Author Topic: My student loans will be paid off this week!  (Read 1716 times)

Lis

  • Pencil Stache
  • ****
  • Posts: 774
My student loans will be paid off this week!
« on: March 03, 2015, 10:11:06 AM »
My goal was to pay off my $20,000 loan by my 26th birthday (March 2016). I didn't get 'serious' about paying it down until nearly two years into the loan... up until then I made only the minimum payments. I started off 2014 with a little over $16,000 left and told myself I had two years to pay it. Due to a strict budget, making wise choices when it came to bonus money and tax returns, and to top it off some generosity for my parents (gifting me $2500 for my birthday to do 'whatever I wanted'), that loan will be gone by the end of this week. Can't wait to be completely debt free!!!

Le0

  • Stubble
  • **
  • Posts: 215
  • Location: Ontario, Canada
    • My Path to Financial Independence in 2014
Re: My student loans will be paid off this week!
« Reply #1 on: March 03, 2015, 10:17:53 AM »
Sounds like me... I am looking at less than 2 years... to get rid of almost 40k. So I have a little ways to go... but we are paying 1800 each month at the moment. I can't wait until that amount is getting saved instead.

MikeBear

  • Bristles
  • ***
  • Posts: 390
  • Age: 65
  • Location: Michigan
Re: My student loans will be paid off this week!
« Reply #2 on: March 03, 2015, 02:06:52 PM »
That's awesome! Good job!

Now set another goal, and pack that "retirement" account with all the money you can. Say something like "I plan to retire by age 35, and here's how I'll do it, and how much money I need by then:"

If you set the goal and always work towards it, it'll happen for sure.

Neustache

  • Handlebar Stache
  • *****
  • Posts: 1229
Re: My student loans will be paid off this week!
« Reply #3 on: March 03, 2015, 02:12:01 PM »
Congrats!  Definitely do as the PP said and set your next goal.  Maybe a small celebratory reward if you find that sort of thing helpful.  Again, congrats!!

Retire-Canada

  • Walrus Stache
  • *******
  • Posts: 8678
Re: My student loans will be paid off this week!
« Reply #4 on: March 03, 2015, 02:17:43 PM »
Nice work! :)

mandy_2002

  • Bristles
  • ***
  • Posts: 291
Re: My student loans will be paid off this week!
« Reply #5 on: March 03, 2015, 02:46:03 PM »
Great job!  Keep the momentum and get ready to retire early :). 

Lis

  • Pencil Stache
  • ****
  • Posts: 774
Re: My student loans will be paid off this week!
« Reply #6 on: March 04, 2015, 10:14:54 AM »
Thank you! Next goal is saving up for a downpayment for my own place AND finally getting my Roth IRA up and running :)