Author Topic: Student Loan Challenge (2018 Edition)  (Read 32982 times)

appleseed

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Re: Student Loan Challenge (2018 Edition)
« Reply #150 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 #151 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 #152 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.

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #153 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

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #154 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

zeli2033

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Re: Student Loan Challenge (2018 Edition)
« Reply #155 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)

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #156 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. 

recklesslysober

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Re: Student Loan Challenge (2018 Edition)
« Reply #157 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 #158 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 #159 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 #160 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 #161 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?

BluePhoenix75

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Re: Student Loan Challenge (2018 Edition)
« Reply #162 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 #163 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.

appleseed

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Re: Student Loan Challenge (2018 Edition)
« Reply #164 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.

vertkurt

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Re: Student Loan Challenge (2018 Edition)
« Reply #165 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 #166 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?

vertkurt

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Re: Student Loan Challenge (2018 Edition)
« Reply #167 on: April 27, 2018, 08:29:16 PM »
Veterinarian

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #168 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.

BluePhoenix75

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Re: Student Loan Challenge (2018 Edition)
« Reply #169 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 #170 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!

vertkurt

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Re: Student Loan Challenge (2018 Edition)
« Reply #171 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 #172 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.

appleseed

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Re: Student Loan Challenge (2018 Edition)
« Reply #173 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.

haypug16

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Re: Student Loan Challenge (2018 Edition)
« Reply #174 on: May 04, 2018, 07:40:20 AM »
2018 Student Loan Pay down
Jan 1st 2018 $61,210.17
Feb 1st 2018 $61,498.36
Mar 1st 2018 $60,712.61
Apr 1st 2018 $59,888.71
May 1st 2018 $56,074.38 ($3,814.33 paid off)

I threw all my extra money at this, bonus and tax refund. Plus now that Credit cards are paid off I'm throwing all the money that was going to that into SL. Not all months will be this good, more like a steady ~$1k.

$5,135.79/$10,000 paid off in 2018 (should exceed this number by a couple grand)

eightyeighttoone

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Re: Student Loan Challenge (2018 Edition)
« Reply #175 on: May 04, 2018, 09:59:05 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


Also - nice work, Haypug16!

eightyeighttoone

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Re: Student Loan Challenge (2018 Edition)
« Reply #176 on: May 04, 2018, 10:07:20 PM »
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.

Congrats Appleseed! I've been waiting for this post. :) Nice work!

appleseed

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Re: Student Loan Challenge (2018 Edition)
« Reply #177 on: May 05, 2018, 07:39:50 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.

Congrats Appleseed! I've been waiting for this post. :) Nice work!
Thanks! It's a great thing to see when I open up personal capital. It's funny because I've become focused on the first digit of each loan. Two are $4k and two are $5k. So let's get the $5ks down to $4ks and $4ks to 3s, etc. It's silly but motivates me.

Jim Fiction

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Re: Student Loan Challenge (2018 Edition)
« Reply #178 on: May 14, 2018, 05:51:42 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

May payments are in the books:

Loan 1: $262 $212 @ 0.40%
Loan 2: $2,504 $2,415 @ 2.15%
Loan 3: $7,808 $7,254 @ 4.50%

Total: $10,574 $9,881


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.

Really happy to see all of the progress everyone is making!

All of my May payments have been made, including an extra $500 payment towards loan three, which I made in spite of the looming medical bills mentioned in my previous post above. The extra payment brings me under $10,000 remaining! It is a pretty incredible feeling to hit that milestone, albeit a month later than previously hoped. I may continue making smaller payments ($500 vs $1,500), but we'll see how the next month unfolds. As for the rest of the year, loan one is still on pace to be eradicated in September simply by making the minimum payments (it is so tempting to knock out that last $212!) and I'd like to get the other two paid off by the end of the year, but those medical bills are such a massive unknown variable. Fortunately the hospital offers 4 year interest free payment plans, but without knowing what a final number is going to look like I can't commit to firm payday plan for the student loans and will simply take each month as it comes.

anemisar

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Re: Student Loan Challenge (2018 Edition)
« Reply #179 on: May 20, 2018, 08:49:44 PM »

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.

Hey vertkurt- I am a 2017 vet graduate making just about the same as you.  I am so happy to see a fellow vet on here thinking about how to pay it off...because so many of us feel hopeless about it, but we don't have to.   You can do it, especially if you live on 20K MMM style!
« Last Edit: May 20, 2018, 08:52:55 PM by anemisar »

shinn497

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Re: Student Loan Challenge (2018 Edition)
« Reply #180 on: May 21, 2018, 10:03:35 PM »
I'm close to done with a balance of $5,453.82 @ 6.8%

I started the year at like 20k? And the loans were 25k when I started to rehab them. Almost done!

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #181 on: May 22, 2018, 05:10:41 AM »
I'm close to done with a balance of $5,453.82 @ 6.8%

I started the year at like 20k? And the loans were 25k when I started to rehab them. Almost done!

Why did you never refinance? 6.8% is high

shinn497

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Re: Student Loan Challenge (2018 Edition)
« Reply #182 on: May 22, 2018, 07:52:38 AM »
Well, during my years after uni I was an idiot, stuck my head in the sand and didn't even pay attention. When I looked at them again, I started rehabilitation. During rehabilitation, I saved up 12k and paid it once they were in good standing. They rehabilitated in april at ~20k is. I fired the 12k missile to bring them down to 8k. And then I've payed off like ~3k to get them to their current levels.

From discovering them to now was a year. I am paying them off so quickly that rehabilitation isn't an issue. I mean I could save what, a couple hundred. Not really worth the hassle in my opinion. It was split into 4 loans and I paid off all but one after rehabilitation. So consolidation didn't make sense either.

As for why I rehabilitated, I had 5k worth of fees waived. So that was nice. My only regret was not saving more. I make enough that, in 10 months, I could have completely paid them off by now. Oh well. 

BluePhoenix75

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Re: Student Loan Challenge (2018 Edition)
« Reply #183 on: May 23, 2018, 07:25:42 AM »
Woot!Woot! Passed a major milestone one month earlier than expected!

$142,000..........October 2017
$134,237..........December 2017
$128,797..........January 2018
$125,966..........February 2018 
$110,751..........March 2018
$105,838..........April 2018
$98,107............May 2018  UNDER $100K!!!!

Next milestone, $50K in reductions of the total,  is up next.

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #184 on: May 23, 2018, 05:12:21 PM »
Woot!Woot! Passed a major milestone one month earlier than expected!

$142,000..........October 2017
$134,237..........December 2017
$128,797..........January 2018
$125,966..........February 2018 
$110,751..........March 2018
$105,838..........April 2018
$98,107............May 2018  UNDER $100K!!!!

Next milestone, $50K in reductions of the total,  is up next.

Congrats. I broke 100k this year too. It feels amazing.  Although I celebrate every 10k as a bench mark now.  Being below 100k feels easy.

BluePhoenix75

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Re: Student Loan Challenge (2018 Edition)
« Reply #185 on: May 25, 2018, 10:17:01 AM »
Woot!Woot! Passed a major milestone one month earlier than expected!

$142,000..........October 2017
$134,237..........December 2017
$128,797..........January 2018
$125,966..........February 2018 
$110,751..........March 2018
$105,838..........April 2018
$98,107............May 2018  UNDER $100K!!!!

Next milestone, $50K in reductions of the total,  is up next.

Congrats. I broke 100k this year too. It feels amazing.  Although I celebrate every 10k as a bench mark now.  Being below 100k feels easy.

Thanks to both of you!  Glad to hear that being below $100k feels easy now. I'm hoping to feel the same thing!!

Finntastic

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Re: Student Loan Challenge (2018 Edition)
« Reply #186 on: May 28, 2018, 07:12:38 AM »
Will be paid of in June 2018

I think my total loan was somewhere around 40k and down to last 2 payments. Started paying back 10 years ago and about 400$ left. Last payment will be last day of June
« Last Edit: May 28, 2018, 08:49:16 PM by Finntastic »

shinn497

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Re: Student Loan Challenge (2018 Edition)
« Reply #187 on: May 31, 2018, 05:14:40 AM »
$5,453.82 ............ May 15 2018
$4388.82 ............ May 31 2018

tanzee

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Re: Student Loan Challenge (2018 Edition)
« Reply #188 on: May 31, 2018, 05:35:34 AM »
LOL!  I just logged in to my account and it told me I don't have to make a payment until 2034!

It's a combination of being in school (ie having tiny mandatory payments) and being paid way ahead.  But it's still funny to see. 

MrUpwardlyMobile

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Re: Student Loan Challenge (2018 Edition)
« Reply #189 on: June 01, 2018, 05:35:24 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.

Finntastic

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Re: Student Loan Challenge (2018 Edition)
« Reply #190 on: June 01, 2018, 06:57:48 PM »
30th April 2018: 415$
30th May 2018: 182$
30th June 2018: 0$

tanzee

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Re: Student Loan Challenge (2018 Edition)
« Reply #191 on: June 03, 2018, 05:19:21 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

I just looked back at my first post in this thread which suggested paying them off this year would be "highly ambitious".  But, at this point, I think it's perfectly reasonable.  I just need to stay on track.  May wasn't the best month for paying off loans because I didn't work for half of it and had some added expenses.  But as of June 1st I'm officially under $10k.  By the end of this month I'll be about half way there.  I'll post a more in depth breakdown later this month after I've made a couple more payments.

Slow&Steady

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Re: Student Loan Challenge (2018 Edition)
« Reply #192 on: June 06, 2018, 12:20:13 PM »
The 2018 challenge has started!  I graduated in 2006 with over $30k and only occasionally focused on paying them off, but I have now been out of school for over 10 years and these need to be gone.

Goals (Jan 2018):  Wait until baby gets here safe and healthy (and maybe until after maternity leave) then pay these suckers off!  Assuming no hiccups with baby or maternity leave I would like to pay these off when or before I return from maternity leave around June/July.

Total: 02/18/16 = $16,505.16 (7.5% interest)
         01/09/17 = $10,572.09
         01/04/18 = $7,849.41
         02/02/18 = $7,743.03
         03/01/18 = $7,636.06
         04/04/18 = $7,537.60       
         06/06/18 = $7,231.53

         12/31/18 = $0 (Goal)

I am back at work!! We plan to make the min payment again in July and then splitting up the balance between Aug, Sept, and Oct.  Hoping to not have a student loan payment in NOV and forever going forward.

haypug16

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Re: Student Loan Challenge (2018 Edition)
« Reply #193 on: June 06, 2018, 01:08:51 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
May 1st 2018 $56,074.38
June 1st 2018 $54,942.04 (paid off $1,132.34)

$6,268.13/$10,000 paid off in 2018 should have no trouble reaching my goal and there's a good chance I'll surpass it.

*ETA: Goal = Paid off in 40 more months. That doesn't sounds so bad right?
« Last Edit: June 06, 2018, 01:27:42 PM by haypug16 »

Rustychase

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Re: Student Loan Challenge (2018 Edition)
« Reply #194 on: June 09, 2018, 06:35:54 PM »
Wow! It's so great to see other people wanting to actually annihilate their loans!

I have almost 30k from my undergraduate. Not sure where I will be financially yet, as I'm still out of the US and haven't found a new job yet, but my goal is to pay off about 5k this year, and not accrue more! AKA if I continue with my MA pay for it with assistantships or scholarships.

Good luck everyone! And can't wait to see the paid off posts from some of you guys (:

Slow&Steady

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Re: Student Loan Challenge (2018 Edition)
« Reply #195 on: June 11, 2018, 09:45:04 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

May payments are in the books:

Loan 1: $262 $212 @ 0.40%
Loan 2: $2,504 $2,415 @ 2.15%
Loan 3: $7,808 $7,254 @ 4.50%

Total: $10,574 $9,881


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.

Really happy to see all of the progress everyone is making!

All of my May payments have been made, including an extra $500 payment towards loan three, which I made in spite of the looming medical bills mentioned in my previous post above. The extra payment brings me under $10,000 remaining! It is a pretty incredible feeling to hit that milestone, albeit a month later than previously hoped. I may continue making smaller payments ($500 vs $1,500), but we'll see how the next month unfolds. As for the rest of the year, loan one is still on pace to be eradicated in September simply by making the minimum payments (it is so tempting to knock out that last $212!) and I'd like to get the other two paid off by the end of the year, but those medical bills are such a massive unknown variable. Fortunately the hospital offers 4 year interest free payment plans, but without knowing what a final number is going to look like I can't commit to firm payday plan for the student loans and will simply take each month as it comes.

How is the baby doing?  My daughter was born March 23 (at term), I can't imagine how stressful it is to have a baby born a couple months early.  Hopefully her and your wife are getting healthy fast.  Congrats on the baby!

Jim Fiction

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Re: Student Loan Challenge (2018 Edition)
« Reply #196 on: June 11, 2018, 04:41:54 PM »


How is the baby doing?  My daughter was born March 23 (at term), I can't imagine how stressful it is to have a baby born a couple months early.  Hopefully her and your wife are getting healthy fast.  Congrats on the baby!

Congrats to you as well! Everyone is doing just fantastic. Baby has been home for a week now and overall the transition has gone rather smoothly. I can't wait to take off of work for a month so I can spend time at home with her.

eightyeighttoone

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Re: Student Loan Challenge (2018 Edition)
« Reply #197 on: June 11, 2018, 08:49:22 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

alphapi

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Re: Student Loan Challenge (2018 Edition)
« Reply #198 on: June 12, 2018, 11:30:15 AM »
Hi all - first post ever here (previous reader/lurker of course)!

I'm just getting started on this journey, but back in 2012 left grad school with $41,000. I had been planning on taking advantage of the PSLF, but recently I'm valuing professional AND financial flexibility sooner than my possible eligibility for that (5-6 years), so I'm taking charge. Down to $34,000 now, all from FAFSA at 6.55%. I've always been on the fence about the saving/paying argument, but with a lot of the strategies I've put in place I'm confident I'll be able to do both.

My goal this year is to have $15,000 in December 2018, and that will put me on track to kill off the rest by the end of 2019.
if youíre repaying, you should refinance those to a lower rate and save a couple thousand dollars youíd otherwise pay on interest.

Midyear update here: down to $22,400

eightyeighttoone

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Re: Student Loan Challenge (2018 Edition)
« Reply #199 on: June 12, 2018, 08:48:13 PM »
30th April 2018: 415$
30th May 2018: 182$
30th June 2018: 0$

Congrats, Finntastic!