The Money Mustache Community

General Discussion => Share Your Badassity => Topic started by: MsWillow on December 15, 2014, 07:22:38 AM

Title: Paid off SL
Post by: MsWillow on December 15, 2014, 07:22:38 AM

I just sent the final payment for the SL.
ORIGINAL LOAN AMOUNT:   
$34,190.88 as of February 2008 with almost $15,000 paid off since July 2014. In my previous life I was making $250 dollar payments. The rate was 4.88%, so approximately a $14,000 interest savings on a 20 year repayment schedule.

Title: Re: Paid off SL
Post by: sandandsun on December 15, 2014, 09:03:46 AM

Great work! I hope you have a celebration planned!  when we paid off our house last year, we celebrated with a  cheap bottle of wine and burning a (copy of) the final payoff document :)

Title: Re: Paid off SL
Post by: MsWillow on December 15, 2014, 05:30:16 PM

No celebration, just sharing it here. If only I had paper documents to burn.....that's what I get for going all electonic for paperwork. Damn!

Title: Re: Paid off SL
Post by: RelaxationSpecialist on December 16, 2014, 07:45:56 AM

AWESOME!!!!!!!! Huge Congratulations!

Ours was at $52k at the start of this year (original loan was $62k at almost 9% OUCH) Now we are at $24,600!! Our past life payments were $429 a month, now we are throwing every extra dollar at it. Should be gone by this time next year if not sooner!!! YEWWWWWW! Can't wait!

Title: Re: Paid off SL
Post by: Zamboni on December 16, 2014, 07:57:57 AM

Congrats!  It's like school is finally really over.

Title: Re: Paid off SL
Post by: gaspony on December 16, 2014, 08:04:03 AM

Awesome!  I can't stress it enough that paying off student loans are a priority since they aren't dischargeable in bankruptcy. After an emergency fund I say student loans are the most important thing you can pay off.

Title: Re: Paid off SL
Post by: mlejw6 on December 16, 2014, 08:48:30 AM

Yay! I can't wait to pay mine off! But, that will not be until Oct 2016......

Title: Re: Paid off SL
Post by: mochila on December 16, 2014, 06:45:29 PM

Well done! Will you frame the payoff letter?

Congratulations all the same, and what a satisfying way to end the year.

Title: Re: Paid off SL
Post by: MsWillow on December 16, 2014, 10:23:05 PM

Thanks everyone for the kudos! I know it wasn't as big as some, it was just a huge wound I avoided until I started to read MMM. It was worth the investment for my career, but I finally feel like I am done with school. No more hangovers from that period in my life.

Title: Re: Paid off SL
Post by: livingandlearning on December 21, 2014, 08:42:00 PM

Quote from: MsW on December 16, 2014, 10:23:05 PM

Thanks everyone for the kudos! I know it wasn't as big as some, it was just a huge wound I avoided until I started to read MMM. It was worth the investment for my career, but I finally feel like I am done with school. No more hangovers from that period in my life.

Don't discount the awesomeness of your accomplishment by comparing it to others...you did good! Well done, and a huge CONGRATS! :-)

Title: Re: Paid off SL
Post by: Exhale on December 25, 2014, 09:30:30 AM

Quote from: livingandlearning on December 21, 2014, 08:42:00 PM

Quote from: MsW on December 16, 2014, 10:23:05 PM

Thanks everyone for the kudos! I know it wasn't as big as some, it was just a huge wound I avoided until I started to read MMM. It was worth the investment for my career, but I finally feel like I am done with school. No more hangovers from that period in my life.

Don't discount the awesomeness of your accomplishment by comparing it to others...you did good! Well done, and a huge CONGRATS! :-)

+1,000!!!!!

Title: Re: Paid off SL
Post by: KeeKat on December 25, 2014, 10:29:15 AM

Congratulations!!! Completely agree that it's incredibly freeing not having the extra monthly payment. Most of my friends are paying the minimum and will be paying (what feels like) forever! Congrats on avoiding all of that and having extra money each month to save now!

Title: Re: Paid off SL
Post by: Exflyboy on December 25, 2014, 10:38:53 AM

Fantastic work and the best Christmas present to yourselves ever!

Well done!

Frank