Author Topic: Annihilate Student Loan Debt by December 31, 2013  (Read 31728 times)

Tami1982

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #50 on: July 24, 2013, 04:50:30 PM »
Congrats Stan!  That's amazing!  I will dance with you.  ::dance:: ::dance:: :)

KatieSSS

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #51 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!

Mazzinator

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #52 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

Mrs3F

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #53 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.

KatieSSS

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #54 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!

Mrs3F

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #55 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.

   

Rebecca Stapler

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #56 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? 

Mazzinator

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #57 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!!!

Tami1982

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #58 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:)

Mrs3F

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #59 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. 

KatieSSS

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #60 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.

Mrs3F

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #61 on: August 20, 2013, 08:00:50 AM »
Thanks Katie. It's exciting to be so close. We'll get there.

Lentils5eva

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #62 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.

KatieSSS

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #63 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!

Mrs3F

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #64 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.

Rebecca Stapler

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #65 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.

KatieSSS

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #66 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!

KatieSSS

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #67 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!

Rebecca Stapler

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #68 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).

KatieSSS

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #69 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 :)

Mazzinator

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #70 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..

KatieSSS

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #71 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.

Mrs3F

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #72 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. 

Mazzinator

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #73 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!!!

Rebecca Stapler

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #74 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!!

KatieSSS

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #75 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?

Rebecca Stapler

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #76 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.

Another Reader

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #77 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!

TickInTime

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #78 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!!

KatieSSS

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #79 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 :)

abhe8

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #80 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!!!

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #81 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. 

KatieSSS

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #82 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 :)

Mrs3F

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #83 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!

basd

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #84 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.

Rebecca Stapler

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #85 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)

KatieSSS

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #86 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." :)

Rebecca Stapler

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #87 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)

KatieSSS

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #88 on: October 28, 2013, 11:11:13 AM »
I understand the desire, stan! I hope you find work soon!

Mrs3F

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #89 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.


Tami1982

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #90 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:)

KatieSSS

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #91 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!

Mrs3F

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #92 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!

JPinDC

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #93 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!

KatieSSS

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #94 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!

basd

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #95 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 :)

hownowbrowncow

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #96 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


basd

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #97 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!

KatieSSS

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #98 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!

Lentils5eva

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Re: Annihilate Student Loan Debt by December 31, 2013
« Reply #99 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
« Last Edit: November 04, 2013, 03:22:32 PM by Lentils5eva »