Author Topic: Small Steps to Repaying Student Loans  (Read 1407 times)

boyerbt

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Small Steps to Repaying Student Loans
« on: March 06, 2015, 12:44:07 PM »
I have just made my last payment ($2,956.12) for the 1st of four student loan debts that I have and it feels great to see the small progress growing. My total is still quite high ($56k) but I am paying them all off aggressively and plan to have the entire debt finished by the end of the 2016. It took a total of 13 months to pay off the first loan while paying the minimum on the rest. My new goal is to repay the 2nd loan ($22k) off by the end of this year - a lofty goal but doable by my calculations.

I keep seeing the SL payoff thread and am looking forward to being able to post there once I am finished. Until then I will keep eating this elephant - one bit at a time!

clarkfan1979

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Re: Small Steps to Repaying Student Loans
« Reply #1 on: March 07, 2015, 10:38:57 AM »
Good job. Getting initial momentum is the most difficult part. I started out with $56,500 in Jan 2012. I'm currently down to $47,500. I know that it's not that impressive. However, I have extra money going into 401K and real estate. If we buy another house in another year, my payoff plan would be around 5-6 years. If we don't buy another house, it will be 2-3 years. 2016 is a very lofty goal. Good luck!

BrendanJ45

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Re: Small Steps to Repaying Student Loans
« Reply #2 on: March 07, 2015, 05:31:01 PM »
The first step is the hardest. I whittled 135k of student loans down to about 22k (no rush less than 2.5%). I did it one payment at a time and so can you.