Author Topic: Student Loan Challenge (2018 Edition)  (Read 22460 times)

minimos

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Re: Student Loan Challenge (2018 Edition)
« Reply #300 on: August 05, 2018, 06:33:13 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!

Extremely motivated and have just been pummeling these lately.. Update:
Loan 1 - 8,643
Loan 2 - 18,333

Total: 26,976

Almost there!

eightyeighttoone

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Re: Student Loan Challenge (2018 Edition)
« Reply #301 on: August 05, 2018, 04:52:20 PM »

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 #302 on: August 12, 2018, 03:22:59 PM »
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
8/12/18: $54,868 (-1,061)

This is the first month a payment actually went toward principal as well as interest. I think heading into September I may start tracking specific loans that I kill off.

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #303 on: August 12, 2018, 03:59:40 PM »
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
8/12/18: $54,868 (-1,061)

This is the first month a payment actually went toward principal as well as interest. I think heading into September I may start tracking specific loans that I kill off.

Looks like you’re making moves,  what are your individual loans and what are the interest rates?

palebluedot

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Re: Student Loan Challenge (2018 Edition)
« Reply #304 on: August 12, 2018, 08:42:21 PM »

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



And congrats to ontheroaderic, astounding job!

Well it's finally over. Finished three months ahead of my projected November payoff. Thanks everyone for keeping us moving towards the goal!



And because graphs are awesome:

Malkynn

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Re: Student Loan Challenge (2018 Edition)
« Reply #305 on: August 13, 2018, 05:10:01 AM »

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

We have ~140K left as of now

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

95K remaining from 420K

-~92K student debt ~3%, ~3K monthly payment
-loan is consolidated onto LOC
-car is paid off
-~3K on LOC 1, 4.99%, interest only min payment

Trudging along
Right around the time that the LOC is finished, I'll also be cutting my hours by a third, so it will be nice to only have my one student loan payment to make monthly.

« Last Edit: August 13, 2018, 07:14:46 AM by Malkynn »

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #306 on: August 13, 2018, 06:19:43 AM »

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



And congrats to ontheroaderic, astounding job!

Well it's finally over. Finished three months ahead of my projected November payoff. Thanks everyone for keeping us moving towards the goal!



And because graphs are awesome:

congratulations!  That must be awesome to feel the freedom from student loan debt.

JanetJackson

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Re: Student Loan Challenge (2018 Edition)
« Reply #307 on: August 13, 2018, 07:39:41 AM »
Everyone is doing such great work!
I was hoping to get mine paid off in 2018, but I'm not quite sure now.  I've gotten them from ~15-16k to 6k (on a 30k income, ::pats self on back and exhales deeply::) and I'm chugging along, but I need a dental surgery and tires on my car a little earlier than expected.
I'm still going to try, but it's going to be ROUGH. 
Has anyone else needed to push back goal dates? 
I'm wondering if I should shoot for spring 2019, you know... rebirth completely debt free along with all of the rest of the spring flowers, etc.?  Could be.... Cathartic? (or frustrating, ha)

Malkynn

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Re: Student Loan Challenge (2018 Edition)
« Reply #308 on: August 13, 2018, 08:14:53 AM »
Has anyone else needed to push back goal dates? 

I've been at this for over 4 years, every unexpected expense pushes back progress. You gain ground, you lose ground, you just have to roll with it.

Stay focused, but don't let a made up, arbitrary timeline stress you when necessary expenses come up. Instead be happy that you are in a position to afford those expenses and that the only side effect is a delay in your debt payoff timeline. Otherwise, you are just inventing stress for yourself, which is unnecessary and not good for your mental or physical health.


zeli2033

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Re: Student Loan Challenge (2018 Edition)
« Reply #309 on: August 13, 2018, 08:23:07 AM »
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
8/12/18: $54,868 (-1,061)

This is the first month a payment actually went toward principal as well as interest. I think heading into September I may start tracking specific loans that I kill off.

Looks like you’re making moves,  what are your individual loans and what are the interest rates?

Interest rates are high but we are foregoing refinancing to keep our ridiculously low minimum payment, especially since we are on track for our goal of having them paid off next summer.


zeli2033

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Re: Student Loan Challenge (2018 Edition)
« Reply #310 on: August 13, 2018, 08:25:54 AM »

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



And congrats to ontheroaderic, astounding job!

Well it's finally over. Finished three months ahead of my projected November payoff. Thanks everyone for keeping us moving towards the goal!



And because graphs are awesome:


CONGRATULATIONS!!!!!!!! Well done, it's so motivating to see fellow loan slayers fighting their way out! Well done, enjoy the student-loan-debt FREEDOM.

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #311 on: August 13, 2018, 07:44:41 PM »
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
8/12/18: $54,868 (-1,061)

This is the first month a payment actually went toward principal as well as interest. I think heading into September I may start tracking specific loans that I kill off.

Looks like you’re making moves,  what are your individual loans and what are the interest rates?

Interest rates are high but we are foregoing refinancing to keep our ridiculously low minimum payment, especially since we are on track for our goal of having them paid off next summer.

Wow that’s high.  You’re basically paying tons more per year to cover interest that you could probably refinance away. 

UnexpectedExpenseExpector

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Re: Student Loan Challenge (2018 Edition)
« Reply #312 on: August 13, 2018, 11:17:00 PM »
Jul: 34,235.29
Aug: 31,126.76
...
2018 Dec:   23,000 (GOAL)
2019 Jul: 0.00 (GOAL)


We received a surprise windfall in July that allowed us to throw an extra $1,300 at getting these things slain.  Looking forward to seeing that 3 in front turn into a 2.

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #313 on: August 13, 2018, 11:21:04 PM »
Jul: 34,235.29
Aug: 31,126.76
...
2018 Dec:   23,000 (GOAL)
2019 Jul: 0.00 (GOAL)


We received a surprise windfall in July that allowed us to throw an extra $1,300 at getting these things slain.  Looking forward to seeing that 3 in front turn into a 2.

Very cool. Keep plugging away. 1 year is really good for killing a $31,000 balance,

UnexpectedExpenseExpector

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Re: Student Loan Challenge (2018 Edition)
« Reply #314 on: August 13, 2018, 11:36:28 PM »
Perhaps slightly aggressive, but with Baby #3 now home and healthy and the van purchase, move, and hospital stay out of the way we can now resume pointing the fire hose at the debt.  We also have a good amount of money sitting in taxable brokerage that we could pull out at any time to knock out a huge chunk of the debt.  Right now we could knock out 36% of the remaining debt if we did that, but we are holding off until we could pull it and knock out 100%.

Jim Fiction

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Re: Student Loan Challenge (2018 Edition)
« Reply #315 on: August 14, 2018, 06:51:40 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

August payments are in the books:

Loan 1: $0 @ 0.40% PAID OFF JUNE 2017
Loan 2: $2,000 $1,911 @ 2.15%
Loan 3: $5,000 $3,435 @ 4.50%

Total: $7,000 $5,346


I start a new job in a few weeks which comes with a 25% bump in pay, so I am going to try and get these paid off by the end of October. Can't wait to be debt free.


Jim Fiction

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Re: Student Loan Challenge (2018 Edition)
« Reply #316 on: August 14, 2018, 06:54:14 AM »
Everyone is doing such great work!
I was hoping to get mine paid off in 2018, but I'm not quite sure now.  I've gotten them from ~15-16k to 6k (on a 30k income, ::pats self on back and exhales deeply::) and I'm chugging along, but I need a dental surgery and tires on my car a little earlier than expected.
I'm still going to try, but it's going to be ROUGH. 
Has anyone else needed to push back goal dates? 
I'm wondering if I should shoot for spring 2019, you know... rebirth completely debt free along with all of the rest of the spring flowers, etc.?  Could be.... Cathartic? (or frustrating, ha)

Your progress has been amazing, so do not get discouraged. Just keep doing what you can and you will get there before you know it.

JanetJackson

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Re: Student Loan Challenge (2018 Edition)
« Reply #317 on: August 14, 2018, 07:27:43 AM »
Congrats on the new job!

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

August payments are in the books:

Loan 1: $0 @ 0.40% PAID OFF JUNE 2017
Loan 2: $2,000 $1,911 @ 2.15%
Loan 3: $5,000 $3,435 @ 4.50%

Total: $7,000 $5,346


I start a new job in a few weeks which comes with a 25% bump in pay, so I am going to try and get these paid off by the end of October. Can't wait to be debt free.

eightyeighttoone

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Re: Student Loan Challenge (2018 Edition)
« Reply #318 on: August 14, 2018, 10:20:49 PM »

Has anyone else needed to push back goal dates? 
I'm wondering if I should shoot for spring 2019, you know... rebirth completely debt free along with all of the rest of the spring flowers, etc.?  Could be.... Cathartic? (or frustrating, ha)

OH yeah! I've had my loans for 4 years. When I got serious, I originally thought I would be done by summer 2017. Then I switched jobs. THEN I thought we'd be done by early 2018, but our basement flooded. A few other minor setbacks happened too.

I agree with the others. You have made great progress already! Just do what you can and don't sweat a few months delay.

OliveFI

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Re: Student Loan Challenge (2018 Edition)
« Reply #319 on: August 15, 2018, 07:22:29 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!

Seeing the posts about ZERO BALANCES is so inspiring! I love this.

Alright ...

July 2018 total payment: $1,150
July 2018 balance: $34,012.78

August 2018 payment (so far): $1,000
August 2018 balance (as of 8/15): $33,144.57

July was NOT a frugal month by any stretch of the imagination. I am doing frugal month challenge this month, so hopefully I can make another $1k payment. It is a little addicting seeing the balance go down!

zeli2033

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Re: Student Loan Challenge (2018 Edition)
« Reply #320 on: August 15, 2018, 08:32:12 AM »
Nice work everyone - keep it up!!

Just made another August payment. Hoping to make another payment by end of this month as well.

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
8/12/18: $54,868
8/15/18: $53,821 (-1,047)

DS

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Re: Student Loan Challenge (2018 Edition)
« Reply #321 on: August 15, 2018, 09:28:17 AM »
Was paying minimum payments until I discovered MMM around this time last year. Have paid all 6.55% since then and now working on 5.35%.

Rate             Starting            Current        Change
         
6.55%      2,000.00                 -      
6.55%      2,093.24                 -      
6.55%      2,353.04                 -      
6.55%      2,628.38                 -      
5.35%      3,500.00       1,108.54    
4.25%      4,992.38       2,870.11    
3.61%      3,962.02       2,499.13    
3.15%      4,500.00       2,815.11    
3.15%      1,000.00          622.20    
3.15%      5,720.31       3,500.29    
              32,749.37     13,415.38     -19,333.99
« Last Edit: August 15, 2018, 09:31:04 AM by DS »

eightyeighttoone

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Re: Student Loan Challenge (2018 Edition)
« Reply #322 on: August 15, 2018, 09:52:01 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

August Balance    :   2,516

The Stafford loans are all paid off, so mentally I feel like I'm done (no more logging in to Great Lakes!). The remaining balance is a Perkins loan at a slightly lower rate.

So I have a question. I think I need to pause and get rid of the PMI on our mortgage. I did the math (finally), and I'd save way more money by attacking the PMI first. Basically, all we need is $7,412 more principal paid down on the loan and the PMI premiums ($71/month) can go away. By my math, that's kind of like having student loan at 11%. Yikes! Why did I never think about this before? So what do you all think? Should I stop and work on the PMI? Or just go ahead and finish the SL?

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #323 on: August 15, 2018, 10:22:16 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

August Balance    :   2,516

The Stafford loans are all paid off, so mentally I feel like I'm done (no more logging in to Great Lakes!). The remaining balance is a Perkins loan at a slightly lower rate.

So I have a question. I think I need to pause and get rid of the PMI on our mortgage. I did the math (finally), and I'd save way more money by attacking the PMI first. Basically, all we need is $7,412 more principal paid down on the loan and the PMI premiums ($71/month) can go away. By my math, that's kind of like having student loan at 11%. Yikes! Why did I never think about this before? So what do you all think? Should I stop and work on the PMI? Or just go ahead and finish the SL?

Pay extra to whatever yields the greatest results if your goal is paying down debt.

Slow&Steady

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Re: Student Loan Challenge (2018 Edition)
« Reply #324 on: August 16, 2018, 08:17:05 AM »
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

August Balance    :   2,516

The Stafford loans are all paid off, so mentally I feel like I'm done (no more logging in to Great Lakes!). The remaining balance is a Perkins loan at a slightly lower rate.

So I have a question. I think I need to pause and get rid of the PMI on our mortgage. I did the math (finally), and I'd save way more money by attacking the PMI first. Basically, all we need is $7,412 more principal paid down on the loan and the PMI premiums ($71/month) can go away. By my math, that's kind of like having student loan at 11%. Yikes! Why did I never think about this before? So what do you all think? Should I stop and work on the PMI? Or just go ahead and finish the SL?

The reason I have had my SL for 12 years is because at first I didn't pay attention to the interest rate (7.5%) and just focused on freeing up cash flow, then for a while I started to pay attention to interest rate but the SL was not the highest (stupid 20s), then there was debt that would just be faster to pay off or would free up more cash flow than the SL.  Now I don't really care about any of those reasons, and the SL is the leader in several of them, I just don't want to be caring this around any longer so I plan to kill it this year.

Basically, if your plan changes, who cares it is your plan!  If you have decided that it suites you better to kill PMI than do that!  One tidbit of advise though, look at your loan documents very closely.  Some loans carry PMI for a set period before it drops off, some just depend on the LTV for it to drop off, some have it for the life of the loan and require you to refinance to remove it. 

JanetJackson

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Re: Student Loan Challenge (2018 Edition)
« Reply #325 on: August 16, 2018, 09:03:09 AM »
Little baby win for me today. 
In addition to the lump payments I have been making to try to slay these remaining $6500.00 (so close, soooooo close...), I bumped my regular monthly payment up. 
I literally JUST found the option to do that on the website... it was pretty hidden. 
I rounded up to the nearest hundred and then threw an extra $25 on top of that.  I got it to a number that will inch me closer, but even in the worst months (I'm low-ish income and my income is also quite variable) it's still a number I can do.
Yay me.

OliveFI

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Re: Student Loan Challenge (2018 Edition)
« Reply #326 on: August 16, 2018, 09:46:45 AM »
WOOO! That is awesome! It'll add up quickly. Then all of a sudden those payments will be cash flow!!!

eightyeighttoone

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Re: Student Loan Challenge (2018 Edition)
« Reply #327 on: August 16, 2018, 09:26:35 PM »

So I have a question. I think I need to pause and get rid of the PMI on our mortgage. I did the math (finally), and I'd save way more money by attacking the PMI first. Basically, all we need is $7,412 more principal paid down on the loan and the PMI premiums ($71/month) can go away. By my math, that's kind of like having student loan at 11%. Yikes! Why did I never think about this before? So what do you all think? Should I stop and work on the PMI? Or just go ahead and finish the SL?

The reason I have had my SL for 12 years is because at first I didn't pay attention to the interest rate (7.5%) and just focused on freeing up cash flow, then for a while I started to pay attention to interest rate but the SL was not the highest (stupid 20s), then there was debt that would just be faster to pay off or would free up more cash flow than the SL.  Now I don't really care about any of those reasons, and the SL is the leader in several of them, I just don't want to be caring this around any longer so I plan to kill it this year.

Basically, if your plan changes, who cares it is your plan!  If you have decided that it suites you better to kill PMI than do that!  One tidbit of advise though, look at your loan documents very closely.  Some loans carry PMI for a set period before it drops off, some just depend on the LTV for it to drop off, some have it for the life of the loan and require you to refinance to remove it.

Thanks Slow&Steady, that's a good point. I think I am reading the docs correctly, but won't hurt to ask the mortgage company first and see if they agree before I proceed.

Civex

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Re: Student Loan Challenge (2018 Edition)
« Reply #328 on: Today at 09:37:06 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)

August 2018-$51,709 ($1250/regular monthly payment + $263.54 extra in checking)