Author Topic: Annihilate Student Loan Debt by December 31, 2013  (Read 31679 times)

KatieSSS

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Annihilate Student Loan Debt by December 31, 2013
« 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?!

the fixer

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #1 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.

SilverSoul

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #2 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.

DebtDerp

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #3 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!

Elwood

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #4 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.

KatieSSS

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #5 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.

KatieSSS

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #6 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.

HumanAfterAll

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #7 on: April 02, 2013, 10:59:39 AM »
Congrats!  Keep up the good work!

EMP

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #8 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.

SunshineGirl

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #9 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!

KatieSSS

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #10 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?

keith

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #11 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!

KatieSSS

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #12 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!


Tami1982

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #13 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!

Stachsquatch

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #14 on: April 06, 2013, 04:25:56 PM »
Awesome challenge! Keep it up!

Mazzinator

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #15 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!!

Tami1982

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #16 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.

KatieSSS

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #17 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!

Mazzinator

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #18 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!!!



Mazzinator

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #19 on: May 04, 2013, 01:28:28 PM »
Under $100k yippee!!

$99,595 to be exact..

How's your progress???

Tami1982

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #20 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!

KatieSSS

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #21 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!



ace1224

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #22 on: May 06, 2013, 01:17:49 PM »
nice!

ncornilsen

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #23 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.


KatieSSS

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #24 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?

ncornilsen

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #25 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.

ScubaAZ

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #26 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!

KatieSSS

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #27 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!

KatieSSS

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #28 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!

Tami1982

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #29 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!

footenote

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #30 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...!

MakingSenseofCents

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #31 on: June 02, 2013, 11:05:43 AM »
My goal is this month! WOOHOO I cannot wait :)

lithy

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #32 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

Mozactly

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #33 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.

KatieSSS

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #34 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!!

Rebecca Stapler

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #35 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.
« Last Edit: June 07, 2013, 12:23:08 PM by stan »

KatieSSS

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #36 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!

basd

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #37 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 :)

Rango

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #38 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..

lithy

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #39 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.


RobinAZ

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #40 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!

KatieSSS

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #41 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.



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!

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #42 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!

Rebecca Stapler

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #43 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!

KatieSSS

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #44 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!

KatieSSS

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #45 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

basd

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #46 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.

ace1224

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #47 on: July 19, 2013, 06:04:13 AM »
wow katie you've made so much progress!!

KatieSSS

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #48 on: July 19, 2013, 08:14:30 AM »
wow katie you've made so much progress!!

I'm shocked, too! So happy about it!

Rebecca Stapler

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #49 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::