Author Topic: Student Loan Challenge (2018 Edition)  (Read 18872 times)

zeli2033

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Re: Student Loan Challenge (2018 Edition)
« Reply #150 on: March 30, 2018, 01:59:11 PM »
I am so excited to be joining this thread! I've been waiting until this year's savings goals were met. Now we're finally throwing some extra cash at the student loan. I made an additional $1,500 payment today but it won't hit my account until next week so I'll have to update then.

"Original" balance as of February 2018: $63,221
Rate: Variable, but majority @ 6.8%.
2018 year-end goal: $30,000
Payoff goal: June 2019

2/28/18: $63,221 [Starting Balance]
3/8/18: $62,846 (-375)
3/20/18: $60,722 (-2,124)

I'm still paying off interest to get down to the principal balance (ouch) but once that's handled, I'll be tracking and knocking off specific loans to help make this a little more fun.

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #151 on: March 30, 2018, 05:16:27 PM »
I am so excited to be joining this thread! I've been waiting until this year's savings goals were met. Now we're finally throwing some extra cash at the student loan. I made an additional $1,500 payment today but it won't hit my account until next week so I'll have to update then.

"Original" balance as of February 2018: $63,221
Rate: Variable, but majority @ 6.8%.
2018 year-end goal: $30,000
Payoff goal: June 2019

2/28/18: $63,221 [Starting Balance]
3/8/18: $62,846 (-375)
3/20/18: $60,722 (-2,124)

I'm still paying off interest to get down to the principal balance (ouch) but once that's handled, I'll be tracking and knocking off specific loans to help make this a little more fun.

You should really refinance those loans. 6.8% is insane.   If you can cut even one or two percent, youíll save hundreds of dollars and possibly more than $1000.  If you use the right referral program with someone on this thread, you might end up getting an extra couple of hundred dollars too.   Seriously, go check out rates from Earnest, SoFi,or the like.
http://upwardlymobile.life

Refinance Student loans with Earnest.  Theyíll pay you $200 and their rates are cheaper than SoFi.

zeli2033

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Re: Student Loan Challenge (2018 Edition)
« Reply #152 on: March 30, 2018, 05:36:15 PM »
I am so excited to be joining this thread! I've been waiting until this year's savings goals were met. Now we're finally throwing some extra cash at the student loan. I made an additional $1,500 payment today but it won't hit my account until next week so I'll have to update then.

"Original" balance as of February 2018: $63,221
Rate: Variable, but majority @ 6.8%.
2018 year-end goal: $30,000
Payoff goal: June 2019

2/28/18: $63,221 [Starting Balance]
3/8/18: $62,846 (-375)
3/20/18: $60,722 (-2,124)

I'm still paying off interest to get down to the principal balance (ouch) but once that's handled, I'll be tracking and knocking off specific loans to help make this a little more fun.

You should really refinance those loans. 6.8% is insane.   If you can cut even one or two percent, youíll save hundreds of dollars and possibly more than $1000.  If you use the right referral program with someone on this thread, you might end up getting an extra couple of hundred dollars too.   Seriously, go check out rates from Earnest, SoFi,or the like.

Yeah, I've certainly looked into it. We could cut a couple percent off the interest with SoFi but it will more than triple our minimum monthly payment. Even though we're certainly planning to pay much more than that per month, there's also the chance that our employment may shift before we're able to pay it off in which case we want to make sure we're only on the hook for a few hundred dollars each month instead of a couple thousand. And since we're set to pay it off in a little more than a year, we're comfortable trading the additional cash to maintain a bit of a buffer since we are rolling with a limited e-fund.

tanzee

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Re: Student Loan Challenge (2018 Edition)
« Reply #153 on: March 31, 2018, 04:23:57 AM »
I am so excited to be joining this thread! I've been waiting until this year's savings goals were met. Now we're finally throwing some extra cash at the student loan. I made an additional $1,500 payment today but it won't hit my account until next week so I'll have to update then.

"Original" balance as of February 2018: $63,221
Rate: Variable, but majority @ 6.8%.
2018 year-end goal: $30,000
Payoff goal: June 2019

2/28/18: $63,221 [Starting Balance]
3/8/18: $62,846 (-375)
3/20/18: $60,722 (-2,124)

I'm still paying off interest to get down to the principal balance (ouch) but once that's handled, I'll be tracking and knocking off specific loans to help make this a little more fun.

Welcome, zeli!  Glad to have another student loan slayer on board. 

tanzee

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Re: Student Loan Challenge (2018 Edition)
« Reply #154 on: March 31, 2018, 04:27:57 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

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #155 on: March 31, 2018, 06:48:41 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.
http://upwardlymobile.life

Refinance Student loans with Earnest.  Theyíll pay you $200 and their rates are cheaper than SoFi.

BluePhoenix75

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Re: Student Loan Challenge (2018 Edition)
« Reply #156 on: April 02, 2018, 04:57:48 AM »
We are making progress.  Had a big snowball to throw at this in March!

$142,000..........October 2017
$134,237..........December 2017
$128,797..........January 2018
$125,966..........February 2018 
$110,751..........March 2018

Kicking butt!  Youíre almost at the big benchmark.

Thanks! The goal is to get to under $100K in June.

zeli2033

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Re: Student Loan Challenge (2018 Edition)
« Reply #157 on: April 03, 2018, 08:48:36 AM »
Previous payment finally hit - updated balance owed below.

2/28/18: $63,221 [Starting Balance]
3/8/18: $62,846 (-375)
3/20/18: $60,722 (-2,124)
4/2/18: $59,399 (-1,324)

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #158 on: April 03, 2018, 11:03:39 AM »
Previous payment finally hit - updated balance owed below.

2/28/18: $63,221 [Starting Balance]
3/8/18: $62,846 (-375)
3/20/18: $60,722 (-2,124)
4/2/18: $59,399 (-1,324)

You keep Attacking it at that rate and youíll slay that balance.

What rate are you fighting against?
http://upwardlymobile.life

Refinance Student loans with Earnest.  Theyíll pay you $200 and their rates are cheaper than SoFi.

Malkynn

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Re: Student Loan Challenge (2018 Edition)
« Reply #159 on: April 04, 2018, 06:11:28 AM »
I am so excited to be joining this thread! I've been waiting until this year's savings goals were met. Now we're finally throwing some extra cash at the student loan. I made an additional $1,500 payment today but it won't hit my account until next week so I'll have to update then.

"Original" balance as of February 2018: $63,221
Rate: Variable, but majority @ 6.8%.
2018 year-end goal: $30,000
Payoff goal: June 2019

2/28/18: $63,221 [Starting Balance]
3/8/18: $62,846 (-375)
3/20/18: $60,722 (-2,124)

I'm still paying off interest to get down to the principal balance (ouch) but once that's handled, I'll be tracking and knocking off specific loans to help make this a little more fun.

You should really refinance those loans. 6.8% is insane.   If you can cut even one or two percent, youíll save hundreds of dollars and possibly more than $1000.  If you use the right referral program with someone on this thread, you might end up getting an extra couple of hundred dollars too.   Seriously, go check out rates from Earnest, SoFi,or the like.

Yeah, I've certainly looked into it. We could cut a couple percent off the interest with SoFi but it will more than triple our minimum monthly payment. Even though we're certainly planning to pay much more than that per month, there's also the chance that our employment may shift before we're able to pay it off in which case we want to make sure we're only on the hook for a few hundred dollars each month instead of a couple thousand. And since we're set to pay it off in a little more than a year, we're comfortable trading the additional cash to maintain a bit of a buffer since we are rolling with a limited e-fund.

I totally get that. Iím all about protecting cash flow due to unpredictable income/employment. My entire income disappears if I get injured. Seriously, a single sprained finger could wipe out my income long enough to seriously damage our finances. Cash flow is king here.

It can be hard to find that perfect balance of payoff rate, interest rate, e-fund amount, and savings rate for your individual circumstances. Iíve flipped back and forth a few times about what I want to do over the next few years.

I totally see the value in the approach you are taking. I would love to have more flexibility in my repayment of my loan. My ~3K/mo minimum payment with zero flexibility is daunting. Flexibility can be highly valuable.

Malkynn

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Re: Student Loan Challenge (2018 Edition)
« Reply #160 on: April 04, 2018, 06:14:06 AM »
We are making progress.  Had a big snowball to throw at this in March!

$142,000..........October 2017
$134,237..........December 2017
$128,797..........January 2018
$125,966..........February 2018 
$110,751..........March 2018

Kicking butt!  Youíre almost at the big benchmark.

Thanks! The goal is to get to under $100K in June.

Me too, June-ish. I canít wait to be under $100K, Iíve been dreaming of 5 figures for nearly 5 years.

eightyeighttoone

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Re: Student Loan Challenge (2018 Edition)
« Reply #161 on: April 04, 2018, 09:55:32 PM »
Starting Balance  : 27,416
January Balance  : 25,831
February Balance : 24,047
March Balance     : 22,198

April Balance       : 19,920

I passed the final 5 digit milestone! Normally I wait till the middle of the month, but was feeling frisky tonight.

haypug16

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Re: Student Loan Challenge (2018 Edition)
« Reply #162 on: April 05, 2018, 01:58:51 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 down $823.90 this month

$1,321.46/$10,000 paid off in 2018

Happy to be out of the $60Ks. I got my bonus on March 31st so I set up an additional $1,000 payment (about 80% of the bonus) a couple days ago so my May 1st total should be extra good. I will also get a small tax refund (I know shame on me) but that will all go to Student Loans as well. I may be able to up my goal of $10k paid off this year but I'll hold off until I see a few month months of data before I make that call. :)

Also, nice job 88to1


minimos

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Re: Student Loan Challenge (2018 Edition)
« Reply #163 on: April 06, 2018, 05:20:31 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 :)
Tackling "hair on fire" student loans, and becoming more mustachian in the process.

appleseed

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Re: Student Loan Challenge (2018 Edition)
« Reply #164 on: April 09, 2018, 01:09:30 PM »
Starting Balance  : 27,416
January Balance  : 25,831
February Balance : 24,047
March Balance     : 22,198

April Balance       : 19,920

I passed the final 5 digit milestone! Normally I wait till the middle of the month, but was feeling frisky tonight.
Congratulations! I should hit that same milestone after this month's payments (end of April). I'm shooting for under $10k balance by the end of the year, which means extra extra payments I have to figure in somewhere.

Ms Maggie

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Re: Student Loan Challenge (2018 Edition)
« Reply #165 on: April 10, 2018, 12:33:26 PM »
Hi All!

I am extremely excited to say that as of April 1st, I am debt free!! Took about 20 months to pay off these grad school loans and definitely was a worthwhile experience to complete so quickly. I'm celebrating by saving an emergency fund and opening my own business! Good luck finishing everyone! I'm rooting for you. See you on the other side...

Student Loan total Aug 2016: 41,000
April 2018: 0

Loan 1: 0       @ 6.55%
Loan 2: 0       @ 6.55%
Loan 3: 0       @ 6.55%
Loan 4: 0       @ 5.16%
Loan 5: 0        @6.55%

Malkynn

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Re: Student Loan Challenge (2018 Edition)
« Reply #166 on: April 11, 2018, 06:59:35 AM »
Hi All!

I am extremely excited to say that as of April 1st, I am debt free!! Took about 20 months to pay off these grad school loans and definitely was a worthwhile experience to complete so quickly. I'm celebrating by saving an emergency fund and opening my own business! Good luck finishing everyone! I'm rooting for you. See you on the other side...

Student Loan total Aug 2016: 41,000
April 2018: 0

Loan 1: 0       @ 6.55%
Loan 2: 0       @ 6.55%
Loan 3: 0       @ 6.55%
Loan 4: 0       @ 5.16%
Loan 5: 0        @6.55%

FANTASTIC!

Good luck with the new business!
I just started 3 side hustles recently and itís a lot of fun if itís not too high risk.
Go enjoy your freedom, we will just hang out here painfully jealous of you, lol.

Malkynn

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Re: Student Loan Challenge (2018 Edition)
« Reply #167 on: April 11, 2018, 07:10:41 AM »
AFM, this is a slow month.
I have a lot of spending and a huge hit to my income because Iím taking nearly 2 weeks off for a road trip for my momís 60th birthday.

So itís just the minimum payments this month, which is hard to swallow after a few really good months of progress. However, those months came at the expense of working too much and getting burnt out, which always makes me impatient about my debt.

Itís funny that the faster I pay it down, the more discouraged and frustrated I get about it, because when I work more, I feel like my debt should be plummeting proportional to the added stress and energy of working more, when really, it doesnít change the timeline much.

Itís periods like this that reinforce that this is a marathon, not a sprint, and that enjoying my work is so much more profitable long term than grinding as much as possible for short term goals.

Slow&Steady

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Re: Student Loan Challenge (2018 Edition)
« Reply #168 on: April 11, 2018, 02:48:52 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       

         12/31/18 = $0 (Goal)

Baby is here and healthy, now just waiting until I get back to work in June.  I am hoping to throw $2k-3k at this loan in June/July and then several hundred each month and another $2k-ish at the next 3 paycheck month.  It should be paid off by late fall!

appleseed

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Re: Student Loan Challenge (2018 Edition)
« Reply #169 on: April 13, 2018, 07:59:01 AM »
Hi All!

I am extremely excited to say that as of April 1st, I am debt free!! Took about 20 months to pay off these grad school loans and definitely was a worthwhile experience to complete so quickly. I'm celebrating by saving an emergency fund and opening my own business! Good luck finishing everyone! I'm rooting for you. See you on the other side...

Student Loan total Aug 2016: 41,000
April 2018: 0

Loan 1: 0       @ 6.55%
Loan 2: 0       @ 6.55%
Loan 3: 0       @ 6.55%
Loan 4: 0       @ 5.16%
Loan 5: 0        @6.55%
Congratulations!!

Jim Fiction

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Re: Student Loan Challenge (2018 Edition)
« Reply #170 on: April 14, 2018, 12:48:28 PM »
Beginning balance and goals for 2018

Loan 1: $461 @ 0.40%
Loan 2: $2,859 @ 2.15%
Loan 3: $12,302 @ 4.50%

Total: $15,622

March payments are in the books:

Loan 1: $312 $262 @ 0.40%
Loan 2: $2,592 $2,504 @ 2.15%
Loan 3: $7,859 $7,808 @ 4.50%

Total: $10,763 $10,574


Life comes at you fast... My wife gave birth to a baby girl on Wednesday, a full two months ahead of schedule. She is going to be in the the hospital for a few months and I have no idea what the medical bills are going to look like, so I am pausing my extra payments in order to build up my cash reserves. Need to examine my insurance plan to get a better idea.

The money is a small concern of course, the main priority is making sure our daughter is healthy and continues to develop and grow so that we can take her home.

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #171 on: April 14, 2018, 06:12:57 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.
http://upwardlymobile.life

Refinance Student loans with Earnest.  Theyíll pay you $200 and their rates are cheaper than SoFi.

Malkynn

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Re: Student Loan Challenge (2018 Edition)
« Reply #172 on: April 14, 2018, 06:37:48 PM »
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.

Marathon, not a sprint.

Donít burn yourself out obsessing about it, it will drive you nuts.
I know easier said than done.

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #173 on: April 14, 2018, 08:05:17 PM »
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.

Marathon, not a sprint.

Donít burn yourself out obsessing about it, it will drive you nuts.
I know easier said than done.

After this extra payment, Iíll have paid $40,000 this year so far
http://upwardlymobile.life

Refinance Student loans with Earnest.  Theyíll pay you $200 and their rates are cheaper than SoFi.

Malkynn

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Re: Student Loan Challenge (2018 Edition)
« Reply #174 on: April 16, 2018, 05:38:26 AM »
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.

Marathon, not a sprint.

Donít burn yourself out obsessing about it, it will drive you nuts.
I know easier said than done.

After this extra payment, Iíll have paid $40,000 this year so far

Which is very impressive, but I know from experience that after big lump sum payments, your regular payments can start feeling depressingly small, when really, theyíre still huge.
Every time I have a month where I canít pay extra, I remind myself that even just paying the minimum $3500 is more than we typically spend in a month on everything else.

You are doing amazing.

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #175 on: April 17, 2018, 05:36:45 AM »
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
http://upwardlymobile.life

Refinance Student loans with Earnest.  Theyíll pay you $200 and their rates are cheaper than SoFi.

zeli2033

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Re: Student Loan Challenge (2018 Edition)
« Reply #176 on: April 18, 2018, 07:22:58 AM »
For the next 5 months, my payments wonít be as high as anticipated since my expenses will be a little higher until this fall. But shouldnít impact my payoff goal by more than 1 month when itís all set and done (payoff goal June 2019)

2/28/18: $63,221 [Starting Balance]
3/8/18: $62,846 (-375)
3/20/18: $60,722 (-2,124)
4/2/18: $59,399 (-1,324)
4/18/18: $58,372 (-1,027)

Malkynn

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Re: Student Loan Challenge (2018 Edition)
« Reply #177 on: April 18, 2018, 07:34:31 AM »
Quote from: MrUpwardlyMobile link=topic=85746.msg1974748#msg1974748 date=
$67,825.20 @2.88%.  Iím raising my monthly payment to $3,500.00
[/quote

$3500/mo is a good number ;)

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #178 on: April 18, 2018, 10:25:30 AM »
Quote from: MrUpwardlyMobile link=topic=85746.msg1974748#msg1974748 date=
$67,825.20 @2.88%.  Iím raising my monthly payment to $3,500.00
[/quote

$3500/mo is a good number ;)

Lol Iím going to try and be okay with it. 
http://upwardlymobile.life

Refinance Student loans with Earnest.  Theyíll pay you $200 and their rates are cheaper than SoFi.

recklesslysober

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Re: Student Loan Challenge (2018 Edition)
« Reply #179 on: April 18, 2018, 01:10:28 PM »
$86,700 January
$85,300 February
$81,800 March
$79,200 April

$10,000/$40,000 = 25% for 2018



angelgirlgo

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Re: Student Loan Challenge (2018 Edition)
« Reply #180 on: April 19, 2018, 06:03:11 AM »
32000 in STL 4.35% auto pay with Earnest

Milestones
May 23000
August 15000
November 6000
Jan 2019 $0!

birdman2003

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Re: Student Loan Challenge (2018 Edition)
« Reply #181 on: April 19, 2018, 09:02:46 AM »
It feels amazing to not have a student loan payment since February of this year.  Keep on going everyone!

tanzee

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Re: Student Loan Challenge (2018 Edition)
« Reply #182 on: April 20, 2018, 04:59:21 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

AK

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Re: Student Loan Challenge (2018 Edition)
« Reply #183 on: April 20, 2018, 08:03:04 PM »
About 40K in grad loans remain @ 6.55%. The scheduled payoff is Jan 2022 but am planning to pay it off next month thanks to a good, healthy biz.

I have recently used some credit cards to buy gift of college gift cards to pay student loans and was able to get some awesome points. Besides credit card points / rewards, are there any other ways to gain from paying these off?

Malkynn

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Re: Student Loan Challenge (2018 Edition)
« Reply #184 on: April 21, 2018, 05:17:43 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%

Only minimum payments this month ~115.5K remaining

-~102 student debt ~3%, ~3K monthly payment
-~9K DHís loan at 4%, $500 monthly payment
-car is paid off
-3.5K on LOC, 4.99%, interest only min payment

Not a lot of progress this month, next month wonít be great either since my time off will affect paychecks for both months. I need the time off though. Iím only starting to learn to actually take time off and that I need to do it, even though it costs me a fortune.

BluePhoenix75

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Re: Student Loan Challenge (2018 Edition)
« Reply #185 on: April 22, 2018, 06:08:04 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%

Only minimum payments this month ~115.5K remaining

-~102 student debt ~3%, ~3K monthly payment
-~9K DHís loan at 4%, $500 monthly payment
-car is paid off
-3.5K on LOC, 4.99%, interest only min payment

Not a lot of progress this month, next month wonít be great either since my time off will affect paychecks for both months. I need the time off though. Iím only starting to learn to actually take time off and that I need to do it, even though it costs me a fortune.

Way to go!  Good progress so far this year!  You'll be recharged and ready to get back at it after your break!

haypug16

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Re: Student Loan Challenge (2018 Edition)
« Reply #186 on: April 24, 2018, 10:37:05 AM »
Every time I have a month where I canít pay extra, I remind myself that even just paying the minimum $3500 is more than we typically spend in a month on everything else.

So true. A typically month I've been putting $1K towards SL but this past month I've been able to pay $3,800. I'm looking into May thinking OK what else can I throw at these loans and I'm sure it's not going be anywhere close to this month's number. I can say that each month the number continues to go down and even though I have $56K left I can see the finish line in the distance and it's getting closer every month.

Malkynn

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Re: Student Loan Challenge (2018 Edition)
« Reply #187 on: April 24, 2018, 10:47:19 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%

Only minimum payments this month ~115.5K remaining

-~102 student debt ~3%, ~3K monthly payment
-~9K DHís loan at 4%, $500 monthly payment
-car is paid off
-3.5K on LOC, 4.99%, interest only min payment

Not a lot of progress this month, next month wonít be great either since my time off will affect paychecks for both months. I need the time off though. Iím only starting to learn to actually take time off and that I need to do it, even though it costs me a fortune.

Way to go!  Good progress so far this year!  You'll be recharged and ready to get back at it after your break!

Ugh.
Sadly no.

Iíve just had a nasty medical emergency, so Iím missing even more work :(

appleseed

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Re: Student Loan Challenge (2018 Edition)
« Reply #188 on: April 25, 2018, 10:20:41 AM »
How's everyone doing? Just saw your post and didn't see any follow up. Hoping everyone is doing as well as can be.

Malkynn

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Re: Student Loan Challenge (2018 Edition)
« Reply #189 on: April 25, 2018, 10:36:50 AM »
How's everyone doing? Just saw your post and didn't see any follow up. Hoping everyone is doing as well as can be.

Iím fine, just need bed rest. No surgery required, so thatís awesome.
I know from experience that my job is very difficult to do after even minor surgery without a solid month of recovery. Most people can go back to light work after about 5 days after minor abdominal surgery, but my job is too physically strenuous. A month off would have sucked for me financially, so Iím super grateful to just be on bed rest.

Incidentally, I had already booked 1.5 weeks off, so Iíve actually only missed one day of work, which is still a substantial financial hit, but nothing compared to a month off for surgery.

Shit happens, this is just a setback and I wonít even need to dip into the emergency fund, I just wonít make any accelerated payments for a bit.

vertkurt

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Re: Student Loan Challenge (2018 Edition)
« Reply #190 on: April 27, 2018, 01:41:31 PM »
New addition to this thread and am hesitant to even track any progress at all because of how daunting this will be...

270k loan at 7%

Salary=70k

This will be interesting if not impossible to pay off, but I'll give it a shot.

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #191 on: April 27, 2018, 02:57:28 PM »
New addition to this thread and am hesitant to even track any progress at all because of how daunting this will be...

270k loan at 7%

Salary=70k

This will be interesting if not impossible to pay off, but I'll give it a shot.

Welcome friend!  Based upon the debt load and income, Iím assuming youíre a young attorney or medical resident.  Am I right?
http://upwardlymobile.life

Refinance Student loans with Earnest.  Theyíll pay you $200 and their rates are cheaper than SoFi.

vertkurt

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Re: Student Loan Challenge (2018 Edition)
« Reply #192 on: April 27, 2018, 08:29:16 PM »
Veterinarian

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #193 on: April 28, 2018, 04:54:22 AM »
Veterinarian

Ah Iím afraid I donít know much about what specialty options you might have but youíre going to be paying between 15-20k per year in interest alone at your 7% interest rate.  Is there anyway you can boost your income or any prospect of refinancing those loans to a lower rate? Even getting the rate down to 5% would allow you to pay close to $5000 more toward principal.
http://upwardlymobile.life

Refinance Student loans with Earnest.  Theyíll pay you $200 and their rates are cheaper than SoFi.

BluePhoenix75

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Re: Student Loan Challenge (2018 Edition)
« Reply #194 on: April 28, 2018, 10:32:58 AM »
April is in the books!

$142,000..........October 2017
$134,237..........December 2017
$128,797..........January 2018
$125,966..........February 2018 
$110,751..........March 2018
$105,838..........April 2018

Gunning to be under 6 figures by the end of June!

BluePhoenix75

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Re: Student Loan Challenge (2018 Edition)
« Reply #195 on: April 28, 2018, 10:35:52 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%

Only minimum payments this month ~115.5K remaining

-~102 student debt ~3%, ~3K monthly payment
-~9K DHís loan at 4%, $500 monthly payment
-car is paid off
-3.5K on LOC, 4.99%, interest only min payment

Not a lot of progress this month, next month wonít be great either since my time off will affect paychecks for both months. I need the time off though. Iím only starting to learn to actually take time off and that I need to do it, even though it costs me a fortune.

Way to go!  Good progress so far this year!  You'll be recharged and ready to get back at it after your break!

Ugh.
Sadly no.

Iíve just had a nasty medical emergency, so Iím missing even more work :(

Shoot!!!!!!  As was said before, this a marathon not a sprint.  The toughest part is always the last few miles.  You can do it!

Malkynn

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Re: Student Loan Challenge (2018 Edition)
« Reply #196 on: April 28, 2018, 12:20:21 PM »

Shoot!!!!!!  As was said before, this a marathon not a sprint.  The toughest part is always the last few miles.  You can do it!

Lol, yep, it was me who said that.

Iím all good. Iíve been so distracted by the my health and the million things I have going on for this trip for my mom that my debt isnít even remotely on my mind. Although Iím spending A LOT on this trip and itís not the best timing, but whatevs, it is what it is and itís not like I would change anything to not spend so much, so I donít stress about it.

Iíve got some big licensing fees coming up soon, so weíll see how long it is before I can get back to full steam. However, once the smaller debts are paid, i most be making any additional payments onto the ~100K student debt, so it really wonít matter anymore when I have high income or low income months, it wonít change my payoff rate and there will be nothing to get impatient about.

vertkurt

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Re: Student Loan Challenge (2018 Edition)
« Reply #197 on: April 30, 2018, 12:56:33 PM »
Veterinarian

Ah Iím afraid I donít know much about what specialty options you might have but youíre going to be paying between 15-20k per year in interest alone at your 7% interest rate.  Is there anyway you can boost your income or any prospect of refinancing those loans to a lower rate? Even getting the rate down to 5% would allow you to pay close to $5000 more toward principal.

Not much I can do. 70k is a pretty standard wage for Vets sadly. We carry the student loan burden of MD's without the pay. Similar to other professions like PHarmD and optometrists. Specializing would be another 3 years at even lower pay with, depending on the residency, around 150k salary once boarded and working. Refinance is an option when the loan is around 180k, but until then I have to pay the interest. Like I said it's basically impossible to pay it off.

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #198 on: May 01, 2018, 05:51:40 AM »
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.
http://upwardlymobile.life

Refinance Student loans with Earnest.  Theyíll pay you $200 and their rates are cheaper than SoFi.

appleseed

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Re: Student Loan Challenge (2018 Edition)
« Reply #199 on: May 04, 2018, 07:18:46 AM »
We are now under $20,000! I am so excited! Still my goal to get it under $10k by the end of the year, which means either an extra $700/month (we'll, $200-300 in addition to what I send extra) or I pay one of the 4 loans off at the end of the year ($2,000 ish). I am leaning towards the latter.

Too tired to update balances, but I'll try to come back later and edit to add them. I did realize with the interest increases lately that I was paying more on the 2 loans with the lower rates, and I need to switch my overpayment to the other service provider next month. Not sure how many months since I looked at the rates, but it's good to keep an eye on them.