Author Topic: Student Loan Challenge (2019 Edition)  (Read 15459 times)

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Re: Student Loan Challenge (2019 Edition)
« Reply #150 on: September 19, 2019, 08:51:18 AM »
I just paid off my student loans, 16 months after graduation.  Once the balance got down to a 4 digit number, I decided I just wanted to be rid of the loans.  Since I had enough money on hand to pay them off, I went ahead and did so.  I though I would feel joyful, excited, or at least relieved.  Instead I feel nothing.  It's kind of a let down.

FireLane

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Re: Student Loan Challenge (2019 Edition)
« Reply #151 on: September 21, 2019, 05:15:37 PM »
I'd like to join this thread!

I finished grad school in 2006 with about $30,000 in loans. Since it was a federal loan with a low interest rate (3.5%), I've been letting it ride. But I'm officially sick of it. It's my last debt remaining, and it's become a weight on my mind out of proportion to what I actually owe. Plus, my planned 2020 FIRE date is approaching, and I want to have zero debt before I quit my job.

As of today, I have $11,700 left. If I stick to the schedule, it won't be paid off till 2026. Instead, I'd like to pay it off by the end of this year or early next year.

I've been whittling away at this loan, paying a few hundred extra each month, but now I've decided to put the hammer down. I made a big payment and I'm down to about $2500 owed. Next month, I'm going to finish it off.

appleseed

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Re: Student Loan Challenge (2019 Edition)
« Reply #152 on: September 21, 2019, 06:32:02 PM »
I just paid off my student loans, 16 months after graduation.  Once the balance got down to a 4 digit number, I decided I just wanted to be rid of the loans.  Since I had enough money on hand to pay them off, I went ahead and did so.  I though I would feel joyful, excited, or at least relieved.  Instead I feel nothing.  It's kind of a let down.
Congratulations! 

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appleseed

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Re: Student Loan Challenge (2019 Edition)
« Reply #153 on: September 21, 2019, 06:40:04 PM »
I just paid off the first loan! 3 more to go, but I'm doing a happy dance and celebrating (quietly because everyone else is sleeping lol).

2nd loan - $1,194 - to be paid off in April

These last two are a lower interest (2.625), so I'll add the minimum I was paying to the other two loans to those payments, but diverting the extra payments to other higher interest debt and savings. We're still on track for paying off by the end of the year!!

$3,532
$3,086

Thanks for the motivation everyone!

I've been MIA. Congrats to everyone who has paid off their loans! We're getting there!

I paid off another one this month! So we are down to two left:

3,258.43
2,846.52

Total - $6104

Both are at 2.625% - so I haven't been as aggressive in paying those down. We also wanted to max our SEP accounts for 2018 and owed ($%^!&*) $2600 in taxes for last year, so I didn't snowball the payments from the other two loans. Still plan to nix these by the end of the year, but I am going to build up cash first and make sure we're good for all our investments at the end of the year before the big pay off. We also have some work to do on our rentals in between tenants. Anyways, it feels like progress!
2,658
2,322

Total - $4,980

I paid a little extra this month to get it down to under $5k, which feels like a big accomplishment. Our end of month payment goes in on the 28th, so that's another $160ish off.

I'm not as focused on paying these off by the end of the year, since we had a bunch of unexpected expenses for one rental, and I'm prioritizing retirement/HSA/529 contributions until those as maxed (retirement and HSA) or at my goal for the year (529s). Any time we have some additional income I throw a little to the loans, so new plan is by my husband's birthday in April. Completely doable and once they're below $2k, I'll probably be tempted to just pay them off for good.

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Malkynn

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Re: Student Loan Challenge (2019 Edition)
« Reply #154 on: September 22, 2019, 05:47:51 AM »
I just paid off my student loans, 16 months after graduation.  Once the balance got down to a 4 digit number, I decided I just wanted to be rid of the loans.  Since I had enough money on hand to pay them off, I went ahead and did so.  I though I would feel joyful, excited, or at least relieved.  Instead I feel nothing.  It's kind of a let down.

This is the way with unpleasant things that you have to wait to be rid of. The presence of the unpleasant thing is very powerful and it feels like it's absence should be profoundly pleasant, but it isn't.

It's more that after a few months you notice pleasantly that you haven't wasted any thought on it in awhile. It's the absence of having to care about it that's so nice.

I'm looking forward to that with my last remaining loan, which is somewhere in the low 60K level, but is going to take a beating soon once I sell my old house. I doubt we'll make enough to wipe out the loan completely, but definitely by over half at the very least.


Photograph 51

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Re: Student Loan Challenge (2019 Edition)
« Reply #155 on: September 23, 2019, 03:50:40 AM »
Thanks for the replies.  I think I was feeling nothing because it didn't seem real.  Now the payment has cleared Nelnet, and they're showing a $0.00 balance, so now it seems more real and it is a relief.  Over the past couple of days I've been having moments of reminding myself that I am now debt free, which feels good.  Now I need to start throwing money at my IRA and HSA so I can max them out for this year and enjoy the tax benefits.

Everyone else, keep up the hard work towards getting the loans to go away.  Not being in debt is worth it.  (Although I am figuring that my credit score will take a hit.)

Malkynn

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Re: Student Loan Challenge (2019 Edition)
« Reply #156 on: September 23, 2019, 03:53:50 AM »
Thanks for the replies.  I think I was feeling nothing because it didn't seem real.  Now the payment has cleared Nelnet, and they're showing a $0.00 balance, so now it seems more real and it is a relief.  Over the past couple of days I've been having moments of reminding myself that I am now debt free, which feels good.  Now I need to start throwing money at my IRA and HSA so I can max them out for this year and enjoy the tax benefits.

Everyone else, keep up the hard work towards getting the loans to go away.  Not being in debt is worth it.  (Although I am figuring that my credit score will take a hit.)

Are you planning on taking on any more debt?

Photograph 51

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Re: Student Loan Challenge (2019 Edition)
« Reply #157 on: September 23, 2019, 07:26:56 AM »
I have no plans to take on any more debt.  My house is paid for.  So I guess the credit score hit won't be that important.  Every time I have paid off any of the loans- there were four total to begin with- my credit score has gone down.  It just seems messed up that paying off debt makes a person less credit corthy, rather than more.

Malkynn

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Re: Student Loan Challenge (2019 Edition)
« Reply #158 on: September 23, 2019, 07:39:14 AM »
I have no plans to take on any more debt.  My house is paid for.  So I guess the credit score hit won't be that important.  Every time I have paid off any of the loans- there were four total to begin with- my credit score has gone down.  It just seems messed up that paying off debt makes a person less credit corthy, rather than more.

lol, you are less credit-worthy though, because people like you are less profitable for the credit companies.
Your credit score is irrelevant at this point, so don't give it a second thought.

Money Beets

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Re: Student Loan Challenge (2019 Edition)
« Reply #159 on: September 28, 2019, 09:34:55 AM »
Total Paid in January= $2,549.00
End January targeted loan balance = $3,921.21
End January total balance = $27,506.50

Total Paid in February = $1,740.51
End February targeted loan balance = $2,332.19
End February total balance = $25,862.64

I missed a March update, but most of my progress was made in April anyway.

Total Paid in March & April = $7,383.02
Targeted loan balance = $0 and paid off two smaller loans at 5.35% interest
End April total balance = $18,694.04

I have two loans left. One at 5.16% interest with a balance of $15,601.81 and the other at 4.25% interest and a balance of $3,092.23. Needless to say, I will be targeting the 5.16% loan next.

Total Paid in May = $2,640.51
Targeted loan balance = $13,063.38
End May total balance = $16,137.01

Total Paid in June = $4,340.51
Targeted loan balance = $8,797.40
End June total balance = $11,845.47

Total Paid in July = $2,403.51
Targeted loan balance = $6,473.29
End July total balance = $9,484.13

Total Paid in August & September = $4,586.02
Targeted loan balance = $2,051.99
End September total balance = $4,961.21

I plan to split the remaining balance and pay half in October and finish it off in November.

Malkynn

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Re: Student Loan Challenge (2019 Edition)
« Reply #160 on: October 01, 2019, 01:58:58 PM »
At 62K left of the initial 420K, it looks like I'll be paying it all off at the end of the month as we've sold one of our properties and will make almost exactly what I still owe.

So I'll be free a good 2 years early!
Neat-o.

haypug16

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Re: Student Loan Challenge (2019 Edition)
« Reply #161 on: October 02, 2019, 04:31:16 AM »
September Update:
January 1st 2019 - $46,919.36
January 31st 2019 - $46,137.25
February 27th 2019 - $45,339.55
March 31st 2019 - $44,518.99
April 30th 2019 - $43,796.91
May 31st 2019 - $43,016.23
June 30th 2019 - $42,187.55
July 31st 2019 - $41,380.14
Augsut 31st 2019 - $40,605.86
September 30th 2019 - $39,829.16

under $40k woohoo!!!

catorbe

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Re: Student Loan Challenge (2019 Edition)
« Reply #162 on: October 02, 2019, 07:41:30 AM »
September Update:
January 1st 2019 - $46,919.36
January 31st 2019 - $46,137.25
February 27th 2019 - $45,339.55
March 31st 2019 - $44,518.99
April 30th 2019 - $43,796.91
May 31st 2019 - $43,016.23
June 30th 2019 - $42,187.55
July 31st 2019 - $41,380.14
Augsut 31st 2019 - $40,605.86
September 30th 2019 - $39,829.16

under $40k woohoo!!!
At the rate of 1/1 to 9/30 you have 4.27 years left! Wage increases, spending reductions, and simply more badassity will make that timeline shorter so keep it up!

haypug16

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Re: Student Loan Challenge (2019 Edition)
« Reply #163 on: October 02, 2019, 09:48:20 AM »
At the rate of 1/1 to 9/30 you have 4.27 years left! Wage increases, spending reductions, and simply more badassity will make that timeline shorter so keep it up!

Thanks, my hope is 3 more years. I should be able to add a little to my monthly payments starting in Janaury.

shadesofgreen

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Re: Student Loan Challenge (2019 Edition)
« Reply #164 on: October 02, 2019, 03:44:27 PM »
At 62K left of the initial 420K, it looks like I'll be paying it all off at the end of the month as we've sold one of our properties and will make almost exactly what I still owe.

So I'll be free a good 2 years early!
Neat-o.

That is excellent news for you. Piece of mind is a wonderful thing.

outdoorsyfreedom

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Re: Student Loan Challenge (2019 Edition)
« Reply #165 on: October 02, 2019, 06:05:29 PM »
January Starting Balance: 58245.53
Min. Payment: 1178.77
Extra payment: 4821.79

January Ending Balance: 52244


February Payments:

Min. Payment: 1178.77
Extra Payment: 4276.39

February Ending balance: 46940.55

March Payments:

Min Payment: 1178.77
Extra Payment: 8128.60

March Ending Balance: 37,753.86


Seems that I missed an April update, so here is both April and May:

Total Paid in April: 6328.81
Total Paid in May: 6295.00

May ending balance: 25,448.91

Total Paid in June: 5887.92
Total Paid in July: 4709.50

July ending balance: 14916.16

Will have these paid off in September! I cannot wait for this to be gone!

Total Paid in August: 8336.28
August ending balance: 6658.84

Paid a little less in August than I was hoping for, but still on track to have hem paid off by the end of this month! Canít wait!

Iím all done! My last payment just cleared the account today! Paid 190k in 4 years 4 months. So thrilled for this to be over with!

FireLane

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Re: Student Loan Challenge (2019 Edition)
« Reply #166 on: October 03, 2019, 08:43:06 AM »
I'd like to join this thread!

I finished grad school in 2006 with about $30,000 in loans. Since it was a federal loan with a low interest rate (3.5%), I've been letting it ride. But I'm officially sick of it. It's my last debt remaining, and it's become a weight on my mind out of proportion to what I actually owe. Plus, my planned 2020 FIRE date is approaching, and I want to have zero debt before I quit my job.

As of today, I have $11,700 left. If I stick to the schedule, it won't be paid off till 2026. Instead, I'd like to pay it off by the end of this year or early next year.

I've been whittling away at this loan, paying a few hundred extra each month, but now I've decided to put the hammer down. I made a big payment and I'm down to about $2500 owed. Next month, I'm going to finish it off.

And I'm officially done! I made the last payment this week. It feels good. :)

shadesofgreen

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Re: Student Loan Challenge (2019 Edition)
« Reply #167 on: October 03, 2019, 10:03:20 AM »

And I'm officially done! I made the last payment this week. It feels good. :)


Iím all done! My last payment just cleared the account today! Paid 190k in 4 years 4 months. So thrilled for this to be over with!

Congrats to you both.

dfm20

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Re: Student Loan Challenge (2019 Edition)
« Reply #168 on: October 05, 2019, 09:50:35 AM »
Hello everyone,

I've been reading this blog for a couple years but this is my first time posting. I finally paid off my student loans and couldn't let the moment pass without expressing my gratitude to this amazing community of people! You have all inspired me and motivated me to push through the many challenges. Could not have achieved this without the MMM community. Thank you so much!! I am so relieved to finally be 100% #DEBTFREE!!!!

Payment:   Balance:
1/16/17   $38,832
6/3/17   $37,428
8/9/17   $36,897
9/9/17   $36,622
10/9/17   $36,337
11/8/17   $36,059
12/8/17   $35,780
1/6/18   $35,487
2/9/18   $35,217
3/10/18   $34,924
4/6/18   $34,620
5/9/18   $32,312
6/9/18   $29,906
7/7/18   $29,617
8/11/18   $29,322
9/9/18   $28,995
10/6/18   $28,656
12/9/18   $28,018
1/17/19   $27,741
2/12/19   $27,392
4/13/19   $26,719
5/10/19   $24,373
6/30/19   $21,222
7/16/19   $19,286
8/14/19   $14,469
9/13/19   $8,959
9/17/19   $0


TyGuy

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Re: Student Loan Challenge (2019 Edition)
« Reply #169 on: October 06, 2019, 10:53:42 AM »
Student Loan Debt:

01/12/19: $43,762.76
02/01/19: $42,561.06 (-$1,201.70)
03/04/19: $41,418.69 (-$1,139.41)
07/05/19: $37,901.63 (-$3,517.06)
08/10/19: $36,673.79 (-$1,227.84)
09/01/19: $35,289.89 (-$1,383.90)
10/02/19: $33,624.85 (-$1,665.04)

shadesofgreen

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Re: Student Loan Challenge (2019 Edition)
« Reply #170 on: October 07, 2019, 02:52:25 PM »
Hello everyone,

I've been reading this blog for a couple years but this is my first time posting. I finally paid off my student loans and couldn't let the moment pass without expressing my gratitude to this amazing community of people! You have all inspired me and motivated me to push through the many challenges. Could not have achieved this without the MMM community. Thank you so much!! I am so relieved to finally be 100% #DEBTFREE!!!!


Congrats on being free from debt.

Civex

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Re: Student Loan Challenge (2019 Edition)
« Reply #171 on: October 09, 2019, 08:17:00 PM »
Another year still in the student loan challenge. Great people, but this is my least favorite club. Copying from the 2018 thread, missed the 2017, and I think I was in the 2016 (or was it 2015?) thread.


Original balance-$90,400 @ 5.01 7/2014
End of January '18 balance-$64,481
End of June '18 balance-$55,411
Dec. 2018-$47,258 ($1250 payment)
March 2019-$44,088.31 ($1250 payment)

April 2019-$42,038 ($1250 auto payment and $1k extra towards principle)

May 2019-$40356 ($1250 auto payment and ~$600 extra)

June 2019-$38250 ($1250 auto payment and $1k extra)

July 2019-$36931 ($1250 auto payment and $100 "extra" in checking thrown towards principle
-hoping to throw an extra $300-500 yet this month at it; picking up an extra shifts and my daycare costs are *finally* going down!

Missed a month

August 2019$1250 regular payment + $480 "extra"
September 2019: $34,264-$1250 regular payment
Targeting sub $30k by 2020 ($1422 in principal/month or roughly $1600 gross/month for the rest of the year.)

October 2019 *kicking ass thus far!* $32,118
Refinanced from 5.09% to 3.95% and should be getting a $300 bonus.
-Regular payment: $1250
-Extra $1k from vehicle sale

On target for sub $30k this year!

EscapedApe

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Re: Student Loan Challenge (2019 Edition)
« Reply #172 on: October 16, 2019, 08:57:53 AM »
I just paid off my student loans, 16 months after graduation.  Once the balance got down to a 4 digit number, I decided I just wanted to be rid of the loans.  Since I had enough money on hand to pay them off, I went ahead and did so.  I though I would feel joyful, excited, or at least relieved.  Instead I feel nothing.  It's kind of a let down.

Now you take the money that you would have been flinging at your students loans and put it towards your retirement accounts. You might start feeling pretty joyful and excited when you see that balance growing.

EscapedApe

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Re: Student Loan Challenge (2019 Edition)
« Reply #173 on: October 16, 2019, 09:02:23 AM »
I came out of college with ~$30K in student loans.

Now, about four moths later, it's down to ~$24K. I've been aggressively paying them down, and practicing extreme frugality in the process.

With the P/E ratio of the S&P500 being at around 22 as of this moment, it's a good time to destroy loans.


bradspartan

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Re: Student Loan Challenge (2019 Edition)
« Reply #174 on: October 16, 2019, 02:52:53 PM »
Hi all!

Taking a moderate approach to paying down debt.  Opting to ride the waive of the S&P while paying at least minimum on the loans with a greater goal to get them paid off in 7 years.

September 2019: 87,757
October 2019: $87,139

Photograph 51

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Re: Student Loan Challenge (2019 Edition)
« Reply #175 on: October 21, 2019, 03:40:31 PM »
I'd like to join this thread!

I finished grad school in 2006 with about $30,000 in loans. Since it was a federal loan with a low interest rate (3.5%), I've been letting it ride. But I'm officially sick of it. It's my last debt remaining, and it's become a weight on my mind out of proportion to what I actually owe. Plus, my planned 2020 FIRE date is approaching, and I want to have zero debt before I quit my job.

As of today, I have $11,700 left. If I stick to the schedule, it won't be paid off till 2026. Instead, I'd like to pay it off by the end of this year or early next year.

I've been whittling away at this loan, paying a few hundred extra each month, but now I've decided to put the hammer down. I made a big payment and I'm down to about $2500 owed. Next month, I'm going to finish it off.

And I'm officially done! I made the last payment this week. It feels good. :)

Congratulations!  great job on paying it off fast.

Photograph 51

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Re: Student Loan Challenge (2019 Edition)
« Reply #176 on: October 21, 2019, 03:41:20 PM »

And I'm officially done! I made the last payment this week. It feels good. :)


Iím all done! My last payment just cleared the account today! Paid 190k in 4 years 4 months. So thrilled for this to be over with!

Fabulous.  Congratulations on this accomplishment.

Congrats to you both.

EscapedApe

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Re: Student Loan Challenge (2019 Edition)
« Reply #177 on: October 22, 2019, 10:11:09 AM »
I should have my student loans paid off by around this time next year.

Can't wait to be debt free again.

TyGuy

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Re: Student Loan Challenge (2019 Edition)
« Reply #178 on: October 30, 2019, 10:16:12 AM »
I should have my student loans paid off by around this time next year.

Can't wait to be debt free again.

Feel free to track you progress on this forum, it helps keep yourself and others accountable! :)

EscapedApe

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Re: Student Loan Challenge (2019 Edition)
« Reply #179 on: October 30, 2019, 11:48:06 AM »
I should have my student loans paid off by around this time next year.

Can't wait to be debt free again.

Feel free to track you progress on this forum, it helps keep yourself and others accountable! :)

I definitely will.

And as an interesting, side-note, it turns out that initial estimate was wrong.

According to the investment order post, I should only focus upfront on eliminating loans in the 6%+ range. Only half of my current outstanding loan balance has a 6% rate. The other half is ~3.75%.

So at current figures, I should have the 6% potion paid off by around May of 2020, and then I can begin properly packing money away into 401(k), tIRA, and so forth. At that point, my payments on my 3.75% loans will drop significantly in favour of maxing out retirement contributions so the loans will exist for longer, but over all my net worth should increase faster.

Watching my net worth rise is what will really motivate me to stay true to the path.

bbates728

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Re: Student Loan Challenge (2019 Edition)
« Reply #180 on: October 30, 2019, 05:00:17 PM »
According to the investment order post, I should only focus upfront on eliminating loans in the 6%+ range. Only half of my current outstanding loan balance has a 6% rate. The other half is ~3.75%.

So at current figures, I should have the 6% potion paid off by around May of 2020, and then I can begin properly packing money away into 401(k), tIRA, and so forth. At that point, my payments on my 3.75% loans will drop significantly in favour of maxing out retirement contributions so the loans will exist for longer, but over all my net worth should increase faster.

Watching my net worth rise is what will really motivate me to stay true to the path.

Yeah, I thought I would do the same. Honestly, watching the net worth go up a predictable amount by reducing debt with a constant interest rate was almost addicting. I decided that getting debt free was more important to me than raising my NW by the marginal interest percentage.

All this to say, make sure to listen to your own values instead of a to-do list :)

haypug16

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Re: Student Loan Challenge (2019 Edition)
« Reply #181 on: October 31, 2019, 06:33:10 AM »
October Update:
January 1st 2019 - $46,919.36
January 31st 2019 - $46,137.25
February 27th 2019 - $45,339.55
March 31st 2019 - $44,518.99
April 30th 2019 - $43,796.91
May 31st 2019 - $43,016.23
June 30th 2019 - $42,187.55
July 31st 2019 - $41,380.14
Augsut 31st 2019 - $40,605.86
September 30th 2019 - $39,829.16
October 31st 2019 - $38,997.33

Another month, another ~$800 paid off :)  ~$8k paid off for the year. Love seeing that number go down. Looking forward to throwing some extra cash at these loans starting in January.

EscapedApe

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Re: Student Loan Challenge (2019 Edition)
« Reply #182 on: October 31, 2019, 11:35:13 AM »
Hello everyone,

I've been reading this blog for a couple years but this is my first time posting. I finally paid off my student loans and couldn't let the moment pass without expressing my gratitude to this amazing community of people! You have all inspired me and motivated me to push through the many challenges. Could not have achieved this without the MMM community. Thank you so much!! I am so relieved to finally be 100% #DEBTFREE!!!!

Payment:   Balance:
1/16/17   $38,832
6/3/17   $37,428
8/9/17   $36,897
9/9/17   $36,622
10/9/17   $36,337
11/8/17   $36,059
12/8/17   $35,780
1/6/18   $35,487
2/9/18   $35,217
3/10/18   $34,924
4/6/18   $34,620
5/9/18   $32,312
6/9/18   $29,906
7/7/18   $29,617
8/11/18   $29,322
9/9/18   $28,995
10/6/18   $28,656
12/9/18   $28,018
1/17/19   $27,741
2/12/19   $27,392
4/13/19   $26,719
5/10/19   $24,373
6/30/19   $21,222
7/16/19   $19,286
8/14/19   $14,469
9/13/19   $8,959
9/17/19   $0



Damn dude, you suplexed that student debt. Nine g's in one whack, nicely done.

appleseed

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Re: Student Loan Challenge (2019 Edition)
« Reply #183 on: October 31, 2019, 09:35:14 PM »
I just paid off the first loan! 3 more to go, but I'm doing a happy dance and celebrating (quietly because everyone else is sleeping lol).

2nd loan - $1,194 - to be paid off in April

These last two are a lower interest (2.625), so I'll add the minimum I was paying to the other two loans to those payments, but diverting the extra payments to other higher interest debt and savings. We're still on track for paying off by the end of the year!!

$3,532
$3,086

Thanks for the motivation everyone!

I've been MIA. Congrats to everyone who has paid off their loans! We're getting there!

I paid off another one this month! So we are down to two left:

3,258.43
2,846.52

Total - $6104

Both are at 2.625% - so I haven't been as aggressive in paying those down. We also wanted to max our SEP accounts for 2018 and owed ($%^!&*) $2600 in taxes for last year, so I didn't snowball the payments from the other two loans. Still plan to nix these by the end of the year, but I am going to build up cash first and make sure we're good for all our investments at the end of the year before the big pay off. We also have some work to do on our rentals in between tenants. Anyways, it feels like progress!
2,658
2,322

Total - $4,980

I paid a little extra this month to get it down to under $5k, which feels like a big accomplishment. Our end of month payment goes in on the 28th, so that's another $160ish off.

I'm not as focused on paying these off by the end of the year, since we had a bunch of unexpected expenses for one rental, and I'm prioritizing retirement/HSA/529 contributions until those as maxed (retirement and HSA) or at my goal for the year (529s). Any time we have some additional income I throw a little to the loans, so new plan is by my husband's birthday in April. Completely doable and once they're below $2k, I'll probably be tempted to just pay them off for good.

Sent from my moto x4 using Tapatalk
End of October update:

$2270.45
$1983.18

I sent an extra $250 to both loans last week, so I could get one under $2k finally! Two more scheduled payments of $176, but I'll send extra later this month to get them both under $2k. Still planning to pay them off by the end of March 2020!





Sent from my moto x4 using Tapatalk


bbates728

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Re: Student Loan Challenge (2019 Edition)
« Reply #184 on: November 01, 2019, 01:34:00 PM »
July '18: $70,870.81
Aug '18: $67,102.62
Sep '18: $63,319.24
Oct '18: $59,834.55
Nov '18: $55,479.02
Dec '18: $54,781.60
Jan '19: $43,620.29
Feb '19: $39,314.82
Mar '19: $34,975.38
Apr '19: $30,648.33
May '19: $26,297.31
Jun '19: $20,794.56
July '19: $16,018.50
Aug '19: $12,148.40
Sep '19: $8,105.68
Oct '19: $4,056.21
Nov '19: $0


Goal - November 2019

This month marks the end of my federal student loans!! No more private or federal loans now!

Anyway! No more federal loans! No more obsessively checking to make sure payments are made! WHEEEE

I hit my goal! I no longer have any student loans!! It may have taken 3.5 years but I killed them :D

TyGuy

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Re: Student Loan Challenge (2019 Edition)
« Reply #185 on: November 04, 2019, 10:02:45 AM »
Student Loan Debt:

01/12/19: $43,762.76
02/01/19: $42,561.06 (-$1,201.70)
03/04/19: $41,418.69 (-$1,139.41)
07/05/19: $37,901.63 (-$3,517.06)
08/10/19: $36,673.79 (-$1,227.84)
09/01/19: $35,289.89 (-$1,383.90)
10/02/19: $33,624.85 (-$1,665.04)
11/04/19: $31,707.48 (-$1,917.37)

Malkynn

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Re: Student Loan Challenge (2019 Edition)
« Reply #186 on: November 04, 2019, 01:24:46 PM »
Dropped off a 62K cheque today to pay off the last of my student loan.

Started at a combined debt of 420K in 2014.

It's been a wild ride and I am very happy to hop off. Good luck everyone.

bbates728

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Re: Student Loan Challenge (2019 Edition)
« Reply #187 on: November 05, 2019, 10:20:19 AM »
Dropped off a 62K cheque today to pay off the last of my student loan.

Started at a combined debt of 420K in 2014.

It's been a wild ride and I am very happy to hop off. Good luck everyone.

Congratulations Malkynn! It is one less thing to worry about.

shadesofgreen

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Re: Student Loan Challenge (2019 Edition)
« Reply #188 on: November 05, 2019, 11:36:06 AM »
Amazing progress Malkynn. Enjoy not having to pay those bills anymore.

Malkynn

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Re: Student Loan Challenge (2019 Edition)
« Reply #189 on: November 05, 2019, 02:28:46 PM »
Amazing progress Malkynn. Enjoy not having to pay those bills anymore.

Lol, yeah, considering my minimum monthly debt payment was about equal to all of our other monthly spending combined...yeah, I'm not going to miss that.

Granted, I won't actually see a financial difference as I'm just cutting back work to no longer have to feed the debt beast.

TyGuy

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Re: Student Loan Challenge (2019 Edition)
« Reply #190 on: November 08, 2019, 09:14:56 AM »
Amazing progress Malkynn. Enjoy not having to pay those bills anymore.

Lol, yeah, considering my minimum monthly debt payment was about equal to all of our other monthly spending combined...yeah, I'm not going to miss that.

Granted, I won't actually see a financial difference as I'm just cutting back work to no longer have to feed the debt beast.


Enjoy all those extra hours you will now have every week! :)

Malkynn

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Re: Student Loan Challenge (2019 Edition)
« Reply #191 on: November 08, 2019, 09:42:31 AM »
Amazing progress Malkynn. Enjoy not having to pay those bills anymore.

Lol, yeah, considering my minimum monthly debt payment was about equal to all of our other monthly spending combined...yeah, I'm not going to miss that.

Granted, I won't actually see a financial difference as I'm just cutting back work to no longer have to feed the debt beast.


Enjoy all those extra hours you will now have every week! :)

Lol, well, realistically, I'm only gaining one day of free time as I had already downshifted to 2 days a week last year.

Money Beets

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Re: Student Loan Challenge (2019 Edition)
« Reply #192 on: November 08, 2019, 04:10:47 PM »
Total Paid in January= $2,549.00
End January targeted loan balance = $3,921.21
End January total balance = $27,506.50

Total Paid in February = $1,740.51
End February targeted loan balance = $2,332.19
End February total balance = $25,862.64

I missed a March update, but most of my progress was made in April anyway.

Total Paid in March & April = $7,383.02
Targeted loan balance = $0 and paid off two smaller loans at 5.35% interest
End April total balance = $18,694.04

I have two loans left. One at 5.16% interest with a balance of $15,601.81 and the other at 4.25% interest and a balance of $3,092.23. Needless to say, I will be targeting the 5.16% loan next.

Total Paid in May = $2,640.51
Targeted loan balance = $13,063.38
End May total balance = $16,137.01

Total Paid in June = $4,340.51
Targeted loan balance = $8,797.40
End June total balance = $11,845.47

Total Paid in July = $2,403.51
Targeted loan balance = $6,473.29
End July total balance = $9,484.13

Total Paid in August & September = $4,586.02
Targeted loan balance = $2,051.99
End September total balance = $4,961.21

I plan to split the remaining balance and pay half in October and finish it off in November.

I did it! My loans are paid off just weeks before my 5th anniversary of entering repayment. I have already scheduled to maximize my deferred comp contribution and I'm going to use the next couple months to build up my cash emergency fund.

Thank you to everyone who has shared their progress. Seeing others payoff their loans really kept me motivated.

catorbe

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Re: Student Loan Challenge (2019 Edition)
« Reply #193 on: November 12, 2019, 10:54:31 AM »

I did it! My loans are paid off just weeks before my 5th anniversary of entering repayment. I have already scheduled to maximize my deferred comp contribution and I'm going to use the next couple months to build up my cash emergency fund.

Thank you to everyone who has shared their progress. Seeing others payoff their loans really kept me motivated.

My plan is to finish before the 5th anniversary of my repayment start as well! Good job!

Rimu05

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Re: Student Loan Challenge (2019 Edition)
« Reply #194 on: November 18, 2019, 02:06:23 PM »
My goal is at least $4000 to student loans this year.

Recent payment: 282.56

April Balance: $26,340.70

Sigh, sucks having these.

Still sadly paying the minimum. I wish I could aggressively pay these off but I need to now pay off my credit card which has swelled from different purchases here and there. If I had a proper emergency fund, that wouldn't have happened.

Down to: 25,057.20

If I get a better paying job, these just have to go.

Civex

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Re: Student Loan Challenge (2019 Edition)
« Reply #195 on: November 30, 2019, 07:37:16 AM »
Another year still in the student loan challenge. Great people, but this is my least favorite club. Copying from the 2018 thread, missed the 2017, and I think I was in the 2016 (or was it 2015?) thread.


Original balance-$90,400 @ 5.01 7/2014
End of January '18 balance-$64,481
End of June '18 balance-$55,411
Dec. 2018-$47,258 ($1250 payment)
March 2019-$44,088.31 ($1250 payment)

April 2019-$42,038 ($1250 auto payment and $1k extra towards principle)

May 2019-$40356 ($1250 auto payment and ~$600 extra)

June 2019-$38250 ($1250 auto payment and $1k extra)

July 2019-$36931 ($1250 auto payment and $100 "extra" in checking thrown towards principle
-hoping to throw an extra $300-500 yet this month at it; picking up an extra shifts and my daycare costs are *finally* going down!

Missed a month

August 2019$1250 regular payment + $480 "extra"
September 2019: $34,264-$1250 regular payment
Targeting sub $30k by 2020 ($1422 in principal/month or roughly $1600 gross/month for the rest of the year.)

October 2019 *kicking ass thus far!* $32,118
Refinanced from 5.09% to 3.95% and should be getting a $300 bonus.
-Regular payment: $1250
-Extra $1k from vehicle sale

On target for sub $30k this year!
November-$29994!
--Autopayment of $1250 + $750 extra

haypug16

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Re: Student Loan Challenge (2019 Edition)
« Reply #196 on: December 03, 2019, 07:26:26 AM »
November Update:
January 1st 2019 - $46,919.36
January 31st 2019 - $46,137.25
February 27th 2019 - $45,339.55
March 31st 2019 - $44,518.99
April 30th 2019 - $43,796.91
May 31st 2019 - $43,016.23
June 30th 2019 - $42,187.55
July 31st 2019 - $41,380.14
Augsut 31st 2019 - $40,605.86
September 30th 2019 - $39,829.16
October 31st 2019 - $38,997.33
November 30th 2019 - $38,189.50

So far $8,729.86 paid off this year. Looking forward to tackling these a little more aggressively in 2020 since my income will be higher due to no Maternity leave :)

EscapedApe

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Re: Student Loan Challenge (2019 Edition)
« Reply #197 on: December 06, 2019, 09:35:57 AM »
Amazing progress Malkynn. Enjoy not having to pay those bills anymore.

Lol, yeah, considering my minimum monthly debt payment was about equal to all of our other monthly spending combined...yeah, I'm not going to miss that.

Granted, I won't actually see a financial difference as I'm just cutting back work to no longer have to feed the debt beast.

I'm betting you'll see a quality of life difference. Not having to do extra work will free up time for your own pursuits.

TyGuy

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Re: Student Loan Challenge (2019 Edition)
« Reply #198 on: December 08, 2019, 10:21:47 AM »
Student Loan Debt:

01/12/19: $43,762.76
02/01/19: $42,561.06 (-$1,201.70)
03/04/19: $41,418.69 (-$1,139.41)
07/05/19: $37,901.63 (-$3,517.06)
08/10/19: $36,673.79 (-$1,227.84)
09/01/19: $35,289.89 (-$1,383.90)
10/02/19: $33,624.85 (-$1,665.04)
11/04/19: $31,707.48 (-$1,917.37)
12/08/19: $30,043.85 (-$1,663.63)

Looking forward to starting 2020 with less than 30k of student loan debt! Nice job everyone, its been a good year with you all!