Author Topic: Last payment on $60k in student loans!  (Read 3792 times)

nawhite

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Last payment on $60k in student loans!
« on: July 01, 2014, 10:08:24 AM »
ALL DONE!!!

At least with mine. Now onto my wife's. $90k to go there but I can see the light at the end of the tunnel.

aubreykate

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Re: Last payment on $60k in student loans!
« Reply #1 on: July 01, 2014, 11:02:13 AM »
Congratulations! Best feeling ever!

Cheddar Stacker

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Re: Last payment on $60k in student loans!
« Reply #2 on: July 01, 2014, 11:17:55 AM »
Badass! Nice work.

dude

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Re: Last payment on $60k in student loans!
« Reply #3 on: July 01, 2014, 11:35:51 AM »
Congrats!  Plan to pay mine off by year's end.  Can't wait.

randymarsh

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Re: Last payment on $60k in student loans!
« Reply #4 on: July 01, 2014, 11:57:10 AM »
Nice!

I have about 70K to pay back. I'm considering a move to Denver. Would it be extremely tight to pay that kind of debt off there on a ~45K income? Rough budgeting tells me I'd have around $300-$500 leftover each month to pay over my minimum payments or spend if something came up. I'm not sure if that's a good cushion for someone living on their own for the first time.

fallstoclimb

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Re: Last payment on $60k in student loans!
« Reply #5 on: July 01, 2014, 03:10:50 PM »
Congrats!  I'm jeal.

nawhite

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Re: Last payment on $60k in student loans!
« Reply #6 on: July 01, 2014, 03:27:18 PM »
Nice!

I have about 70K to pay back. I'm considering a move to Denver. Would it be extremely tight to pay that kind of debt off there on a ~45K income? Rough budgeting tells me I'd have around $300-$500 leftover each month to pay over my minimum payments or spend if something came up. I'm not sure if that's a good cushion for someone living on their own for the first time.

For the move, would you get more in your field if you lived elsewhere? In my field (IT) Denver offers a sweet spot right now in terms of salary vs cost of living (Austin is similar). It's not anywhere near as expensive to live here as San Francisco, New York or DC. Rent here is about 33-50% of those places, but the salaries are currently about 80-90% of those other cities. How does your field compare?

Just like anywhere else, you can live in Denver on the cheap or lavishly. My wife and I live right by a light rail station which was the best decision we ever made. We can go into Downtown for work and fun events for next to nothing cost-wise, but we also live far enough out that it is really easy to get out to the mountains to do fun free stuff (though be aware, the mountains are a solid 45 min drive away which makes it expensive if you go every weekend).

As for the cushion, save up an emergency fund of $2-5k before you start putting the extra towards the loans and you'll probably be fine. A credit card you only use for points and to average out your unexpected expenses can help too because it allows you to spread a big expense out over 1.5-2 months without paying interest.

Also, if you do move here, you have an instant mustachian friend to show you around :-)

randymarsh

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Re: Last payment on $60k in student loans!
« Reply #7 on: July 01, 2014, 05:56:42 PM »
I'm in IT too actually, hoping to work on the system administration/networking side but open to almost anything. Probably start off in some type of tech support position.

I'm in the midwest so COL is insanely cheap. The con of that is the job market isn't amazing. I can live at home for free, but that'll mean commuting probably 45-70 minutes. Bleh. Income would probably be about the same starting out (maybe 5K more in Denver?), but I think over time I'd earn a lot more. I'd probably drive less in Denver too.

I think I'm just nervous about being so far away from family/friends and having to live on a budget or else get evicted lol.

Nancy

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Re: Last payment on $60k in student loans!
« Reply #8 on: July 01, 2014, 07:56:24 PM »
Congrats!!! You'll be done with your wife's loans in no time.

EK

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Re: Last payment on $60k in student loans!
« Reply #9 on: July 01, 2014, 08:56:52 PM »
Wow, awesome, congrats!!! That is a big accomplishment!!!!!

SingleMomDebt

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Re: Last payment on $60k in student loans!
« Reply #10 on: July 03, 2014, 06:26:31 PM »
Sweet! Nice job!

Exflyboy

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Re: Last payment on $60k in student loans!
« Reply #11 on: July 03, 2014, 06:43:56 PM »
Excellent.. Well done!

Frank