Author Topic: Student Loan Challenge (2019 Edition)  (Read 6142 times)

appleseed

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Re: Student Loan Challenge (2019 Edition)
« Reply #50 on: March 14, 2019, 12:57:29 PM »
Congratulations!!

marblejane

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Re: Student Loan Challenge (2019 Edition)
« Reply #51 on: March 15, 2019, 07:35:39 PM »
Congratulations!!

thank you!! Still hasn't really sunk in...

UnexpectedExpenseExpector

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Re: Student Loan Challenge (2019 Edition)
« Reply #52 on: March 20, 2019, 04:13:13 PM »
Congratulations @eightyeighttoone @imadandylion @marblejane that is awesome!

Here is our March Update:

2018
Jul: 34,235.29
Aug: 31,126.76
Sep: 30,670.30
Oct: 29,554.17
Nov: 26,987.46
Dec: 25,869.79

2019
Jan: 23,886.93
Feb: 21,695.55
Mar: 19,550.64
...

2019 Jul: 0.00 (GOAL)[/b]

Getting excited to get rid of these.  Leaving July as the goal to be free from them but actually looking like we'll be able to clear them by end of May!  Keep up the awesome progress everyone!




catorbe

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Re: Student Loan Challenge (2019 Edition)
« Reply #53 on: March 27, 2019, 07:49:25 AM »
I'm currently at $13,847.52.

Little over 5 weeks later and I'm down to $12,410. Normal payment of $300 coming on 4/1. This will all be applied to the 3.61% interest "pile" and knock the smaller of 2 loans at that rate to under $500. Once that is gone I'll reallocate the remaining payments to the final 3.61% loan as the focus, and from then on out it's all on autopilot. I won't have to mess with MGL about how to allocate my payments any more!

Civex

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Re: Student Loan Challenge (2019 Edition)
« Reply #54 on: March 28, 2019, 07:20:16 PM »
Another year still in the student loan challenge. Great people, but this is my least favorite club. Copying from the 2018 thread, missed the 2017, and I think I was in the 2016 (or was it 2015?) thread.


Original balance-$90,400 @ 5.01 7/2014
End of January '18 balance-$64,481
End of June '18 balance-$55,411
Dec. 2018-$47,258 ($1250 payment)
March 2019-$44,088.31 ($1250 payment)

Hoping to knock this loan down into the twenty thousands by year end. Recently paid off my auto loan, so after I top up my E-fund, I should be able to increase my payment by $500-700/month. This thing doesn't know when to die and I don't feel like I'm making a lot of progress. The rate is just low enough and income is just high enough that I feel obligated to max all tax advantaged accounts (401k, HSA, FSA, RothIRA, and 529) before putting extra towards my student loan and that makes it decrease.so.painfully.slowly. What a first world problem.

catorbe

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Re: Student Loan Challenge (2019 Edition)
« Reply #55 on: March 29, 2019, 07:33:22 AM »
...before putting extra towards my student loan and that makes it decrease.so.painfully.slowly. What a first world problem.

It will make the final payoff that much sweeter! Keep it up!!!

zeli2033

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Re: Student Loan Challenge (2019 Edition)
« Reply #56 on: March 29, 2019, 07:35:45 AM »
End of March Update

2/28/18: $63,221 [Starting Balance]
...
12/31/18: $36,419
1/15/19: $32,900
2/3/19: $30,351
2/16/19: $27,889
3/5/19: $25,209
3/29/19: $20,625 (-4584)

Bonus 1 of 3 came in today so we were able to put a good amount toward the student loan. After today's payment, we only have 3 loans left from the original 14 - so close! Still tracking to have these paid off at end of April assuming everything goes according to plan.

outdoorsyfreedom

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Re: Student Loan Challenge (2019 Edition)
« Reply #57 on: April 04, 2019, 04:36:12 AM »
January Starting Balance: 58245.53
Min. Payment: 1178.77
Extra payment: 4821.79

January Ending Balance: 52244


February Payments:

Min. Payment: 1178.77
Extra Payment: 4276.39

February Ending balance: 46940.55

March Payments:

Min Payment: 1178.77
Extra Payment: 8128.60

March Ending Balance: 37,753.86

March was a bit of a unique month in that I received my yearly bonus and it was a 3-paycheck month. I get paid biweekly, so usually only 2/month. This allowed me to put a bit extra towards the loans.

Also, to those of you who since paid off their loans, Congratulations!!

Lady SA

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Re: Student Loan Challenge (2019 Edition)
« Reply #58 on: April 04, 2019, 01:38:37 PM »
I can join this thread! Yay! DH and I started in early 2014 with $150k SLs combined. We are now down to just under $7k! Not a typo :D Our loans will be vanquished in April 2019.

Starting in 2016, we started maxing our 401ks, HSA, and IRAs, and got our living expenses down to the point where we had an extra $900 per month left over on top of our min SL payments of $2300 per month. So we've been doing the avalanche debt method with $3200 total in payments per month for what seems like forever. This month we paid off the second-to-last loan, and just today I switched the monthly auto-payment for the very last small loan (at 4.6%) to the full $3200.

After the loans are done, that $38k per year is going directly to our brokerage account and the beginnings of a house downpayment.

Its official - our SLs have been vanquished!!!

05-2014 -- ~$150k starting balance at graduation
11-2015 -- ~$127k, found MMM
09-2016 -- $99k! Finally out of the 6 figures!
11-2016 -- Finally reached positive net-worth!
01-2019 -- $9k! Finally out of the 5 figures!
04-2019 -- $0!!!!!!!!!!!!!!!!!!!!!!!!!! DONE!! Today is our last EVER payment!

We paid these off in 4 years and 11 months, just under our goal (that we made right after we graduated) to kill them in 5 years.
Damn, it feels so good to be FREE!!

haypug16

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Re: Student Loan Challenge (2019 Edition)
« Reply #59 on: April 04, 2019, 02:58:13 PM »
Congrats Lady SA!!! It must feel great to be free of those payments.

UnexpectedExpenseExpector

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Re: Student Loan Challenge (2019 Edition)
« Reply #60 on: April 08, 2019, 11:14:04 PM »
Way to go @Lady SA !  That's got to feel awesome!

Keep at it @Civex  they're days are numbered!

Here is our April Update:

2018
Jul: 34,235.29
Aug: 31,126.76
Sep: 30,670.30
Oct: 29,554.17
Nov: 26,987.46
Dec: 25,869.79

2019
Jan: 23,886.93
Feb: 21,695.55
Mar: 19,550.64
Apr: 8,257.92
...

2019 Jul: 0.00 (GOAL)


We decided to pull some funds out of the taxable investment accounts to knock these down to under 10k.  July should be easily reachable, we're going to push and try and have these cleaned up by end of May.  Keep up the great progress everyone!

catorbe

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Re: Student Loan Challenge (2019 Edition)
« Reply #61 on: April 10, 2019, 08:59:26 AM »
I'm currently at $13,847.52.

Little over 5 weeks later and I'm down to $12,410. Normal payment of $300 coming on 4/1. This will all be applied to the 3.61% interest "pile" and knock the smaller of 2 loans at that rate to under $500. Once that is gone I'll reallocate the remaining payments to the final 3.61% loan as the focus, and from then on out it's all on autopilot. I won't have to mess with MGL about how to allocate my payments any more!

Under $12k!

zeli2033

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Re: Student Loan Challenge (2019 Edition)
« Reply #62 on: April 15, 2019, 08:24:38 AM »
2/28/18: $63,221 [Starting Balance]
...
12/31/18: $36,419
1/15/19: $32,900
2/3/19: $30,351
2/16/19: $27,889
3/5/19: $25,209
3/29/19: $20,625
4/15/19: $17,550 (-3075)

Looking ahead to the next paycheck where these should be paid off due to it being bonus season.

haypug16

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Re: Student Loan Challenge (2019 Edition)
« Reply #63 on: April 15, 2019, 11:40:58 AM »
Mid April Update:
January 1st 2019 - $46,919.36
January 31st 2019 - $46,137.25
February 27th 2019 - $45,339.55
March 31st 2019 - $44,518.99
April 15th 2019 - $43,932.84

2019 Goal 
$2,986.52/$10,800

I guess I forgot to do an end of March update. whoops.

Cool Friend

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Re: Student Loan Challenge (2019 Edition)
« Reply #64 on: April 16, 2019, 12:37:10 PM »
April Update (rounded figures)!  Decided to just fuckin' go for it and kill this off ASAP.

January: $7,000
February:$6,000
March:$4,700
April: $3,500

If I keep this pace up, I should be able to kill them by end of summer at the latest!

Related question: do you guys plan on doing anything special to celebrate once you knock them out?  This is a huge milestone for me (thought I would be paying this off for another decade at least), and I want to give myself some kind of symbolic pat on the back, but I've never been one to get myself a nice gift or pamper myself in any way.

Rimu05

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Re: Student Loan Challenge (2019 Edition)
« Reply #65 on: April 16, 2019, 02:49:45 PM »
My goal is at least $4000 to student loans this year.

Recent payment: 282.56

April Balance: $26,340.70

Sigh, sucks having these.

Kem

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Re: Student Loan Challenge (2019 Edition)
« Reply #66 on: April 16, 2019, 07:45:17 PM »
My view is a bit different on these.  I graduated in 05 with over 100k in private SL.  Every big rate drop, credit score improvement, etc I looked into a fresh 20 year refi. Currently on a fresh 20 year 5.01%fixed which gives me a min payment of $280/m (and the low payment floor gives peace of mind) .     I actually pay $450/m which will payoff the loan in 10 years - - - - when I plan on crossing $1M liquid net worth and when my eldest daughter will be wrapping up high school.
.
Edit:  I view the mortgage in the same way... At 3.875% fixed its hard to get excited about an early payoff.  Am I nuts that for the most part I invest the difference rather than paying off the SL?  I could have it paid off in a bit over a year at the expense of no cash set aside or invested.... Or I could even pull out Roth contributions / taxable from VTI to wioe it out today.     
.
It just feels like the cash in my hand/working for me holds more value and mental sanity than tossing it at some bank.
« Last Edit: April 16, 2019, 08:03:17 PM by Chris.Kem »

Malkynn

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Re: Student Loan Challenge (2019 Edition)
« Reply #67 on: April 17, 2019, 04:01:50 AM »
My view is a bit different on these.  I graduated in 05 with over 100k in private SL.  Every big rate drop, credit score improvement, etc I looked into a fresh 20 year refi. Currently on a fresh 20 year 5.01%fixed which gives me a min payment of $280/m (and the low payment floor gives peace of mind) .     I actually pay $450/m which will payoff the loan in 10 years - - - - when I plan on crossing $1M liquid net worth and when my eldest daughter will be wrapping up high school.
.
Edit:  I view the mortgage in the same way... At 3.875% fixed its hard to get excited about an early payoff.  Am I nuts that for the most part I invest the difference rather than paying off the SL?  I could have it paid off in a bit over a year at the expense of no cash set aside or invested.... Or I could even pull out Roth contributions / taxable from VTI to wioe it out today.     
.
It just feels like the cash in my hand/working for me holds more value and mental sanity than tossing it at some bank.

Yep.
If I could refi mine or pay a lot less, I would.
I'm not in the US and my loan was refinanced as a business loan, so I don't have the refi options and long payback timelines that you have.

It's not my loan that's a weight on me, it's the large mortgage sized mandatory monthly payment that's a pain in my ass.

I have no choice but to have mine paid off in 3 years, and it's not the stupid account balance that I'm going to be excited not to see anymore, it's the nearly $3K withdrawal mid month that I'll be excited to not see anymore. If it was under $1000, I wouldn't even care. 

Kem

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Re: Student Loan Challenge (2019 Edition)
« Reply #68 on: April 17, 2019, 04:55:11 AM »
Oh goodness!  That's rough Malkynn :/

Malkynn

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Re: Student Loan Challenge (2019 Edition)
« Reply #69 on: April 17, 2019, 05:03:32 AM »
Oh goodness!  That's rough Malkynn :/

It's certainly not fun, but remember, I started with $420K of debt

Kem

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Re: Student Loan Challenge (2019 Edition)
« Reply #70 on: April 17, 2019, 06:05:00 AM »
3 years will fly by Malkynn :)
That's a sizable monthly chunk that'll be freed up.
Have you defined plans for the 36K/year?  Besides VTI/VTSAX/or equivalent that'd be a nice down payment on 1 rental property a year :).   Or... I suppose... Lifestyle creep is an option (flees from mob).

Malkynn

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Re: Student Loan Challenge (2019 Edition)
« Reply #71 on: April 17, 2019, 06:26:12 AM »
3 years will fly by Malkynn :)
That's a sizable monthly chunk that'll be freed up.
Have you defined plans for the 36K/year?  Besides VTI/VTSAX/or equivalent that'd be a nice down payment on 1 rental property a year :).   Or... I suppose... Lifestyle creep is an option (flees from mob).

I have absolutely no desire for 3 years to fly by. The next 3 years are going to be very interesting and exciting and I intend to live the hell out of them.

Just bought a second property actually.
I have no idea what I will do. My career is tremendously diversified and fluid, I work in 3 distinctly different but related disciplines, and I have absolutely no idea where my focus will be in 3 years.

I'm not a employee/paycheque player, my income is whatever I choose it to be based on how much energy I decide to put towards various projects.

I may cut back, I may ramp up, I have no idea and I prefer it that way. I used to make plans until better options started showing up and I decided that being open to possibilities is a better path for me than making plans.
« Last Edit: April 17, 2019, 09:55:12 AM by Malkynn »

Civex

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Re: Student Loan Challenge (2019 Edition)
« Reply #72 on: April 17, 2019, 07:13:47 AM »
Another year still in the student loan challenge. Great people, but this is my least favorite club. Copying from the 2018 thread, missed the 2017, and I think I was in the 2016 (or was it 2015?) thread.


Original balance-$90,400 @ 5.01 7/2014
End of January '18 balance-$64,481
End of June '18 balance-$55,411
Dec. 2018-$47,258 ($1250 payment)
March 2019-$44,088.31 ($1250 payment)

April 2019-$42,038 ($1250 auto payment and $1k extra towards principle)

haypug16

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Re: Student Loan Challenge (2019 Edition)
« Reply #73 on: April 17, 2019, 09:27:25 AM »
Related question: do you guys plan on doing anything special to celebrate once you knock them out?  This is a huge milestone for me (thought I would be paying this off for another decade at least), and I want to give myself some kind of symbolic pat on the back, but I've never been one to get myself a nice gift or pamper myself in any way.

My reward is to put all the money that was going to Student Loans into a Vanguard account and watching my worth take off even more causing me to be able to retire years early. :)

Malkynn

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Re: Student Loan Challenge (2019 Edition)
« Reply #74 on: April 17, 2019, 09:54:23 AM »
Related question: do you guys plan on doing anything special to celebrate once you knock them out?  This is a huge milestone for me (thought I would be paying this off for another decade at least), and I want to give myself some kind of symbolic pat on the back, but I've never been one to get myself a nice gift or pamper myself in any way.

I will likely be doing kitchen renos in our new home. We just bought it, and I like living somewhere for a good amount of time before deciding on changing it. It has a whole empty eat-in section of the kitchen, which I was to add storage and maybe counter space to. 2.5 years is a perfect amount of time to live and cook there before committing to structural changes, so that will be my reward.
« Last Edit: April 17, 2019, 09:55:55 AM by Malkynn »

zeli2033

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Re: Student Loan Challenge (2019 Edition)
« Reply #75 on: April 17, 2019, 05:24:35 PM »
Related question: do you guys plan on doing anything special to celebrate once you knock them out?  This is a huge milestone for me (thought I would be paying this off for another decade at least), and I want to give myself some kind of symbolic pat on the back, but I've never been one to get myself a nice gift or pamper myself in any way.

My reward is to put all the money that was going to Student Loans into a Vanguard account and watching my worth take off even more causing me to be able to retire years early. :)

SAME! With the exception of blasting the news in every thread here that I can justify - cannot wait for that day!

Rimu05

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Re: Student Loan Challenge (2019 Edition)
« Reply #76 on: April 18, 2019, 02:32:20 PM »
My view is a bit different on these.  I graduated in 05 with over 100k in private SL.  Every big rate drop, credit score improvement, etc I looked into a fresh 20 year refi. Currently on a fresh 20 year 5.01%fixed which gives me a min payment of $280/m (and the low payment floor gives peace of mind) .     I actually pay $450/m which will payoff the loan in 10 years - - - - when I plan on crossing $1M liquid net worth and when my eldest daughter will be wrapping up high school.
.
Edit:  I view the mortgage in the same way... At 3.875% fixed its hard to get excited about an early payoff.  Am I nuts that for the most part I invest the difference rather than paying off the SL?  I could have it paid off in a bit over a year at the expense of no cash set aside or invested.... Or I could even pull out Roth contributions / taxable from VTI to wioe it out today.     
.
It just feels like the cash in my hand/working for me holds more value and mental sanity than tossing it at some bank.

For me, the interest simply isn't worth it. I have 26K left and noticed I pay $98 in interest monthly. At my income, $98 is a lot. I have been paying the minimum to cover the payment in 10 yrs but from the calculators online, that is easily thousands of dollars more in interest. Also, I feel it's impeding my mobility. I want to explore options that allow me to move to different parts of the world yet with the student loans, that is not a risk I am willing to make.

therethere

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Re: Student Loan Challenge (2019 Edition)
« Reply #77 on: April 18, 2019, 02:42:35 PM »
My view is a bit different on these.  I graduated in 05 with over 100k in private SL.  Every big rate drop, credit score improvement, etc I looked into a fresh 20 year refi. Currently on a fresh 20 year 5.01%fixed which gives me a min payment of $280/m (and the low payment floor gives peace of mind) .     I actually pay $450/m which will payoff the loan in 10 years - - - - when I plan on crossing $1M liquid net worth and when my eldest daughter will be wrapping up high school.
.
Edit:  I view the mortgage in the same way... At 3.875% fixed its hard to get excited about an early payoff.  Am I nuts that for the most part I invest the difference rather than paying off the SL?  I could have it paid off in a bit over a year at the expense of no cash set aside or invested.... Or I could even pull out Roth contributions / taxable from VTI to wioe it out today.     
.
It just feels like the cash in my hand/working for me holds more value and mental sanity than tossing it at some bank.

I'm sorta in the same boat in that I'm investing in VTSAX instead of paying down my loans. I check for refinance every 6-12 months to lower the rate.

I started when I was down to 100k in loans. Any extra got send to VTSAX. My rates avg around 4% and by my detailed calcs I'm up $15,500 since Jan 2015. If you have the monthly cashflow and patience it's the way to go.

I don't really understand your strategy on having a 20year and paying off like it's a 10year... Why not refi to a 10-year and take advantage of the lower rate? If you get in a bind you could always refinance to a longer term or use your investments to supplement any cash flow issues.
« Last Edit: April 18, 2019, 02:47:15 PM by therethere »

Kem

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Re: Student Loan Challenge (2019 Edition)
« Reply #78 on: April 18, 2019, 02:58:57 PM »
I considered a 10 year, but at the last refi the term difference was negligible (when compared vs paying 20 year in 10) and worth the premium for the flexibility to drop to a min payment of $280 should the job situation change as an option.   Essentially I'm paying just under $5/month more for an option to reduce my payment by $170/m at any time and for any reason during the length of the loan.   
.
My budget is so highly optimized that this hit was worth the flexibility.
.
Edit:  the only reason I want to pay this off in 10 years is so that it's off my plate in time to buy 2 quads - 1 for my eldest daughter.   It's silly I know, versus investing the difference, however in the scheme of money flows a GREAT deal more is going towards investing
« Last Edit: April 18, 2019, 03:01:27 PM by Chris.Kem »

therethere

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Re: Student Loan Challenge (2019 Edition)
« Reply #79 on: April 18, 2019, 03:14:31 PM »
Not silly. If I was hardcore about the strategy I would refinance to longest term. But I want them gone eventually so I stay with 5 year. It's all about what you're comfortable with.

FireLane

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Re: Student Loan Challenge (2019 Edition)
« Reply #80 on: April 25, 2019, 05:00:08 PM »
I'd like to join this thread!

I finished grad school in 2006 with about $30,000 in loans. Since it was a federal loan with a low interest rate (3.5%), I've been letting it ride. But I'm officially sick of it. It's my last debt remaining, and it's become a weight on my mind out of proportion to what I actually owe. Plus, my planned 2020 FIRE date is approaching, and I want to have zero debt before I quit my job.

As of today, I have $11,700 left. If I stick to the schedule, it won't be paid off till 2026. Instead, I'd like to pay it off by the end of this year or early next year.

Money Beets

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Re: Student Loan Challenge (2019 Edition)
« Reply #81 on: April 27, 2019, 08:36:18 AM »
Total Paid in January= $2,549.00
End January targeted loan balance = $3,921.21
End January total balance = $27,506.50

Total Paid in February = $1,740.51
End February targeted loan balance = $2,332.19
End February total balance = $25,862.64

I missed a March update, but most of my progress was made in April anyway.

Total Paid in March & April = $7,383.02
Targeted loan balance = $0 and paid off two smaller loans at 5.35% interest
End April total balance = $18,694.04

I have two loans left. One at 5.16% interest with a balance of $15,601.81 and the other at 4.25% interest and a balance of $3,092.23. Needless to say, I will be targeting the 5.16% loan next.

GetItRight

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Re: Student Loan Challenge (2019 Edition)
« Reply #82 on: April 28, 2019, 04:05:31 PM »
I did not play last year, but got to thinking about student loans again. I recently refinanced from 5.81% variable, which had been rising for some time, to a 5.02% fixed. Despite good income, secure job, ~820 credit score, and only a modest mortgage with plenty of equity and student loans for debt I am not eligible for any of the real attractive rates with any banks I've found due to being a dropout. Better to understand the sunk cost fallacy late than never though. This refi and a near death experience got me thinking about where I could be had I not gone to school so I compiled my student loan payment history along with some other data such as income, % tax paid, % of student loans of gross and net income, etc. There's still more to compile for maximum financial nerdiness, but here are the relevant sections.

YearStudent LoanSL % GrossSL % Net
2018$9,999.848.77%12.54%
2017$35,294.3033.22%50.87%
2016$18,135.6118.23%26.32%
2015$24,663.3326.28%33.79%
2014$15,635.7517.77%22.89%
2013$14,805.1518.70%23.88%
2012$16,963.5022.03%28.00%
2011$7,308.8011.84%14.09%
2010$5,000.0011.45%12.50%

For 2019 so far I've only paid $1695.20 toward student loans. $58,948.57 at 5.02% left to go, and $149,481.48 paid so far. I have been building cash reserves with the intention of paying off the rest in one shot when the time comes. I have $21k in cash and $10k in stocks, so about $31k burning a hole in my pocket. I'm considering making a large payment and resetting the emergency fund.

My recent encounter with my mortality had me on a mini spending spree treating a few close friends who are not as fortunate to a couple things. A trip with my best friend and covering some meals and random group expenses or gifts for some others. I'll likely spend $5k or so on something I've been wanting to do for a long time, a real splurge for me. Not the most financially prudent thing but it's nothing in the scheme of things and I'd rather be able to enjoy that thing while I'm still around. Overall I'm happy to be here living a good life and while a bit conservative with funneling money directly to student loans, I think I'm on a good course to pay them off.

appleseed

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Re: Student Loan Challenge (2019 Edition)
« Reply #83 on: April 29, 2019, 08:20:48 PM »
I just paid off the first loan! 3 more to go, but I'm doing a happy dance and celebrating (quietly because everyone else is sleeping lol).

2nd loan - $1,194 - to be paid off in April

These last two are a lower interest (2.625), so I'll add the minimum I was paying to the other two loans to those payments, but diverting the extra payments to other higher interest debt and savings. We're still on track for paying off by the end of the year!!

$3,532
$3,086

Thanks for the motivation everyone!

I've been MIA. Congrats to everyone who has paid off their loans! We're getting there!

I paid off another one this month! So we are down to two left:

3,258.43
2,846.52

Total - $6104

Both are at 2.625% - so I haven't been as aggressive in paying those down. We also wanted to max our SEP accounts for 2018 and owed ($%^!&*) $2600 in taxes for last year, so I didn't snowball the payments from the other two loans. Still plan to nix these by the end of the year, but I am going to build up cash first and make sure we're good for all our investments at the end of the year before the big pay off. We also have some work to do on our rentals in between tenants. Anyways, it feels like progress!

zeli2033

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Re: Student Loan Challenge (2019 Edition)
« Reply #84 on: April 30, 2019, 07:46:52 AM »
2/28/18: $63,221 [Starting Balance]
3/8/18: $62,846
3/20/18: $60,722
4/2/18: $59,399
4/18/18: $58,372
6/30/18: $ 58,175
7/13/18: $ 55,929
8/12/18: $54,868
8/15/18: $53,821
9/5/18: $52,622
9/18/18: $50,941
10/2/18: $46,212
10/17/18: $42,804
11/6/18: $40,746
12/4/18: $38,695
12/31/18: $36,419
1/15/19: $32,900
2/3/19: $30,351
2/16/19: $27,889
3/5/19: $25,209
3/29/19: $20,625
4/15/19: $17,550

4/30/19: $0!

I can't wait for my loan provider to actually show the $0 balance. But it's official. Final payment for the payoff amount made this morning. So happy to be free of the Student Loan Debt Shackles!

Keep up the awesome work, everyone!!

appleseed

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Re: Student Loan Challenge (2019 Edition)
« Reply #85 on: April 30, 2019, 09:10:03 AM »
2/28/18: $63,221 [Starting Balance]
3/8/18: $62,846
3/20/18: $60,722
4/2/18: $59,399
4/18/18: $58,372
6/30/18: $ 58,175
7/13/18: $ 55,929
8/12/18: $54,868
8/15/18: $53,821
9/5/18: $52,622
9/18/18: $50,941
10/2/18: $46,212
10/17/18: $42,804
11/6/18: $40,746
12/4/18: $38,695
12/31/18: $36,419
1/15/19: $32,900
2/3/19: $30,351
2/16/19: $27,889
3/5/19: $25,209
3/29/19: $20,625
4/15/19: $17,550

4/30/19: $0!

I can't wait for my loan provider to actually show the $0 balance. But it's official. Final payment for the payoff amount made this morning. So happy to be free of the Student Loan Debt Shackles!

Keep up the awesome work, everyone!!
That's fantastic! Congratulations

Cool Friend

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Re: Student Loan Challenge (2019 Edition)
« Reply #86 on: April 30, 2019, 10:43:35 AM »
2/28/18: $63,221 [Starting Balance]
3/8/18: $62,846
3/20/18: $60,722
4/2/18: $59,399
4/18/18: $58,372
6/30/18: $ 58,175
7/13/18: $ 55,929
8/12/18: $54,868
8/15/18: $53,821
9/5/18: $52,622
9/18/18: $50,941
10/2/18: $46,212
10/17/18: $42,804
11/6/18: $40,746
12/4/18: $38,695
12/31/18: $36,419
1/15/19: $32,900
2/3/19: $30,351
2/16/19: $27,889
3/5/19: $25,209
3/29/19: $20,625
4/15/19: $17,550

4/30/19: $0!

I can't wait for my loan provider to actually show the $0 balance. But it's official. Final payment for the payoff amount made this morning. So happy to be free of the Student Loan Debt Shackles!

Keep up the awesome work, everyone!!

Congratulations!  Where were you stashing that final $17,000 you dropped on it in the last couple weeks?

zeli2033

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  • Location: Pacific Northwest
Re: Student Loan Challenge (2019 Edition)
« Reply #87 on: April 30, 2019, 03:48:57 PM »
2/28/18: $63,221 [Starting Balance]
3/8/18: $62,846
3/20/18: $60,722
4/2/18: $59,399
4/18/18: $58,372
6/30/18: $ 58,175
7/13/18: $ 55,929
8/12/18: $54,868
8/15/18: $53,821
9/5/18: $52,622
9/18/18: $50,941
10/2/18: $46,212
10/17/18: $42,804
11/6/18: $40,746
12/4/18: $38,695
12/31/18: $36,419
1/15/19: $32,900
2/3/19: $30,351
2/16/19: $27,889
3/5/19: $25,209
3/29/19: $20,625
4/15/19: $17,550

4/30/19: $0!

I can't wait for my loan provider to actually show the $0 balance. But it's official. Final payment for the payoff amount made this morning. So happy to be free of the Student Loan Debt Shackles!

Keep up the awesome work, everyone!!

Congratulations!  Where were you stashing that final $17,000 you dropped on it in the last couple weeks?

Thanks for the congrats! We weren't stashing it beforehand, we knew we had a bonus coming in that would help us take it down :)

UnexpectedExpenseExpector

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  • Location: United States
Re: Student Loan Challenge (2019 Edition)
« Reply #88 on: May 10, 2019, 03:32:16 PM »
Congrats @zeli2033 That is fantastic.

Here's our update for May.

2018
Jul: 34,235.29
Aug: 31,126.76
Sep: 30,670.30
Oct: 29,554.17
Nov: 26,987.46
Dec: 25,869.79

2019
Jan: 23,886.93
Feb: 21,695.55
Mar: 19,550.64
Apr: 8,257.92
May: 6,599.44

...

2019 Jul: 0.00 (GOAL)


We should be getting our tax refund back soon which will knock out a large chunk of what's left here... Should be hitting 0 by mid June!!
« Last Edit: June 10, 2019, 02:11:24 PM by UnexpectedExpenseExpector »

MotherFier

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  • Location: Dallas, TEXAS
Re: Student Loan Challenge (2019 Edition)
« Reply #89 on: May 13, 2019, 12:15:30 PM »
I'm starting at:

1/1/2019: $146,280.17

If that sounds terrifying, just know that I started at more than $213K in 2018, so $146K is nothing! Just kidding it's a horrifying garbage fire BUT I am feeling good about the progress I've made. I'm not sure whether I'll do as well this year -- (1) I need to spend the next couple of months building up my emergency fund rather than paying down debt, and (2) most of last year's debt paydown came from my year-end bonus, and assuming I get a similar bonus this year, I may need to use it for other goals. (I might switch jobs and/or leave my current city in 2020, so I may need that cash for something like a down payment -- long story but given certain elements of my law school's loan repayment assistance program and other life and housing market details, buying a house in the location I'm most likely to settle in would probably be the wisest financial choice even if my loans are still in six-figure territory.) So! I'm going to set a goal of paying off $20K without considering my bonus, and then hopefully I will also have some funds to spare from my bonus.

I've been considering eliminating my 401k contributions this year (we don't have a match, just profit sharing that occurs whether or not I contribute) and devoting that money to my loans, but it's tough to think of sacrificing like $6000 more to taxes (plus missing out on additional gains over the years, etc.). The reason I'm thinking about it anyway is that it's a very very high priority for me to have the freedom to leave my current job in the next year or two, and in all likelihood my next job will pay less. So obviously the less debt I have, the more freedom I have to switch careers.

Another option is to eliminate my monthly contributions and then see what kind of bonus I get and what my 2020 cash needs might be, and potentially just max it out for the year out of my bonus.

Where have you all landed on investing vs. paying down debt?

hi there! Just wanted to send a word of encouragement. You can do it. This is a noble quest (at least thatís what I told myself, hehe). Paid off student loan debt this April, whooo-hoo! Original loan a little over $148K. It feels freaking awesome. Go for it!

mckaylabaloney

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Re: Student Loan Challenge (2019 Edition)
« Reply #90 on: May 13, 2019, 03:13:06 PM »
Thanks @MotherFier ! In the end, I changed my strategy -- I decided to continue maxing out my tax-advantaged accounts (already maxed out my Roth IRA for the year and am doing my 401k one paycheck at a time), but I'm saving the extra in a high-interest savings account rather than putting it toward debt. It is looking increasingly likely that I will change jobs, move, and hopefully buy a house in about a year (maybe a little less), in which case I'd prefer to save as much as possible (in addition to whatever I may get from my year-end bonus). I may end up saving more than I need, but I'd rather maintain the flexibility than save a little more on interest. Of course, if I end up not buying a house or otherwise needing my savings, I'll dump that money into my debt. But for now, I'm just paying the minimum.

catorbe

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  • Location: ND
Re: Student Loan Challenge (2019 Edition)
« Reply #91 on: May 14, 2019, 01:23:13 PM »
I'm currently at $13,847.52.

Little over 5 weeks later and I'm down to $12,410. Normal payment of $300 coming on 4/1. This will all be applied to the 3.61% interest "pile" and knock the smaller of 2 loans at that rate to under $500. Once that is gone I'll reallocate the remaining payments to the final 3.61% loan as the focus, and from then on out it's all on autopilot. I won't have to mess with MGL about how to allocate my payments any more!

Once my payment clears today I'm on to the last 3.61% loan. This means no more messing with reallocating or choosing which loan to pay off first. I just pay off the 3.61% and it will automatically switch to the final loans of 3.15% after I'm finished. So not a huge milestone, but just one less thing to check on all the time. ~$11,240

Cool Friend

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  • Posts: 295
Re: Student Loan Challenge (2019 Edition)
« Reply #92 on: May 17, 2019, 10:34:14 AM »
May Update!

January: $7,000
February:$6,000
March:$4,700
April: $3,500
May: $500


Gonna have it in the bag by the end of June!  Can't wait!!!!!!

UnexpectedExpenseExpector

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Re: Student Loan Challenge (2019 Edition)
« Reply #93 on: May 17, 2019, 11:32:43 AM »
Way to go Cool Friend !

Cool Friend

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  • Posts: 295
Re: Student Loan Challenge (2019 Edition)
« Reply #94 on: May 17, 2019, 11:34:40 AM »
Way to go Cool Friend !

Thank you!  :) :) :)

Money Beets

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Re: Student Loan Challenge (2019 Edition)
« Reply #95 on: May 17, 2019, 01:04:43 PM »
May Update!

January: $7,000
February:$6,000
March:$4,700
April: $3,500
May: $500


Gonna have it in the bag by the end of June!  Can't wait!!!!!!

That is so exciting! Congrats!

Civex

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Re: Student Loan Challenge (2019 Edition)
« Reply #96 on: May 31, 2019, 08:16:28 PM »
Another year still in the student loan challenge. Great people, but this is my least favorite club. Copying from the 2018 thread, missed the 2017, and I think I was in the 2016 (or was it 2015?) thread.


Original balance-$90,400 @ 5.01 7/2014
End of January '18 balance-$64,481
End of June '18 balance-$55,411
Dec. 2018-$47,258 ($1250 payment)
March 2019-$44,088.31 ($1250 payment)

April 2019-$42,038 ($1250 auto payment and $1k extra towards principle)

May 2019-$40356 ($1250 auto payment and ~$600 extra)

I was hoping to get under $40k this month, but a weekend trip ate some of my discretionary. Will be able to knock $2k off principle next month due to FSA reimbursement. Feeling good about getting it under $30k this year; I'd like to pay it off before we try for/have baby 2, but I also don't want to postpone any vacations and will likely double my emergency fund.

Thanks for the support UnexpectedExpenseExpector!

Money Beets

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Re: Student Loan Challenge (2019 Edition)
« Reply #97 on: June 01, 2019, 11:22:43 AM »
Total Paid in January= $2,549.00
End January targeted loan balance = $3,921.21
End January total balance = $27,506.50

Total Paid in February = $1,740.51
End February targeted loan balance = $2,332.19
End February total balance = $25,862.64

I missed a March update, but most of my progress was made in April anyway.

Total Paid in March & April = $7,383.02
Targeted loan balance = $0 and paid off two smaller loans at 5.35% interest
End April total balance = $18,694.04

I have two loans left. One at 5.16% interest with a balance of $15,601.81 and the other at 4.25% interest and a balance of $3,092.23. Needless to say, I will be targeting the 5.16% loan next.

Total Paid in May = $2,640.51
Targeted loan balance = $13,063.38
End May total balance = $16,137.01

ItsALongStory

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  • Location: Western US
Re: Student Loan Challenge (2019 Edition)
« Reply #98 on: June 01, 2019, 08:31:28 PM »
Total Paid in January= $2,549.00
End January targeted loan balance = $3,921.21
End January total balance = $27,506.50

Total Paid in February = $1,740.51
End February targeted loan balance = $2,332.19
End February total balance = $25,862.64

I missed a March update, but most of my progress was made in April anyway.

Total Paid in March & April = $7,383.02
Targeted loan balance = $0 and paid off two smaller loans at 5.35% interest
End April total balance = $18,694.04

I have two loans left. One at 5.16% interest with a balance of $15,601.81 and the other at 4.25% interest and a balance of $3,092.23. Needless to say, I will be targeting the 5.16% loan next.

Total Paid in May = $2,640.51
Targeted loan balance = $13,063.38
End May total balance = $16,137.01

Totally misread this initially as you being behind target by 3k but I realized it's the balance of the loan you are targeting next. Making some massive headway here so prepare for saying goodbye to this group.

bbates728

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Re: Student Loan Challenge (2019 Edition)
« Reply #99 on: June 03, 2019, 09:44:15 AM »

July '18: $70,870.81
Aug '18: $67,102.62
Sep '18: $63,319.24
Oct '18: $59,834.55
Nov '18: $55,479.02
Dec '18: $54,781.60
Jan '19: $43,620.29
Feb '19: $39,314.82
Mar '19: $34,975.38
Apr '19: $30,648.33
May '19: $26,297.31


May be pushing my Nov '19 goal a month or two as my wife is now going for her Master's (Expected ROI is roughly 200% in the next eight years before retirement).