Author Topic: New Year Student Loan Challenge (2014 edition)  (Read 75517 times)

RedRumbler

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #100 on: March 03, 2014, 12:11:26 PM »
And thus I begin razing my towering student loans down to zero, only to begin building among the rubble a financially sound rocket that will soar sky high into the realm of financial freedom and explode into one thousand stars that will fall to serve as my many small steps to ascend to that wonderful place.

Direct Loan - Sub    $2,545.97    2.1%   
Direct Loan - Sub    $3,412.14    6.55%   
Direct Loan - Sub    $1,949.81    6.55%   
Direct Loan - Sub    $5,361.90    6.55%   
Direct Loan - Sub    $2,080.70    5.35%   
Direct Loan - Sub    $4,143.28    6.55%   
Direct Loan - Sub    $8,286.55    6.55%   
Direct Loan - Sub    $8,286.55    6.55%   
Direct Loan- Unsub    $6,236.97    6.55%   
Direct Loan- Unsub    $6,642.13    6.55%   
Direct Loan- Unsub    $7,179.06    6.55%   
Direct Loan- Unsub    $14,115.13    6.55%   
Direct Loan- Unsub    $13,320.15    6.55%   
Direct Grad PLUS    $9,326.42    7.65%   
Direct Grad PLUS    $658.00            7.65% ------> $0 as of a payment I made today!   
Direct Loan- Unsub    $21,404.64    6.55%

Total Remaining         $114,291.40    counting the paid off loan described above

Lindzo

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #101 on: March 03, 2014, 04:11:33 PM »
I haven't updated since I first posted here, but we've been making extra payments, so here's where we are now:

Starting loans


$13,063.73 @ 4.25%
$6,783.77 @ 4.25%
$15,826.23 @ 13.125%
$10,802.67 @ 13.125%
$42.77 @ 2.35%
$47.95 @ 2.35%

Total: $46,567.12

Current Loans
$12,841.01 @4.25%
$6,671.84 @4.25%
$13,106.00 @ 13.125%
$8,945.92 @ 13.125
$0 @2.35
$0 @ 2.35

Total: $41,564.77

Total Payments from December to February: $5002.35

It's looking like we'll be able to add another $3000 worth of payments for the month of March. I didn't feel like we were making much progress, but seeing everything laid out has renewed my fervor. Great job everyone!!

kpd905

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #102 on: March 04, 2014, 03:49:58 PM »
I just paid off my highest interest loans yesterday (7.65%), so now I have $60k left at between 5.35-6.55%.

I paid $30k toward them last year and $11k this year already.  I'm thinking about slowing down and investing a bit more.

Mazzinator

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #103 on: March 05, 2014, 12:29:52 AM »
So we were approved for IBR for the federal loans. New min payment is $69/mn on ~$55k, making it somewhere in the ballpark of 1.5% effective interest rate. This is because the excess interest is forgiven. The loans were about $220/mn just interest, so this saves about $150/month. (220-69) This also allows use to focus on other areas with the debt compounding higher and higher! I should note, this is only for the first 3 years, after that the interest accrues.


March 2014

Debt
-$1,831 (0%) (my high interest SL moved to a CC that offered 0 fees)
-$33,135 (4.75 % fixed) fed SL <---- these were just put on IBR
-$22,175 (4.75% fixed) fed SL < -----these were just put on IBR
-$11,362 (3.5% vary) private SL
-$10,097 (3.5% vary) private SL
Total = -$78,600 (-$79k)

Feb was -83k for a difference of....$4k
« Last Edit: March 05, 2014, 12:33:10 AM by Mazzinator »

hownowbrowncow

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #104 on: March 05, 2014, 01:32:44 AM »
My 2/14/14 payment finally posted - that plus my automatic 2/3/14 payment kicked me under $5000!

Balance 12/31/13 $(16,981.02)   
Balance 1/31/14   $(7,112.49)
Balance 2/19/14 $(4,452.05)

Three payments have posted since my last update:
1) $1,750 on 2/28/14.  Balance $(2,705.66)
2) $71.25 on 3/3/14.  Balance $(2,635.27)
3) $1,339.44 on 3/4/14.  Balance $(1,296.12)  Almost there!!!

Yeah I know it's weird to have three payments three business days in a row.  Just worked out that way bc my paycheck is available via direct deposit on the last day of the month then my monthly payment that's auto debited occurs on the 3rd of each month.  Finally I sold some stock that I'd been meaning to get rid of and the transfer to my checking account cleared 3/4/14.

Wow looks like I'll make my self imposed deadline of 3/13/14 - woo hoo!

hoodedfalcon

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #105 on: March 05, 2014, 08:03:53 AM »
My progress isn't nearly as impressive as some people here....and I don't think I am making enough of a difference for a monthly update. So here is my progress since I first posted in November:

$51,448 (3.17%) - $258/month March5th: $50407.59 [$1040]
$6956 (3.92%) - $46/month March 5th: $6037.03 [$918.97]
Total: $58,404 - $304 minimum monthly payment March Total: $56445.04 [$1958.96]
Extra payments - $400/month March: $500/month
Total payment - $704/month March: $804/month

I am still paying $395/month on my federal IBR loans. Total SL payments per month are $1200. It has been a little tight after adding the extra $100 last month. Hopefully I will acclimate and can add another $100/month soon.

Thanks in part to these payments, my "savings" rate has been hitting 50% the last two months...

Rudem3

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #106 on: March 05, 2014, 09:08:07 AM »
2 weeks ago:

Loan 1: $6500   6.5%
Loan 2: $4200.  5.25%
Loan 3: $6500.  6%
Loan 4: $6500   5.25%
Loan 5: $20,100  3%

Today:

Loan 1: Gone!
Loan 2: Gone!
Loan 3: Gone!
Loan 4: Will be GONE next month!
Loan 5: Same. Hopefully done before end of next year.




hownowbrowncow

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #107 on: March 06, 2014, 04:22:07 PM »

So with balance at $1300 I decided to pull the trigger this morning and paid that sucker OFF!! It's not going to post for a couple more days but feels pretty awesome to have killed ~$65k in a year. 


Lentils5eva

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #108 on: March 06, 2014, 09:08:18 PM »
Wow!  Congrats HowNowBrownCow - I can't wait to get to where you are!

I'm now done with the 3rd of my 4 loans - paid the last of it in full in February.  My Mint informs me that I've spent 12,992.31 on my student loans in the last 30 days.  Just made my first substantial payment on the fourth loan a few days ago of $5000.

Current and only remaining balance: $36,057.08 (down from around $107,000 over four loans in February, 2013).  Wow.  That's a lot of money - almost $71k of principal reduction in a little over a year.

NV Teacher

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #109 on: March 07, 2014, 07:27:58 AM »
Count me in.  I owe $13,021 @ 3.5%. 

January 2014 Update - Balance $11,894

February 2014 Update - Balance   $10,400

2013 Tax Refund - Balance   $8,900

March 2014 Update - Balance   $7,400

mrfilthyrich

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #110 on: March 09, 2014, 07:45:38 AM »
Another $500 payment posted today, which puts my current balance at $80,783.54. 

March direct payment posted so balance is at $80,092.59.  Will try to put an additional 1k toward the balance in the month of March.

tdccarpenter

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #111 on: March 11, 2014, 08:58:13 AM »
I'm in, currently owe 9k.


1500 @ 5.6%
7500 @ 3.8%

expect to have it killed by the end of june.

Kipp

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #112 on: March 11, 2014, 12:27:48 PM »
I wasn't really following the forums when this post came up, but to myself I have already dedicated this year to be a loan payoff year.  More than just student loans, but we have a few of those lingering as well.

January 1st:
Home (Chase): $99,960 (5%) - 536.61 Principal and Interest per pymt
Car Loan (LMCU) [Yea I know, face punch]: $11,504.10 (2.75%) 200 pymt
Sallie Mae # 1: $4,486.54 (5.35%) 49.28 pymt
Sallie Mae # 2: $5,477.85 (4.25%) 57.20 pymt
Sallie Mae # 3: $5,472 (3.15%) 54.27 pymt
Sallie Mae # 4: $5,566.22 (3.15%) 55.21 pymt
Total debt: $132,466.71, total minimum payments: $952.57

Goal: really to do as much as possible, but to put a figure on the principal portion... I would say at least $15,000 this year is a good starting point.  But ideally, I would get to $20,000+.

Balances as of March 11th:
Home (Chase) : 92,401.08
Car Loan (LMCU): 11,155.68
Sallie Mae # 1: 4,386.70
Sallie Mae # 2: 5,352.81
Sallie Mae # 3: 5,343.67
Sallie Mae # 4: 5,435.65
Total debt: 124,075.59

Debt paid off so far in 2014: $8,391.12

**edit - fixing typos

Lentils5eva

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #113 on: March 11, 2014, 10:29:11 PM »
Hey Kipp - Just a quick tip - definitely snowball those debts if you don't have prepayment penalties to worry about or PMI you're trying to get rid of!  I'm amazed at how well it has worked for me - I got rid of 17%, then 13%, then 8.25%, then 7.65% interest rate debts, and am now taking all of those minimums and throwing them at the lowest rate loan remaining.  Check out www.whatsthecost.com/snowball if you haven't seen it yet!

Kipp

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #114 on: March 12, 2014, 08:43:49 AM »
Hey Kipp - Just a quick tip - definitely snowball those debts if you don't have prepayment penalties to worry about or PMI you're trying to get rid of!  I'm amazed at how well it has worked for me - I got rid of 17%, then 13%, then 8.25%, then 7.65% interest rate debts, and am now taking all of those minimums and throwing them at the lowest rate loan remaining.  Check out www.whatsthecost.com/snowball if you haven't seen it yet!

Thank you for the tip, I haven't seen that website before so I will check it out.  I do have about $30-$35 / month PMI and after taxes the higher interest rate sallie mae student loan actually costs less in interest, so I have been focusing on the mortgage.  No prepayment penalty on any loans.  I am planning on snowballing, when my car loan ends that will be rolling into the mortgage.

The Dutchman

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #115 on: March 12, 2014, 11:47:34 AM »
Read through a couple of these.  I wanted to let you guys know that the light at the end of the tunnel is glorious; I am in it right now.  Keep it up and you will be soo happy.  I just paid of 16k in 10 months and I now have 260 $/m in my pocket which was previously going to loans. 

I agree with the snowball comments.  Tackle the highest interest first and slam any new savings into the next highest. 

So this is me pushing you along!!! Good luck guys.

You can read my journey if you are interested:
http://www.mrmoneymustache.com/forum/throw-down-the-gauntlet/16k-paid-down-in-12-months-(student-loan)/

Kipp

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #116 on: March 13, 2014, 06:02:35 AM »
Read through a couple of these.  I wanted to let you guys know that the light at the end of the tunnel is glorious; I am in it right now.  Keep it up and you will be soo happy.  I just paid of 16k in 10 months and I now have 260 $/m in my pocket which was previously going to loans. 

I agree with the snowball comments.  Tackle the highest interest first and slam any new savings into the next highest. 

So this is me pushing you along!!! Good luck guys.

You can read my journey if you are interested:
http://www.mrmoneymustache.com/forum/throw-down-the-gauntlet/16k-paid-down-in-12-months-(student-loan)/


Congrats Dutchman!  Where abouts in Michigan are you from?  I had zero debt at one point, but then I married into $26k student loans!  Then car broke down and I had just paid off $5k of higher interest student loans... now I have a car loan.  I know alot of people suggest selling and buying something older, but thinking longer term the interest until payoff at regular payments is less than $800 at this point.  And I get approximately $100 a year as long as I own the car (can be 15+ years), so I think I would lose out doing this switch.  Plus I would once again have no cash reserves and could wind up in the same situation. 

( Note: I bought a Hyundai and they had a EPA settlement based on mileage, I get a certain amount per mile driven based on a 12 month rolling average of gas prices).

bugbaby

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #117 on: March 13, 2014, 06:08:33 PM »
Time for my check in:

12/18/13: Stmt: 85,723  (2.75 & 3% about 50:50) Goal is down to 40k @2.75% by end of 2014
1/14/14: 79,838
2/11/14: 79,556
3/13/14: 77,310

(debt reduction so far 2014: $8,413)

Plan is to resume attack after April due to large expected tax bill, also possible bonus uncertain amount.

lentils5eva you are my SL hero:) . Rudem3 - Wow in 2 weeks, did you sell one kid or what?

Keep going everyone yay!

LanceBurkhart

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #118 on: March 17, 2014, 11:31:17 AM »
Just negotiated a settlement on an SL my wife's parents had dropped the ball on without notifying my wife. It was delinquent. We're going to pay a reduced portion of the principle and interest, and no collection or late fees. Credit report will just say paid in full.

We couldn't have made this deal without our newfound mustachianism--we never would have had the cash on hand. Stoked!


The Dutchman

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #119 on: March 19, 2014, 06:26:40 AM »

Congrats Dutchman!  Where abouts in Michigan are you from?  I had zero debt at one point, but then I married into $26k student loans!  Then car broke down and I had just paid off $5k of higher interest student loans... now I have a car loan.  I know alot of people suggest selling and buying something older, but thinking longer term the interest until payoff at regular payments is less than $800 at this point.  And I get approximately $100 a year as long as I own the car (can be 15+ years), so I think I would lose out doing this switch.  Plus I would once again have no cash reserves and could wind up in the same situation. 

( Note: I bought a Hyundai and they had a EPA settlement based on mileage, I get a certain amount per mile driven based on a 12 month rolling average of gas prices).

EPA settlement is interesting.  All of the companies inflate their gas mileage. 

I live in the Detroit area.  Good to have another Michiganiac on the forum.

As a side note on the cars; the way I did it was socking 100 $/m away for repairs an and additional 100 $/m for replacement (per car).  That, for me at least, has been more than enough money.  In my mind if you throw that money into a savings account, and draw from it when you need repairs, you should have a nice little pot of money to draw from to buy a car after a couple of years.    So when the car craps out or I am at the useful life of my car I can buy another without taking a loan.  If you have the stomach you can also look into short term investing this money if you allow this money to really accumulate.  If you want a nicer car or you want a car quicker then you up the payments to 200 $/m for replacement. 

I think of the above savings plan as a reverse car payment.  You make payments to yourself for a future car (not your current) and you get return on those payments (if you do short term investing or just sock it into a savings (though savings doesn't yield much)).  Using the above plan you avoid a 4% interest on a car loan and make 1% in your savings.  This is a 5% ROI if you ask me.  Also, in theory 100 $/m may be too much for repairs (it was for me) so you can take some of that and throw it into purchasing a new car if you have more than you think you will use. 

tdccarpenter

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #120 on: March 20, 2014, 04:58:10 PM »
UPDATE:

Down to 7k left.

beardedone

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #121 on: March 21, 2014, 11:20:18 PM »
First post here! You peeps are awesome. Congratulations to everyone who already got themselves out of debt. And congratulations to everyone who has decided to kill their debt as quickly as they are able to.

I have been blessed with a well-paying job right out of college and access to resources like this site. My goal is to pay $30,000 of student loans in 9 months, starting with my first paycheck this summer. I should be able to do this as long as I stave off lifestyle inflation once I start earning money. :) Bonus points if my lifestyle expenses deflate instead of inflate with increasing income, and I am able to finish sooner. =D

tdccarpenter

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #122 on: March 22, 2014, 02:50:55 PM »

DunkCityFan

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #123 on: March 22, 2014, 03:53:56 PM »
Done! Thanks for all of the support on this thread. $0 balance! Paid off the last $65000 in 27 months.

I am rooting for all of you!!!! Keep it up!!!!

Lindzo

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #124 on: March 24, 2014, 12:48:52 AM »
Wanted to add our current numbers for the month:

Starting loans

$13,063.73 @ 4.25%
$6,783.77 @ 4.25%
$15,826.23 @ 13.125%
$10,802.67 @ 13.125%
$42.77 @ 2.35%
$47.95 @ 2.35%

Total: $46,567.12

Current Loans
$12,753.16 @4.25%
$6,627.47 @4.25%
$10,931.80 @ 13.125%
$7,461.86 @ 13.125
$0 @2.35
$0 @ 2.35

Total: $37,774.29

Total Payments from December to March: $8,792.83

The husband's loans are finally lower than mine!
« Last Edit: March 24, 2014, 04:43:40 PM by Lindzo »

Lentils5eva

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #125 on: March 24, 2014, 08:34:05 PM »
As of today, I've got $31,803 left, down from a starting balance of ~$109,000 in 11/12.  So excited to have them under $30k at the beginning of next month!

norvilion

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #126 on: March 25, 2014, 08:19:05 AM »
Done! Thanks for all of the support on this thread. $0 balance! Paid off the last $65000 in 27 months.

I am rooting for all of you!!!! Keep it up!!!!

Awesome job!

payitoff

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #127 on: March 25, 2014, 10:30:43 AM »
thought i replied here already! im in! even if late, here's our Sallie's:

Old Sallie - $24,801.21 11.25% - focusing on this for 2014 - we have settled this half, so were making payments of $1071.76 for 12 months, by Feb 2014 this will be paid off!
New Salllie 1 - 25,894.56 6.8% - in forbearance
New Sallie 2 - 15,616.25 6.8% - in forbearance

Apples

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #128 on: March 27, 2014, 03:19:31 PM »
We had been putting money aside to pay for what I expected to owe in taxes this year; my fiance got a big enough return to cover what I owe, so we could put that extra $1200ish toward students loans this month.  At the true end of the month after this next weekend, we may be able to put another $200 or so towards SL#1.

SL#1  $42,653 ---->  $38,452! :)  $4386 in pmt this month
SL#2  $17,130 ---->  $17,003  $200 pmt/month-on autopilot until SL#1 is gone

This was a great month for killing them!  Not so great b/c I figured out my federal withholding was off (incorrect input of info. off of my W-4)...by about $150 per week.  Soooo that will kill some future potential for knocking this down.  Keep on heading down the path!

fantabulous

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #129 on: March 28, 2014, 10:20:27 PM »
March update: Got a touch spendy in February and cut back my payments marginally. I should be seeing a raise at work fairly soon, and hopefully a decent one. I'll be happy to have a little extra to put towards the loans.

Loans:  $17,231 -> $15,780

BoA: $2,040 [6.419%] -> $2,049 (Still prepaid on this, but it's next on the list)

Nelnet:
$3,481 [6.0%] -> $3,445
$1,906 [6.8%] -> $613
$770 [5.6%] -> $762
$4,236 [5.6%] -> $4,192
$974 [4.5%] -> $964
$1,488 [2.35%] -> $1,461
$1,276 [2.35%] -> $1,253
$1,060 [2.35%] -> $1,041

Total paid this month: $1,511

Wolf_Stache

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #130 on: March 29, 2014, 12:24:43 PM »
down to a little under $8K!

Swbink02

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #131 on: March 30, 2014, 09:24:36 AM »
Saved $45000 to pay for taxes in 2013 for my business. Ended up not needing it so I put it to the student loans. Down to $25,000. Will definitely be done by the end of 2014.  Come on!!!!!!!

Merlion

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #132 on: March 30, 2014, 11:13:43 AM »
Hi,

I just found mmm this weekend, but the website and the forum have helped crystallize some thoughts I've been having. My goal is to pay off my $125,921.51 of student debt by the end of 2015. I've been paying for a couple of years, including some extra payments, but the principal due has only decreased slightly in that time... I'm getting married in May, and i want the focus of our new life together to be on building wealth, having kids, and reaching financial independence.

My fiancee agrees that paying off these loans should be our focus since the interest rates are much higher than her mortgage debt and much higher than most investment options we have where we live in Singapore. She has a mortgage on a house in a 3rd country that we (An American and 3rd country citizen) will turn our focus to, in addition to building our assets, after the student loans are paid.

Details below (it's painful):

$8,764.24 @ 7.65%
$34,321.56 @ 7.65%
$8,328.24 @ 6.55%
$8,328.24 @ 6.55%
$4,164.08 @ 6.55%
$15,331.67 @ 6.55%
$14,416.78 @ 6.55%
$4,681.27 @ 6.55%
$7,435.03 @ 5.00%
$4,465.42 @ 5.00%
$8,861.14 @ 4.50%

Total: $125,921.51 @ 6.64% Average Rate

I have a couple of separate loans from family members for nearly $15,000 at much lower interest rates, but I have accelerated pay-off schedules in mind for these as well, and am considering paying these this year to remove any potential family friction.

My fiancee has some cash lying around and has agreed to use a substantial portion of it to attack my student debt. We are also planning on paying more than half of our combined income to payoff the debt as soon as possible.

My target for payoff is:

$60,000 by year-end 2014, bringing the principle down to $65,921.51
Complete payoff of $125,921.51 by year-end 2015, 21 months from today.

The payoff schedule is not as ambitious as it could be as we have already gone a long way planning our wedding (in pre-MMM days), and there will be some non-insignificant costs associated (more than 10k...I know, I know, the facepunch is coming...). Depending on some factors, accelerated payoff might be possible, but I think that end-2015 is an attainable goal. Cost-cutting is necessary, but some costs like thousands of dollars to fly home to see our families are off the table.

PS - if anyone is in Singapore it'd be great to talk. Singapore is an extremely anti-mustachian city.

kyidkim

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #133 on: March 30, 2014, 11:57:14 AM »
Oops, skipped two months! Unfortunately, not much to report...I'm definitely deep in the ungratifying slog of SL repayment :(

$2,830 @1.75%
$3,392.24 @1.75%
$19,529.94 @6.8%
$6,000 @5.41%
$33,333.16 @6.8%
plus $3,503.72 in not-yet capitalized interest
TOTAL: $68,589.06

Currently:
Sallie Mae
$2,728.43 @2.1%
Great Lakes:
$3,392.24 @2.35%
$19,529.94 @6.8%
$6,000 @5.41%
$33,333.16 @6.8%
accrued interest: ~$1812 (including my most recent payment, which hasn't yet cleared)
TOTAL: 66,795.77

Graduated in December and my two lowest rates jumped a bit. January I made one $500 payment, since then I've been making two $500 payments to Great Lakes plus the ~$50 minimum to Sallie Mae. My grace period with Great Lakes ends 6/14, so right now payments are applied to interest, which I'm looking forward to having at $0 before it capitalizes.

I'm budgeting to nudge my total SL payments up to $1200/month total. I'm also debating whether to take $500 from my tax refund and make a third payment to Great Lakes in April (otherwise my refund is earmarked for my emergency fund). Looking into refi options too, though I won't pull the trigger on anything until after my grace period ends.

Last week I just finished paying off my student loan.

Debt free!
So with balance at $1300 I decided to pull the trigger this morning and paid that sucker OFF!! It's not going to post for a couple more days but feels pretty awesome to have killed ~$65k in a year.
Done! Thanks for all of the support on this thread. $0 balance! Paid off the last $65000 in 27 months.

I am rooting for all of you!!!! Keep it up!!!!

Congrats to all of you! It really is encouraging to see people making progress and reaching $0.

tdccarpenter

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KatieSSS

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #135 on: March 31, 2014, 01:22:37 PM »
This thread is so awesome! I'm proud to have spawned dozens of little mustachian, loan-hating, gauntlet throwers with my early 2013 thread on annihilating student loan debt! You guys are making me tear up!

I'd love for someone to go through and calculate how much we've all collectively paid off in the last year.

Life post-debt is much more stable and my money works so much better for me. I've been building my e-fund and side-hustling less, thus I've had more time to pursue other interests. One of the best side effects is that since I feel much more financially secure, I feel better about speaking my mind at work. I don't fear the wrath of losing my job. Not that getting fired should ever be a goal, but before I used to let things slide just because I didn't want to go against what someone said/did for fear that there would be problems as a result. Now I know that while a layoff would be bad, it wouldn't be as bad since I have enough money to live for several months without a job. This wasn't true pre-debt freedom!

All of that is to say that you will not regret your hard work for getting rid of these loans for one second!

yoyalia

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #136 on: March 31, 2014, 01:58:14 PM »
The loan balance is ZERO as of today! ~$100k in 9 months!

This says it all (hasn't yet updated to reflect our final payment of $3535):


Paulie

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #137 on: March 31, 2014, 02:14:12 PM »
The loan balance is ZERO as of today! ~$100k in 9 months!

Wow! Very nice work!

mrfilthyrich

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #138 on: March 31, 2014, 02:18:00 PM »
The loan balance is ZERO as of today! ~$100k in 9 months!

This says it all (hasn't yet updated to reflect our final payment of $3535):



That's unreal!  Awesome job!

minimos

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #139 on: March 31, 2014, 02:53:29 PM »
Yoyalia - that is awesome! Congratulations - that must feel AMAZING!

Our progress over March has been pretty good... Finally broke the 200K barrier!
March Update:
Loan1 - 27,284 @4.75%
Loan2 - 104,922 @4.75%
Loan3 - 8,191@2.35%
Loan4 - 8,254 @6.8%
Loan5 - 39,426 @2.35%
Loan6 - 3,270 @6.8%
Loan7 - 5,085 @2.1%
Total: $196,466

That was a whopping $6,530 in principle payment, $12,167 since starting this challenge!  Seeing everyones progress is really motivating!

ingrownstudentloans

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #140 on: March 31, 2014, 03:06:21 PM »

$16,016.50 (3%)
$13,404.04 (3.5%)
$71,426.61 (2.92%)
= $100,847.15  (I will drop below $100,000 next month!!!!!!!!!!!!!!!!!)

Best of luck to all this year.  Keep us posted.

First month check-in.

$15,929.76 (3%)
$11,748.70 (3.5%)
$70,946.83 (2.92%)
=$98,625.29 

(That is $2,221.86 principal paid off this month for a total of $2,221.86 paid off this year)

I missed February's update, but here I am for end of March:

$15,840.90 (3%)
$10,301.55 (3.5%)
$70,606.43 (2.91%)
=$96,748.88

($4,098.27 paid off this year)

I filed my taxes late this year (later than normal - don't panic you still have until 4/15), so I anticipate taking a chunk off this month.  I have also had some unexpected expenses early this year (cracked radiator among others) that have slowed my payments so far.  Enough excuses...it's time to knock these things down!

NV Teacher

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #141 on: April 09, 2014, 06:30:14 AM »
Count me in.  I owe $13,021 @ 3.5%. 

January 2014 Update - Balance $11,894

February 2014 Update - Balance   $10,400

2013 Tax Refund - Balance   $8,900

March 2014 Update - Balance   $7,400

April 2014 Update - Balance   $6,000    (More than half way there!!!)

franallad

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #142 on: April 16, 2014, 01:14:34 PM »
Joining late, but could use the accountability!  I've been inspired by the Getting Rich in Manhattan article.  My goal is to pay off $30,000/year and be completely done in 5 years (April 2019).  I think we paid off about $7,500 already this year, but I am starting my goal fresh for April so I can keep track of my exact progress.

My student loans:
$21,415   5.375%
$20,384   8.500%
$19,225   8.500%
$18,106   5.375%
$15,477   6.800%
$13,231   6.800%

My husband's student loans:
$11,556   8.250%
$11,484   10.375%
$4,863   3.400%
$4,195   0.000%
$3,527   6.800%
$1,488   4.500%

Grand Total $144,951


amyable

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #144 on: April 18, 2014, 07:50:06 AM »
Here's what we have now:

Loan 1:  13,997 - 4.64%
Loan 2:  19,754 - 5.96%
Loan 3:  10,602 -5.86%

In December, we had $44,353 total, and now, we're at $35,810; unfortunately, my husband was laid off for the second time this year on Monday (from a position that was grant-funded and lost that funding), but I'm hopeful we'll be fine.  We may have to slow down the repayments for the next month or two, but we'll get back on track!

fantabulous

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #145 on: April 23, 2014, 10:57:36 PM »
April update: Dipped into my savings again for a big payment this month, got tons of OT for a week due to traveling for work. Decent raise at work.Two loans gone! Looks like I can be done in December.

Loans:  $15,780 -> $12,947

BoA: $2,053 [6.419%] -> $0 (Done!)

Nelnet:
$3,445 [6.0%] -> $3,410
$613 [6.8%] -> $0 (Done!)
$762 [5.6%] -> $754
$4,192 [5.6%] -> $4,148
$964 [4.5%] -> $953
$1,461 [2.35%] -> $1,433
$1,253 [2.35%] -> $1,230
$1,041 [2.35%] -> $1,022

Total paid this month: $2.879

mrfilthyrich

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #146 on: April 24, 2014, 05:20:26 PM »
Another $500 payment posted today, which puts my current balance at $80,783.54. 

March direct payment posted so balance is at $80,092.59.  Will try to put an additional 1k toward the balance in the month of March.

Unfortunately, I had 3,000 owed in taxes this year so that was $3000 I couldn't put forth to my loan.  Made two payments in April totaling 1340.75 and will likely make another smallish one when I get paid tomorrow.  Balance is currently at $79,380.99 which is obviously much higher than I wanted if I am trying to get the balance to 60k by the end of the year.

In the meantime, I have built my emergency savings up to 5k so I could always dip into that to pay off my student loans, but it would be nice to keep that cushion.

JSanders

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #147 on: April 27, 2014, 11:39:35 AM »
I am glad I came upon this thread as my wife and I have been tackling our student load debt head on in 2013 and 2014. We get very excited by making payments toward our student loan debt since it takes us one step closer to debt-free living. This thread is nice to follow the shared experience of others who are in a similar boat.

I have a consistent paycheck and my wife has a part-time job plus substitute teaching. We budget based my income only since it is consistent, so as a result we put whatever money she makes right into our student loan debt, in addition to scheduled payments from my income.

I left grad school with about 24k at 6.8% in debt, my wife left grad school with about 8,500 at 6.8%. These are paltry numbers compared to some others in this thread, but nonetheless a big amount to us. In addition to following some general mustachian principles to keep our expenses down so we can put more into student loans, we have done a couple of other small things to maximum our ability to make payments over the last year:

- We budget our monthly income based on 2 paychecks per month since I am paid biweekly, but because there are 26 payrolls in a year, there are actually 2 months where I get three paychecks. Whenever those months hit, the full paycheck goes straight to student loan payments.

- At a minimum we make weekly payments to our student loans. I did some analysis on this for my wife's student loan which started at 8,500 at 6.8%. Her minimum monthly payment is about $100. By making a weekly payment of $25 instead of a monthly payment of $100, we would save $319 in interest over the life of the loan and pay if off earlier than projected by the loan servicing company's repayment schedule.

- Any sales revenue from eBay or CraigsList and tax refund dollars go straight to student loans.

With these tools and my wife generating more income than expected this year we are on track to pay off our loans by mid-2014 instead of mid-2015 which was our last estimate when the year began.
« Last Edit: April 27, 2014, 11:42:26 AM by JSanders »

Merlion

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #148 on: April 28, 2014, 08:57:25 AM »
An end-April update:

I decided that it didn't make sense to leave the loans from family members outstanding, so they are paid.

Nearly another $15,000 in 7.65% loans has been paid off.


Details below (it's painful):

$8,764.24 @ 7.65%
$29,385.34 @ 7.65%
$8,329.04 @ 6.55%
$8,329.04 @ 6.55%
$4,164.49 @ 6.55%
$15,355.19 @ 6.55%
$14,434.80 @ 6.55%
$6,830.53 @ 6.55%
$4,572.51 @ 6.55%
$7,370.55 @ 5.00%
$4,425.62 @ 5.00%
$8,832.37 @ 4.50%

Total: $112,029.48 @ 6.51% Average Rate
 
Family Loans
$15,000


Rebecca Stapler

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #149 on: April 29, 2014, 07:32:01 AM »
OK, I'm back on the SL payoff bandwagon, starting with a teensy tiny payment today -- $95.
I have a few checks in the bank that need to clear, and once they clear I'll make another payment of $2008
Hopefully at the end of the month I'll be able to make another payment of $800 ::crossing my fingers::

The SL I'm zeroing in on has a balance of $12,174.20.