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General Discussion => Throw Down the Gauntlet => Topic started by: KatieSSS on March 12, 2013, 03:05:47 PM

Title: Annihilate Student Loan Debt by December 31, 2013
Post by: KatieSSS on March 12, 2013, 03:05:47 PM
I'm throwing down the ultimate gauntlet and declaring I will be debt-free by the end of 2013! Has anyone else set this goal for themselves this year? I have $16,533.25. This is ambitious, I know, but it is also badass! I paid off more than that in loans last year, so I think it is possible. I plan on doing this the same way I've been able to go from $50,000 in debt to $16,533.25 - by working two jobs and throwing all extra money towards my debt.

Who's coming with me into no-debt land?!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: the fixer on March 12, 2013, 03:14:35 PM
Totally doable! My girlfriend is going to have all her student loans from law school paid off within a month, less than three years after getting her JD.

The last time I had any debt was from a car loan, and I was so glad to have that gone.
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: SilverSoul on March 12, 2013, 04:00:55 PM
I don't have any debt right now, so unfortunately I can't join you :)

But your goal is totally doable!  I'm looking forward to hearing the good news of having your debt paid down.
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: DebtDerp on March 12, 2013, 04:28:09 PM
I've got about $100k in debt and am hoping to get that down to around $80k by the end of the year. I have already paid over $10k to my loans since the beginning of the year! So my total pay-off goal is somewhere around $30,000 for all of 2013. I hope to be entirely debt free by the end of 2016. Good luck on your challenge!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Elwood on March 12, 2013, 05:43:31 PM
Love the goal! You can definitely do it! I'm sort of in the same camp. I started working in September of 2012 and am shooting for the middle of 2014...so about two years to pay off 88k (I know, I know - 88k is ridiculous). But I've already paid down 24k of it so I'm making some progress!

I was lucky and found MMM and ERE only a couple of months after I started working. Glad I didn't get caught up too much in the consumerist lifestyle, although I did make a couple of pretty dumb purchases.
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: KatieSSS on March 13, 2013, 08:08:35 AM
Thanks for the encouragement!

I'm so ready to have this debt gone. My original goal was to eliminate all of my debt before I'm 30, but I want it gone before that.

Elwood, glad to hear you didn't get caught up in the consumerist lifestyle. We all have our moments of making dumb purchases. I haven't run across ERE, so I'll have to get look into that!

DebtDerp, congrats on paying over $10k already! You can definitely hit $30k paid off by the end of the year.
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: KatieSSS on April 02, 2013, 10:35:25 AM
Update on the Annihilation:

On March 1st I had $17,333.25 left on my student loan debt. This month, my new total is $15,238.91. I paid $2,094.34 to my debt last month and reduced my debt by 12%! Woo hoo!

If I keep that pace up I should be debt-free by November. If I had a few good months waitressing, I could be out of debt in September or October, even.
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: HumanAfterAll on April 02, 2013, 10:59:39 AM
Congrats!  Keep up the good work!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: EMP on April 02, 2013, 11:34:16 AM
Has anyone run the numbers on putting your lower interest loans in forbearance while paying off the higher interest loans?  As long as you pay the accrued interest before the forbearance ends it won't capitalize.  I'm not sure what the difference would have to be to make it worthwhile.
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: SunshineGirl on April 02, 2013, 11:40:52 AM
I'm so impressed that you're working so much to pay off your debt. WAY TO GO!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: KatieSSS on April 03, 2013, 08:40:42 AM
Thanks El Beardo and SunshineGirl! I figure working two jobs is something I can still do at my relatively young age (late 20s), but once I hit 30 I do not want to work more than one job! Hence the effort to eliminate my one remaining debt NOW and not wait any longer!

EMP - In general, I wouldn't want to go into forbearance on any loan, so I've never thought of it as a tactic to pay off debt quicker. Perhaps others have run the numbers?
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: keith on April 03, 2013, 07:02:18 PM
Good job so far, just wanted to chime in and say I'm rooting for you and anyone else going through the agressive student loan paydown thing.

I went through it last year and killed nearly 30k of student loans. I documented my progress in this thread: http://www.mrmoneymustache.com/forum/throw-down-the-gauntlet/starting-off-your-moustachian-journey-with-debt/

Good luck!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: KatieSSS on April 04, 2013, 11:34:18 AM
Thanks, Keith!

I think I'll take your advice and start my own progress thread and come back to this one when that debt is gone later this year. Woo hoo - I can do this!

Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Tami1982 on April 05, 2013, 02:14:23 PM
This is awesome.  Way to go!  I'm with you on this.  My goal is to pay of 50% of my balance this year.  Unfortunately, I can't increase my income much because I have health issues that preclude me from working much more than I do, but I'm still with you and working it!   I'm so darned impressed.  I see these numbers and wish so hard that my $7,800 debt could be conquered faster but my income is just too small. 

Great updates on the other thread too - I will keep reading, keep up the updates!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Stachsquatch on April 06, 2013, 04:25:56 PM
Awesome challenge! Keep it up!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Mazzinator on April 18, 2013, 07:28:13 PM
Great work so far!!!

I'm in..although we won't be donebythe end of 2013..a good bit of it will. We have $100k and we're moving aka downsizing so hoping our snowball will double or even triple. Right now we're at $1000 extra a month..

I need all the support i can get!!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Tami1982 on April 19, 2013, 11:24:10 AM
Hope everything is going great with the annihilation!  On my end:

Student loan update: I've been paying the payment, plus sending an addition $100 to the loan.  I was able to add an additional $50 to that this month.  Hoping to increase the additional payment by $50 from now on and once some other things are done "processing" I will add an additional $100.  I'll be sending $250 extra to principal per month, hopefully starting in May/June.
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: KatieSSS on April 19, 2013, 01:06:54 PM
Hope everything is going great with the annihilation!  On my end:

Student loan update: I've been paying the payment, plus sending an addition $100 to the loan.  I was able to add an additional $50 to that this month.  Hoping to increase the additional payment by $50 from now on and once some other things are done "processing" I will add an additional $100.  I'll be sending $250 extra to principal per month, hopefully starting in May/June.

That's great that you can find extra money to send to the loan.

My balance when I started this challenge in March was $16,533.25. Almost two months later, I'm currently at $14,108.54. I've paid off $2,424.71! That's an average of $1,200 a month. WOW - when I type it out that seems crazy! But I guess I start from an automatic payment of $425, then I add my waitressing income and any other money I can scrape together. All in all I'm coming up with an extra $800 or so a month. Cool!

If I continue at this rate, though, I won't meet my goal of paying off the loan by December 31st. My calculations tell me that I need 11 more months. My math might be wrong, but even if it isn't, I'm determined to pay it off this year so I need to continue working hard!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Mazzinator on April 19, 2013, 01:30:56 PM
I'm adding my numbers to keep track!!

As of today.
$10k (0%)
$25,573 (3.57%) currently on this one!!
$65,467 (4.75%)
Total
$101,040 (gulp)

Keep up the good work!!!


Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Mazzinator on May 04, 2013, 01:28:28 PM
Under $100k yippee!!

$99,595 to be exact..

How's your progress???
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Tami1982 on May 04, 2013, 01:47:40 PM
I'm only able to make the regular payment this month - I had a lot of expenses come up, but I'm also expecting some cash in July, so hopefully that will allow me to send some extra in then.  Staying positive! 

Congrats MrMurphy!!!  Under $100,000 is a huge deal!

KatieSSS, way to go!  You are showing so much determination and dedication.  It's inspiring!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: KatieSSS on May 06, 2013, 12:39:59 PM
Way to go MrMurphy! Under 100k is a HUGE milestone!

My current balance: $13,174.07
I'm down $4,159.18 since March 1st!


Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: ace1224 on May 06, 2013, 01:17:49 PM
nice!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: ncornilsen on May 06, 2013, 03:31:34 PM
I'm In! I owe about $8100... so what I've been doing is putting 560/month, plus 300 each quarter, into my companies stock purchase program. I can then buy shares at a 15% discount on Jan 1, 2014... and immediately sell them. This will get me more than enough to kill the student loans, and and then some.

Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: KatieSSS on May 07, 2013, 01:45:27 PM
I'm In! I owe about $8100... so what I've been doing is putting 560/month, plus 300 each quarter, into my companies stock purchase program. I can then buy shares at a 15% discount on Jan 1, 2014... and immediately sell them. This will get me more than enough to kill the student loans, and and then some.

You aren't worried that whatever stock you are investing in will lose value?
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: ncornilsen on May 07, 2013, 04:51:58 PM
Not really, I get to buy it at a 15% discount from the lower of the price on Jan 1, 2013, or dec 31, 2013. So if it falls, I still come out ahead 15%. If it goes up in value, I get that appreciation plus 15%.   It's a pretty good deal.
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: ScubaAZ on May 07, 2013, 11:09:37 PM
I just ran the numbers, and assuming no raises or bonuses (and keeping my income, obviously), I can pay off my $9500 in credit cards and $105,000 in student loans by Feb 2017!  That sounds really far away, but its less than 4 years.

Doing so saves a whopping $82,916 in interest compared to paying the minimum payments.

Now I need to flex my 'stache muscles and find more to put towards this.  I'd love to cut that in half if I can.

Thanks for the kick in the pants!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: KatieSSS on May 08, 2013, 08:40:47 AM

Doing so saves a whopping $82,916 in interest compared to paying the minimum payments.


WOW. Just. Wow. That is so much interest. Good for you for deciding you can do this now and not need to pay that $82k!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: KatieSSS on May 29, 2013, 11:07:18 AM
How is everyone doing? I hit a milestone today - I'm below $12k in student loan debt! Today's total is $11,995. I cannot wait until I go below $10k!! That will happen in the next few months. I can't believe it!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Tami1982 on May 29, 2013, 04:11:25 PM
WTG KatieSSS!  You are inspirational!  Not much going on with me RE: loans.  Had expenses come up and am now hitting the CC hard to get rid of that in next month or two, then will be back to hitting the student loan.  Rooting you on!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: footenote on May 29, 2013, 05:28:27 PM
Woo-freakin'-hoo! Way to go KatieSSS! Four figures will be awesome and it is in sight...!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: MakingSenseofCents on June 02, 2013, 11:05:43 AM
My goal is this month! WOOHOO I cannot wait :)
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: lithy on June 03, 2013, 06:47:28 PM
Since I'm new here, I'll backtrack and give an update.  When I finished my undergraduate in 2007, I had just under $17,500 in student loan debt to repay.  For a while I was making positive payments, paying almost 100 over the minimum payment for a total of 300 bucks a month, but then I had worked my due date way out in advance and decided to just leave it alone and focus on other things (pretty literal, I just bought some 'things').

So 5 years after conversion to repayment I had done a decent job but in retrospect, it wasn't nearly that hardcore.  I still had about 7700 dollars remaining at the beginning of 2013.  I made a decision to eliminate my student loan debt by the end of 2013.  To this end, I started making payments of 300 dollars every two weeks.  I decided that wasn't hardcore enough either and began making plans to have them finished by the end of June, so I would up my payments to 600 biweekly.  That was getting me close, but not quite there, so then I started paying 800 biweekly and that put me on track.

My last two payments, 800 on June 7, and the remaining 500ish on June 21 are setup in their online system and barring a disaster, the loan will be closed before July.

So here is some motivation for you guys, it can be done, I put together an Excel sheet in February to start tracking it.   I will definitely update with a "Paid in Full" screenshot soon.

Balance      Interest Due      Payment Amount      Interest Rate      Date
6753.66                                    300.00      6.54795E-05      
6459.85                       6.19      300.00      6.54795E-05      2/15/2013
5865.76                       5.91      600.00      6.54795E-05      3/1/2013
5271.14                       5.38      600.00      6.54795E-05      3/15/2013
4675.96                       4.82      600.00      6.54795E-05      3/29/2013
3880.25                       4.29      800.00      6.54795E-05      4/12/2013
3083.81                       3.56      800.00      6.54795E-05      4/26/2013
2285.43                       1.62      800.00      6.54795E-05      5/10/2013
1310.08                       0.89      976.24      6.54795E-05      5/24/2013
513.68                         3.60      800.00      6.54795E-05      6/7/2013
0.00                      0.47      514.15      6.54795E-05      6/21/2013
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Mozactly on June 05, 2013, 05:33:12 AM
I just ran the numbers, and assuming no raises or bonuses (and keeping my income, obviously), I can pay off my $9500 in credit cards and $105,000 in student loans by Feb 2017!  That sounds really far away, but its less than 4 years.

Doing so saves a whopping $82,916 in interest compared to paying the minimum payments.

Now I need to flex my 'stache muscles and find more to put towards this.  I'd love to cut that in half if I can.

Thanks for the kick in the pants!

Awesome! Calculating the savings is a huge motivator.
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: KatieSSS on June 05, 2013, 11:25:28 AM
Balance      Interest Due      Payment Amount      Interest Rate      Date
6753.66                                    300.00      6.54795E-05      
6459.85                       6.19      300.00      6.54795E-05      2/15/2013
5865.76                       5.91      600.00      6.54795E-05      3/1/2013
5271.14                       5.38      600.00      6.54795E-05      3/15/2013
4675.96                       4.82      600.00      6.54795E-05      3/29/2013
3880.25                       4.29      800.00      6.54795E-05      4/12/2013
3083.81                       3.56      800.00      6.54795E-05      4/26/2013
2285.43                       1.62      800.00      6.54795E-05      5/10/2013
1310.08                       0.89      976.24      6.54795E-05      5/24/2013
513.68                         3.60      800.00      6.54795E-05      6/7/2013
0.00                      0.47      514.15      6.54795E-05      6/21/2013


That is VERY motivating! Thanks for sharing, and congrats on almost being done with the loan!!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Rebecca Stapler on June 07, 2013, 12:10:10 PM
I am jumping onto this gauntlet, but I can't annihilate our $200k in SL debt by the end of the year. Our goal is to pay off 2 SLs by the end of the year. I have mapped out the finances, and we should be able to comfortably do it by the end of January, but I'm going to throw down the gauntlet and challenge us to do it by December 31, 2013, with all the rest of you badasses. 

Balances:
3.26%   $12,845.35
3.56%   $10,103.77

I just plunked $2400 into the smaller loan. That felt SOOOOO good! ::happy dance::

... but a little piece of me feels a little unstable not having that money in the bank ... I need to get over it, because we have an E Fund ... but it's a bit of an "eeeeek!" feeling.
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: KatieSSS on June 13, 2013, 10:58:55 AM
Way to go, stan! Happy to have you with us!

I should go below 10k in July or August, which means I have the rest of the year to get down to ZERO. I hope I can do it!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: basd on June 14, 2013, 02:39:22 AM
Paying off my student loans before the end of the year is a goal for me as well.. I started out with around 25000 euros in student debt, around 2005. The first couple of years I wasn't really bothered with paying off more than the minimum required (around 150 a month), but as interest rates on the loan have gone up and interest on my savings account has gone down, it is more financially sound to pay off ASAP. I've paid off 10K since December since I could miss it, but a new bathroom, a wedding and two holidays have put a dent in my savings as well.

I've only got around 4500 to go, so that should be very doable, but I'm still pretty new to this MMM game, so I'd like to take a relatively easy challenge to start with :)
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Rango on June 14, 2013, 11:56:54 AM
hey, folks this is an amazing page, I just found it a week ago and it inspires me a lot. While I don't have any debt in student loans, I have enough for the challenge to meet in the no-debt land. Last year I bought a nice apartment for about $500k and I have to pay off a debt of $100k. So to throw down the gauntlet I want to pay it off by the end of 2014. Well it's ambitious, but I think it's possible, somehow..
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: lithy on June 21, 2013, 04:06:06 PM
Hey guys, right on schedule I made my final payment for my student loans today, nothing official yet I guess since it just went through today and technically the payment hasn't even be deducted from the checking account.  It feels great though.

(http://img.photobucket.com/albums/v179/metalslugnut/done.jpg)
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: RobinAZ on June 21, 2013, 09:35:03 PM
We are also in Phoenix-- twice as much in student loans and credit cards, and we are estimating Dec 2017 assuming bonuses, mid-2020 otherwise.  Unless we spontaneously combust from the heat  :-)

I just ran the numbers, and assuming no raises or bonuses (and keeping my income, obviously), I can pay off my $9500 in credit cards and $105,000 in student loans by Feb 2017!  That sounds really far away, but its less than 4 years.

Doing so saves a whopping $82,916 in interest compared to paying the minimum payments.

Now I need to flex my 'stache muscles and find more to put towards this.  I'd love to cut that in half if I can.

Thanks for the kick in the pants!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: KatieSSS on June 24, 2013, 12:40:08 PM
Hey guys, right on schedule I made my final payment for my student loans today, nothing official yet I guess since it just went through today and technically the payment hasn't even be deducted from the checking account.  It feels great though.

(http://img.photobucket.com/albums/v179/metalslugnut/done.jpg)

Congrats!!!! I remember seeing that ZERO on my graduate loans and it felt fantastic! I'll definitely be posting a screenshot when I pay off the undergrad loan! The next ZERO will feel even better because that will mean I have NO debt whatsoever!

Just think what you can do with all of that money now?! In my case, I'll dream about what I can do with an extra $375/month (current minimum payment) and with only one job. Life will be grand!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Mozactly on June 27, 2013, 07:35:21 AM
Just made another big payment (661.63) on my loan, and doing the math again I think I'll have it paid off by the beginning of September. That's a month earlier than I originally thought.

My balance (before the payment goes through) is $3,661.63 with a 6.8% interest rate. In the past two months I've paid down about $2,000 on it, so I'm feeling really good right now!

I plan to keep making $600 payments every two weeks, and add any leftover cash in my bank account at the end of my pay period (leaving a $1,000 cushion).

You've all inspired me so much! Thanks!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Rebecca Stapler on June 28, 2013, 07:03:24 AM
This was June 1 (after which I paid $2400 into the higher interest loan):

Balances:
3.26%   $12,845.35
3.56%   $10,103.77


I just paid $3562 to that higher interest loan, so this is July 1:

3.26%     $12,785.76
3.56%       $4,072.72

YYYYYYYYES!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: KatieSSS on June 28, 2013, 12:07:05 PM
How is everyone doing? I hit a milestone today - I'm below $12k in student loan debt! Today's total is $11,995. I cannot wait until I go below $10k!! That will happen in the next few months. I can't believe it!

End of June debt total: $10,592.08

There are a few payments that won't post for a few days, so that should take this town to around $10,200 by the beginning of July. I'm ALMOST under 10k!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: KatieSSS on July 18, 2013, 09:13:24 AM
How is everyone doing? With a bit of money leftover from vacation and a slight windfall, I'm down below $10k!!!

New debt total = $8,873.02
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: basd on July 19, 2013, 01:18:39 AM
Well done Katie!

I'm still saving up for my last payoff (around 4000 now, will be around 3500 at the end of the year), while also making my monthly 155 euro payments. I still do have good hope of getting rid of all of it before 01-01-2014.
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: ace1224 on July 19, 2013, 06:04:13 AM
wow katie you've made so much progress!!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: KatieSSS on July 19, 2013, 08:14:30 AM
wow katie you've made so much progress!!

I'm shocked, too! So happy about it!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Rebecca Stapler on July 24, 2013, 01:46:58 PM

June 1 Balances:
3.26%   $12,845.35
3.56%   $10,103.77


July 1 Balances:

3.26%     $12,785.76
3.56%       $4,072.72


I set up that last loan for payoff on Friday, so this will be the balance as of July 26:

3.26%      $12,724.27
3.56%      $0

This is the first SL I've ever paid off. I am doing a serious HAPPY DANCE right now!!! (where is a good gif when I need one?!) We paid off $10k in 3 months! We still have 2-3 more freelancing checks to come in the door and a loan repayment assistance check, so it looks like we might be able to annihilate that second loan by November. ::knock on wood::
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Tami1982 on July 24, 2013, 04:50:30 PM
Congrats Stan!  That's amazing!  I will dance with you.  ::dance:: ::dance:: :)
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: KatieSSS on July 25, 2013, 08:50:59 AM

June 1 Balances:
3.26%   $12,845.35
3.56%   $10,103.77


July 1 Balances:

3.26%     $12,785.76
3.56%       $4,072.72


I set up that last loan for payoff on Friday, so this will be the balance as of July 26:

3.26%      $12,724.27
3.56%      $0

This is the first SL I've ever paid off. I am doing a serious HAPPY DANCE right now!!! (where is a good gif when I need one?!) We paid off $10k in 3 months! We still have 2-3 more freelancing checks to come in the door and a loan repayment assistance check, so it looks like we might be able to annihilate that second loan by November. ::knock on wood::

Stan, that is fantastic! Congratulations!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Mazzinator on July 25, 2013, 02:55:45 PM
Stan..that is wonderful ;-) you guys are rockin it..

We are finally moved and settled into our new (downsized) apt. We just moved from VA to HI so it was a long process (and expensive) BUT we are just waiting for the big gov to reimburse us..then waaaaaa bam to you SL..

Here we are..

$9,800(0%)
$23,358 (3.57%)
$64,220 (4.75%)
$97,378 Total
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Mrs3F on July 30, 2013, 07:35:53 AM
I'm a bit late to this party, but wanted to join in because I set the same goal for myself, but motivation is now lagging.  The progress you all have made so far is inspiring!

The quick backstory - I graduated in 2007 with about 60K in loans, and just paid as billed until 2011 when I realized that if I stuck with that schedule I'd be making my last loan payment the year after my newborn graduated from college.  Yikes.  I started throwing some extra payments at the loan and got it down to just under 50K by the start of 2012.  The next year I decided to try to beat that, and as of Jan 1, 2013, I owed around 36K.  And that was when I decided it was just time to kill it. 

I've been fortunate this year to have a few projects that yielded some nice bonuses, and to date I've made $23,899.61 in payments, leaving me with just $12,856.15 to go

But with no more anticipated bonuses on the horizon this is where it'll get tricky.  Hoping to fight the frugal fatigue and still kill it by the end of the year.
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: KatieSSS on July 30, 2013, 11:00:28 AM
I'm a bit late to this party, but wanted to join in because I set the same goal for myself, but motivation is now lagging.  The progress you all have made so far is inspiring!

The quick backstory - I graduated in 2007 with about 60K in loans, and just paid as billed until 2011 when I realized that if I stuck with that schedule I'd be making my last loan payment the year after my newborn graduated from college.  Yikes.  I started throwing some extra payments at the loan and got it down to just under 50K by the start of 2012.  The next year I decided to try to beat that, and as of Jan 1, 2013, I owed around 36K.  And that was when I decided it was just time to kill it. 

I've been fortunate this year to have a few projects that yielded some nice bonuses, and to date I've made $23,899.61 in payments, leaving me with just $12,856.15 to go

But with no more anticipated bonuses on the horizon this is where it'll get tricky.  Hoping to fight the frugal fatigue and still kill it by the end of the year.

That's great, Mrs3F! To get you out of the rut, is there anything you can sell to boost the amount you are putting towards debt? Perhaps you can find more room in your budget (food, going out areas come to mind). Good luck!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Mrs3F on July 30, 2013, 12:18:09 PM
Thanks Katie!! 

Unfortunately, my budget for this month and next has been completely upended.  My MIL is visiting (a whole other topic) which means increased spending and general chaos.

I'm trying to shave down spending wherever I can but I'm worried it won't be enough.  I have been really committed to bringing food to work everyday, and it's nice to watch the little bits add up.  If I can scrounge up a few more projects for extra income as well, I just might make it.

   
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Rebecca Stapler on July 31, 2013, 08:25:10 AM

I've been fortunate this year to have a few projects that yielded some nice bonuses, and to date I've made $23,899.61 in payments, leaving me with just $12,856.15 to go

But with no more anticipated bonuses on the horizon this is where it'll get tricky.  Hoping to fight the frugal fatigue and still kill it by the end of the year.

Awesome work! I'm rooting for you!

I've found my family to be pretty sympathetic to my SL payoff situation. My sister didn't pressure me to pay for expensive excursions when I visited and my parents didn't blink an eye when I suggested a day at the park for Father's Day (although I had gotten my dad a small gift by that point).  I wonder if your MIL would be receptive to your frugality too? Maybe you could show her how doing things for free doesn't cramp your style? 
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Mazzinator on August 01, 2013, 06:47:36 PM
Quote
Here we are..

$9,800(0%)
$23,358 (3.57%)
$64,220 (4.75%)
$97,378 Total

So, my dh talked me into putting the big payment to the higher interest loan..he said paying off the middle one at the lower apr sounded too much like dave ramsey speak..haha, either way we're paying off debt and not blowing it!!!

Here we are..

$9,700(0%)
$23,359 (3.57%)
$56,720 (4.75%)
$89,779 Total

Under $90k...wooo hoooo!!!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Tami1982 on August 04, 2013, 10:11:54 AM
WTG everybody!!  Congrats on all the hard work.  I'm also slowly moving along.  Managed to send an extra $300 to the student loan this month.  Down to $7,400:)  A little bit behind on making my goal of paying $4,400 this year, but there are still five months left in the year:)
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Mrs3F on August 19, 2013, 12:23:22 PM
Just checking in to post an update.  So far this month I've managed to put about $3,500 to my student loans.  That bring me down to $9,282 .......... and I'm under $10K!  Hooray!

But now I'm just itching to be rid of them. 
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: KatieSSS on August 19, 2013, 12:54:30 PM
Just checking in to post an update.  So far this month I've managed to put about $3,500 to my student loans.  That bring me down to $9,282 .......... and I'm under $10K!  Hooray!

But now I'm just itching to be rid of them.

Awesome, Mrs3F! I passed that milestone a little over a month ago. You can get this debt gone by the end of the year for sure. I'm at about $7,700 right now. Slowly but surely I'll get there too.
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Mrs3F on August 20, 2013, 08:00:50 AM
Thanks Katie. It's exciting to be so close. We'll get there.
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Lentils5eva on August 28, 2013, 10:43:23 PM
For anybody who isn't convinced about the wisdom of paying down the highest interest loans first, I present, my story:

November, 2012:  Four student loans totaling ~$109,100.  The highest interest rate loan was 8.25% (!!) and the lowest was $6.55%.
I also had about $6k of credit card debt accumulated over three years of law school in NYC.

The "most aggressive" automated plan offered by Great Lakes was a 10 year plan, so I signed up for that.  It involved paying $1284/month, which I initially thought was pretty respectable.  But then I started thinking about how much interest I'd be paying over the life of those loans.  It came to something like $40,000.  I had only borrowed about $96k for law school, but the capitalized interest bumped what I owed a lot, so I was already on the hook for more than I had borrowed.  Yuck.

In Jan, my fiancee showed me this website:

http://www.whatsthecost.com/snowball.aspx

It is amazing.  I am mildly obsessed with it.   It provides a clear illustration of how the "highest rate first" method works.  By bringing down the weighted average interest rate, you can significantly increase the amount each payment contributes to reducing principal, which means you are done faster, and each payment you make works harder than the one before it.  You decrease the amount you pay in interest every month.  It's like magic.  I love it.  Mazzinator, I highly recommend checking it out.  The other perk is that you can see how much sooner you'll be done if you bump up your payments even a little bit, which I find has motivated me to challenge myself: "Can I try another $400?  Yeah, let's do it!"  Like I said, i'm a little obsessed.  I like to run different calculations when I am having a rough day at work and it helps me feel like the job is worth it.

I got serious around the same time as you did, Katie.  I started by polishing off that credit card debt (some of which was at an appalling 18%) and then started tackling the loans in February.  I put the two 6.55% loans on the lowest allowed payment plan, which totally freaked me out.  I was barely staying ahead of the interest charges.  But within five months, I had paid my first, $13,500 loan at 8.25% off in full!  Then, I turned to the second one - originally $29,061 at 7.65%.  I've been working on it since June.  The reason the it's called a snowball is that it picks up speed and power as it rolls downhill.  My payments are going further and further every month. 

I'm incredibly proud to say that I have paid just a few dollars shy of $30,000 since November, 2012 (about $26k of the $30k has happened since February 1st.) and about 85% of that has gone to reducing my total principal.

I now owe $83,461, down from $109,085, or a total reduction of $25,624 in 9 months.  I know I can do even better than this. 

Katie, I am blown away by what an incredible job you are doing with your loans. I just read through your post history as you reduced them by about $10k in 6 months.  Just amazing.  Bravo.  To all of the amazing posters on this thread, congratulations.  I'm so impressed by your determination and follow through.
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: KatieSSS on August 29, 2013, 01:17:52 PM
Lentils5eva. WAY TO GO!!!

And thank you for your kind words, they really mean a lot. The hard work is paying off, and the more and more I pay off, the better and better I feel! As of today, but debt total is $6,779.26.

On January 1st of this year, it was at around $21,000. I can't believe I've paid off $14,000 in only nine months! Early on I found the debt snowball calculator you are talking about, and it was life changing for me. I wanted to get that debt out of here. Nay, I NEEDED to get rid of that debt.

This last $6,800 that I have left is basically a breeze, as far as I am concerned. It was so much harder to begin the journey, when I had no momentum and a mountain of debt. But now that I'm on the last legs of this journey, it feels like I am coasting along on autopilot! And what's more is that my quality of life hasn't gotten worse. It has actually gotten better! I walk more to save on transportation costs, thus boosting my mood. I plan meals, don't eat out as much, and spend more quality time doing what I love to do. I still pay to do fun things, but now that I know where my money is going and what my financial goals are, my life is so much more secure. I can't believe I ever lived paycheck to paycheck.

So on we go, everyone! We WILL pay off these debts! Upwards and onwards!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Mrs3F on September 07, 2013, 08:45:15 AM
Another check in.  Less than a month ago I was psyched to have finally gotten my debt under 10K. 

A few lucky projects came up at work that led to some bonuses, and now I'm down to $4,300!!!  So very close now. 

Question for the group:  What are you going to do to celebrate finally killing your loans?  I'm finally going to treat myself to a Vitamix, which I've been lusting after for years and costs (refurbished) about the equivalent of a month's loan payment.  After that of course, all the extra money will get rolled right into index funds.
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Rebecca Stapler on September 07, 2013, 09:57:10 AM
AWESOME work everyone!

I was laid off, so the paydown plan is on hold right now. I'm hoping I can find something that pays around the same (or more) by the time my lay off takes effect at the end of the month. So far, we have socked away the $$ we would have paid towards SLs. It hasn't been spent, but we're holding onto it just in case we need it.
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: KatieSSS on September 09, 2013, 09:18:34 AM
stan- Sorry to hear about the layoff. I hope something works out for you soon.

Mrs3F - Congratulations! You are so close!

Good question about celebrating. I don't even know! When I paid off my first grad loan, I went and had a beer with a friend. When I paid off my second grad loan, I took a day drip to a local winery with a few friends. I don't need this final loan to be celebrated with alcohol, but I do want to do something. I haven't really thought about it! But I should, because it will happen by the end of the year. I've wanted a really nice food processor for some time now. Mine is tiny and crappy. Maybe I'll buy that? Or, maybe I'll splurge for a luxurious spa day. I love spas. And then after the celebration, it is back to saving, obviously!

I'm curious what others have done...I'll post a new thread in the Ask a Mustachian section about this!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: KatieSSS on September 23, 2013, 01:03:36 PM
Just a few months to go, everyone! How is everyone doing?

I'm feeling a bit of "loan payment fatigue" today. Meaning all I want is for this to be GONE so I can move on to other goals! It seems so close, yet so far away. It is like the last 5 pounds you want to lose or something...the energy is gone and you are just tired. That's how I'm feeling today. Wishing for a small windfall of some kind!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Rebecca Stapler on September 23, 2013, 01:31:32 PM
Just a few months to go, everyone! How is everyone doing?

I'm feeling a bit of "loan payment fatigue" today. Meaning all I want is for this to be GONE so I can move on to other goals! It seems so close, yet so far away. It is like the last 5 pounds you want to lose or something...the energy is gone and you are just tired. That's how I'm feeling today. Wishing for a small windfall of some kind!

I hear ya. My job hasn't ended yet, but the money to pay off a loan is sitting in the bank and I just want to throw it at the loan. But IDK what's in store for me in terms of my next job (although, I had an interview last week!) so I can't justify spending it. We will only save $100/mo by paying off the loan, whereas having $12k in the bank is a good cushion. (We have Roth IRAs, so would could take out principal if we aren't making ends meet, but that's obviously not something we want to do ever).
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: KatieSSS on October 01, 2013, 02:53:24 PM
After my payment clears tomorrow, I'll be BELOW $5,000 owed! That number is looking oh so much better now :)
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Mazzinator on October 01, 2013, 07:57:49 PM
Katie, you are doing sooo great!! So close..

We are doing horrible...

Quote
Quote
Here we are..

$9,800(0%)
$23,358 (3.57%)
$64,220 (4.75%)
$97,378 Total

Here we are..

$9,700(0%)
$23,359 (3.57%)
$56,720 (4.75%)
$89,779 Total

Under $90k...wooo hoooo!!!

9,500
22,055
56,503
$88,058 total

Not much progress two months later...sigh..
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: KatieSSS on October 02, 2013, 08:57:47 AM
Katie, you are doing sooo great!! So close..

We are doing horrible...

Quote
Quote
Here we are..

$9,800(0%)
$23,358 (3.57%)
$64,220 (4.75%)
$97,378 Total

Here we are..

$9,700(0%)
$23,359 (3.57%)
$56,720 (4.75%)
$89,779 Total

Under $90k...wooo hoooo!!!

9,500
22,055
56,503
$88,058 total

Not much progress two months later...sigh..

But at least the number is going down, not up! Take heart in that.
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Mrs3F on October 10, 2013, 11:41:02 AM

We are doing horrible...

Quote
Quote
Here we are..

$9,800(0%)
$23,358 (3.57%)
$64,220 (4.75%)
$97,378 Total

Here we are..

$9,700(0%)
$23,359 (3.57%)
$56,720 (4.75%)
$89,779 Total

Under $90k...wooo hoooo!!!

9,500
22,055
56,503
$88,058 total

Not much progress two months later...sigh..

Progress is progress.  Hang in there and keep plugging away. 
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Mazzinator on October 10, 2013, 04:06:11 PM
Thanks you guys...most of the money ended up in the TSP (401k) so it's not like it went to booze. We just can't fund both and it's tough to decide which gauntlet to throw down!!!

Keep up the good work!!!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Rebecca Stapler on October 16, 2013, 08:29:37 AM
Katie, you are doing sooo great!! So close..

We are doing horrible...

Quote
Quote
Here we are..

$9,800(0%)
$23,358 (3.57%)
$64,220 (4.75%)
$97,378 Total

Here we are..

$9,700(0%)
$23,359 (3.57%)
$56,720 (4.75%)
$89,779 Total

Under $90k...wooo hoooo!!!

9,500
22,055
56,503
$88,058 total

Not much progress two months later...sigh..

HARDLY horrible ... you've reduced your debt by $17,000 in 3 months!!! Holy shit! Give yourself a pat on the back!!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: KatieSSS on October 22, 2013, 01:36:58 PM
Guys - I'm starting to feel the pressure on getting these loans paid off by December 31st! By the end of this month I should be close to going below $4,000. But that means I have to pay off $4,000 in TWO MONTHS. I don't know if I can do it! Due to the holidays I won't be able to pick up as many waitressing shifts. I've been trying to make as many Christmas gifts as possible, so I'm saving in that way too. With these efforts combined I should get close. I'm thinking of dipping into my emergency fund for the last payment, taking out somewhere at or below $1,000. Do you think this is a terrible idea? I have $5,000 in my e-fund right now. I do truly want to start 2014 debt free, so taking out a little from my e-fund might be worth. Am I crazy?
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Rebecca Stapler on October 23, 2013, 07:19:12 AM
Guys - I'm starting to feel the pressure on getting these loans paid off by December 31st! By the end of this month I should be close to going below $4,000. But that means I have to pay off $4,000 in TWO MONTHS. I don't know if I can do it! Due to the holidays I won't be able to pick up as many waitressing shifts. I've been trying to make as many Christmas gifts as possible, so I'm saving in that way too. With these efforts combined I should get close. I'm thinking of dipping into my emergency fund for the last payment, taking out somewhere at or below $1,000. Do you think this is a terrible idea? I have $5,000 in my e-fund right now. I do truly want to start 2014 debt free, so taking out a little from my e-fund might be worth. Am I crazy?

I don't think you're crazy, but it's an individual decision - about how much emotional weight you'll remove by slaying that loan, and how much emotional weight will you feel if you have $4k less in your e-fund? There's also the factor of "how much will you reduce your hustle after you've decided to use your e-fund?" I think you should put off this question until December 26th and you know exactly how much you'll need to withdraw from the e-fund to pay everything down. Until then, hustle hustle hustle.
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Another Reader on October 23, 2013, 07:36:16 AM
If you are saying you will take $1k or less to finish the loan, I would do it as you get close to the finish line.  The psychological reward of meeting that goal is too important to pass up.  It will only be a few weeks before the emergency fund is back where it was.  I say go for it!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: TickInTime on October 23, 2013, 08:19:19 AM
I just paid another $1000 to bring my remaining student loan balance to $4500.  This is the only debt I have and I am very excited about paying it off before 2014.  My only concern is setting aside enough money to max my HSA and IRA as well as paying off the loan.

Great problems to have.   Good job all and keep chugging!!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: KatieSSS on October 23, 2013, 11:50:46 AM
Thanks for the input, Another Reader and stan. I wouldn't be taking $4k from the e-fund, probably just whatever amount is left in the loan when I get to mid-late December (Dec. 26th is a good date - thanks stan). My thought is emotionally it is worth it, yes. Just wanted to "check the crazy" because sometimes it is easy to get ideas in your head that you are convinced are right! I would make up the difference in the e-fund rather quickly, too. So I think I'll follow the advice here and wait until Dec. 26th to evaluate :)
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: abhe8 on October 23, 2013, 05:23:57 PM
awesome work!!! my goal is to pay off my 2 small loans by the end of Jan. if we do it, and baring any large urgent emergencies we will, it represents a years worth of hard work as I took a 4 month unpaid LOA after my daughter was born. so we saved enough on the front end to cover my LOA and should have enough left from that savings to pay off about $3k in loans. i can't wait!!!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: ace1224 on October 24, 2013, 06:30:42 AM
i agree with stan.  wait until dec 26th and then look at the balance, if its at around 1000 i think it would emotionally be worth it to just annihilate it and be done going into 2014. 
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: KatieSSS on October 24, 2013, 11:40:37 AM
i agree with stan.  wait until dec 26th and then look at the balance, if its at around 1000 i think it would emotionally be worth it to just annihilate it and be done going into 2014.

Thanks, everyone. This is the current plan :)
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Mrs3F on October 24, 2013, 12:01:56 PM
i agree with stan.  wait until dec 26th and then look at the balance, if its at around 1000 i think it would emotionally be worth it to just annihilate it and be done going into 2014.

I also like this plan.  It'll be so great to start the new year free!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: basd on October 25, 2013, 12:11:10 AM
You're all starting to convince me to put in some extra cash and pay off all of my remaining student loans before Jan 1 as well..

I'll see what my balance is on December 26th as well.. It's a bit hard to predict when there's a baby coming in the meantime :)

Too bad they probably won't process the payment fast enough to see the 0 balance on NYE, but it'll be a good feeling knowing there's at least nothing left to pay in 2014.
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Rebecca Stapler on October 25, 2013, 11:02:05 AM
Thanks for the input, Another Reader and stan. I wouldn't be taking $4k from the e-fund, probably just whatever amount is left in the loan when I get to mid-late December (Dec. 26th is a good date - thanks stan). My thought is emotionally it is worth it, yes. Just wanted to "check the crazy" because sometimes it is easy to get ideas in your head that you are convinced are right! I would make up the difference in the e-fund rather quickly, too. So I think I'll follow the advice here and wait until Dec. 26th to evaluate :)

I'm biased, but I like your plan :) I completely understand about "checking the crazy." I get there, too ;) (oh, so maybe you shouldn't be following my advice? LOL)
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: KatieSSS on October 25, 2013, 12:43:17 PM
I'm biased, but I like your plan :) I completely understand about "checking the crazy." I get there, too ;) (oh, so maybe you shouldn't be following my advice? LOL)

Thanks, stan! Glad someone else can relate to the "crazy." :)
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Rebecca Stapler on October 26, 2013, 06:39:29 AM
I'm biased, but I like your plan :) I completely understand about "checking the crazy." I get there, too ;) (oh, so maybe you shouldn't be following my advice? LOL)

Thanks, stan! Glad someone else can relate to the "crazy." :)

You want crazy? I currently look at our $8k checking account balance and want to pay it towards a SL. But I'm unemployed and we're just about scratching by each month in meeting our expenses. Paying it towards a SL is pretty crazy (the rest of our EFund is in our Roth IRAs, so I really don't want to touch it). But I waaaaaaanna! (written in my best whiny voice)
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: KatieSSS on October 28, 2013, 11:11:13 AM
I understand the desire, stan! I hope you find work soon!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Mrs3F on October 30, 2013, 07:32:51 AM
I just sent in my LAST PAYMENT!!!  I'm DONE!!!!!!   Can't wait to log on in a few days and see Balance - $0.

Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Tami1982 on October 30, 2013, 11:52:09 AM
I just sent in my LAST PAYMENT!!!  I'm DONE!!!!!!   Can't wait to log on in a few days and see Balance - $0.



Congrats!  I'm envious, must feel awesome:)
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: KatieSSS on October 30, 2013, 02:59:19 PM
Wow Mrs3F that is amazing!!! So happy for you!

I was informed yesterday that I am getting a raise (due to a position reclassification I put in for months ago)! I sent in an extra payment today with the extra money in my paycheck. Not done yet, but getting there faster! I might NOT need to tap into my e-fund at the end of the year after all!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Mrs3F on October 31, 2013, 06:22:51 AM
Thank you!  The motivation here really helped. This is not a topic anyone in my real life wants to talk about.

Katie congrats on your raise!  That's awesome!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: JPinDC on October 31, 2013, 07:40:02 AM
Congratulations on the raise, Katie, and the payoff Mrs3F!

I had paid a lot down and sort of slumped, but reading this thread re-lit that fire to be debt free. So I sent in a check for the balance of $1,313.55 about 2 weeks ago, and when it hit my account, it was $.01 short of the payoff amount!! I called to find to my surprise amusement delight that they'll write off that 1 cent and a payoff notice should be on the way through the mail!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: KatieSSS on October 31, 2013, 12:19:23 PM
Lol, jlp - ONE CENT! I'm glad they wrote that off and you'll get the payoff notice in hand soon!

By early next week I should be below the $3k mark! Congrats to everyone - this is one inspiring thread!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: basd on November 01, 2013, 04:55:11 PM
You're all starting to convince me to put in some extra cash and pay off all of my remaining student loans before Jan 1 as well..

I'll see what my balance is on December 26th as well.. It's a bit hard to predict when there's a baby coming in the meantime :)

Too bad they probably won't process the payment fast enough to see the 0 balance on NYE, but it'll be a good feeling knowing there's at least nothing left to pay in 2014.
Just checked our savings accounts and it looks like I'm going to be able to pay off all of my student debt in December. Just need to save up a little more and then it'll be gone before the end of the year. I had around 15k euro in outstanding debt on January 1st, and even with a 10k renovation to our house and two holidays I've been able to save enough to get this out of the way. Not too bad!

Plus, I think it's good to have it out of the way before our child arrives, I can probably use the extra money (no more monthly payments) by then :)
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: hownowbrowncow on November 02, 2013, 12:24:59 AM
This is an awesome thread!  Congratulations to everyone on the amazing progress so far.  I have to admit I'm a little jealous about the December 31 end date.  Maybe if I'd gotten started sooner I could make it too. 
 
I was fairly complacent about my loans the first few months after graduation.  I paid off the interest to avoid it capitalizing but once I was out of deferment I just paid the minimums.  It wasn't until March 2013 that I realized how much money I would waste in interest (Grad Student Plus Loan 7.9%, Direct Loan 6.55%) especially since my income is now above the interest deduction threshold.  I paid off the Plus loan by July and now working my way through the Direct ones.   

My stats:
Graduated June 2012
Balance 3/13/13 $65,017.97
Balance 10/31/13 $23,303.43

Expected balance 12/31/13 $12,736.06 - according to amortization table (nerd alert!)
Expected pay off date 2/28/14 --> assuming no surprises, thus fulfilling my pledge this past March to pay them off within a year

Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: basd on November 02, 2013, 06:59:43 AM
That's some awesome payback work, $65k in a year. I'm not sure whether I would be able to manage that.

Although, at a 6.55% interest rate I think I'd be paying off aggressively as well. Suddenly my 2.39% doesn't sound so bad anymore!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: KatieSSS on November 04, 2013, 11:20:26 AM
I was fairly complacent about my loans the first few months after graduation.  I paid off the interest to avoid it capitalizing but once I was out of deferment I just paid the minimums.  It wasn't until March 2013 that I realized how much money I would waste in interest (Grad Student Plus Loan 7.9%, Direct Loan 6.55%) especially since my income is now above the interest deduction threshold. 

This is exactly why I decided to hit my debt hard and pay it all off as soon as possible. The amount I would have paid in interest over the life of the loans was depressing. I had a few direct loans at 6.55% and one locked in at 3.55%.

When I started this thread back in March, I hoped people would get on the bandwagon. I'm so glad everyone is doing so well! Here's to being debt-free in 2014!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Lentils5eva on November 04, 2013, 03:11:04 PM
Hi All!

Just wanted to chime in!  As I said earlier in the thread, I got serious around the same time that KatieSSS and hownowbrowncow did.  Started inching up my monthly payments in Jan, 2013.  Balances then, across 4 loans  - two Grad Plus and two Stafford, with interest rates of 8.25, 7.65, and 6.55, were $107,711.  Just writing that out, now, it seems somehow more staggering a number than it was then.  That's not even factoring in the nearly $6400 of credit card debt I had back then.

Since then, I have completely paid off the credit card debt and the two Grad Plus loans, and have started in on the first of the two Stafford loans.  According to my current projections, I will have reduced my Student Debt principal by about 53,600 this year, and total debt by more than $60k.


Congratulations to all of you on your progress!  I have a long way to go and you are all inspiring me to work harder!

Edit: Just realized I didn't actually put my current balance:  $64,106
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: lithy on November 05, 2013, 05:44:24 AM
Just going to poke my head back into this thread and give a post of encouragement to everyone still on track (and paying off debt much more impressively than I did). 

KatieSSS, it looks like everyone gave you some advice already, but I just wanted to say that I agree that giving yourself an interest free loan from your e-fund to hit that mark of the end of 2013 would be worth it to me as mental motivation.  You get to start 2014 debt free, at the way you've been paying debt that you will no longer have to pay, you will replenish the e-fund in a couple months, and you can feel a major sense of accomplishment having paid almost 17,000 in debt in just 9 months.

Some of these other numbers are staggering, making my 7k paid in 6 months look pretty ho hum.  Keep up the good work all, and envision how that money can grow when you can start moving it into accounts to work for you instead of against you.
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Caoineag on November 05, 2013, 07:24:51 AM
A little late to the party but figured I would join. I am expecting to wipe my remaining $5500 out at the end of November (December at the latest). Didn't join earlier because I was wiping out the last 10k of credit card debt earlier this year. :)
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Mazzinator on November 05, 2013, 11:29:51 AM
Katie, you are doing sooo great!! So close..

We are doing horrible...

Quote
Quote
Here we are..

$9,800(0%)
$23,358 (3.57%)
$64,220 (4.75%)
$97,378 Total

Here we are..

$9,700(0%)
$23,359 (3.57%)
$56,720 (4.75%)
$89,779 Total

Under $90k...wooo hoooo!!!

9,500
22,055
56,503
$88,058 total

Not much progress two months later...sigh..

HARDLY horrible ... you've reduced your debt by $17,000 in 3 months!!! Holy shit! Give yourself a pat on the back!!

Thanks, but i think you have the math wrong :) only $9,320...and about $7k was a lump sum reimbursement check..anyways, thanks for the congrats!

We've been focusing on retirement accounts to lower our AGI to put these federal loans in IBR so we can attack the private loans (and save interest on the fed ones)

Good luck on finding work!! Let us know if anything works out. And great job Katie...sooooo close!!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: KatieSSS on November 07, 2013, 12:52:47 PM
Lentils! That is AMAZING. Way to go! There are a bunch of badass people in here :)
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: bokonon on November 09, 2013, 05:36:44 AM
I wanted to join in on the fun!  My wife and I started focusing on our student loans in December of 2012 with a total balance of $134,000.  Now down to $87,500!  We were actually doing much better during the earlier part of the year but we had some serious car trouble and a few (relatively frugal) vacations over the summer, slowing us down.

I can't wait to resume making our large SL payments next paycheck!  It's so satisfying watching the loans go down and I am really enjoying this thread and the journey with all of you!  I feel like we figured out the "trick" to winning the game.... pay your debt off ASAP and save as much as possible!

Good luck to everyone with the holidays and reaching our end of year loan payoff goals!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: basd on November 15, 2013, 05:07:54 AM
Woohoo.

I have also just sent in my last student loan payment (around 3500 euros), which means I have been able to pay off over 15000 this year. Not bad given we've also spent quite a bit on a new bathroom and two holidays.

I'll have to wait for a month or so before they've processed it all (don't know why), but it feels great already not having to pay back any more from 2014 onwards. Looking forward to the confirmation letter!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Mrs3F on November 15, 2013, 08:50:13 AM
Well done basd!  That's awesome!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: inthenavy on November 16, 2013, 09:03:51 AM
Great work everyone!

My husband and I threw down the gauntlet in March, when we found out we were expecting our first baby this December!  We had a combined 60,000 in debt when we were married last December, 2012, the vast majority of which was student loans and one car loan.  My husband also had a small line of credit from buying a new mattress, which we would NEVER do now!  My initial calculations were to have all of our car and student loan debt paid off by our daughter's first birthday Dec. '14.

However, thanks to discovering this blog, and my husband's deployment in July (and the accompanying increase in income and decrease in taxes), we are awfully close to having it all paid off by the end of THIS december!  Basically while my husband has been deployed, we've been living off of 1/2-2/3 of my income (1500), and throwing ALL of the rest at debt.  It is addicting!  Fortunately since we are active duty and our medical costs our covered by Tricare, pregnancy and childbirth will be no cost, but we did have a reduction in my income when I started working 80% to ensure a healthy pregnancy.

MMM has also helped me to realize I can afford to stay home with our baby if we move within bikeable distance of my husbands base when he returns in April and sell one of our cars.  The calculated savings are well over 5k per year because he had a 1.5-2 hour round trip commute before.  At first we were resistant to moving to "the city" (Norfolk) with a new baby, we are small town people, but we realized time together as a family is more important than anything else, and I credit mr MM and this community with helping us see this more clearly.

So even though my husband will miss the birth and first few months of our baby's life, I am really proud of him and thankful that his hard work has provided so much for our family.  We have about 10,700 left to go, and with the sale of our SUV and the last few paychecks before Jan, we should be in the clear with a few thousand extra for savings.

Good luck! 


Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Rebecca Stapler on November 16, 2013, 04:24:03 PM

Thanks, but i think you have the math wrong :) only $9,320...and about $7k was a lump sum reimbursement check..anyways, thanks for the congrats!


Ack! Sorry. I think I double-counted, thinking that the $93k was another loan (such is my life :/ )

Regardless, it's great to pay those lump sums off!

I struggle every day with using our E Fund to pay off a loan. It's killing me that it's just sitting there, while a loan is racking up interest :(  I blogged about it recently, but commenters talked me down from the ledge. We'll see how things are in a month and I might still just go for it.
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: basd on November 17, 2013, 07:48:47 AM
Well done basd!  That's awesome!
Thank you :) It surely feels good.
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: summersundries on November 17, 2013, 10:20:44 AM
Hey just wanted to drop in.  Kinda late but yeah.  Just wanted to say, everyone this is super inspiring.  I've been pounding away at 75000$ in student loan debt for 1.5 years now, and every once in a while debt fatigue can set it. Great to see I'm not the only one doing this.  Haven't meet anyone IRL who is also doing this.

KAtieSSS, congrats and good work to everyone who is paying it off!  Woot-woot.

Lithy thanks for putting up that screenshot.  I'm going to be making my last payment on the 50,000$ loan in December, and I can't believe I never thought to get a screenshot of the occasion.  That would have been a waste.  Since it's taken me like the length of 2 pregnancies, it would be like having the baby and forgetting to ever take a picture of it!

Mazzinator, don't despair.  I know how tiring it is at first when you feel like your just spitting into the ocean making 500$ payments on a 75,000 or 100,000$ debt.  It's hard to keep yourself motivated that it is even making a difference.  I don't know if anyone did this or if it was just me but I set myself tiny little goals to keep motivated.  I would just focus on the next mini-goal and the big goal just seemed to happen on it's own.

For example for my 50000$ loan:

Less than 6$/day interest
Less than 45000$
Less than 5$/day interest
Less than 100$/month interest
Less than 40000$ (payed off 10000$!)
25000 (half way there!)
Both loans = to each other
<20000 for this loan (the teen years!)
...etc.

Next to each one (in a totally anti-mustachian move, I admit) I put a reward for achieving that goal.  Always something small like dinner out with friends, movie night, massage, etc.  The funny thing it at first I was doing it for the consumerist goal, then I was practically forcing myself to do the goal, then I just deleted all the goals, as I found the high I got for a few days from reaching that marker point WAY outdid the high I got from spending money I could be spending on reaching the next goal.  inthenavy, you are so right, it becomes addicting to reach another milestone.

I'd also recommend keeping an excel spread sheet with your progress.  I have a screenshot of what mine looked like if anyone cares to see an example.  Did anyone else keep an excel document?  Or am I just that big of a nerd, haha.

Well anyways good job guys.  Thanks for the inspiration to keep going.
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: hownowbrowncow on November 17, 2013, 07:17:26 PM
You're not the only nerd summersundries.  I went a little crazy with the amortization tables myself.

Wanted to post my update - under $20k!!
Graduated June 2012
Balance 3/13/13 $65,017.97
Balance 11/15/13 $19,786.33

I'm slowing down my payments slightly for the rest of 2013.  Financially it makes more sense to throw the rest of my paychecks for the year into my 403(B) - costs a little more in terms of interest but saves me a couple thousand in taxes.  After Jan 1st, I'll pick up again full-steam and hopefully wrap up close to my March 13th goal.
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: KatieSSS on November 18, 2013, 11:48:37 AM
Hey just wanted to drop in.  Kinda late but yeah.  Just wanted to say, everyone this is super inspiring.  I've been pounding away at 75000$ in student loan debt for 1.5 years now, and every once in a while debt fatigue can set it. Great to see I'm not the only one doing this.  Haven't meet anyone IRL who is also doing this.

KAtieSSS, congrats and good work to everyone who is paying it off!  Woot-woot.

Thanks, summersundries!

I also don't know anyone in real life doing this. When I talk about paying off my debt people are usually like "that's great, but I'll never be out of debt!" They are usually just making the minimum payment. Many seem to have just accepted that they will always have debt, and that some debts are "good" debt. I just don't agree and hope that I am setting an example!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: hownowbrowncow on November 18, 2013, 02:49:09 PM
Same here, Katie.  I mentioned I should be out of debt by spring to a couple of my classmates and their jaws dropped - these are people who went the corporate route (as opposed to nonprofit)  and make a good 30% (at least) more than me.  Even crazier one of them said I have the 10 year payment plan so I'm comfortable with the idea of having this debt for 10 years, doing the minimum auto payment and not thinking about it.  I had to bite my tongue not to explain that freeing up her money earlier could compound significantly in 8 or so years (assuming roughly 2 years to pay it off) not to mention our high interest rate means she'll pay thousands in interest alone.  I guess to some student loan debt doesn't count as debt.
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: KatieSSS on November 19, 2013, 01:42:09 PM
Same here, Katie.  I mentioned I should be out of debt by spring to a couple of my classmates and their jaws dropped - these are people who went the corporate route (as opposed to nonprofit)  and make a good 30% (at least) more than me.  Even crazier one of them said I have the 10 year payment plan so I'm comfortable with the idea of having this debt for 10 years, doing the minimum auto payment and not thinking about it.  I had to bite my tongue not to explain that freeing up her money earlier could compound significantly in 8 or so years (assuming roughly 2 years to pay it off) not to mention our high interest rate means she'll pay thousands in interest alone.  I guess to some student loan debt doesn't count as debt.

Yep, I have friends that make more than me too, but I manage to be the one paying off debt quicker! I really think people don't truly understand compound interest! It can be your best friend, but also your worst enemy.
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: fuzzhead1506 on November 20, 2013, 01:07:59 PM
Did any of you badasses update the 2013 spreadsheet for dollar savings this year? =D

There is an awful lot of money being saved on this particular thread!

Mustachian 2013 $500,000 dollar savings challenge!  https://docs.google.com/spreadsheet/ccc?key=0Am8qaK8Qf80edHpQS3gyZmRIRXFFTTdRUERidzZIb2c&usp=drive_web#gid=0   (https://docs.google.com/spreadsheet/ccc?key=0Am8qaK8Qf80edHpQS3gyZmRIRXFFTTdRUERidzZIb2c&usp=drive_web#gid=0)
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: TickInTime on November 22, 2013, 09:41:29 AM
snip
I would just focus on the next mini-goal and the big goal just seemed to happen on it's own.

For example for my 50000$ loan:

Less than 6$/day interest
Less than 45000$
Less than 5$/day interest
Less than 100$/month interest
Less than 40000$ (payed off 10000$!)
25000 (half way there!)
Both loans = to each other
<20000 for this loan (the teen years!)
...etc.

snip

I did this too down to the day and hour as to how much interest I was paying money I was wasting by not being a badass!

The ACH payment just cleared today that brings my student loan balance to 4.50 OVERPAID!!!  I am DEBT FREE!!!!!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: ingrownstudentloans on November 22, 2013, 09:50:53 AM
Quote
I did this too down to the day and hour as to how much interest I was paying money I was wasting by not being a badass!

The ACH payment just cleared today that brings my student loan balance to 4.50 OVERPAID!!!  I am DEBT FREE!!!!!

To quote my students, I am mad jelly of you.  Congrats TickInTime!  I bet it feels good to be paid [reimbursed] by the loan servicer.
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: KatieSSS on November 23, 2013, 06:01:43 AM
Congrats, TickInTime!! I'm predicting we'll see a lot of these celebrations as the year winds down. Looking forward to more badass announcements!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: summersundries on November 28, 2013, 03:40:40 PM
Woohoo, good job Tickintime!  That's so cool.  I can't wait to be there.  I'm going to try and get it right on the nose when I make my last payment.  I can see the interest due on the day I login so I can include that in the payment.  So stocked!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: tpozywio on November 29, 2013, 03:54:52 PM
Huzzah! Congratulations!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Lentils5eva on December 02, 2013, 10:41:09 AM
snip
I would just focus on the next mini-goal and the big goal just seemed to happen on it's own.

For example for my 50000$ loan:

Less than 6$/day interest
Less than 45000$
Less than 5$/day interest
Less than 100$/month interest
Less than 40000$ (payed off 10000$!)
25000 (half way there!)
Both loans = to each other
<20000 for this loan (the teen years!)
...etc.

snip

I did this too down to the day and hour as to how much interest I was paying money I was wasting by not being a badass!

The ACH payment just cleared today that brings my student loan balance to 4.50 OVERPAID!!!  I am DEBT FREE!!!!!

Amazing!! I'm so happy for slash jealous of you Tickintime!  I absolutely do the same thing with my mini-goals and I'm so happy with how fast I've been knocking them down.  I think my latest accomplishment was that last month, the interest accruing on the current target of the snowball dipped under $100/month.  The payment I made today will put it under $1000/year.

I am so looking forward to my own announcement of being debt free.  It will be tough to get there during 2014, since I also have to pay for a wedding, but I have a good feeling.
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: KatieSSS on December 04, 2013, 09:03:15 AM
Holy crapola everyone...I only have $763.97 left on my student loan!!! A big payment cleared this morning and I am just sitting here smiling! I am under $1,000!!!

The end is near!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Another Reader on December 04, 2013, 09:19:07 AM
Are you going to keep the waitress job once you are done and ramp up your savings and investing?
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: TKE Super Dave on December 04, 2013, 09:26:30 AM
This is my goal too. I have actually saved enough money to pay off my student loans but every year my family members help with my student loan as a Christmas present and if I can save a little money by letting the student loans stick around until after Christmas then I'm going to do so. Good luck to everyone else.
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: KatieSSS on December 05, 2013, 08:51:31 AM
Are you going to keep the waitress job once you are done and ramp up your savings and investing?

My plan right now is to keep one shift a week if the restaurant lets me. During the winter I don't think that will be a problem, but they'll probably want me to pick up an extra shift during the busy spring/summer months if I want to keep working there. My thought right now is that I'll use the money I make waitressing for food for the month. If I do one shift a week that should cover it. I make, on average, $75 a shift. Sometimes more, sometimes less. I would increase my savings this way since I would no longer need my regular paycheck to pay for groceries. I also figure this is the best way to manage actual cash, rather than always going to the bank and depositing it. I'll just shop for groceries with the cash I get from waitressing.

Part of me really likes waitressing - the place is low-key and the people are fun. But part of me just wants one job, you know? So I think keeping one night a week for as long as I'm able is a good compromise.

Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: JPinDC on December 05, 2013, 11:09:42 AM
Quote
Holy crapola everyone...I only have $763.97 left on my student loan!!! A big payment cleared this morning and I am just sitting here smiling! I am under $1,000!!!

Congratulations, Katie!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: KatieSSS on December 13, 2013, 09:15:17 AM
I DID IT!!!!

I am debt free!!

I just sent in my last payment. I'm so happy :)
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: basd on December 13, 2013, 01:52:37 PM
Well done Katie.. Feels great indeed, doesn't it!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Grindin' Away on December 13, 2013, 01:55:46 PM
Congrats!  I've been using this thread as motivation for wiping out my SO's SLs and our financial position in general.

You probably have a feeling of relief/joy now, but i'm sure this goal/thread has been on your mind every day for the past year.  Now What?

Start a Stash Journal?

I won't have to worry about that for a few years.

Enjoy this weight off your shoulders!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: KatieSSS on December 13, 2013, 02:36:24 PM
Thanks all :)

Not having to think about this thread will be a little weird! I have a journal in the "Journals" section, so I'll probably continue my journey over there. But my guess is I'll go along with other savings goals that people create here in the Gauntlet!

My next goal is to up my e-fund to 6 months of savings. So fun to actually be SAVING money now instead of throwing everything at the loans!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Mazzinator on December 13, 2013, 02:54:37 PM
I DID IT!!!!

I am debt free!!

I just sent in my last payment. I'm so happy :)

Congrats!!!!! Great job!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: hownowbrowncow on December 15, 2013, 01:05:42 PM
Just wanted to chime in and say Congratulations Katie! Starting off 2014 debt free is a great place to be :)
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Another Reader on December 15, 2013, 01:56:08 PM
I missed the big announcement.  Congratulations!!!!  From now on, the money is all yours!!!!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: SunshineGirl on December 15, 2013, 06:37:11 PM
Congratulations on reaching your goal! You showed great dedication to the cause.
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: FIreDrill on December 15, 2013, 08:03:32 PM
Congrats! That is such a huge accomplishment! :)
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: KatieSSS on December 16, 2013, 10:40:03 AM
Thank you, everyone! I'm very happy :) A bit in shock, though. I've had this debt for over 10 years!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: Rebecca Stapler on December 17, 2013, 02:33:49 PM
I DID IT!!!!

I am debt free!!

I just sent in my last payment. I'm so happy :)

Awesome!! That must feel great!!

I'm completely jealous :) I wish my finances didn't get off the rails with the layoff. I'm hoping to post some great successes in next year's SL payoff thread :'(

(formerly known as "stan")
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: mariarose on December 30, 2013, 11:09:55 AM
I paid off my student loan in December.  The check cleared my bank acct last week.  Don't have anything official yet, but at least I know it is gone.  My husband's loan is still around, but we are concentrating on something else in 2014 (Tax trouble)
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: FIreDrill on December 30, 2013, 12:42:21 PM
I paid off my student loan in December.  The check cleared my bank acct last week.  Don't have anything official yet, but at least I know it is gone.  My husband's loan is still around, but we are concentrating on something else in 2014 (Tax trouble)

Congrats!
Title: Re: Annihilate Student Loan Debt by December 31, 2013
Post by: KatieSSS on December 31, 2013, 01:28:59 PM
I paid off my student loan in December.  The check cleared my bank acct last week.  Don't have anything official yet, but at least I know it is gone.  My husband's loan is still around, but we are concentrating on something else in 2014 (Tax trouble)

Great news! I'm sure you are very happy. Enjoy this time!