Author Topic: Student Loan Challenge (2018 Edition)  (Read 25640 times)

Civex

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Re: Student Loan Challenge (2018 Edition)
« Reply #250 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 #251 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 #252 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 #253 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 #254 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 #255 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 #256 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 #257 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 #258 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 #259 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 #260 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 #261 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 #262 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.

Malkynn

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Re: Student Loan Challenge (2018 Edition)
« Reply #263 on: July 12, 2018, 04:26:27 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.

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #264 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 #265 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 #266 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 #267 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.

Malkynn

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Re: Student Loan Challenge (2018 Edition)
« Reply #268 on: July 14, 2018, 04:06:35 AM »
So, I havenít posted any of the many extra payments Iíve made because Iíve had so many extra large work expenses come up at the same time, so it all just evens out in the end, but I did actually make about an extra ~10K in payments before I then spent 11K on other things, lol.


MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #269 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 #270 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 #271 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 #272 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.

Malkynn

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Re: Student Loan Challenge (2018 Edition)
« Reply #273 on: July 18, 2018, 07:37:49 AM »

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.



Slow&Steady

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Re: Student Loan Challenge (2018 Edition)
« Reply #274 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 #275 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 #276 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 #277 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 #278 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 #279 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?

Malkynn

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Re: Student Loan Challenge (2018 Edition)
« Reply #280 on: July 24, 2018, 04:32:12 PM »
Take the money.

I literally canít even...

Yeah...

Take the money.

tanzee

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Re: Student Loan Challenge (2018 Edition)
« Reply #281 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 #282 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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Re: Student Loan Challenge (2018 Edition)
« Reply #283 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. 

Malkynn

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Re: Student Loan Challenge (2018 Edition)
« Reply #284 on: July 25, 2018, 05:24:15 AM »

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%

98K remaining!

-~94K student debt ~3%, ~3K monthly payment
-loan is consolidated onto LOC
-car is paid off
-~4K on LOC 1, 4.99%, interest only min payment

FINALLY under 100K!
Only a month later than projected, which is not bloody bad considering I had a medical emergency and some significant business expenses come up in that time.

I have time off and two trips coming up in September, one for a course and one for a family wedding, so the remainder of the LOC will have to wait until after that, but it sure is nice to be out of the 6 figure category of debt.

It really does feel almost negligible now compared to the mountain I started with.


MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #285 on: July 25, 2018, 08:57:15 AM »

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%

98K remaining!

-~94K student debt ~3%, ~3K monthly payment
-loan is consolidated onto LOC
-car is paid off
-~4K on LOC 1, 4.99%, interest only min payment

FINALLY under 100K!
Only a month later than projected, which is not bloody bad considering I had a medical emergency and some significant business expenses come up in that time.

I have time off and two trips coming up in September, one for a course and one for a family wedding, so the remainder of the LOC will have to wait until after that, but it sure is nice to be out of the 6 figure category of debt.

It really does feel almost negligible now compared to the mountain I started with.


Itís awesome how it feels when you get below $100k.  Youíre going to laugh at the debt when itís undeer 50k.  It feels like an insanely high car payment. My student loan debt is our last debt with more than 0% interest.

Sibley

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Re: Student Loan Challenge (2018 Edition)
« Reply #286 on: July 25, 2018, 09:03:48 AM »
I haven't been posting, but my student loan will be paid off in September :)

I've also functionally assumed responsibility for paying the PLUS loan in my parent's name. That's about $14k. Will possibly roll my SL payment into that one, but I will need to evaluate and make budget decisions later. My finances as a whole have gotten more complicated/had a change in the last month, so I want things to shake out before I decide.

Malkynn

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Re: Student Loan Challenge (2018 Edition)
« Reply #287 on: July 25, 2018, 09:07:13 AM »

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%

98K remaining!

-~94K student debt ~3%, ~3K monthly payment
-loan is consolidated onto LOC
-car is paid off
-~4K on LOC 1, 4.99%, interest only min payment

FINALLY under 100K!
Only a month later than projected, which is not bloody bad considering I had a medical emergency and some significant business expenses come up in that time.

I have time off and two trips coming up in September, one for a course and one for a family wedding, so the remainder of the LOC will have to wait until after that, but it sure is nice to be out of the 6 figure category of debt.

It really does feel almost negligible now compared to the mountain I started with.


Itís awesome how it feels when you get below $100k.  Youíre going to laugh at the debt when itís undeer 50k.  It feels like an insanely high car payment. My student loan debt is our last debt with more than 0% interest.

It certainly feels like nothing compared to $420K

A 3K payment used to feel like a negligible drop in the bucket on such a huge sum because it was not much more than half a percent of the total, now it feels like significant progress when I can shave an extra 3% with a single payment.
The difference between $100K and $90K feels significant. The difference between $420K and $410K feels like virtually nothing at all. It's a hugely different psychological experience.



Slow&Steady

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Re: Student Loan Challenge (2018 Edition)
« Reply #288 on: July 25, 2018, 09:55:07 AM »
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.

Take the money and set up a calendar reminder in your phone to call her 1/month to say hi.  Not because she gave you money but because you generally see to like her and she seems to want somebody to think about her.

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #289 on: July 25, 2018, 04:12:54 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%

98K remaining!

-~94K student debt ~3%, ~3K monthly payment
-loan is consolidated onto LOC
-car is paid off
-~4K on LOC 1, 4.99%, interest only min payment

FINALLY under 100K!
Only a month later than projected, which is not bloody bad considering I had a medical emergency and some significant business expenses come up in that time.

I have time off and two trips coming up in September, one for a course and one for a family wedding, so the remainder of the LOC will have to wait until after that, but it sure is nice to be out of the 6 figure category of debt.

It really does feel almost negligible now compared to the mountain I started with.


Itís awesome how it feels when you get below $100k.  Youíre going to laugh at the debt when itís undeer 50k.  It feels like an insanely high car payment. My student loan debt is our last debt with more than 0% interest.

It certainly feels like nothing compared to $420K

A 3K payment used to feel like a negligible drop in the bucket on such a huge sum because it was not much more than half a percent of the total, now it feels like significant progress when I can shave an extra 3% with a single payment.
The difference between $100K and $90K feels significant. The difference between $420K and $410K feels like virtually nothing at all. It's a hugely different psychological experience.

Itís true.  I could pay my entire balance today if MrsUpwardlyMobile didnít care about having a larger emergency fund.  Its extremely comforting to know that we can just afford to pay it off.

tanzee

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Re: Student Loan Challenge (2018 Edition)
« Reply #290 on: July 26, 2018, 05:26:14 AM »
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.

Take the money and set up a calendar reminder in your phone to call her 1/month to say hi.  Not because she gave you money but because you generally see to like her and she seems to want somebody to think about her.

It's a good thought, Slow and Steady.  Thank you.

tanzee

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Re: Student Loan Challenge (2018 Edition)
« Reply #291 on: July 31, 2018, 04:28:54 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.

Welp, it's all taken care of.  I just submitted my final payment, following the generous help of a close family friend.  This thread has been a great help at keeping me on target.  Despite the outside help, I paid off about 23k in 3 years on pretty meager salaries before lucking into this help.  Thank you all. 

Balance= 0$

JanetJackson

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Re: Student Loan Challenge (2018 Edition)
« Reply #292 on: July 31, 2018, 05:18:12 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.

Welp, it's all taken care of.  I just submitted my final payment, following the generous help of a close family friend.  This thread has been a great help at keeping me on target.  Despite the outside help, I paid off about 23k in 3 years on pretty meager salaries before lucking into this help.  Thank you all. 

Balance= 0$


CONGRATS!!

zeli2033

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Re: Student Loan Challenge (2018 Edition)
« Reply #293 on: July 31, 2018, 07:23:06 AM »
Yes, big congratulations @tanzee!! Enjoy breathing that fresh, student loan debt-free air :)

haypug16

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Re: Student Loan Challenge (2018 Edition)
« Reply #294 on: July 31, 2018, 10:13:14 AM »
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
July 31st 2018 $53,541.07 -$690.59 paid off this month

$7,669.10/$10,000 Goal. Getting very close to my 2018 goal. :)

Slow&Steady

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Re: Student Loan Challenge (2018 Edition)
« Reply #295 on: July 31, 2018, 12:30:12 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
         07/02/18 = $7,081.53
         07/03/18 = $6,991.53 - Could not resist getting it under $7K
         08/01/18 = $5,391.53

         12/31/18 = $0 (Goal)


Payment scheduled for tomorrow so I am going to go ahead and make the update!  I am currently sticking my head in the sand about the rental repairs that are being made because I want to focus on this instead.  Hopefully I can get this paid off before the rental can bite me in the ass.

haypug16

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Re: Student Loan Challenge (2018 Edition)
« Reply #296 on: July 31, 2018, 12:47:52 PM »

JanetJackson

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Re: Student Loan Challenge (2018 Edition)
« Reply #297 on: July 31, 2018, 12:49:44 PM »
I'm getting HECKIN AMPED on all of the successes here!

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #298 on: August 01, 2018, 05:55:43 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.

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.
$34,127.40  @3.08% (the only interest rate decrease that Iíve experienced)
« Last Edit: August 01, 2018, 06:16:16 PM by MrUpwardlyMobile »

Jim Fiction

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Re: Student Loan Challenge (2018 Edition)
« Reply #299 on: August 03, 2018, 06:41:15 AM »
I'm getting HECKIN AMPED on all of the successes here!

Seriously!! So happy for all of the recent graduates. They are keeping me inspired to keep my foot on the gas and crush these loans by the end of the year.