Author Topic: Student Loan Challenge (2019 Edition)  (Read 23464 times)

Money Beets

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Re: Student Loan Challenge (2019 Edition)
« Reply #100 on: June 03, 2019, 06:48:48 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.

I am on course to pay them off by the end of November, which would be exactly 5 years since I went into repayment.  I can't wait until I get to keep my money!

outdoorsyfreedom

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Re: Student Loan Challenge (2019 Edition)
« Reply #101 on: June 04, 2019, 04:31:40 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


Seems that I missed an April update, so here is both April and May:

Total Paid in April: 6328.81
Total Paid in May: 6295.00

May ending balance: 25,448.91

haypug16

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Re: Student Loan Challenge (2019 Edition)
« Reply #102 on: June 06, 2019, 05:50:31 PM »
May 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 30th 2019 - $43,796.91
May 31st 2019 - $43,016.23

2019 Goal - $3,903.13/$10,800

UnexpectedExpenseExpector

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Re: Student Loan Challenge (2019 Edition)
« Reply #103 on: June 10, 2019, 02:13:00 PM »
Here's our update for June.

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
June: 3,888.78
...

2019 Jul: 0.00 (GOAL)


So close...

ItsALongStory

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Re: Student Loan Challenge (2019 Edition)
« Reply #104 on: June 10, 2019, 07:16:49 PM »
Spoiler alert: it tastes awesome.

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UnexpectedExpenseExpector

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Re: Student Loan Challenge (2019 Edition)
« Reply #105 on: June 10, 2019, 08:55:30 PM »
Haha! Can't wait!

bbates728

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Re: Student Loan Challenge (2019 Edition)
« Reply #106 on: June 11, 2019, 09:07:33 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
Jun '19: $20,794.56


Goal - November 2019

penguintroopers

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Re: Student Loan Challenge (2019 Edition)
« Reply #107 on: June 12, 2019, 09:38:17 AM »
Joining this challenge, but we won't finish until fall of next year.

Very beginning of our debt payoff, June 2018: $103,413

Start of 2019:$81,096.72   
January :$79,740.00   
February: $78,222.06   
March:$70,908.36 (big tax refund)
(Apparently I didn't do a good job recording April's totals)   
May:   $63,160.51   
June: $56,032.36

Getting close to halfway there!

catorbe

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Re: Student Loan Challenge (2019 Edition)
« Reply #108 on: June 12, 2019, 09:49:23 AM »
Joining this challenge, but we won't finish until fall of next year.

Very beginning of our debt payoff, June 2018: $103,413

Start of 2019:$81,096.72   
January :$79,740.00   
February: $78,222.06   
March:$70,908.36 (big tax refund)
(Apparently I didn't do a good job recording April's totals)   
May:   $63,160.51   
June: $56,032.36

Getting close to halfway there!

Your payoff progress is insane! What sort of income are we talking here? Are you also still maxing out 401k and other goals or is 100% going to this?

bbates728

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Re: Student Loan Challenge (2019 Edition)
« Reply #109 on: June 12, 2019, 11:47:12 AM »
Joining this challenge, but we won't finish until fall of next year.

Very beginning of our debt payoff, June 2018: $103,413

Start of 2019:$81,096.72   
January :$79,740.00   
February: $78,222.06   
March:$70,908.36 (big tax refund)
(Apparently I didn't do a good job recording April's totals)   
May:   $63,160.51   
June: $56,032.36

Getting close to halfway there!

Good job @catorbe! We are paying off our student loans at approximately the same rate. It certainly feels good seeing the balance go down a few thousand each month, doesn't it?

We started about half a year earlier than you so will be finishing soon. Good luck on your own adventure!

Metalcat

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Re: Student Loan Challenge (2019 Edition)
« Reply #110 on: June 12, 2019, 12:05:36 PM »
Sooo...

I'm refinancing my loan to an LOC at an even lower interest rate, comparable to my mortgage rate actually, and since it's an LOC, I only have to pay the interest. So initially my payoff timeline was set, but I think with this new absurdly low rate, I'm actually going to draw it out quite a bit longer and focus even more on investing and especially offsetting my taxes.

I'm honestly so unmotivated to pay it off at this point, if someone cut me a cheque for the exact remaining amount, just under 70K, I still probably would choose to invest it instead of paying off this last chunk of student debt! I'm that over it.

bbates728

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Re: Student Loan Challenge (2019 Edition)
« Reply #111 on: June 12, 2019, 12:22:06 PM »
Wow, way to go Malkynn! I looked at refinancing and SoFi didn't show that big of a difference in interest rates for me. Also, it wouldn't have been a LoC so it seems like you really did well!

Investing on margin is still a concept that makes me nervous. I am not sure I could handle downturns as well knowing that the losses were compounded by the interest even if I know that the math shows that it ultimately is a winning idea.

So with this development, do you expect to be paying anything towards principle or just let it ride indefinitely?

Metalcat

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Re: Student Loan Challenge (2019 Edition)
« Reply #112 on: June 12, 2019, 12:53:34 PM »
Wow, way to go Malkynn! I looked at refinancing and SoFi didn't show that big of a difference in interest rates for me. Also, it wouldn't have been a LoC so it seems like you really did well!

Investing on margin is still a concept that makes me nervous. I am not sure I could handle downturns as well knowing that the losses were compounded by the interest even if I know that the math shows that it ultimately is a winning idea.

So with this development, do you expect to be paying anything towards principle or just let it ride indefinitely?

I'm not in the US, and I have access to special banking that's only available to certain professions, that's why I have so many more options.

For me, the returns actually don't even matter that much, because the bigger gain is offsetting my taxes. My marginal tax rate is nearly 50%, and I have A LOT of tax deferred account space to back-fill, and I don't plan on continuing at this high income for too many more years, so I'm running out of time to use up that space at the most beneficial time.

Our system is different, we have a tax-deferral account, which has no connection to our employer, where we can do whatever we want with the money inside it. I could leave it as cash if I wanted to.

The new rate is variable, so what I do long term will depend on what the rates do long term. Also, my motivation to get rid of it might return as well after a little while. It's just that after over 5 years of hyper focus on debt and tackling 350K already, I'm done even caring about it for awhile.

penguintroopers

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Re: Student Loan Challenge (2019 Edition)
« Reply #113 on: June 13, 2019, 08:11:56 AM »
Wow, way to go Malkynn! I looked at refinancing and SoFi didn't show that big of a difference in interest rates for me. Also, it wouldn't have been a LoC so it seems like you really did well!

Investing on margin is still a concept that makes me nervous. I am not sure I could handle downturns as well knowing that the losses were compounded by the interest even if I know that the math shows that it ultimately is a winning idea.

So with this development, do you expect to be paying anything towards principle or just let it ride indefinitely?

I didn’t have as much of a difference with sofi either, but I had great success refinancing my large private loans that were 8%,  variable, and increasing to a fixed 5% with earnest and highly recommend. If you’re interested I have a referral link that would get us each $200 off for refinancing.


And @catorbe, thanks :) total income last year was $118k, affected some by me being hourly and putting in OT. 401(k) savings are 5% of household income to make employer matches. Hubs socks away a tiny amount for the HSA for if we have a big disaster in the meantime ($1300/year). Total tax burden around $15k for fed + state + local. Living on something like $35k/year. Annual giving around $9k (a priority for us, even while in debt).

Not gonna lie, I’m so ready for sallie Mae to be gone.

Plina

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Re: Student Loan Challenge (2019 Edition)
« Reply #114 on: June 13, 2019, 11:07:24 AM »
Sooo...

I'm refinancing my loan to an LOC at an even lower interest rate, comparable to my mortgage rate actually, and since it's an LOC, I only have to pay the interest. So initially my payoff timeline was set, but I think with this new absurdly low rate, I'm actually going to draw it out quite a bit longer and focus even more on investing and especially offsetting my taxes.

I'm honestly so unmotivated to pay it off at this point, if someone cut me a cheque for the exact remaining amount, just under 70K, I still probably would choose to invest it instead of paying off this last chunk of student debt! I'm that over it.

I am in a similar position with a ridiculous low interestrate at 0,16 %. It doesn’t make it sense financially to pay it off faster. I have about 15 years left and I hate the payments but when you do the math...

bbates728

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Re: Student Loan Challenge (2019 Edition)
« Reply #115 on: June 13, 2019, 11:21:17 AM »
Wow, way to go Malkynn! I looked at refinancing and SoFi didn't show that big of a difference in interest rates for me. Also, it wouldn't have been a LoC so it seems like you really did well!

Investing on margin is still a concept that makes me nervous. I am not sure I could handle downturns as well knowing that the losses were compounded by the interest even if I know that the math shows that it ultimately is a winning idea.

So with this development, do you expect to be paying anything towards principle or just let it ride indefinitely?

I didn’t have as much of a difference with sofi either, but I had great success refinancing my large private loans that were 8%,  variable, and increasing to a fixed 5% with earnest and highly recommend. If you’re interested I have a referral link that would get us each $200 off for refinancing.


And @catorbe, thanks :) total income last year was $118k, affected some by me being hourly and putting in OT. 401(k) savings are 5% of household income to make employer matches. Hubs socks away a tiny amount for the HSA for if we have a big disaster in the meantime ($1300/year). Total tax burden around $15k for fed + state + local. Living on something like $35k/year. Annual giving around $9k (a priority for us, even while in debt).

Not gonna lie, I’m so ready for sallie Mae to be gone.

Saying good bye to Sallie Mae was amazing. What a great day.

catorbe

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Re: Student Loan Challenge (2019 Edition)
« Reply #116 on: June 13, 2019, 12:04:39 PM »
Joining this challenge, but we won't finish until fall of next year.

Very beginning of our debt payoff, June 2018: $103,413

Start of 2019:$81,096.72   
January :$79,740.00   
February: $78,222.06   
March:$70,908.36 (big tax refund)
(Apparently I didn't do a good job recording April's totals)   
May:   $63,160.51   
June: $56,032.36

Getting close to halfway there!

Good job @catorbe! We are paying off our student loans at approximately the same rate. It certainly feels good seeing the balance go down a few thousand each month, doesn't it?

We started about half a year earlier than you so will be finishing soon. Good luck on your own adventure!

Ahhhh! I was referring to Penguintroopers great progress. Mine is a bit slower!

Metalcat

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Re: Student Loan Challenge (2019 Edition)
« Reply #117 on: June 13, 2019, 12:31:17 PM »
These friggin' names that your US loans have, has me chuckling every time. Where do these names come from?
Sallie Mae?? Sofi?

FireLane

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Re: Student Loan Challenge (2019 Edition)
« Reply #118 on: June 17, 2019, 01:41:49 PM »
These friggin' names that your US loans have, has me chuckling every time. Where do these names come from?
Sallie Mae?? Sofi?

A lot of these loan companies were government-backed corporations originally, and the silly names come from efforts to turn their acronyms into something pronounceable.

Sallie Mae used to be the Student Loan Marketing Association, and I guess someone thought "SLMA" sounded like "Sallie Mae." We also have Fannie Mae (Federal National Mortgage Association or FNMA), Ginnie Mae (Government National Mortgage Association or GNMA), and Freddie Mac (Federal Home Loan Mortgage Corporation or FHLMC - okay, that one doesn't make sense at all).

Metalcat

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Re: Student Loan Challenge (2019 Edition)
« Reply #119 on: June 17, 2019, 02:17:39 PM »
These friggin' names that your US loans have, has me chuckling every time. Where do these names come from?
Sallie Mae?? Sofi?

A lot of these loan companies were government-backed corporations originally, and the silly names come from efforts to turn their acronyms into something pronounceable.

Sallie Mae used to be the Student Loan Marketing Association, and I guess someone thought "SLMA" sounded like "Sallie Mae." We also have Fannie Mae (Federal National Mortgage Association or FNMA), Ginnie Mae (Government National Mortgage Association or GNMA), and Freddie Mac (Federal Home Loan Mortgage Corporation or FHLMC - okay, that one doesn't make sense at all).

Honestly, I think that explanation makes it sound even stranger.

Civex

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Re: Student Loan Challenge (2019 Edition)
« Reply #120 on: June 25, 2019, 07:52:50 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)

June 2019-$38250 ($1250 auto payment and $1k extra)

Feeling pretty good!! With the extra $1k I tossed at it this month, just the auto payments will get me under $30k this year. I feel like once I'm under $30k, it'll be able to knock it out in a year! Wohoo!

Money Beets

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Re: Student Loan Challenge (2019 Edition)
« Reply #121 on: June 27, 2019, 03:25:30 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

Total Paid in June = $4,340.51
Targeted loan balance = $8,797.40
End June total balance = $11,845.47

catorbe

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Re: Student Loan Challenge (2019 Edition)
« Reply #122 on: June 27, 2019, 11:14:19 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

With a payment made today and my auto payment on 7/1/19 i'll be under $10,000!!!!! Almost there!

Money Beets

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Re: Student Loan Challenge (2019 Edition)
« Reply #123 on: June 28, 2019, 05:21:00 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

With a payment made today and my auto payment on 7/1/19 i'll be under $10,000!!!!! Almost there!

Getting down to 4 figures is awesome.  I should be there by the end of July and I am finally feeling like I can fantasize about what life will be like without this expense.

Cool Friend

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Re: Student Loan Challenge (2019 Edition)
« Reply #124 on: July 01, 2019, 08:24:47 AM »
Just got off the phone with my student loan servicer whom I will never have to speak to again.  My student loans are completely paid off, making me debt-free for the first time in 12 years. 

I can no begin to describe the amount of relief I feel.  3 years ago I still had $30,000 in student loans, a small portion of which was in default.  I had so many stretches of unemployment after the recession, and watching the interest accrue on my account while I struggled to pay anything at all on it was kindle for the blazing fire of depression I was in.  I despaired heavily and thought I'd be paying these loans for at least another decade.

Then I had the great fortunate of landing a decent-paying job and took the advice of this website by making the discharge of this debt a serious priority.  3 years later, it's all gone.

I feel so free. I never want that kind of debt hanging over my head ever again. I'm going to keep saving as much as I can, starting with beefing up my emergency savings modestly and then increasing my 401k contributions.

So god damn relieved.

ItsALongStory

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Re: Student Loan Challenge (2019 Edition)
« Reply #125 on: July 01, 2019, 12:29:07 PM »
That is pretty cool indeed.

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Money Beets

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Re: Student Loan Challenge (2019 Edition)
« Reply #126 on: July 01, 2019, 03:57:16 PM »
Congrats!

penguintroopers

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Re: Student Loan Challenge (2019 Edition)
« Reply #127 on: July 02, 2019, 02:51:47 AM »
Joining this challenge, but we won't finish until fall of next year.

Very beginning of our debt payoff, June 2018: $103,413

Start of 2019:$81,096.72   
January :$79,740.00   
February: $78,222.06   
March:$70,908.36 (big tax refund)
(Apparently I didn't do a good job recording April's totals)   
May:   $63,160.51   
June: $56,032.36

Getting close to halfway there!

Balance at the start of July: $50,663.45 :)

Metalcat

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Re: Student Loan Challenge (2019 Edition)
« Reply #128 on: July 02, 2019, 05:00:20 AM »
Hmm...
Didn't get what I wanted with the LOC, so I'll be keeping with my already low interest loan and it's set payment schedule for now.
The bank is apparently launching a better product for professionals like me sometime this year, so I'll see if that works out better. 

Meanwhile, my balance is somewhere in the high 60Ks, and will be in the mid 50Ks by the end of the year. Sometimes it feels like nothing compared to the starting balance, but then it feels like a lot when I consider how much time is left to pay it off.

TyGuy

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Re: Student Loan Challenge (2019 Edition)
« Reply #129 on: July 05, 2019, 09:16:44 AM »
Hello,

Thanks for starting this thread, I will be sharing my progress, hopefully paying off my loans by the middle of 2020 (depending on if I land a new job that I am currently interviewing for). Additionally, I will be making a minimum payment of $1000 a month (self-enforced minimum, actual is ~$350), adding whatever additional funds I have to the principle.

1/12/19:
NGA $3,751.61 @ 3.86%
NGB $811.80    @ 3.86%
NGC $4,779.69 @ 4.66%
NGD $2,397.55 @ 4.66%
NGE $5,814.59 @ 4.29%
NGF $2,271.61 @ 4.29%
NGI $5,520.77 @ 4.45%

H1&2 $18,415 @ 5.00%

Total: $43,762.76


I am excited to knock these loans down significantly this year and look forward to tracking my progress with you all!



2/1/19:
NG Total: 25,145.92 @~4.20% (-$201.70)

H1&2 $17,415.14 @ 5.00% (-$1,000)

Total: $42,561.06 (-$1,201.70)


I am happy with my start to the year, I am still hopeful to be starting a new job with a significantly higher salary in the coming months! Nice job to everyone else, seems the year is off to a good start.

3/4/19
NG Total: $24,956.86 (-$189.06)
H1&2: $16,464.79 (-$950.35)

Total: $41,418.69  (-$1,139.41)

It has been a few months since I have updated my total, but I have been moving in the right direction. It is exciting to see the progress you all are making and it has been encouraging for me!
NG Total: $23,996.01
H1&H2: $13,905.62

Total: 37,901.63

I have been contributing significantly more to retirement accounts since landing the new job, but plan to continue with steady progress on the student loans.

haypug16

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Re: Student Loan Challenge (2019 Edition)
« Reply #130 on: July 05, 2019, 11:26:21 AM »
June 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 30th 2019 - $43,796.91
May 31st 2019 - $43,016.23
June 30th 2019 - $42,187.55 (-828.68 decrease)

2019 Goal - $4,731.81/$10,800


May not hit my goal exactly but I'm ok with that. My plan is to just make min payments this year so I can max my 401K and Roth IRA for the first time ever. Next year I should be able to max both those accounts and also add a couple hundred to my monthly SL payments.

Civex

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Re: Student Loan Challenge (2019 Edition)
« Reply #131 on: July 17, 2019, 04:44:23 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)

June 2019-$38250 ($1250 auto payment and $1k extra)

July 2019-$36931 ($1250 auto payment and $100 "extra" in checking thrown towards principle
-hoping to throw an extra $300-500 yet this month at it; picking up an extra shifts and my daycare costs are *finally* going down!

UnexpectedExpenseExpector

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Re: Student Loan Challenge (2019 Edition)
« Reply #132 on: July 22, 2019, 08:19:58 AM »
Here's our update for July.

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
June: 3,888.78
July: 0.00
...

2019 Jul: 0.00 (GOAL)


We're debt free!!!  We're looking forward to getting to reallocate the extra payment funds now!

bbates728

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Re: Student Loan Challenge (2019 Edition)
« Reply #133 on: July 22, 2019, 01:20:55 PM »
Here's our update for July.

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
June: 3,888.78
July: 0.00
...

2019 Jul: 0.00 (GOAL)


We're debt free!!!  We're looking forward to getting to reallocate the extra payment funds now!


Congrats!!!!!!!!!

Photograph 51

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Re: Student Loan Challenge (2019 Edition)
« Reply #134 on: July 22, 2019, 02:06:47 PM »
Graduate with a master's in physician assistant studies May, 2018.  Total cost of the program was about $90,000.  I graduated with about $64,000 in debt.  It took me a few months to start really earning money due to boards, licensing, finding a job, and such.  These are my student loan statement amounts:

Oct 2018- $60,027.21
Nov 2018- $59.269.03
Dec 2018- $56,209.35
Jan 2019- $51,211.89
Feb 2019- $48,641.40
March 2019- $41,379.76
April 2019- $37,403.77
May 2019- $33,285.51
June 2019- $28,553.14
July 2019- $23,609.31
Balance as of today: $21,111.33

My goal is to have this paid off by the end of the year.  I already have a paid off house, and I don't qualify for my employers 401 K yet, so I may as well crush my student loans.

UnexpectedExpenseExpector

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Re: Student Loan Challenge (2019 Edition)
« Reply #135 on: July 22, 2019, 02:58:50 PM »
Here's our update for July.

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
June: 3,888.78
July: 0.00
...

2019 Jul: 0.00 (GOAL)


We're debt free!!!  We're looking forward to getting to reallocate the extra payment funds now!


Congrats!!!!!!!!!

Thanks!!

bbates728

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Re: Student Loan Challenge (2019 Edition)
« Reply #136 on: July 22, 2019, 04:52:03 PM »
Graduate with a master's in physician assistant studies May, 2018.  Total cost of the program was about $90,000.  I graduated with about $64,000 in debt.  It took me a few months to start really earning money due to boards, licensing, finding a job, and such.  These are my student loan statement amounts:

Oct 2018- $60,027.21
Nov 2018- $59.269.03
Dec 2018- $56,209.35
Jan 2019- $51,211.89
Feb 2019- $48,641.40
March 2019- $41,379.76
April 2019- $37,403.77
May 2019- $33,285.51
June 2019- $28,553.14
July 2019- $23,609.31
Balance as of today: $21,111.33

My goal is to have this paid off by the end of the year.  I already have a paid off house, and I don't qualify for my employers 401 K yet, so I may as well crush my student loans.

Wow, that's awesome! I have been crushing my student loans but it took me a year or so before I really began in earnest. I think we will end up killing them off at about the same time.

Also, welcome to the forums! I hope to see you around more in the future!

actonyourown

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Re: Student Loan Challenge (2019 Edition)
« Reply #137 on: July 22, 2019, 07:59:33 PM »
I'm late to the party but my parents were very generous and gave me some money to knock out some loans recently.  I used some savings to pay off another, so I went from 6 loans to 2 this month.  Here are my numbers over the last 2 years.  If I want to push these last 2 loans to be debt free, I could reach it as early as January 2020 but March is probably more realistic, I think.  My effective rate is only 3.711% though, so I hadn't decided to keep them to term or free up more income (I was going to follow the investment order closer in January next year).  Because of the payoff, I am able to save a significant amount of my pay.

30-Jun-2017    $(22,866.78)
31-Jul-2017    $(22,667.86)
31-Aug-2017    $(22,464.68)
30-Sep-2017    $(22,284.06)
31-Oct-2017    $(21,768.65)
30-Nov-2017    $(21,261.87)
31-Dec-2017    $(21,047.49)
31-Jan-2018    $(20,835.42)
28-Feb-2018    $(20,622.45)
31-Mar-2018    $(20,399.78)
30-Apr-2018    $(20,184.88)
31-May-2018    $(19,966.21)
30-Jun-2018    $(19,749.45)
31-Jul-2018    $(18,814.92)
31-Aug-2018    $(18,601.20)
30-Sep-2018    $(18,389.23)
31-Oct-2018    $(16,970.38)
30-Nov-2018    $(16,771.31)
31-Dec-2018    $(16,438.70)
31-Jan-2019    $(16,107.00)
28-Feb-2019    $(15,773.88)
31-Mar-2019    $(13,957.31)
30-Apr-2019    $(13,651.44)
31-May-2019    $(13,342.44)
30-Jun-2019    $(13,034.01)
31-Jul-2019    $(5,953.46)

Money Beets

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Re: Student Loan Challenge (2019 Edition)
« Reply #138 on: July 27, 2019, 08:58:29 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

Total Paid in June = $4,340.51
Targeted loan balance = $8,797.40
End June total balance = $11,845.47

Total Paid in July = $2,403.51
Targeted loan balance = $6,473.29
End July total balance = $9,484.13

trygeek

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Re: Student Loan Challenge (2019 Edition)
« Reply #139 on: July 27, 2019, 10:31:31 AM »
;aldjksf

trygeek

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Re: Student Loan Challenge (2019 Edition)
« Reply #140 on: July 27, 2019, 10:32:49 AM »
;alsdjkf

penguintroopers

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Re: Student Loan Challenge (2019 Edition)
« Reply #141 on: July 28, 2019, 04:20:30 PM »
Joining this challenge, but we won't finish until fall of next year.

Very beginning of our debt payoff, June 2018: $103,413

Start of 2019:$81,096.72   
January :$79,740.00   
February: $78,222.06   
March:$70,908.36 (big tax refund)
(Apparently I didn't do a good job recording April's totals)   
May:   $63,160.51   
June: $56,032.36

Getting close to halfway there!

Balance at the start of July: $50,663.45 :)

End of July/beginning of August: $48,625.76

outdoorsyfreedom

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Re: Student Loan Challenge (2019 Edition)
« Reply #142 on: July 29, 2019, 10:07:31 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


Seems that I missed an April update, so here is both April and May:

Total Paid in April: 6328.81
Total Paid in May: 6295.00

May ending balance: 25,448.91

Total Paid in June: 5887.92
Total Paid in July: 4709.50

July ending balance: 14916.16

Will have these paid off in September! I cannot wait for this to be gone!

penguintroopers

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Re: Student Loan Challenge (2019 Edition)
« Reply #143 on: July 29, 2019, 05:18:53 PM »
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


Seems that I missed an April update, so here is both April and May:

Total Paid in April: 6328.81
Total Paid in May: 6295.00

May ending balance: 25,448.91

Total Paid in June: 5887.92
Total Paid in July: 4709.50

July ending balance: 14916.16

Will have these paid off in September! I cannot wait for this to be gone!

YAY! We have one loan that we should be making our final payment in October, and we are SO ready for it to be gone.

And $15k paid in two months?! Insanity!

bbates728

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Re: Student Loan Challenge (2019 Edition)
« Reply #144 on: August 01, 2019, 10:19:39 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
Jun '19: $20,794.56
July '19: $16,018.50
Aug '19: $ $12,148.40


Goal - November 2019

This month marks the end of my federal student loans!! No more private or federal loans now!

I still have one more balance to take out but am unsure if I am going to be pursuing it heavily. My dad purchased one of my loans that he cosigned as he needed his credit score to go up for a house under the condition that I continue to pay it off to him at his bank account interest rate of 2%. I talked to him about increasing it because 2% is borderline robbery but he told me that this money would be sitting in cash anyway. He has no interest in me paying it early so I am thinking of hoarding some money and paying it off all at once so there is only one awkward conversation.

Anyway! No more federal loans! No more obsessively checking to make sure payments are made! WHEEEE


haypug16

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Re: Student Loan Challenge (2019 Edition)
« Reply #145 on: August 02, 2019, 08:20:27 AM »
July 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 30th 2019 - $43,796.91
May 31st 2019 - $43,016.23
June 30th 2019 - $42,187.55
July 31st 2019 - $41,380.14

2019 Goal - $5,539.22/$10,800


Just a couple months away from getting out of the $40ks :D

TyGuy

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Re: Student Loan Challenge (2019 Edition)
« Reply #146 on: August 10, 2019, 02:06:56 PM »
01/12/19: $43,762.76
02/01/19: $42,561.06 (-$1,201.70)
03/04/19: $41,418.69 (-$1,139.41)
07/05/19: $37,901.63 (-$3,517.06)
08/10/19: $36,673.79 (-$1,227.84)


Great to see everyone's progress, keep it up! Working on building tax advantage accounts while also still making large payments on my loans. I should be able to reach a net worth of $0.00 by the end of the year!
« Last Edit: August 10, 2019, 02:08:51 PM by TyGuy »

outdoorsyfreedom

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Re: Student Loan Challenge (2019 Edition)
« Reply #147 on: September 10, 2019, 04:27:53 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


Seems that I missed an April update, so here is both April and May:

Total Paid in April: 6328.81
Total Paid in May: 6295.00

May ending balance: 25,448.91

Total Paid in June: 5887.92
Total Paid in July: 4709.50

July ending balance: 14916.16

Will have these paid off in September! I cannot wait for this to be gone!

Total Paid in August: 8336.28
August ending balance: 6658.84

Paid a little less in August than I was hoping for, but still on track to have hem paid off by the end of this month! Can’t wait!
« Last Edit: September 11, 2019, 06:39:30 PM by outdoorsyfreedom »

Civex

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Re: Student Loan Challenge (2019 Edition)
« Reply #148 on: September 17, 2019, 08:52:02 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)

June 2019-$38250 ($1250 auto payment and $1k extra)

July 2019-$36931 ($1250 auto payment and $100 "extra" in checking thrown towards principle
-hoping to throw an extra $300-500 yet this month at it; picking up an extra shifts and my daycare costs are *finally* going down!

Missed a month

August 2019$1250 regular payment + $480 "extra"
September 2019: $34,264-$1250 regular payment

Very much feel like its been two steps forward and one step back this summer-every time I think I'll be able to pay down extra, something comes up. Starting to get caught up on home maintenance and prepaid for our winter vacation, so hopefully I won't have any >$1k random expenses in the next 6 months. Targeting sub $30k by 2020 ($1422 in principal/month or roughly $1600 gross/month for the rest of the year.)

catorbe

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Re: Student Loan Challenge (2019 Edition)
« Reply #149 on: September 18, 2019, 07:36:35 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!

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

With a payment made today and my auto payment on 7/1/19 i'll be under $10,000!!!!! Almost there!

Been funding an IRA a little more heavily  in the last few months with the volatility prior to the run up. Under 9,000!