Author Topic: Student Loan Challenge (2018 Edition)  (Read 28430 times)

sweetkerryline

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Re: Student Loan Challenge (2018 Edition)
« Reply #350 on: September 25, 2018, 03:02:17 PM »
Ugh. My "final" payment went through, but apparently I miscalculated and underpaid. By $0.04. SoFi won't let me do a payment online. Anyone know what their policy is when the balance is that small?

They waive it! You can reach out to the customer service to confirm.

appleseed

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Re: Student Loan Challenge (2018 Edition)
« Reply #351 on: September 26, 2018, 12:52:55 PM »
I've been neglecting to update on our progress. We're trying to get under $10k by the end of the year. Currently:

$3,579 - 3%
$3,402 - 3%
$4,036 -  2.625%
$3, 526 - 2.625%

All 4 will be under 4k after this month's payment. I've been adding between $500-700 extra each month. I'll need to do an additional $800 or so to meet the 2018 goal.

I'm still shooting for a June 2019 payoff.

Congratulations to all the finishers and everyone making progress. You are motivation to keep going!


Money Beets

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Re: Student Loan Challenge (2018 Edition)
« Reply #352 on: September 29, 2018, 08:01:49 AM »
Total Payments made in September = $2,130.70
End September targeted loan balance = $12,420.99
End September total balance = $43,635.49

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #353 on: September 30, 2018, 09:25:56 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)

haypug16

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Re: Student Loan Challenge (2018 Edition)
« Reply #354 on: October 01, 2018, 02:41:35 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
July 31st 2018 $53,541.07
August 31st 2018 $52,702.83
September 30th 2018 $51,851.38 (-851.45 decrease)

$9,358.79/$10,000 Goal

I'm able to put an additional $1,200 towards this debt this month so I should get under $50K which will be great. Only 35 more months to go :/

zeli2033

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Re: Student Loan Challenge (2018 Edition)
« Reply #355 on: October 02, 2018, 09:05:02 AM »
End of September update:

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 (-4,729)

DH got a bonus so we were able to put a significant payment toward the loan. We also killed off another loan, so we're down from 14 separate loans to 10. We're doing the avalanche method and paying the loans off that have the highest interest rates, from lowest to highest balance. And with a small bonus hopefully coming my way this month plus DH's raise which takes affect, I'm hoping we can accelerate the pay down even more. Excited to keep making more progress!

haypug16

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Re: Student Loan Challenge (2018 Edition)
« Reply #356 on: October 02, 2018, 09:30:05 AM »
End of September update:

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 (-4,729)

DH got a bonus so we were able to put a significant payment toward the loan. We also killed off another loan, so we're down from 14 separate loans to 10. We're doing the avalanche method and paying the loans off that have the highest interest rates, from lowest to highest balance. And with a small bonus hopefully coming my way this month plus DH's raise which takes affect, I'm hoping we can accelerate the pay down even more. Excited to keep making more progress!

Nice month! I love being able to throw "Extra" money at my debt. It makes me feel so responsible :)

zeli2033

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Re: Student Loan Challenge (2018 Edition)
« Reply #357 on: October 02, 2018, 09:43:42 AM »
Thank you! And doesn't it though?!

It's wild to think that before MMM, I would have spent that money on who-knows-what and simply paid the minimum balance on my Student Loans. All with a plan of the government forgiving them eventually...

Who knew #adulting responsibly could be so fulfilling?

Slow&Steady

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Re: Student Loan Challenge (2018 Edition)
« Reply #358 on: October 08, 2018, 12:16:32 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.

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
         08/24/18 = $3,791.53
         10/08/18 = $2542.75

         12/31/18 = $0 (Goal)

Sept was a really crazy month for work.  I had planned to make that payment at the end of the month to save a couple days of interest but this morning was the 1st free time I had to log in.  Hopefully 2 more payments and they I will be complete done with student loans!!

UnexpectedExpenseExpector

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Re: Student Loan Challenge (2018 Edition)
« Reply #359 on: October 10, 2018, 12:07:19 AM »
Jul: 34,235.29
Aug: 31,126.76
Sep: 30,670.30
Oct: 29,554.17
...
2018 Dec:   23,000 (GOAL)
2019 Jul: 0.00 (GOAL)


Medical bills all paid off now.  Knocked out that silly 3 in front! Looking forward to turning the firehouse back at these for the rest of the year and into next year!

imadandylion

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Re: Student Loan Challenge (2018 Edition)
« Reply #360 on: October 12, 2018, 01:21:09 PM »
I think back in February this year I posted I had $21,800 to go. Today I have $9,650 (2 student loans at 3%) remaining. Wish it could have been at $7k, but I had a couple licensing exams I didn't pass, so I had to pay to retake those (grr) and I had to pay for some professional affiliation membership fees, too. >:(  No one in the office ended up getting a mid-year bonus this year, so the hope is we all still get the end-of-the-year bonus, which would really help me out here. Kind of bummed about various things, I could have been much further along, but I'm still paying it down as much as I can, regardless.  I have not been able to do "side gigs" because of needing to spend time on studying. I don't have any other debt so at least I'm almost at the finish line, but it's frustrating nonetheless.

ItsALongStory

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Re: Student Loan Challenge (2018 Edition)
« Reply #361 on: October 13, 2018, 10:34:41 AM »
I think back in February this year I posted I had $21,800 to go. Today I have $9,650 (2 student loans at 3%) remaining. Wish it could have been at $7k, but I had a couple licensing exams I didn't pass, so I had to pay to retake those (grr) and I had to pay for some professional affiliation membership fees, too. >:(  No one in the office ended up getting a mid-year bonus this year, so the hope is we all still get the end-of-the-year bonus, which would really help me out here. Kind of bummed about various things, I could have been much further along, but I'm still paying it down as much as I can, regardless.  I have not been able to do "side gigs" because of needing to spend time on studying. I don't have any other debt so at least I'm almost at the finish line, but it's frustrating nonetheless.

Try to celebrate what you HAVE accomplished, everyone of us can look back and point out things we should have done better or differently but we can't change the past. Just make sure that our next decision is the best possible one we can make with the information we have.

OliveFI

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Re: Student Loan Challenge (2018 Edition)
« Reply #362 on: October 15, 2018, 08:57:06 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!

lexde

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Re: Student Loan Challenge (2018 Edition)
« Reply #363 on: October 16, 2018, 01:26:21 PM »
My efund is larger than my (previously 6-figure) student loan balance. I really, really want to pay it off. But I don't want to be without an efund at a job I've only had for two weeks.

I want to have them paid off by 12/31/18 and it looks like I'm on track to do it!

zeli2033

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Re: Student Loan Challenge (2018 Edition)
« Reply #364 on: October 17, 2018, 07:25:42 AM »
Thatís awesome, lexde! Even though youíre choosing not to eradicate it right now (seems like a smart move to me given all the life stuff youíve been handling), itís great that you have the option to do it.

A small taste of the freedom to come :)

zeli2033

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Re: Student Loan Challenge (2018 Edition)
« Reply #365 on: October 17, 2018, 07:30:55 AM »
Mid-October Update

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 (-3,408)

Wiped out two more loans - now Iím down to 8. My goal is to be under the 35k mark by end of year, with 6 loans to finish off. Currently tracking toward the goal, which means being free of these loans by June 2019.

lexde

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Re: Student Loan Challenge (2018 Edition)
« Reply #366 on: October 17, 2018, 07:40:25 AM »
Mid-October Update

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 (-3,408)

Wiped out two more loans - now I’m down to 8. My goal is to be under the 35k mark by end of year, with 6 loans to finish off. Currently tracking toward the goal, which means being free of these loans by June 2019.
I'm seriously impressed by your pacing over the course of only 8 months. Major kudos to you, zeli!

Malkynn

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Re: Student Loan Challenge (2018 Edition)
« Reply #367 on: October 17, 2018, 04:03:55 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%

87K remaining from 420K

-~87K student debt ~3%, monthly $2400+interest
-loan is consolidated onto LOC
-car is paid off
-LOC is paid off

Boring, slow progress, but itís fun that after so long that each payment proportionally takes a bigger  and bigger chunk.

OliveFI

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Re: Student Loan Challenge (2018 Edition)
« Reply #368 on: October 19, 2018, 12:57:54 PM »
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!!

OliveFI

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Re: Student Loan Challenge (2018 Edition)
« Reply #369 on: October 19, 2018, 12:59:31 PM »
My efund is larger than my (previously 6-figure) student loan balance. I really, really want to pay it off. But I don't want to be without an efund at a job I've only had for two weeks.

I want to have them paid off by 12/31/18 and it looks like I'm on track to do it!

Lexde, how big is your e-fund? Also IMPRESSIVE that you've made so much progress on 6-figures worth of debt! I think we graduated law school around the same time (based on what I've read in your journal.) I feel like we are both so far ahead of our peers. Feels good.

imadandylion

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Re: Student Loan Challenge (2018 Edition)
« Reply #370 on: October 19, 2018, 06:01:50 PM »
I think back in February this year I posted I had $21,800 to go. Today I have $9,650 (2 student loans at 3%) remaining. Wish it could have been at $7k, but I had a couple licensing exams I didn't pass, so I had to pay to retake those (grr) and I had to pay for some professional affiliation membership fees, too. >:(  No one in the office ended up getting a mid-year bonus this year, so the hope is we all still get the end-of-the-year bonus, which would really help me out here. Kind of bummed about various things, I could have been much further along, but I'm still paying it down as much as I can, regardless.  I have not been able to do "side gigs" because of needing to spend time on studying. I don't have any other debt so at least I'm almost at the finish line, but it's frustrating nonetheless.

Try to celebrate what you HAVE accomplished, everyone of us can look back and point out things we should have done better or differently but we can't change the past. Just make sure that our next decision is the best possible one we can make with the information we have.

Thank you for this message.  I really needed to read that.  I could definitely work on being more positive on this. Funnily, for me, working on paying down debt goes hand-in-hand with working on positivism.

lexde

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Re: Student Loan Challenge (2018 Edition)
« Reply #371 on: October 19, 2018, 07:48:44 PM »
My efund is larger than my (previously 6-figure) student loan balance. I really, really want to pay it off. But I don't want to be without an efund at a job I've only had for two weeks.

I want to have them paid off by 12/31/18 and it looks like I'm on track to do it!

Lexde, how big is your e-fund? Also IMPRESSIVE that you've made so much progress on 6-figures worth of debt! I think we graduated law school around the same time (based on what I've read in your journal.) I feel like we are both so far ahead of our peers. Feels good.
For sure! My current efund is at about 10k and my loans are down to 7.2k. Almost there! Super tempting to just pay it off, but I need to keep a level head and pay it from my salary. If 2018 has taught me anything, it's that I always need an efund. :-)