Author Topic: Student Loan Challenge (2018 Edition)  (Read 32555 times)

shinn497

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Re: Student Loan Challenge (2018 Edition)
« Reply #200 on: June 15, 2018, 06:28:42 AM »
$5,453.82 ............ May 15 2018
$4388.82 ............ May 31 2018
$2900.00 ............ June  15 2018
« Last Edit: June 29, 2018, 01:47:44 AM by shinn497 »

Jim Fiction

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Re: Student Loan Challenge (2018 Edition)
« Reply #201 on: June 15, 2018, 10:19:22 AM »
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

June payments are in the books:

Loan 1: $212 $163 @ 0.40%
Loan 2: $2,415 $2,327 @ 2.15%
Loan 3: $7,254 $6,201 @ 4.50%

Total: $9,881 $8,691

Edging closer to the finish line. I'll be taking a month's paid leave in another week to be with my wife and the baby. During that time I intend to sell some stuff to generate some extra cash to throw at these. Really want to be done with them by the end of the year.


MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #202 on: June 15, 2018, 05:44:10 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

June payments are in the books:

Loan 1: $212 $163 @ 0.40%
Loan 2: $2,415 $2,327 @ 2.15%
Loan 3: $7,254 $6,201 @ 4.50%

Total: $9,881 $8,691

Edging closer to the finish line. I'll be taking a month's paid leave in another week to be with my wife and the baby. During that time I intend to sell some stuff to generate some extra cash to throw at these. Really want to be done with them by the end of the year.

I would probably just pay off loan one at this point for the mental boost if I was you.  It looks like you have maybe 2 payments. Probably easier to kill it in the next payment.

shinn497

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Re: Student Loan Challenge (2018 Edition)
« Reply #203 on: June 15, 2018, 06:02:55 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

June payments are in the books:

Loan 1: $212 $163 @ 0.40%
Loan 2: $2,415 $2,327 @ 2.15%
Loan 3: $7,254 $6,201 @ 4.50%

Total: $9,881 $8,691

Edging closer to the finish line. I'll be taking a month's paid leave in another week to be with my wife and the baby. During that time I intend to sell some stuff to generate some extra cash to throw at these. Really want to be done with them by the end of the year.

I would probably just pay off loan one at this point for the mental boost if I was you.  It looks like you have maybe 2 payments. Probably easier to kill it in the next payment.
Yes put it out of its misery.

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #204 on: June 15, 2018, 07:17:50 PM »
$5,453.82 ............ May 15 2018
$4388.82 ............ May 31 2018
$2900.00 ............ June  15 2018

Killing it in the next payment?!

shinn497

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Re: Student Loan Challenge (2018 Edition)
« Reply #205 on: June 15, 2018, 07:58:05 PM »
$5,453.82 ............ May 15 2018
$4388.82 ............ May 31 2018
$2900.00 ............ June  15 2018

Killing it in the next payment?!

It will be done in august! Plan on doing 1000, 1500, 400!

tanzee

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Re: Student Loan Challenge (2018 Edition)
« Reply #206 on: June 16, 2018, 12:55:24 PM »
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!

OK, end of the month update:

Loan 1: 4103.18 @ 5.16%
Loan 2: 1771.61 @ 5.16%
Loan 3: 5755.66 @ 5.31%

Total: 11,630.45

Decent month.  Not great, but decent.  Hopefully I will have these gone by October or so. 

Loan 1: 4082.96 @ 5.16%
Loan 2: 1761.35 @ 5.16%
Loan 3: 4481.78 @ 5.31%

Total: 10,326.09

I just looked back at my first post in this thread which suggested paying them off this year would be "highly ambitious".  But, at this point, I think it's perfectly reasonable.  I just need to stay on track.  May wasn't the best month for paying off loans because I didn't work for half of it and had some added expenses.  But as of June 1st I'm officially under $10k.  By the end of this month I'll be about half way there.  I'll post a more in depth breakdown later this month after I've made a couple more payments.


Loan 1: 4090.45 @ 5.16%
Loan 2: 1764.57 @ 5.16%
Loan 3: 3381.25 @ 5.31%

Total: 9236.28

I'm under 10k!!  That feels good. Unfortunately, I've encountered a tough situation where I might have to pay for a year's worth of health insurance up front.  That would set me back in my payments for a while.  But I'm not sure.  We'll see. 

Jim Fiction

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Re: Student Loan Challenge (2018 Edition)
« Reply #207 on: June 19, 2018, 06:35:42 AM »
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

June payments are in the books:

Loan 1: $212 $163 @ 0.40%
Loan 2: $2,415 $2,327 @ 2.15%
Loan 3: $7,254 $6,201 @ 4.50%

Total: $9,881 $8,691

Edging closer to the finish line. I'll be taking a month's paid leave in another week to be with my wife and the baby. During that time I intend to sell some stuff to generate some extra cash to throw at these. Really want to be done with them by the end of the year.

I would probably just pay off loan one at this point for the mental boost if I was you.  It looks like you have maybe 2 payments. Probably easier to kill it in the next payment.

The two of you are right, its small enough where putting the payment towards a higher interest loan will provide a negligible benefit in saved interest. When I am off from work next week I'll call my servicer and pay it off.

avedaprincess

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Re: Student Loan Challenge (2018 Edition)
« Reply #208 on: June 19, 2018, 06:46:50 AM »
Hi there!

I currently have 2 large federal student loans. One is unsubsidized and on is subsidized. Each is at 4.5%
Does anyone have a calculator they use to see how I should allocate payments? (or does it even matter which type of loan...?)

Subsdized loan- $47,560.25
Unsubsidized- $62,602.35


Slow&Steady

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Re: Student Loan Challenge (2018 Edition)
« Reply #209 on: June 19, 2018, 08:03:09 AM »
Hi there!

I currently have 2 large federal student loans. One is unsubsidized and on is subsidized. Each is at 4.5%
Does anyone have a calculator they use to see how I should allocate payments? (or does it even matter which type of loan...?)

Subsdized loan- $47,560.25
Unsubsidized- $62,602.35

It mattered when you were in school or are still in school and if you plan to go back to school.  If you are don't I don't think it really matters anymore.

avedaprincess

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Re: Student Loan Challenge (2018 Edition)
« Reply #210 on: June 19, 2018, 07:52:10 PM »
thank you!

shinn497

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Re: Student Loan Challenge (2018 Edition)
« Reply #211 on: June 20, 2018, 01:09:56 PM »
How you should do it matters based on your preferences. Personally I just like snowball.

eightyeighttoone

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Re: Student Loan Challenge (2018 Edition)
« Reply #212 on: June 20, 2018, 07:03:58 PM »


How is the baby doing?  My daughter was born March 23 (at term), I can't imagine how stressful it is to have a baby born a couple months early.  Hopefully her and your wife are getting healthy fast.  Congrats on the baby!

Congrats to you as well! Everyone is doing just fantastic. Baby has been home for a week now and overall the transition has gone rather smoothly. I can't wait to take off of work for a month so I can spend time at home with her.

Glad to hear baby is home and everyone is well!

Jim Fiction

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Re: Student Loan Challenge (2018 Edition)
« Reply #213 on: June 25, 2018, 05:55:17 PM »


How is the baby doing?  My daughter was born March 23 (at term), I can't imagine how stressful it is to have a baby born a couple months early.  Hopefully her and your wife are getting healthy fast.  Congrats on the baby!

Congrats to you as well! Everyone is doing just fantastic. Baby has been home for a week now and overall the transition has gone rather smoothly. I can't wait to take off of work for a month so I can spend time at home with her.

Glad to hear baby is home and everyone is well!

Thank you!

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

June payments are in the books:

Loan 1: $212 $163  $0 @ 0.40%
Loan 2: $2,415 $2,327 @ 2.15%
Loan 3: $7,254 $6,201 @ 4.50%

Total: $9,881 $8,691 $8,528

Edging closer to the finish line. I'll be taking a month's paid leave in another week to be with my wife and the baby. During that time I intend to sell some stuff to generate some extra cash to throw at these. Really want to be done with them by the end of the year.

I would probably just pay off loan one at this point for the mental boost if I was you.  It looks like you have maybe 2 payments. Probably easier to kill it in the next payment.

The two of you are right, its small enough where putting the payment towards a higher interest loan will provide a negligible benefit in saved interest. When I am off from work next week I'll call my servicer and pay it off.

Loan one is officially dead!


Slow&Steady

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Re: Student Loan Challenge (2018 Edition)
« Reply #214 on: June 26, 2018, 07:08:32 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
         04/04/18 = $7,537.60       
         06/06/18 = $7,231.53

         12/31/18 = $0 (Goal)

I am back at work!! We plan to make the min payment again in July and then splitting up the balance between Aug, Sept, and Oct.  Hoping to not have a student loan payment in NOV and forever going forward.

Small update:  We will be making the min payment in July as I predicted but I am now not sure if we will get to pay these off this year.  We had an unexpected expense on our rental (in another state and property manager has not had very good communication lately) that is just about equal to the balance on these loans.  I am happy we have the space in our finances to take care of the rental but kind of pissed off that we will need to replenish that fund before I can eliminate these loans.  I am still debate paying these off before replenishment of funds because I want these gone so bad.

shinn497

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Re: Student Loan Challenge (2018 Edition)
« Reply #215 on: June 29, 2018, 01:47:51 AM »
$5,453.82 ............ May 15 2018
$4388.82 ............ May 31 2018
$2900.00 ............ June  15 2018
$1900.00 ............ June  28 2018

ALMOST THERE

tanzee

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Re: Student Loan Challenge (2018 Edition)
« Reply #216 on: June 29, 2018, 05:28:59 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!

OK, end of the month update:

Loan 1: 4103.18 @ 5.16%
Loan 2: 1771.61 @ 5.16%
Loan 3: 5755.66 @ 5.31%

Total: 11,630.45

Decent month.  Not great, but decent.  Hopefully I will have these gone by October or so. 

Loan 1: 4082.96 @ 5.16%
Loan 2: 1761.35 @ 5.16%
Loan 3: 4481.78 @ 5.31%

Total: 10,326.09

I just looked back at my first post in this thread which suggested paying them off this year would be "highly ambitious".  But, at this point, I think it's perfectly reasonable.  I just need to stay on track.  May wasn't the best month for paying off loans because I didn't work for half of it and had some added expenses.  But as of June 1st I'm officially under $10k.  By the end of this month I'll be about half way there.  I'll post a more in depth breakdown later this month after I've made a couple more payments.


Loan 1: 4090.45 @ 5.16%
Loan 2: 1764.57 @ 5.16%
Loan 3: 3381.25 @ 5.31%

Total: 9236.28

I'm under 10k!!  That feels good. Unfortunately, I've encountered a tough situation where I might have to pay for a year's worth of health insurance up front.  That would set me back in my payments for a while.  But I'm not sure.  We'll see.

End of the month update:

Loan 1: 4072.53 @ 5.16%
Loan 2: 1756.84 @ 5.16%
Loan 3: 2874.01 @ 5.31%

Total: 8686.28

tanzee

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Re: Student Loan Challenge (2018 Edition)
« Reply #217 on: June 29, 2018, 05:36:05 AM »
$5,453.82 ............ May 15 2018
$4388.82 ............ May 31 2018
$2900.00 ............ June  15 2018
$1900.00 ............ June  28 2018

ALMOST THERE

Exciting!  I'm looking forward to that feeling. 

shinn497

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Re: Student Loan Challenge (2018 Edition)
« Reply #218 on: June 29, 2018, 03:16:34 PM »
YEAH I BELEIVE IN YOU GET IR DUN

minimos

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Re: Student Loan Challenge (2018 Edition)
« Reply #219 on: June 30, 2018, 02:44:18 AM »
This month just eeked under the 50k line. Feels like we overcame another hurdle - Woo Hoo!  There is a light at the end of this tunnel!
Updated # are:

Loan 1 - 21,375  (3.28 Variable)
Loan 2 - 28,217  (2.85 Variable)

Total:  49,592

April 1st check in ...


Loan 1 - 16,160 (3.28 Variable)
Loan 2 - 28,027  (2.85 Variable)

Total now down to $44,187

Just keep swimming..... slow and steady :)

Haven't posted an update in awhile.  June payments are in, and made fantastic progress this last month.  The original goal was to have them paid off by middle of next year -- but if we can continue this increased progress, we could have them done by the end of the year.  The rising interest rates have kicked my butt to step it up.


Loan 1 - 12,835 (2.8 Variable)
Loan 2 - 18,846  (3.4 Variable)

Total: 31,681

Good luck everyone the latter half of this year!

Civex

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Re: Student Loan Challenge (2018 Edition)
« Reply #220 on: June 30, 2018, 07:22:11 AM »
Thought I posted in this thread....it looks like it may have been the 2017 edition.

Original balance-$90,400 @ 5.01 7/2014
End of January '18 balance-$64,481
End of June '18 balance-$55,411

We threw our tax return at it, which helped and I bumped the auto payment to $1250. Goal is pay off by ~ Spring 2020. Pretty happy with the progress over the last few months-wife was on maternity leave, so our income was reduced, but things are still chugging along.

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #221 on: June 30, 2018, 08:12:05 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.

4/1/18- $68,738.42 @2.88% another LIBOR increase screwing up my world.  Fortunately itís still under what my rate would have been if fixed.  I increased my monthly payment from $2,500 to $3,000.00.  Itís full bore warfare on student loans.

Ugh.  The existence of this loan balance gnaws at me in a way I canít describe.  Iím paying an extra $1000 this upcoming week because I desperately need to see the balance keep decreasing.

$67,825.20 @2.88%.  Iím raising my monthly payment to $3,500.00
$64,400.12 @2.90%.  Interest rates continue to rise, but still lower than if I had chosen a fixed rate.
$60,858.43 @2.97% interest rates continue to rise, but still under 3.25% that it would have been if it were fixed.
$57,506.99 @ 3.10% seems like every post involves an interest rate increase.

Finntastic

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Re: Student Loan Challenge (2018 Edition)
« Reply #222 on: June 30, 2018, 09:18:04 PM »
10 years after finished my studies I just paid the last student loan installment yesterday and the same day I applied for new Masters programme at local university. Will find out next week if I get in. If I do I might not need loand this time, we will see.

Slow&Steady

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Re: Student Loan Challenge (2018 Edition)
« Reply #223 on: July 02, 2018, 08:41:04 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
         04/04/18 = $7,537.60       
         06/06/18 = $7,231.53
         07/02/18 = $7,081.53 - Hmm, I might NEED to find $90 to put towards this so that it is under $7k.  That might make me feel better about the update that is below.

         12/31/18 = $0 (Goal)

Small update:  We made the min payment in July as I predicted but I am now not sure if we will get to pay these off this year.  We had an unexpected expense on our rental (in another state and property manager has not had very good communication lately) that is just about equal to the balance on these loans.  I am happy we have the space in our finances to take care of the rental but kind of pissed off that we will need to replenish that fund before I can eliminate these loans.  I am still debate paying these off before replenishment of funds because I want these gone so bad.
« Last Edit: July 02, 2018, 08:42:43 AM by Slow&Steady »

Jim Fiction

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Re: Student Loan Challenge (2018 Edition)
« Reply #224 on: July 02, 2018, 12:39:25 PM »
Paid off my loans last night! $140,000 in 39 months! Such an accomplishment that this message board made me realize wasn't too crazy. All while investing a similar amount with an income of $160,000.

Wow, that is tremendous! Congrats and Kudos on the hardwork!

Slow&Steady

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Re: Student Loan Challenge (2018 Edition)
« Reply #225 on: July 03, 2018, 10:28:30 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.

Small update:  We made the min payment in July as I predicted but I am now not sure if we will get to pay these off this year.  We had an unexpected expense on our rental (in another state and property manager has not had very good communication lately) that is just about equal to the balance on these loans.  I am happy we have the space in our finances to take care of the rental but kind of pissed off that we will need to replenish that fund before I can eliminate these loans.  I am still debate paying these off before replenishment of funds because I want these gone so bad.

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
         04/04/18 = $7,537.60       
         06/06/18 = $7,231.53
         07/02/18 = $7,081.53 - Hmm, I might NEED to find $90 to put towards this so that it is under $7k.  That might make me feel better about the update.
         07/03/18 = $6,991.53 - Could not resist getting it under $7K

         12/31/18 = $0 (Goal)
« Last Edit: July 03, 2018, 10:31:02 AM by Slow&Steady »

eightyeighttoone

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Re: Student Loan Challenge (2018 Edition)
« Reply #226 on: July 03, 2018, 07:57:57 PM »
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
         04/04/18 = $7,537.60       
         06/06/18 = $7,231.53

         12/31/18 = $0 (Goal)

I am back at work!! We plan to make the min payment again in July and then splitting up the balance between Aug, Sept, and Oct.  Hoping to not have a student loan payment in NOV and forever going forward.

Small update:  We will be making the min payment in July as I predicted but I am now not sure if we will get to pay these off this year.  We had an unexpected expense on our rental (in another state and property manager has not had very good communication lately) that is just about equal to the balance on these loans.  I am happy we have the space in our finances to take care of the rental but kind of pissed off that we will need to replenish that fund before I can eliminate these loans.  I am still debate paying these off before replenishment of funds because I want these gone so bad.

I feel your pain. We have an out of state rental that enjoyed a sewage backup in February. If that hadn't happened I probably could have finished my loans by now. What can you do! Definitely easier to deal with unplanned expenses when the savings rate is high!

My strategy sounds pretty similar to yours. Pay the rental expense in cash. Continue making regular student loan payments while building back cash reserves. If it's not too scary, kill the student loans in one big payment once you've got the cash. Or if that's too scary, wait until you have an additional amount saved for rental expenses. I'm debating these last two options myself right now.

Best of luck! 

eightyeighttoone

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Re: Student Loan Challenge (2018 Edition)
« Reply #227 on: July 03, 2018, 08:00:18 PM »
10 years after finished my studies I just paid the last student loan installment yesterday and the same day I applied for new Masters programme at local university. Will find out next week if I get in. If I do I might not need loand this time, we will see.

Congrats!!

appleseed

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Re: Student Loan Challenge (2018 Edition)
« Reply #228 on: July 04, 2018, 06:58:56 AM »
July update (looks like I missed June!)

DB1 - 4,465.27
DB2 - 4,743.16
N1 - 4,486.42
N2 - 3,919.61

Total - 17,614.46

The interest rate on DB loans went up to 3%, so I've switched my extra payment to those loans (2.625% on others). (Although I totally sent extra to navient to get that loan under 4k!) The rising interest rates are motivation to get them paid off ASAP. My goal is to get the total under 10k by the end of the year, which is doable. These are my husband's loans from 2004 and 2005, so it's really frustrating we're still paying on them.

UnexpectedExpenseExpector

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Re: Student Loan Challenge (2018 Edition)
« Reply #229 on: July 04, 2018, 11:35:37 PM »
You guys all rock!  Crush these things and get them out of your lives!

A little back story.  My wife and I started married life in January 2014 with $131k of combined student loan debt and we have been aggressively paying these down.  Fast forward 4.5 years and 2(almost 3) children later we have just north of $34k remaining.  The end is in sight.  Going to start posting monthly with you all until these are gone!

Jul: 34,235.29
...
2018 Dec:   23,000 (GOAL)
2019 Jul: 0.00 (GOAL)

Slow&Steady

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Re: Student Loan Challenge (2018 Edition)
« Reply #230 on: July 05, 2018, 07:32:51 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
         04/04/18 = $7,537.60       
         06/06/18 = $7,231.53

         12/31/18 = $0 (Goal)

I am back at work!! We plan to make the min payment again in July and then splitting up the balance between Aug, Sept, and Oct.  Hoping to not have a student loan payment in NOV and forever going forward.

Small update:  We will be making the min payment in July as I predicted but I am now not sure if we will get to pay these off this year.  We had an unexpected expense on our rental (in another state and property manager has not had very good communication lately) that is just about equal to the balance on these loans.  I am happy we have the space in our finances to take care of the rental but kind of pissed off that we will need to replenish that fund before I can eliminate these loans.  I am still debate paying these off before replenishment of funds because I want these gone so bad.

I feel your pain. We have an out of state rental that enjoyed a sewage backup in February. If that hadn't happened I probably could have finished my loans by now. What can you do! Definitely easier to deal with unplanned expenses when the savings rate is high!

My strategy sounds pretty similar to yours. Pay the rental expense in cash. Continue making regular student loan payments while building back cash reserves. If it's not too scary, kill the student loans in one big payment once you've got the cash. Or if that's too scary, wait until you have an additional amount saved for rental expenses. I'm debating these last two options myself right now.

Best of luck!

Ha, ours is a sewage problem too! We contacted a real estate agent to see what the market looks like for that house, the only reason we haven't sold it in the past is because we would have to come to the table with extra cash.  My guess is that we will hold onto the house for another year or two, we will see what price the realtor comes back with.

haypug16

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Re: Student Loan Challenge (2018 Edition)
« Reply #231 on: July 10, 2018, 12:41:23 PM »
2018 Student Loan Pay down
Jan 1st 2018 $61,210.17
Feb 1st 2018 $61,498.36
Mar 1st 2018 $60,712.61
Apr 1st 2018 $59,888.71
May 1st 2018 $56,074.38
June 1st 2018 $54,942.04
July 1st 2018 $54,231.66 ($710.38 decrease)

6,978.51/10,000 paid off this year.

Chugging along. About $3K left to hit my goal this year. I think I'll actually come in around $12K for the year. I just can't wait to be done. My interest last month was like $240!!! 38 months to go.


MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #232 on: July 11, 2018, 07:44:01 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.

4/1/18- $68,738.42 @2.88% another LIBOR increase screwing up my world.  Fortunately itís still under what my rate would have been if fixed.  I increased my monthly payment from $2,500 to $3,000.00.  Itís full bore warfare on student loans.

Ugh.  The existence of this loan balance gnaws at me in a way I canít describe.  Iím paying an extra $1000 this upcoming week because I desperately need to see the balance keep decreasing.

$67,825.20 @2.88%.  Iím raising my monthly payment to $3,500.00
$64,400.12 @2.90%.  Interest rates continue to rise, but still lower than if I had chosen a fixed rate.
$60,858.43 @2.97% interest rates continue to rise, but still under 3.25% that it would have been if it were fixed.
$57,506.99 @ 3.10% seems like every post involves an interest rate increase.
$37,560.72 @3.10% Iíve paid about $70,000 toward this balance since January....insane.

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #233 on: July 12, 2018, 05:38:34 AM »
$37,560.72 @3.10% Iíve paid about $70,000 toward this balance since January....insane.

Thatís amazing.
Man, and you thought I was impressive, lol.

Thanks!  If I do Nothing more than make my normal triple monthly payments, Iíll be paid off in 10 months.  Alas,I wanna be done by the end of January...

zeli2033

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Re: Student Loan Challenge (2018 Edition)
« Reply #234 on: July 13, 2018, 08:34:32 AM »
Happy to finally be posting in this thread again! Had a couple of spendy months this spring that had us just paying minimums for May and June (so basically nothing due to interest). Here's where we're at as of an extra payment just made:

2/28/18: $63,221 [Starting Balance]
3/8/18: $62,846
3/20/18: $60,722
4/2/18: $59,399
4/18/18: $58,372
6/30/18: $ 58,175
7/13/18: $ 55,929 (-2,246)

Hoping things can keep picking up due to a raise I just received and (fingerscrossed) another raise taking effect in a couple months for DH. Onward and upward!

eightyeighttoone

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Re: Student Loan Challenge (2018 Edition)
« Reply #235 on: July 13, 2018, 06:43:03 PM »
Starting Balance  : 27,416
January Balance  : 25,831
February Balance : 24,047
March Balance     : 22,198
April Balance       : 19,920
May Balance        : 17,920
June Balance       : 15,932

July Balance        :   5,973

Threw just about all we had at it this month!

eightyeighttoone

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Re: Student Loan Challenge (2018 Edition)
« Reply #236 on: July 13, 2018, 08:23:08 PM »

$57,506.99 @ 3.10% seems like every post involves an interest rate increase.
$37,560.72 @3.10% Iíve paid about $70,000 toward this balance since January....insane.

Amazing! You are killing it.

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #237 on: July 14, 2018, 08:50:07 AM »

$57,506.99 @ 3.10% seems like every post involves an interest rate increase.
$37,560.72 @3.10% Iíve paid about $70,000 toward this balance since January....insane.

Amazing! You are killing it.

Even still, my balance increases by $3.19 per day.  A little more than $.13 per hour. Just shy of $100 per month even now.  Thatís tough to accept.

Jim Fiction

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Re: Student Loan Challenge (2018 Edition)
« Reply #238 on: July 15, 2018, 08:49:43 AM »
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

July payments are in the books:

Loan 1: $0 @ 0.40% PAID OFF JUNE 2017
Loan 2: $2,327 $2,000 @ 2.15%
Loan 3: $6,201 $5,000 @ 4.50%

Total: $8,528 $7,000


I beefed up the payment on Loan 3 to get it to a rather appealing $5,000 and threw a little extra onto Loan 2 as well to get it to an even $2,000! Only $7,000 left!

Civex

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Re: Student Loan Challenge (2018 Edition)
« Reply #239 on: July 18, 2018, 07:02:03 AM »
Thought I posted in this thread....it looks like it may have been the 2017 edition.

Original balance-$90,400 @ 5.01 7/2014
End of January '18 balance-$64,481
End of June '18 balance-$55,411

We threw our tax return at it, which helped and I bumped the auto payment to $1250. Goal is pay off by ~ Spring 2020. Pretty happy with the progress over the last few months-wife was on maternity leave, so our income was reduced, but things are still chugging along.

July 2018-$52,993 ($1250/regular monthly payment + $1400 unexpected work reimbursement)

AK

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Re: Student Loan Challenge (2018 Edition)
« Reply #240 on: July 18, 2018, 07:11:10 AM »
Final payment made last week! Feel relieved to have them gone but rather meh / anti-climactic too.

Congrats on everyone else making steady progress! They'll be gone eventually.

Slow&Steady

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Re: Student Loan Challenge (2018 Edition)
« Reply #241 on: July 18, 2018, 08:08:14 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.

Small update:  We made the min payment in July as I predicted but I am now not sure if we will get to pay these off this year.  We had an unexpected expense on our rental (in another state and property manager has not had very good communication lately) that is just about equal to the balance on these loans.  I am happy we have the space in our finances to take care of the rental but kind of pissed off that we will need to replenish that fund before I can eliminate these loans.  I am still debating paying these off before replenishment of funds because I want these gone so bad.

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
         04/04/18 = $7,537.60       
         06/06/18 = $7,231.53
         07/02/18 = $7,081.53 - Hmm, I might NEED to find $90 to put towards this so that it is under $7k.  That might make me feel better about the update.
         07/03/18 = $6,991.53 - Could not resist getting it under $7K

         12/31/18 = $0 (Goal)


CONGRATS @AK!  I can not wait for my anti-climactic feeling.  I am sure it will be anti-climactic too, paying off all the other ones were at least.

I don't have a real update, next payment will not be until Aug.  However, we now have a plan to get be done with these in Dec of this year, even with the rental hiccup, that should be very easy to accomplish but hopefully our hiccups are all done for the year (there was another big one with the rental since my last update)!  The plan is to make $1600 payments the next 2 months and then splitting the remaining balance over the last 3 months of the year.

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #242 on: July 18, 2018, 02:27:01 PM »

Weíve 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 DHís loan at ~4% -  $500 monthly payment
-6K left on car loan 2.9% $300 monthly payment
-11K on LOC ~4.99%

~101.5K remaining

-~94K student debt ~3%, ~3K monthly payment
-loan is consolidated onto LOC
-car is paid off
-~7.2K on LOC 1, 4.99%, interest only min payment

The student debt is down, but the LOC is up a bit, so it's down only a net of 1K so far this month considering all of the added expenses, which are at least tax deductible. I'll be taking another unpaid 2 weeks off in September, so that will be a big hit to my progress as well.

Youíre just plowing through this debt.

OliveFI

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Re: Student Loan Challenge (2018 Edition)
« Reply #243 on: July 19, 2018, 07:38:39 AM »
I finally got out of some tax / consumer debt in Nov. 2017 so I decided to get serious about repaying my student loans quickly. I should have been posting in this thread all along... I don't know why I wasn't hitting these harder earlier ... but I'm doing it now.

Here is my situation:

Graduated law school in 2016 with $39,000. Mostly from Undergraduate as I had a full ride to law school - I took one loan during law school for stupid reasons and I've already face punched my self.

Balance as of Jan 1. 2018 - $37,793.97


Current Balances -

Loan #1: $9,533.56 @ 5.5% (fixed)
Loan #2: $17,299.21 @ 5.5% (fixed)
Loan #3: $7,792.44 @ 6.21% (fixed)

Total as of July 19, 2018: $34,625.21

June payment: $805.69

I am going to make a $650 payment now to bring my balance down into $33k!

Total July payment: $1,150

I think I am able to keep my payments in the $1k to $1.4k range for the foreseeable future!

My goal is to pay these loans off by the time I am 30. I turned 28 two weeks ago. It is totally doable on my salary, I just need to bite the bullet and throw the money at the loans. I figure posting here will help. Also, I am slated to get a bonus in March 2019 that will hopefully cover the balance of the loans. So I could hit this goal before I am 29 which would feel awesome. I know nothing is guaranteed, so that is why I plan on throwing money at them now. Plus why would I want to accrue more interest??? If I get the bonus and it is higher than my loan balance I can throw that into an investment account!




« Last Edit: July 19, 2018, 07:40:35 AM by OliveFI »

AK

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Re: Student Loan Challenge (2018 Edition)
« Reply #244 on: July 21, 2018, 06:58:44 PM »
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.

Small update:  We made the min payment in July as I predicted but I am now not sure if we will get to pay these off this year.  We had an unexpected expense on our rental (in another state and property manager has not had very good communication lately) that is just about equal to the balance on these loans.  I am happy we have the space in our finances to take care of the rental but kind of pissed off that we will need to replenish that fund before I can eliminate these loans.  I am still debating paying these off before replenishment of funds because I want these gone so bad.

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
         04/04/18 = $7,537.60       
         06/06/18 = $7,231.53
         07/02/18 = $7,081.53 - Hmm, I might NEED to find $90 to put towards this so that it is under $7k.  That might make me feel better about the update.
         07/03/18 = $6,991.53 - Could not resist getting it under $7K

         12/31/18 = $0 (Goal)


CONGRATS @AK!  I can not wait for my anti-climactic feeling.  I am sure it will be anti-climactic too, paying off all the other ones were at least.

I don't have a real update, next payment will not be until Aug.  However, we now have a plan to get be done with these in Dec of this year, even with the rental hiccup, that should be very easy to accomplish but hopefully our hiccups are all done for the year (there was another big one with the rental since my last update)!  The plan is to make $1600 payments the next 2 months and then splitting the remaining balance over the last 3 months of the year.

Thanks

tanzee

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Re: Student Loan Challenge (2018 Edition)
« Reply #245 on: July 24, 2018, 05:01:44 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!

OK, end of the month update:

Loan 1: 4103.18 @ 5.16%
Loan 2: 1771.61 @ 5.16%
Loan 3: 5755.66 @ 5.31%

Total: 11,630.45

Decent month.  Not great, but decent.  Hopefully I will have these gone by October or so. 

Loan 1: 4082.96 @ 5.16%
Loan 2: 1761.35 @ 5.16%
Loan 3: 4481.78 @ 5.31%

Total: 10,326.09

I just looked back at my first post in this thread which suggested paying them off this year would be "highly ambitious".  But, at this point, I think it's perfectly reasonable.  I just need to stay on track.  May wasn't the best month for paying off loans because I didn't work for half of it and had some added expenses.  But as of June 1st I'm officially under $10k.  By the end of this month I'll be about half way there.  I'll post a more in depth breakdown later this month after I've made a couple more payments.


Loan 1: 4090.45 @ 5.16%
Loan 2: 1764.57 @ 5.16%
Loan 3: 3381.25 @ 5.31%

Total: 9236.28

I'm under 10k!!  That feels good. Unfortunately, I've encountered a tough situation where I might have to pay for a year's worth of health insurance up front.  That would set me back in my payments for a while.  But I'm not sure.  We'll see.

End of the month update:

Loan 1: 4072.53 @ 5.16%
Loan 2: 1756.84 @ 5.16%
Loan 3: 2874.01 @ 5.31%

Total: 8686.28


End of month update:

Loan 1: 4061.48 @ 5.16%
Loan 2: 1752.06 @ 5.16%
Loan 3: 1483.02 @ 5.31%

Total: 7296.57


tanzee

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Re: Student Loan Challenge (2018 Edition)
« Reply #246 on: July 24, 2018, 04:13:39 PM »
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!

OK, end of the month update:

Loan 1: 4103.18 @ 5.16%
Loan 2: 1771.61 @ 5.16%
Loan 3: 5755.66 @ 5.31%

Total: 11,630.45

Decent month.  Not great, but decent.  Hopefully I will have these gone by October or so. 

Loan 1: 4082.96 @ 5.16%
Loan 2: 1761.35 @ 5.16%
Loan 3: 4481.78 @ 5.31%

Total: 10,326.09

I just looked back at my first post in this thread which suggested paying them off this year would be "highly ambitious".  But, at this point, I think it's perfectly reasonable.  I just need to stay on track.  May wasn't the best month for paying off loans because I didn't work for half of it and had some added expenses.  But as of June 1st I'm officially under $10k.  By the end of this month I'll be about half way there.  I'll post a more in depth breakdown later this month after I've made a couple more payments.


Loan 1: 4090.45 @ 5.16%
Loan 2: 1764.57 @ 5.16%
Loan 3: 3381.25 @ 5.31%

Total: 9236.28

I'm under 10k!!  That feels good. Unfortunately, I've encountered a tough situation where I might have to pay for a year's worth of health insurance up front.  That would set me back in my payments for a while.  But I'm not sure.  We'll see.

End of the month update:

Loan 1: 4072.53 @ 5.16%
Loan 2: 1756.84 @ 5.16%
Loan 3: 2874.01 @ 5.31%

Total: 8686.28


End of month update:

Loan 1: 4061.48 @ 5.16%
Loan 2: 1752.06 @ 5.16%
Loan 3: 1483.02 @ 5.31%

Total: 7296.57


I would really appreciate some input from this community.  A close relative called me today and was fairly insistent about paying off the rest of my loans for me.  She has been incredibly generous toward me throughout my life.  I can't deny feeling very excited and being highly tempted to take her offer.  But there is a small voice in the back of my head telling me that completing this challenge on my own without help is worth the struggle.  MMM wrote that article a while back called (I think) The Incomparable Advantage of Having to Work for What You Get.  I realize it is idealistic.  And, honestly, I'll probably take the money.  But do any of you have any thoughts on this?

tanzee

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  • Location: Asheville, NC
Re: Student Loan Challenge (2018 Edition)
« Reply #247 on: July 24, 2018, 08:16:38 PM »
Take the money.

I literally canít even...

Yeah...

Take the money.

:)  It's a philosophical exercise.

Plina

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Re: Student Loan Challenge (2018 Edition)
« Reply #248 on: July 25, 2018, 12:20:24 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!

OK, end of the month update:

Loan 1: 4103.18 @ 5.16%
Loan 2: 1771.61 @ 5.16%
Loan 3: 5755.66 @ 5.31%

Total: 11,630.45

Decent month.  Not great, but decent.  Hopefully I will have these gone by October or so. 

Loan 1: 4082.96 @ 5.16%
Loan 2: 1761.35 @ 5.16%
Loan 3: 4481.78 @ 5.31%

Total: 10,326.09

I just looked back at my first post in this thread which suggested paying them off this year would be "highly ambitious".  But, at this point, I think it's perfectly reasonable.  I just need to stay on track.  May wasn't the best month for paying off loans because I didn't work for half of it and had some added expenses.  But as of June 1st I'm officially under $10k.  By the end of this month I'll be about half way there.  I'll post a more in depth breakdown later this month after I've made a couple more payments.


Loan 1: 4090.45 @ 5.16%
Loan 2: 1764.57 @ 5.16%
Loan 3: 3381.25 @ 5.31%

Total: 9236.28

I'm under 10k!!  That feels good. Unfortunately, I've encountered a tough situation where I might have to pay for a year's worth of health insurance up front.  That would set me back in my payments for a while.  But I'm not sure.  We'll see.

End of the month update:

Loan 1: 4072.53 @ 5.16%
Loan 2: 1756.84 @ 5.16%
Loan 3: 2874.01 @ 5.31%

Total: 8686.28


End of month update:

Loan 1: 4061.48 @ 5.16%
Loan 2: 1752.06 @ 5.16%
Loan 3: 1483.02 @ 5.31%

Total: 7296.57


I would really appreciate some input from this community.  A close relative called me today and was fairly insistent about paying off the rest of my loans for me.  She has been incredibly generous toward me throughout my life.  I can't deny feeling very excited and being highly tempted to take her offer.  But there is a small voice in the back of my head telling me that completing this challenge on my own without help is worth the struggle.  MMM wrote that article a while back called (I think) The Incomparable Advantage of Having to Work for What You Get.  I realize it is idealistic.  And, honestly, I'll probably take the money.  But do any of you have any thoughts on this?

Would it just be a generous gift or would it come with expectations of some sort.. If it a generous gift that the giver can afford without problems I would take it and then set up myself to save the amount of the loans in the timespan you planned the pay off. If the gift would lead to some expectations on me from the person I would not take it.

tanzee

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  • Posts: 128
  • Location: Asheville, NC
Re: Student Loan Challenge (2018 Edition)
« Reply #249 on: July 25, 2018, 04:27:43 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!

OK, end of the month update:

Loan 1: 4103.18 @ 5.16%
Loan 2: 1771.61 @ 5.16%
Loan 3: 5755.66 @ 5.31%

Total: 11,630.45

Decent month.  Not great, but decent.  Hopefully I will have these gone by October or so. 

Loan 1: 4082.96 @ 5.16%
Loan 2: 1761.35 @ 5.16%
Loan 3: 4481.78 @ 5.31%

Total: 10,326.09

I just looked back at my first post in this thread which suggested paying them off this year would be "highly ambitious".  But, at this point, I think it's perfectly reasonable.  I just need to stay on track.  May wasn't the best month for paying off loans because I didn't work for half of it and had some added expenses.  But as of June 1st I'm officially under $10k.  By the end of this month I'll be about half way there.  I'll post a more in depth breakdown later this month after I've made a couple more payments.


Loan 1: 4090.45 @ 5.16%
Loan 2: 1764.57 @ 5.16%
Loan 3: 3381.25 @ 5.31%

Total: 9236.28

I'm under 10k!!  That feels good. Unfortunately, I've encountered a tough situation where I might have to pay for a year's worth of health insurance up front.  That would set me back in my payments for a while.  But I'm not sure.  We'll see.

End of the month update:

Loan 1: 4072.53 @ 5.16%
Loan 2: 1756.84 @ 5.16%
Loan 3: 2874.01 @ 5.31%

Total: 8686.28


End of month update:

Loan 1: 4061.48 @ 5.16%
Loan 2: 1752.06 @ 5.16%
Loan 3: 1483.02 @ 5.31%

Total: 7296.57


I would really appreciate some input from this community.  A close relative called me today and was fairly insistent about paying off the rest of my loans for me.  She has been incredibly generous toward me throughout my life.  I can't deny feeling very excited and being highly tempted to take her offer.  But there is a small voice in the back of my head telling me that completing this challenge on my own without help is worth the struggle.  MMM wrote that article a while back called (I think) The Incomparable Advantage of Having to Work for What You Get.  I realize it is idealistic.  And, honestly, I'll probably take the money.  But do any of you have any thoughts on this?

Would it just be a generous gift or would it come with expectations of some sort.. If it a generous gift that the giver can afford without problems I would take it and then set up myself to save the amount of the loans in the timespan you planned the pay off. If the gift would lead to some expectations on me from the person I would not take it.

A really good question.  And the answer is a bit difficult to describe in this format.  It would take me a really long time to write up an inconclusive response.  But I'll try to sum it up.  She can definitely afford it.  There are no official strings attached, but she has been a bit isolated in recent years and sometimes I wonder if she wants to ensure I don't forget about her.  Not that I would have, though.  She's kinda kooky but she's a good person at heart.