Author Topic: Paid off 80K Student Loans under 4yrs  (Read 1524 times)

oilhunter

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Paid off 80K Student Loans under 4yrs
« on: May 30, 2017, 09:39:13 AM »
Morning! Last month I submitted my last student loan payment and I've recently received my pay off notification. Now it feels real. I think this feels better than actually graduating from college. A little about me I'm 27 and graduated college in May of 2013 with an engineering degree with about 74K in SL.

Salie Mae ~23K @ 9.875% (used signing bonus and paid off within 6 months after graduating)
Fed Loan ~40K  @ 4.875%
Parent Plus Loan ~10K @ 7.875%

Throughout the last 3 years my income was around 110k and most recently I'm at 80K. The drop in income was due to the oil bust and me taking on a different role in a different industry. Although I was paying off debt, I still max out my 401k and purchased a house with 20% down payment.

401k Blanace is at ~97K.
Taxable Acct: ~32K

Now my plan is to allocate the SL payment into both a Roth and IRA now that I qualify for the full IRA deduction due to the lower AGI.

Thanks for stopping by.

nouveauRiche

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Re: Paid off 80K Student Loans under 4yrs
« Reply #1 on: May 30, 2017, 01:37:20 PM »
Congrats on this awesome accomplishment! 

Mac_MacGyver

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Re: Paid off 80K Student Loans under 4yrs
« Reply #2 on: June 01, 2017, 07:12:17 PM »
That is awesome!!