Author Topic: I'm Paying off Student Loans in 2017 - It's on, Starting Now!  (Read 1738 times)

Keef

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I'm Paying off Student Loans in 2017 - It's on, Starting Now!
« on: January 12, 2017, 11:23:56 AM »
This is the year to be debt free for me. I am so PUMPED, and can hardly wait! I plan to share my journey with you all. Please feel free to jump in and share your journey along side me.

- In 2015 I paid off my credit cards (still use them but never carry a balance. Treat them like a debt card)
- In 2016 I paid off my car.

This leaves my Student Loan as my only outstanding debt. After paying this off I will be debt free for the first time as an adult.


January 12, 2017 - Total remaining Student Loan Debt: $15,260.30


My goal is to pay as much as 70% of monthly income toward this goal. This would allow me to be debt free in roughly 3 months. I am self-employed, as a result some months are financially better than others. The low end of my goal, is no less than $1500.00 per month, bare minimum. I'll be back to share more.
« Last Edit: January 12, 2017, 01:34:58 PM by Keef »

batemama

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Re: Paying off Student Loans in 2017 - It's on, Starting Now!
« Reply #1 on: January 12, 2017, 02:02:49 PM »
We are also near the end of our debt payoff journey (minus the mortgage and a 0% interest car loan) that started way before we found MMM.  We've made a lot of dumb mistakes, but I think we are headed in a better direction and now have a clearer idea of what debt free can get us.  As it currently sits, everything will be paid off in September, but we are scrounging up extra money any way that we can to get it paid off sooner.  I'm shooting for end of July.  DH is shooting for June.

Student Loans

$2,294 >> 0% (until April 2017)
$9,742.48 >> 6.55%
$8,623.42 >> 5.4%
$5,287.14 >> 5.16%

Other Debt
trailer $7,841.20 >> 4.24% (Dumb purchase and now for sale. Debating about whether to put up another ad this month or the end of next since the weather is so crappy.  I think I might put it up this weekend to see if we get any bites.)
solar panels $13,767.00 >> 6.99% starting in February (will be paid off February/March)

The goal this year is to get all the debt gone in time to max out both of our 457s.  We're in the process of selling our house and moving somewhere cheaper and closer to our jobs to help make the 457 max happen and hopefully end up with some extra $$ to put towards our 401ks.

Keef

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Re: I'm Paying off Student Loans in 2017 - It's on, Starting Now!
« Reply #2 on: January 12, 2017, 07:29:51 PM »
Wow thats great! September sounds to be a doable goal, but pushing it up till June/July would feel amazing I'm sure. Please keep me posted.

marielle

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Re: I'm Paying off Student Loans in 2017 - It's on, Starting Now!
« Reply #3 on: January 13, 2017, 08:46:53 AM »
Count me in!

2017 goals:

Max my 2016 Roth. (0/5500 so far)
Pay of $17300 in student loans. Interest rates are between 3.15% - 4.04 %. I paid roughly $9900 in the past 5 months but also had to furnish an entire apartment and spent $1500 on car maintenance.
Pay off credit card with a balance of $2500. No interest until Jan 2018.

Hopefully done by October which would be a 69% savings rate roughly. We'll see if it's doable. The real challenge will be finding a house to rent close to work in the middle of nowhere. Living costs will go up because of a lack of apartments in the area, but car costs will go down. It would be weird to rent an entire house alone so hopefully I find some roommates.

My tax return should help, I think it's still going to be high even after adjusting my withholding for the last two paychecks. I only worked 5 months so the tax brackets did weird things.


Metric Mouse

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Re: I'm Paying off Student Loans in 2017 - It's on, Starting Now!
« Reply #5 on: January 13, 2017, 06:17:38 PM »
Good luck!

Just paid off one of my S/o's student loans. It's quite freeing, she reports.

Keef

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Re: I'm Paying off Student Loans in 2017 - It's on, Starting Now!
« Reply #6 on: January 14, 2017, 09:30:35 AM »
Thanks NicoleO. I had no idea of another group. I'll be sure to check in there as well.

Keef

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Re: I'm Paying off Student Loans in 2017 - It's on, Starting Now!
« Reply #7 on: January 14, 2017, 09:37:23 AM »
Count me in!

2017 goals:

Max my 2016 Roth. (0/5500 so far)
Pay of $17300 in student loans. Interest rates are between 3.15% - 4.04 %. I paid roughly $9900 in the past 5 months but also had to furnish an entire apartment and spent $1500 on car maintenance.
Pay off credit card with a balance of $2500. No interest until Jan 2018.

Hopefully done by October which would be a 69% savings rate roughly. We'll see if it's doable. The real challenge will be finding a house to rent close to work in the middle of nowhere. Living costs will go up because of a lack of apartments in the area, but car costs will go down. It would be weird to rent an entire house alone so hopefully I find some roommates.

My tax return should help, I think it's still going to be high even after adjusting my withholding for the last two paychecks. I only worked 5 months so the tax brackets did weird things.

Nice job Marielle, $9900 in 5 months is a pretty good pace to set. Keep up the good work.

Mustachianfuture

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Re: I'm Paying off Student Loans in 2017 - It's on, Starting Now!
« Reply #8 on: January 14, 2017, 04:32:23 PM »
Good luck all. I paid off mine last year - slightly different UK system, and taken as 15% of my income abive 15k, so like a tax, but still a debt.  It is so freeing, turning the negative to positive!