Author Topic: New Year Student Loan Challenge (2014 edition)  (Read 75598 times)

Kipp

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #150 on: April 30, 2014, 06:04:49 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

Balances as of April 30th:
Home (Chase) : 91,393.43
Car Loan (LMCU): 10,804.01
Sallie Mae # 1: 4,352.18
Sallie Mae # 2: 5,309.92
Sallie Mae # 3: 5,300.00
Sallie Mae # 4: 5,391.22
Total debt: 122,550.76

Debt paid off so far in 2014: $9,915.95

A little slower pace in April, I had some large tax bills to pay due to some ROTH conversions after I left my job last year... paid for that decision now...

ingrownstudentloans

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #151 on: May 01, 2014, 01:39:28 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)


End of April report:

$15,798.03 (3%)
$8,891.32 (4.25%)
$69,380.77 (2.91%)
=$94,070.12

($6,777.03 in principal paid off this year)
« Last Edit: May 02, 2014, 09:02:16 AM by ingrownstudentloans »

skcook

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #152 on: May 03, 2014, 08:22:26 PM »
January balance: $13,603

Balance as of February 10: $13,345

Not very much progress this month, but that was expected. Most of our savings in January went into the house fund, we probably won't be up to full steam earnings-wise until at least March, and I am in the midst of a couple of projects that won't bear much fruit until April. Goal for the next 2 months is a $300 payment per month, but a big upswing in payments starting in May to reach a July 1 goal of $10,000.

Still slogging along not making much of a dent but today got inspired reading recent posts, moved some money around, and threw down $500. That plus my monthly Kwik Pay of $225 next week will put the balance at about $12,325. Sometimes I get a little down about my minuscule progress lately but it does make me happy to see that since I jumped onboard this challenge in December 2013, I've paid off $18,475!

Kipp

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #153 on: May 04, 2014, 01:01:51 AM »
January balance: $13,603

Balance as of February 10: $13,345

Not very much progress this month, but that was expected. Most of our savings in January went into the house fund, we probably won't be up to full steam earnings-wise until at least March, and I am in the midst of a couple of projects that won't bear much fruit until April. Goal for the next 2 months is a $300 payment per month, but a big upswing in payments starting in May to reach a July 1 goal of $10,000.

Still slogging along not making much of a dent but today got inspired reading recent posts, moved some money around, and threw down $500. That plus my monthly Kwik Pay of $225 next week will put the balance at about $12,325. Sometimes I get a little down about my minuscule progress lately but it does make me happy to see that since I jumped onboard this challenge in December 2013, I've paid off $18,475!

I wouldn't consider $18,475 minuscule, keep up the good work!

jitterbug

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #154 on: May 05, 2014, 04:20:29 PM »
New person in!

Current loan balance:
$11,355.48 unsubsidized consolidation loan 3.125%
$16,589.13 subsidized consolidation loan     3.125%

Total: $27,944.61

Loans after grad school (had about 15K from undergrad) totaled around $52K.  Had been paying the minimums, IBR, etc., until I got super serious in Feb 2013.  I got sick of having the loans drag us down.  Total debt then from my and my husband's loans was $53,460.31 ($7,061.63 husband's school loans- PAID OFF, plus $46,398.69 my loans). 

Total paid off since Feb. 2013: $25,515.70

I have been making payments around $2k/month on my loans for about 8 months now.  Plan is to annihilate this debt within a little over a year and a half/by December 2015 at the absolute latest.  We have another baby on the way in July, so I will make 2K/month payments for the next 2 months, and then after that will pay at least $1300/month (will need some childcare for new baby starting in Dec., and am taking unpaid leave from work).  If we have managed to pay off this much with one child, I figure we shouldn't slow down too much with 2!  I can't wait to be done with my loans!!!   

NV Teacher

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #155 on: May 08, 2014, 08:20:37 PM »

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!!!)
May 2014 Update - Balance   $4,500

I can finally see the end.  Three more payments and it will a happy good-bye to Sallie Mae.

Rebecca Stapler

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #156 on: May 11, 2014, 07:31:24 PM »
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.

Now it's $10,085.06!

EUmustache

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #157 on: May 12, 2014, 05:55:31 AM »
Progress from last post to date:

$77,501 ----> $75,385

Total reduction for Feb = $2,116
Total reduction since gauntlet started = $19,612


Somehow I haven't posted here since Feb/March... where has the time gone? Our progress over the past few months is as follows:

$75,385 -------> $65,531

Total reduction since last post: $9,854
Total reduction since gauntlet started: $29,466 **holy shit**

Down to 6 loans total. Expect to carve off another $1,000-2,000 this month. Onward! Good work everyone.

Rebecca Stapler

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #158 on: May 13, 2014, 08:18:50 AM »

Total reduction since gauntlet started: $29,466 **holy shit**

Down to 6 loans total. Expect to carve off another $1,000-2,000 this month. Onward! Good work everyone.

Holy shit is right! Good work!

LadyStache

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #159 on: May 13, 2014, 10:53:46 AM »
I know a few people on this thread were discussing student loan refinance options. There is actually a new bill H.R. 4622, the Federal Student Loan Refinancing Act, which would expand the options for refinancing of student loans. If you're interested in learning more about the bill, you might want to start with this article: http://www.accountingtoday.com/news/government_news/congress-introduces-bill-to-lower-student-loan-rates-70605-1.html

I just wrote to my congressman asking them to support the bill. If you want to do the same, you can find you congressperson here: http://www.house.gov/representatives/find/

Akscal

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #160 on: May 13, 2014, 12:55:55 PM »
I havent posted in a while, and thought that I should hold myself accountable

Total student loans on 1/2014: 64,900  at 5.375%
                            Now 5/2014:  45,000  at 5.375%

Thanks to some money from my state tax return I have made some good progress, I am going to have to get creative if I am going to be debt free by 2015!
« Last Edit: May 13, 2014, 03:22:09 PM by Akscal »

minimos

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #161 on: May 13, 2014, 02:03:42 PM »
I'm a little late to report our update as of the end of April - but here goes:

We are still trudging ahead... and now broke the 195K barrier!
March Update:
Loan1 - 27,277 @4.75%
Loan2 - 104,895 @4.75%
Loan3 - 8,097@2.35%
Loan4 - 8,159 @6.8%
Loan5 - 38,975 @2.35%
Loan6 - 2,167 @6.8%
Loan7 - 4,961@2.1%
Total: $194,535

A decrease of $1930 in principle payment, $14,065 since starting this challenge!   (18K+ if you include interest!)  The interest on these loans aggravate me - I guess all the reason to continue to hit them hard.

The next few months are going to be hard to continue this rate - but will continue to try.

bugbaby

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #162 on: May 16, 2014, 11:34:56 PM »
Time for my check in:

12/18/13: 85,723  (2.75 -3%) 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



Update 5/17/14: 69,360

Debt reduction 2014: 16,363

I'm adding a stretch goal of balance $30k by end of 2014.

Thanks for all your inspiring updates and stories, they keep me going, wow!

Minimos,
you're in a good place coz your largest loans have the lower interest rates. Wait till the high interest ones disappear (Loans 4 &7) you won't believe the momentum.
« Last Edit: May 16, 2014, 11:40:40 PM by babybug »

Kipp

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #163 on: May 23, 2014, 05:59:11 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

Balances as of May 23rd:
Home (Chase) : 90,700.70
Car Loan (LMCU): 10,628.43
Sallie Mae # 1: 4,075.82
Sallie Mae # 2: 5,271.26
Sallie Mae # 3: 5,259.44
Sallie Mae # 4: 5,349.96
Total debt: 121,285.61

Debt paid off so far in 2014: $11,181.10

Don't plan on making another additional payment this month, took off about $1250 this month, if I keep up that pace I should reach my goal of $20,000 this year.

Edit: Fixing quote end spot

mrfilthyrich

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #164 on: May 23, 2014, 09:46:01 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.

Didn't make any other payments in April, but I have now made 3 payments in May totaling $2,920.75.  The balance is about $76,900 now.   The goal at the beginning of the year was to get it to $60,000 so have to keep plugging away!

apfroggy0408

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #165 on: May 30, 2014, 09:26:22 AM »
I'll join this gauntlet too since I must have missed it when I made my original.

http://forum.mrmoneymustache.com/throw-down-the-gauntlet/pay-off-my-$20k-in-student-loans-in-5-months/

This is what I started with at the beginning of this month.

Total Current Balance:    $20,882.98
                                          $13,437.48

Loan Type | Amount Owed | Interest
Direct Sub Stafford Loan -       $5,493.42   -   3.4% Fixed
Direct Unsub Stafford Loan -   $2,264.26   -   6.8% Fixed
Direct Sub Stafford Loan -       $4,526.45   -   4.5% Fixed
Direct Unsub Stafford Loan -   $2,403.79   -   6.8% Fixed
Federal Stafford Loan -           $3,544.16   -   5.6% Fixed
Federal Unsub Stafford Loan -$2,541.50   -   6.8% Fixed

The 5.6% will be paid off next.

I can pay everything off at once but I'm not there mentally.

I'm also curious when it becomes a better decision to start throwing more money into 401k/IRA/Taxable accounts instead of these loans.

Made sense to pay off the 6.8, 5.6, and possibly 4.5% loans but what about that 3.4% loan? Should that be taken out over a longer time to use money to max the 401k and IRA?

Mazzinator

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #166 on: May 30, 2014, 07:04:46 PM »
We are focusing on tax deffered accounts to lower our agi so we can put the federal loans on IBR soon, so our "savings rate" is split between debt payoff and investing.

We are focusing on the private loans (3.57%) but the 0% loans are on a cc, so they must be paid off by march before the promotion period ends.

Good luck everyone!!

I tried to copy and paste from the 2013 gauntlet..
Quote
Quote from: Mazzinator on October 01, 2013, 07:57:49 pm

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

Jan 2014

Debt
-$7,000 (0%) (my high interest SL moved to a CC that offered 0 fees)
-$33,534 (4.75 % fixed) fed SL
-$22,482 (4.75% fixed) fed SL
-$11,485 (3.5% vary) private SL
-$10,274 (3.5% vary) private SL
Total = -$84,777 (-85k)

June 2014

Debt
0 cc
55,552 federal
11,069 private
5,000 private <---- going down sukka!!!

Total -71,621

minimos

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #167 on: June 02, 2014, 10:05:16 AM »
June Update!  Slow and steady is our motto this month - and probably the next few months as we have a lot of major things going on. 

May Update:
Loan1 - 27,276 @4.75%
Loan2 - 104,889 @4.75%
Loan3 - 8,011@2.35%
Loan4 - 8,073 @6.8%
Loan5 - 38,564 @2.35%
Loan6 - 1,778 @6.8%
Loan7 - 4,837@2.1%
Total: $193,431

A decrease of $1103 in principle payment, $15,051 since starting this challenge!  Chugging along.

fantabulous

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #168 on: June 02, 2014, 11:18:44 AM »
May update: May not be able to finish by the end of the year due to upcoming medical procedures. Not a big deal if that happens, as long as I keep at this. So close to being under 5 digits of SL debt.

Loans:  $12,947 -> $11,203

Nelnet:
$3,410 [6.0%] -> $1779
$754 [5.6%] -> $748
$4,148 [5.6%] -> $4113
$953 [4.5%] -> $945
$1,433 [2.35%] -> $1.408
$1,230 [2.35%] -> $1.207
$1,022 [2.35%] -> $1,003

Total payments: $1811

Apples

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #169 on: June 03, 2014, 08:13:51 AM »
We had some large bills this month, so basically took money out of savings to put extra on SL #1 to keep our momentum going and cut off another month of repayment.  As we slowly get closer to paying off the loans, we are getting more comfortable with less in savings, because we will quickly add it back up once we're done.  So this month our savings went down about $1400, just less than the large mostly unexpected bills this month.  And by "this month" I mean May.  I like to wait until the month is truly over to see how things shake out.

SL #1  $35,926.80 ---> $33,357.76
SL #2  $16,900  --->    $16,800   approximation

I don't know the login info for SL #2 off the top of my head and am wayyy too lazy to go look it up right now since it's on automatic $200 payments until we're done w/ SL #1.  It's falling very very slowly until next year.

Sometimes I listen to the Dave Ramsey show for general motivation about paying off debt when I'm at work.  I mix it in with financial, history, and knitting podcasts for some added flavor :p  While I won't empty our savings to then go after the debt, it is partially why we took money out of savings to keep the momentum going.  I am a spreadsheet nerd and track payoff dates.  Our "worst case" is doing minimum payments rounded up to the next multiple of $100.  That one is depressing. I also have a realistic payoff where we would be done in early 2017.  I have realized that if we get a decent amount of wedding money, increase our current monthly contribution by $150,and use those 5-paycheck months well, and decrease savings by another $2,000, we could be done by the end of next year!  That is way motivational for me.  So that was fun to figure out. :)

ingrownstudentloans

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #170 on: June 03, 2014, 01:12:50 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!!!!!!!!!!!!!!!!!)


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)


End of April report:

$15,798.03 (3%)
$8,891.32 (4.25%)
$69,380.77 (2.91%)
=$94,070.12

($6,777.03 in principal paid off this year)

End of May report:

$15,753.75 (3%)
$8,296.58 (4.25%)
$69,535.63 (2.91%)
= $93,585.96

($7,261.19 reduction in principal this year)




mrfilthyrich

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #171 on: June 06, 2014, 05:52:10 PM »
I'm also curious when it becomes a better decision to start throwing more money into 401k/IRA/Taxable accounts instead of these loans.

Made sense to pay off the 6.8, 5.6, and possibly 4.5% loans but what about that 3.4% loan? Should that be taken out over a longer time to use money to max the 401k and IRA?

I know the general rule is anything above 5% pay off immediately and then you can start thinking about using money toward investments vs debt once past that threshold.  I would probably follow your line and pay off the 4.5% as well prior to really maximizing contributions to 401k and IRA.  I'm sure you are already doing this, but at the very least make sure you are getting the maximum allowed match from your employer.  Then once the 4.5% is paid off I would make sure I am maxing the IRA  as well.  I know some people will probably say don't put as much to the 4.5% and invest more, but I am a little more conservative.  Just my 2 cents.  Best of luck!

kyidkim

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #172 on: June 07, 2014, 02:35:43 PM »
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

Skipped another two months, whoops.

As of today:
Sallie Mae
$2,633.58 @2.1%
Great Lakes:
$3,392.24 @2.35%
$19,529.94 @6.8%
$6,000 @5.41%
$32,935.57 @6.8%
TOTAL: 64,532.55

My last two payments to Great Lakes have actually contributed to the principal, which is so exciting! So far this year I've reduced my debt by $5,461.28.

My next step is to refinance with SoFi. I'd like to exclude my low-interest loans, but I realized recently that Great Lakes will still expect the standard minimum payment, when really I'd want it to be as low as possible to concentrate on the loans I move to SoFi. I suppose I could keep my Great Lakes account in forbearance while making payments to cover interest? In any case I'll be giving Great Lakes a call about restructuring my payments after I refinance the higher interest loans.

The loan balance is ZERO as of today! ~$100k in 9 months!

Congratulations yoyalia!

KayakMom

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #173 on: June 07, 2014, 03:17:52 PM »
Great work everyone! I know the year is 1/2 over but I want in on the challenge!
I have one loan left and it's at 3.5%, which is probably why I've let it go this long. The balance was around $30K at the beginning of the year. I've got it down to about $20k.  Our goal is zero by the end of the year!

ingrownstudentloans

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #174 on: June 08, 2014, 09:22:45 AM »
I started this thread as a way to hold myself accountable, I am surprised with the groundswell of support and participants that it has generated.  Keep up the good work everyone. 

Someone recently posted that they wanted to refi with SoFi.  To help reduce your loan balances (and mine) use this referral link.  http://friends.sofi.com/HGpn     Once you refinance with them, they take $100 off your principal and $100 off mine - which we can then add to the total for the thread :)

I look forward to seeing all of the updates at the end of June.

NV Teacher

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #175 on: June 09, 2014, 07:42:28 PM »
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!!!)
            May 2014 Update - Balance   $4,500
June 2014 Update - Balance $3000
Two more months and this will be finished.  It's been slow and at times painful but so worth it.
« Last Edit: June 09, 2014, 10:21:44 PM by NV Teacher »

mrfilthyrich

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #176 on: June 10, 2014, 07:48:17 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.

Didn't make any other payments in April, but I have now made 3 payments in May totaling $2,920.75.  The balance is about $76,900 now.   The goal at the beginning of the year was to get it to $60,000 so have to keep plugging away!

Regular payment of $920.75 posted, which brought the account to $76,152.20.  And today we just made a big payment of $6,152.20 that will bring the balance close to $70,000 (we came into a little money, but nothing crazy).  Set the goal of $60,000 by the end of the year so we are definitely on track after this month.

apfroggy0408

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #177 on: June 11, 2014, 06:49:26 PM »
I'm also curious when it becomes a better decision to start throwing more money into 401k/IRA/Taxable accounts instead of these loans.

Made sense to pay off the 6.8, 5.6, and possibly 4.5% loans but what about that 3.4% loan? Should that be taken out over a longer time to use money to max the 401k and IRA?

I know the general rule is anything above 5% pay off immediately and then you can start thinking about using money toward investments vs debt once past that threshold.  I would probably follow your line and pay off the 4.5% as well prior to really maximizing contributions to 401k and IRA.  I'm sure you are already doing this, but at the very least make sure you are getting the maximum allowed match from your employer.  Then once the 4.5% is paid off I would make sure I am maxing the IRA  as well.  I know some people will probably say don't put as much to the 4.5% and invest more, but I am a little more conservative.  Just my 2 cents.  Best of luck!

Hey thanks for the response.

Just paid off the 5.6% this week. Which leaves the $4,400 at 4.5% and $5,400 at 3.4%.

401k is currently at 21% contribution up from 6% at the beginning of the year. IRA has not been contributed too yet but not too worried since I have a few months into 2015 to make up for that.

LanceBurkhart

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #178 on: June 23, 2014, 04:31:15 PM »
Last time we posted (in February) my wife and I had $75,000 combined SL debt. We had been making interest payments for 3 years and wife was getting debt collector calls.

We are now down to $59,000, we're square with all creditors, and are on track to be debt free in about 1.5 years! Getting a raise and moving to a cheaper apartment (cheaper by $525 per month) helped.

All of it our debt is now between 6% and 7%. I'm considering refinancing, but I like the security blanket of being able to do income based repayment and similar programs if we lose our jobs. I dunno. In any event, it's great to have those numbers dropping.

TheKbob

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #179 on: June 25, 2014, 11:10:01 PM »
So I'm new to this and want to formulate a plan, but thought I'd hit the bricks too.

Priv Loan: $11,468.78 (6.33%)
Priv Loan: $13,213.15 (3.83%)
Sallie Mae: $7,221. 84(2.53%)
Sallie Mae: $4,348.93 (6%)
Sallie Mae: $21,244.89 (6.8%)

Total: $57,497.59

Total Paid Off: Est.  $23,000~

I don't have any active credit card debt outside of monthly expenses and I have a car that should be mine this year (or very, very soon).  I want to set a short goal of 12 months and a long goal of 24 months. I too want to do the "Rolling Ball" method by targeting the smaller ones, and Sallie Mae has mine broken up into "easy to digest" bites.  I'm contributing a total of 12% to my retirement now through maximized employer matching and I want the most "free money" I can get through that, so I don't see scaling down.

Single with only one four legged mouth to feed, and she doesn't need much, so I'm going to do some real hard eyeballing of expenses to start burning this down.

fallstoclimb

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #180 on: June 26, 2014, 06:33:58 AM »
Just paid off another loan.  Now down to just one loan of $9,676, from a starting balance of ~$70,000 3 years ago.  Being so close is just making me more impatient.  I don't want to spend my summer so focused on my debt but I'm having a hard time not obsessing.

Will probably have these killed by October, but I'm gonna try to do it sooner if I can figure out a way. 

Kipp

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #181 on: June 28, 2014, 01:05:44 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

Balances as of June 28th:
Home (Chase) : 90,005.08
Car Loan (LMCU): 10,453.25
Sallie Mae # 1: 3,791.46
Sallie Mae # 2: 5,233.08
Sallie Mae # 3: 5,219.23
Sallie Mae # 4: 5,309.05
Total debt: 120,011.15

Debt paid off so far in 2014: $12,455.56

Not a bad June, over $1,250 again.  Now July will be messy... I should get an escrow refund just over $1300 that I had planned on paying toward debt, but also due to a hail storm in April my siding and roof was damaged and I will probably be having to pay my high deductible ($5,000).  I still desire to put the $1,300 towards debt and then utilize August's 3 pay month to chop it down more, but I also will need to replenish the cash fund.  It is not like I will have $0 cash, I just won't have quite enough for another $5,000 expense if one would arise.  Maybe I should add a part-time job to replenish it?

Also, good job everyone on paying off student loans!

minimos

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #182 on: July 03, 2014, 10:32:52 AM »
July Update!

Loan1 - 27,276 @4.75%
Loan2 - 104,889 @4.75%
Loan3 - 7,952.59 @2.35%
Loan4 - 8,014 @6.8%
Loan5 - 38,280 @2.35%
Loan6 - 918 @6.8%
Loan7 - 4,714@2.1%
Total: $192,045

A decrease of $1386 in principle payment, $16311 since the start of the challenge.  Goal is to knock out loan 6 this next month -- but how the SL vendor divides the payment - it might fall into August.

fantabulous

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #183 on: July 03, 2014, 05:13:12 PM »
June update. Got spendy and lost some momentum, so less than $1,000 put towards loans last month. Should come back stronger in July.

Loans:  $11,203 -> $10,332

Nelnet:
$1,779 [6.0%] -> $1,036
$748 [5.6%] -> $740
$4113 [5.6%] -> $4,072
$945 [4.5%] -> $935
$1.408 [2.35%] -> $1,381
$1.207 [2.35%] -> $1,184
$1,003 [2.35%] -> $984

RedRumbler

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #184 on: July 06, 2014, 07:36:09 PM »
June 2014 update:

Direct Loan - Sub       $2,523.00    2.1%   
Direct Loan - Sub       $3,383.83    6.55%   
Direct Loan - Sub       $1,933.66    6.55%   
Direct Loan - Sub       $5,317.46    6.55%   
Direct Loan - Sub       $2,063.10    5.35%   
Direct Loan - Sub       $4,108.91    6.55%   
Direct Loan - Sub       $8,217.80    6.55%   
Direct Loan - Sub       $8,217.80    6.55%   
Direct Loan- Unsub    $6,273.00    6.55%   
Direct Loan- Unsub    $6,680.49    6.55%   
Direct Loan- Unsub    $7,220.48    6.55%   
Direct Loan- Unsub    $14,196.57    6.55%   
Direct Loan- Unsub    $13,397.06    6.55%   
Direct Grad PLUS       $6,005.03    7.65%
Direct Loan- Unsub    $21,528.14    6.55%

Total Remaining         $111,066.33

Ended up doing IBR so that I could funnel most of my funds into the highest interest loan.

Great job everyone!
« Last Edit: July 06, 2014, 07:47:47 PM by RedRumbler »

NV Teacher

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #185 on: July 09, 2014, 06:41:48 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!!!)
            May 2014 Update - Balance   $4,500
               June 2014 Update - Balance $3,000

July 2014 Update - Balance $0.00     

That's it, I'm done.  Thanks for throwing out the challenge.  It was just what I needed to get serious about getting rid of this albatross.  Good luck everyone!!!!

ingrownstudentloans

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #186 on: July 09, 2014, 06:47:05 AM »
Congrats, NV!!!!!!

Now go buy what you need to make a really nice dinner to celebrate and then start throwing all of that extra cash towards the stache!!!!!!!!!!!

Mazzinator

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #187 on: July 11, 2014, 02:21:50 AM »
Jan 2014

Debt
-$7,000 (0%) (my high interest SL moved to a CC that offered 0 fees)
-$33,534 (4.75 % fixed) fed SL
-$22,482 (4.75% fixed) fed SL
-$11,485 (3.5% vary) private SL
-$10,274 (3.5% vary) private SL
Total = -$84,777 (-85k)

July 2014

Debt
$55,590 federal
$10,091 private
$2,312 private

-$68,803 total (-69k)

EUmustache

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #188 on: July 11, 2014, 04:00:41 AM »

$75,385 -------> $65,531

Total reduction since last post: $9,854
Total reduction since gauntlet started: $29,466 **holy shit**

Down to 6 loans total. Expect to carve off another $1,000-2,000 this month. Onward! Good work everyone.

$65,531 ------> $63,218
Reduction since last post: $2,313
Reduction since gauntlet started: $31,779

Currently have $1,250 scheduled to clear next wednesday, but I'm keeping myself honest and not including it :)
Still at 6 loans total, but that $1,250 payment will push one below $2,500 so I may be able to pay it off in full next month depending on a few variables. Should be gone by September latest though! That will push us into the -$50s! (Which still sucks, but that is better than the -$95k we started at so....)

Good work everyone and congrats to NV!

ethereality

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #189 on: July 12, 2014, 04:17:43 PM »
$16,355 (Jan '14) -> $14,117.45 (Feb '14)

Now I'm at $9934 (Jul '14). I met the goal that I set out earlier this year (under 10K, as my loans are at 3.1%), but I'll return to paying this down after I focus on investing for a little while.

Wanderlusting

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #190 on: July 12, 2014, 05:39:15 PM »
This is thread that made me a member of this forum, so I feel like I should finally lay out my situation. Currently I owe a hair under $50,000 in student loans, with my goal set to pay them off in under three years from July. I currently make around $1200 in net payments to the various loans, which since I have no other debt would be equivalent to a 75%~ savings rate. The loan breakdown is as follows.

Private #1 - 13,920 @ 6% $37.50 Weekly
Private #2 - 12,920 @ 6% $37.50 Weekly
Nelnet #1 - 1596 @ 8.5% $25 Monthly, currently paid forward until Feb 2015, but i'm going to start paying monthly again.
Nelnet #2 - 4580 @ 5.3% $53 Monthly
Nelnet #3 - 9920 @ 8.5% $114 Monthly
Nelnet #4 - 6350 @ 8.5% $87 Monthly (Currently paying this one down with extra cash)

My short term plan is to have the 6350 one paid off by November, then roll into knocking out the 1596 one off quick, then the 9900 ish one. If I can become really aggressive, then I think by then end of 2016 i'll be fully paid off, though all things being equal, some time in 2017 is more likely. I should mention that I am in the military, and currently I have no housing outlay and there is a free galley available for lunches, which I try to take advantage of, so that helps depress my expenses, but conversely also depresses the salary relative to most civilian jobs.

bugbaby

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #191 on: July 15, 2014, 02:57:27 PM »
Time for my check in:

12/18/13: 85,723  (2.75 -3%) 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



Update 5/17/14: 69,360

Debt reduction 2014: 16,363



Update 7/15/14: 65,944

Principal reduction 2014: 19,779

I need to step it up big time to reach goal of 40k this year.  Thanks every one !

mrfilthyrich

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #192 on: July 15, 2014, 05:41:35 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.

Didn't make any other payments in April, but I have now made 3 payments in May totaling $2,920.75.  The balance is about $76,900 now.   The goal at the beginning of the year was to get it to $60,000 so have to keep plugging away!

Regular payment of $920.75 posted, which brought the account to $76,152.20.  And today we just made a big payment of $6,152.20 that will bring the balance close to $70,000 (we came into a little money, but nothing crazy).  Set the goal of $60,000 by the end of the year so we are definitely on track after this month.

Regular payment of $920.75 posted last week so we are now at $69,489.18.  Need to average $2500 a month to meet the goal set at the beginning of the year.

DirtDiva

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #193 on: July 16, 2014, 10:02:47 AM »
I'm in.  I am pretty sure we have the oldest student loan balance on this website...perhaps on earth.

Hubs started his undergraduate degree in 1986.  Through a combination of subsidized loans by Uncle Sam and deferment via ongoing graduate school, the loan repayment began in 2004.
...original ~ 70k.


Update:  39,870 in December, >> $22,976.


TinyDC

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #194 on: July 20, 2014, 08:03:42 AM »
I'm in! I started aggressively targeting my student loans two months ago and have already paid down $4,400. Paying this debt has become my not-so-guilty pleasure. The red ink:
$16,000- 0% family loan- $500/month
$5,950- 7.8%- $1,700/month
$8,800- 6.7%- $67/month (will increase once the higher interest loan has been obliterated)
Total: $30,750

2014 goal: Everything but the family loan, which I will continue to pay at a rate of $500/month for the next few years.  That comes to a 2014 debt reduction of $20,750 and no more interest!

Paid in full! No more student loans!  We knocked this out 3 months sooner than expected and just in time for the arrival of our first child.  Good luck to everyone else, si se puede!

Akscal

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #195 on: July 22, 2014, 12:23:12 PM »
Congrats TinyDC! I hope to be where you are soon in terms of being debt free, Congrats on the baby.

My progress thus far:

Total student loans on 1/2014: 64,900  at 5.375%
                                     5/2014:  45,000  at 5.375%
                                     7/2014: 29,000 at 5.375%

Thanks to some part time income in June,  if I keep going at this pace, I am going to be debt free by 2015!

ingrownstudentloans

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #196 on: July 29, 2014, 11:38:06 AM »

= $100,847.15  (I will drop below $100,000 next month!!!!!!!!!!!!!!!!!)


First month check-in.

=$98,625.29 


end of March:

=$96,748.88


End of April report:

=$94,070.12


End of May report:

= $93,585.96


Missed June, here is end of July:

$15,666.15 (3.5%)
$7,815.68 (4.25%)
$68,459.83 (2.92%)
= $91,941.66

($8,905.49 in principal this year) 

I really need to kick this into high gear here, hoping to take a chunk away when the home refinance closes - it's really shifting debt, but it will take away the variable rates for a slightly higher fixed rate stretching the minimum payments out much longer, and it will allow me to deduct the interest...not getting any of the SL interest deduction currently.  I am hoping to knock out the 4.25% and at least 1/2 of the 3.5% loans with the refinance and roll the savings into the rest of the 3.5% to have it finished by the end of the year. 


fantabulous

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #197 on: August 04, 2014, 05:22:23 PM »
July update: Comfortably in the 4 digit range now. Don't think I can kill everything by December, but likely everything but the 2.35% loans.

Loans:  $10,332 -> $8,669

Nelnet:
$1,036 [6.0%] -> gone!
$740 [5.6%] -> $232
$4,072 [5.6%] -> $4,031
$935 [4.5%] -> $925
$1,381 [2.35%] -> $1,354
$1,184 [2.35%] -> $1,162
$984 [2.35%] -> $965

Mazzinator

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #198 on: August 05, 2014, 01:11:12 AM »
Jan 2014

Debt
-$7,000 (0%) (my high interest SL moved to a CC that offered 0 fees)
-$33,534 (4.75 % fixed) fed SL
-$22,482 (4.75% fixed) fed SL
-$11,485 (3.5% vary) private SL
-$10,274 (3.5% vary) private SL
Total = -$84,777 (-85k)

July 2014

Debt
$55,590 federal
$10,091 private
$2,312 private

-$68,803 total (-69k)

Aug
$54,309 federal
$10,805 private
$2,249 private

-$67,363 total (-67k)

apfroggy0408

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Re: New Year Student Loan Challenge (2014 edition)
« Reply #199 on: August 05, 2014, 07:16:02 AM »
I'll join this gauntlet too since I must have missed it when I made my original.

http://forum.mrmoneymustache.com/throw-down-the-gauntlet/pay-off-my-$20k-in-student-loans-in-5-months/

This is what I started with at the beginning of this month.

Total Current Balance:    $20,882.98
                                          $13,437.48

Loan Type | Amount Owed | Interest
Direct Sub Stafford Loan -       $5,493.42   -   3.4% Fixed
Direct Unsub Stafford Loan -   $2,264.26   -   6.8% Fixed
Direct Sub Stafford Loan -       $4,526.45   -   4.5% Fixed
Direct Unsub Stafford Loan -   $2,403.79   -   6.8% Fixed
Federal Stafford Loan -           $3,544.16   -   5.6% Fixed
Federal Unsub Stafford Loan -$2,541.50   -   6.8% Fixed

The 5.6% will be paid off next.

I can pay everything off at once but I'm not there mentally.

I'm also curious when it becomes a better decision to start throwing more money into 401k/IRA/Taxable accounts instead of these loans.

Made sense to pay off the 6.8, 5.6, and possibly 4.5% loans but what about that 3.4% loan? Should that be taken out over a longer time to use money to max the 401k and IRA?


Total Current Balance:    $20,882.98 May 15th 2014
                                        $13,437.48 April 15th 2014
                                           $9,896.08  June 12th 2014
                                                $5,401.78 July 22nd 2014
                                                   $0,000.00 Aug 4th 2014


Loan Type | Amount Owed | Interest
Direct Sub Stafford Loan -       $5,493.42 5,424.35 $5,401.78  -   3.4% Fixed
Direct Unsub Stafford Loan -   $2,264.26   -   6.8% Fixed
Direct Sub Stafford Loan -       $4,526.45 4,471.73   -   4.5% Fixed
Direct Unsub Stafford Loan -   $2,403.79   -   6.8% Fixed
Federal Stafford Loan -           $3,544.16   -   5.6% Fixed
Federal Unsub Stafford Loan -$2,541.50   -   6.8% Fixed


Debt freeeeeeeeeeeee weeeeeeeeeeee