Author Topic: Join the no more Student Loans Club  (Read 1701 times)

OthalaFehu

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Join the no more Student Loans Club
« on: September 17, 2017, 06:46:49 PM »
I graduated law school in 2000 with $110,000 in loans. My wife came with a reverse dowry of her own $110,000 of law school debt.

It took us 17 years, but this summer we KILLED the last of it. Dead, Dead, Dead.

I kept the small loans separate without consolidation so as to target them for early termination. Next we threw everything at my variable rate private loan.
Had the balance down to 2 large Government loans fixed at 3.0% and 3.5% respectively.

Just sort of went into cruise control on making $730/month payments for a few years.

Then came into a windfall and decided to use to pay off the last $80,000.

Now I feel a little lighter and have another $700 bones to invest every month. Feels good and I want you to feel good too.

It is not the size of the debt that matters, it is all about debt management.

lexde

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Re: Join the no more Student Loans Club
« Reply #1 on: September 18, 2017, 07:41:48 AM »
Congrats! I made the mistake of consolidating but didn't have a huge spread in interest rates so I'm not facepunching myself quite as hard as I would otherwise. Your progress is super impressive! And I bet that extra $700/mo feels nice! Was that $730 each or both?

Side note: what area of law did you guys go into? Did you stay with your original field? How has your career been? (I'm a new lawyer).


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OthalaFehu

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Re: Join the no more Student Loans Club
« Reply #2 on: September 19, 2017, 06:28:02 AM »
Congrats! I made the mistake of consolidating but didn't have a huge spread in interest rates so I'm not facepunching myself quite as hard as I would otherwise. Your progress is super impressive! And I bet that extra $700/mo feels nice! Was that $730 each or both?

Side note: what area of law did you guys go into? Did you stay with your original field? How has your career been? (I'm a new lawyer).


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By the end it was $730 total for both loans/month. We are both government lawyers, we chose 9-5 over the big bucks. No regrets though, our family life is central. I went from Public Defender, to Prosecutor, to other side of the bench. My wife does Labor Law.

Good luck, I mean that. The climate for lawyers in general has taken a real hit over the last decade.

Davids

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Re: Join the no more Student Loans Club
« Reply #3 on: September 19, 2017, 06:17:22 PM »
Congrats. I have been a proud member of this club for 4 years now. It feels good.

ixtap

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Re: Join the no more Student Loans Club
« Reply #4 on: September 19, 2017, 07:31:09 PM »
Two more months. The extra we have been throwing at it this year is our target budget for retirement...

OthalaFehu

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Re: Join the no more Student Loans Club
« Reply #5 on: September 20, 2017, 07:45:48 AM »
Two more months. The extra we have been throwing at it this year is our target budget for retirement...

Man (or woman)with a plan, nice!

ardrum

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Re: Join the no more Student Loans Club
« Reply #6 on: September 21, 2017, 06:53:35 AM »
Omg I can't wait to join this club.  I still have over $23k to go, but a couple years ago it was around $55k.  It would have been gone by now, but I've taken the patient route of maxing my 401k and IRA each year.