My husband had 2 student loans that went into repayment phase in November 2012. The first (was at 5%) was his federal loan for $13,985 or something close to that number. Yesterday, we made the last substantial payment of $2000.00!
The loan will close its self out with next month's last automatic payment (somewhere close to $22) so they can properly calculate the last interest adjustment!
Half of that money came from the insurance pay-out for my work truck, that I replaced through my business (I owned the old one personally, so insurance paid me, and then I used business funds to buy the replacement). The other half just came from our monthly cash flow!
Now the next goal is his provincial loan at 3% for around $7400. However, we might opt to not rush to repay that one, as it is also a tax deduction.
We are still thinking about that one...
Anyway, woohoo! Bye bye National Student Loan!
