Author Topic: Student Loan Challenge (2018 Edition)  (Read 33017 times)

haypug16

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Re: Student Loan Challenge (2018 Edition)
« Reply #350 on: November 30, 2018, 09:12:44 AM »
Nice job lexde!!!

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
August 31st 2018 $52,702.83
September 30th 2018 $51,851.38
October 31st 2018 $50,277.21
November 30th 2018 $49,031.78 ($1,245.43) decrease

$12,178.39/$10,000 Goal

Made it under $50K :) 33 months or less to go!

Money Beets

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Re: Student Loan Challenge (2018 Edition)
« Reply #351 on: December 01, 2018, 09:19:15 AM »
Total Payments made in September = $2,130.70
End September targeted loan balance = $12,420.99
End September total balance = $43,635.49

Total Paid in October = $2,510.70
End October targeted loan balance = $10,243.51
End October total balance = $41,231.73

Total Paid in November = $4,611.70
End November targeted loan balance = $6,265.07
End November total balance = $36,908.10

zeli2033

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Re: Student Loan Challenge (2018 Edition)
« Reply #352 on: December 04, 2018, 06:00:13 PM »
End-of-November update time!

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
9/5/18: $52,622
9/18/18: $50,941
10/2/18: $46,212
10/17/18: $42,804
11/6/18: $40,746
12/4/18: $38,695 (-2051)

My goal was to be under $35k by 12/31/18 and it looks like it may be a close one! Fingers crossed we're able to get there :)

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #353 on: December 05, 2018, 04:48:25 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)
$30,713.78 @3.08%
$27,291.54 @3.22% (interest rates jumping back up)
$23,877.60 @3.30%
$20,419.06 @3.30% - Apparently my student loan company debited my account a second time this month for no apparent reason....
$19,830.09 @3.30% - Iím below $20,000 in student loan debt.  The last time my numbers were that low, I was an undergrad. Iíve officially paid off the cost of law school.

imadandylion

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Re: Student Loan Challenge (2018 Edition)
« Reply #354 on: December 08, 2018, 11:52:37 AM »
Today I'm at $5391.06 remaining out of over $32k original debt balance (really rough estimate). That's 2.5 years of thankfully being able to pay more than the minimum. So excited it's almost over!

Ended up getting that bonus which helped a lot. Trying to be as thrifty as possible but had a few setbacks from wanting warm clothes that are professional looking that I couldn't find at the thrift store (or online used clothes stores like Thredup), and shoes (really hard to thrift shoes in my experience). I've applied to a part time job so I hope I get that to expedite this.

OliveFI

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Re: Student Loan Challenge (2018 Edition)
« Reply #355 on: December 11, 2018, 11:14:58 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!

August and September Progress ...


Balance as of 8/15: $33,144.57

Payments:
8/23: $300
9/10: $1,000
10/1: $600
10/15: $1,000

Balance once the 10/15 payment hits: $30,491

I am going to get it into the 20s this month ... with an extra payment next week. I'm excited for that milestone!

I couldn't resist ...  had to get it into the 20s! I knew I was getting paid today so put as much as I could from my checking into another payment!

10/17: $600

Balance as of 10/19: $29,978.55

I paid $2,200 this month!!

November update!!!!

Payments -
11/05/2018: $1,000
11/30/2018: $1,000

Remaining Balance: $28,217.49

We'll see what I can throw at them this month. Hopefully $2k at least. I've been bumping up my cash savings as well. BUT if I keep my spending under control, I can get over $2k into the loans I think.


UnexpectedExpenseExpector

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Re: Student Loan Challenge (2018 Edition)
« Reply #356 on: December 11, 2018, 10:58:27 PM »
Congrats @lexde !  Strong work knocking those loans out!

Can't wait to join you on the other side.

Jul: 34,235.29
Aug: 31,126.76
Sep: 30,670.30
Oct: 29,554.17
Nov: 26,987.46
Dec: 26,538.80
...

2019 Jul: 0.00 (GOAL)


As expected, we didn't hit the original goal of $23k by December, but we are planning a pretty aggressive pay down of these first half of 2019 as we're ready to get on to other financial goals.

UnexpectedExpenseExpector

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Re: Student Loan Challenge (2018 Edition)
« Reply #357 on: December 13, 2018, 08:12:31 PM »
Sent another payment in. 

Jul: 34,235.29
Aug: 31,126.76
Sep: 30,670.30
Oct: 29,554.17
Nov: 26,987.46
Dec6: 26,538.80
Dec12: 26,018.56
...

2019 Jul: 0.00 (GOAL)



TyGuy

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Re: Student Loan Challenge (2018 Edition)
« Reply #358 on: December 16, 2018, 11:25:41 AM »
Hello,

I am new to the forum and I will begin paying back my student loans in January 2019. I was wondering if a separate forum has been started for 2019 yet, or if one will be made in the coming weeks? I am excited to begin this journey!

sweetkerryline

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Re: Student Loan Challenge (2018 Edition)
« Reply #359 on: December 16, 2018, 02:02:52 PM »
Hello,

I am new to the forum and I will begin paying back my student loans in January 2019. I was wondering if a separate forum has been started for 2019 yet, or if one will be made in the coming weeks? I am excited to begin this journey!

I sure haven't seen one, but you should feel free to start one!

My student loans are PAID OFF (praise be), so I'd love for someone else to take the reins.