ok so I finally figured out what "derp" means. (showing my senility there). But now my question is what are you going to call yourself on this forum when you are out of debt?
That is a great question. Considering that I can't even imagine now what it will feel like to be debt free it is something I will have to evaluate when that glorious day comes.
If your student loan is at a low interest rate, you may consider paying the minimum. My wife's just paid off, and I was sad. Mine is still going, and paying the minimums, but will be gone in about a year or so.
So I'm curious about this. I have many, many loans between the Feds and Wells Fargo that range in interest rates of 4.25% to 9.5%. However, most are 6.25%. Considering inflation will probably be around 2.5% this year, what is the interest rate at which paying off debt quickly is not necessary? I read the
Your Debt Is An Emergency post and it got me pumped to do some rapid payoffs. I easily meet the interest deduction ($2,500) but will probably be over the income threshold in 2014 or '15 so that benefit will be gone. Thanks for the advice.
Good for you!
I found this blog after 7.5 years of paying minimum payment for my student loan.
After MMM, I am confident to pay off my student loan in 6 months, and I want to challenge myself little bit by paying it off in 5 months.
Anyway, you are very lucky to find this blog much earlier in life. Go for it!
Yeah, I just wish I had found it sooner! I keep thinking about the money I have wasted over the past 15 months that could have gone towards the principal on my loans! Good luck in your quick timeline. Mine is looking more like 3 to 4 years.
Pay it off and reap the rewards!
Can't wait!