH earning that you're able to dedicate $3500+/month to debt?

Is there any reason you and DH are not just putting to rest the $9k loan at 4% interest?  It's a low enough balance where you could kill it in a few months and it's higher interest than the 104k balance loan so it's mathematically sound to kill the higher rate debt.
http://upwardlymobile.life

Refinance Student loans with Earnest.  They’ll pay you $200 and their rates are cheaper than SoFi.

Malkynn

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Re: Student Loan Challenge (2018 Edition)
« Reply #146 on: March 23, 2018, 06:03:39 PM »

We’ve paid off about 280K in the last 4 years.

We have ~140K left as of now

-111K in student debt at prime - ~3K monthly payment
-11K DH’s loan at ~4% -  $500 monthly payment
-6K left on car loan 2.9% $300 monthly payment
-11K on LOC ~4.99%

Another $2500 paid today, 118.5K remaining, may pay another 2K before the month is over, it’s been a lucrative March.

-~104K student debt ~3%, ~3K monthly payment
-~9K DH’s loan at 4%, $500 monthly payment
-car is paid off
-5.5K on LOC, 4.99%, interest only min payment

What are you and DH earning that you're able to dedicate $3500+/month to debt?

Is there any reason you and DH are not just putting to rest the $9k loan at 4% interest?  It's a low enough balance where you could kill it in a few months and it's higher interest than the 104k balance loan so it's mathematically sound to kill the higher rate debt.

My income is high, but also highly variable. We live on DH’s lower but stable income, and mine goes almost exclusively to debt repayment and savings. I’m only working part time and make ~$140K (minus Canadian taxes of course), which totally depends on how much I work. I’ve made well over 200K in some years, but the hours were murder.

I can’t not put $3000/mo on the student loan because that’s the mandatory minimum payment. The student loan was refinanced as a business loan with a 5 year repayment schedule that I’m about a year and a half into, that’s why the monthly payment is so high. I call it a “student loan” because it’s the same debt, just with a different name.

Everything else is being thrown at the higher interest smaller debts, as per the appropriate math, and both the LOC and DH’s loan will be gone pretty quick.
« Last Edit: March 23, 2018, 09:34:22 PM by Malkynn »

BluePhoenix75

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  • Location: DMV
Re: Student Loan Challenge (2018 Edition)
« Reply #147 on: March 24, 2018, 04:25:34 PM »
We are making progress.  Had a big snowball to throw at this in March!

$142,000..........October 2017
$134,237..........December 2017
$128,797..........January 2018
$125,966..........February 2018 
$110,751..........March 2018

MrUpwardlyMobile

  • Stubble
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  • Posts: 231
    • The Upwardly Mobile Life
Re: Student Loan Challenge (2018 Edition)
« Reply #148 on: March 24, 2018, 05:17:34 PM »
We are making progress.  Had a big snowball to throw at this in March!

$142,000..........October 2017
$134,237..........December 2017
$128,797..........January 2018
$125,966..........February 2018 
$110,751..........March 2018

Kicking butt!  You’re almost at the big benchmark.
http://upwardlymobile.life

Refinance Student loans with Earnest.  They’ll pay you $200 and their rates are cheaper than SoFi.

recklesslysober

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  • Posts: 490
  • Age: 30
  • Location: BC, Canada
Re: Student Loan Challenge (2018 Edition)
« Reply #149 on: March 25, 2018, 08:10:05 PM »
$86,700 January
$85,300 February
$81,800 March

$7,400/$40,000 = 18.5% for 2018