Author Topic: New Year Student Loan Challenge (2014 edition)  (Read 75573 times)

kyidkim

  • 5 O'Clock Shadow
  • *
  • Posts: 4
  • Age: 34
  • Location: Philadelphia, PA
Re: New Year Student Loan Challenge (2014 edition)
« Reply #250 on: November 27, 2014, 09:21:31 AM »
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

As of today:
Navient/Sallie Mae:
$2,478.80 @2.08%
Great Lakes:
$3,203.26 @2.08%
$5,671.74 @5.16%
$46,571.17 @6.55%
TOTAL: $58,037.08

Progress!

In total I've payed $13,693.21 towards student loans this year. I won't reach my goal of $18,000, but I will be above $15,000 by the end of the year, which I will be content with.

I had been making extra payments to Great Lakes, and only recently learned that my extra payments were being distributed across the loans, not applied to the loans with the highest interest. Need to make a call to change this.

Just submitted my last payment! 

Congrats! It really is motivating to read the posts of people who have reached the finish line.


ethereality

  • Stubble
  • **
  • Posts: 209
Re: New Year Student Loan Challenge (2014 edition)
« Reply #251 on: November 27, 2014, 12:54:58 PM »
Add me to the finished list! I'm 1.5 years out of school, and now finished paying $20,000 in loans. Definitely going to think long and hard to avoid taking out more loans for graduate school!

fantabulous

  • Bristles
  • ***
  • Posts: 287
    • My Crappy Little Blog
Re: New Year Student Loan Challenge (2014 edition)
« Reply #252 on: November 29, 2014, 07:21:02 AM »
Congrats ethereality!

Down to the anti-climactic home stretch for me. I should be done in December, taking possibly all 52 weeks of 2014 to complete this challenge. Here's where I stand at the end of November once payment clears:

Loans:  $2,871 -> $1,350

Nelnet:
$1,273 [2.35%] -> $899
$1,091 [2.35%] -> $318
$507 [2.35%] -> $133

mrfilthyrich

  • 5 O'Clock Shadow
  • *
  • Posts: 60
Re: New Year Student Loan Challenge (2014 edition)
« Reply #253 on: December 02, 2014, 09:03:50 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.
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
I have now made 3 payments in May totaling $2,920.75.  The balance is about $76,900 now.
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).
Regular payment of $920.75 posted last week so we are now at $69,489.18.
Made two additional payments totaling $1200 in July and just had the monthly payment of $920.75 post yesterday, which puts the balance at $67,622.26.
Been a few months, but made a $1420.75 in payments for Sept.  Balance is at $66,844.04
Had $920.75 paid in October and then 1340.75 paid in November, bringing the current balance down to 65,253.39.  Unfortunately I won't be meeting my goal of getting it to $60k this year, but I have ramped up my emergency savings so I am happy with the progress!

Mazzinator

  • Pencil Stache
  • ****
  • Posts: 574
  • Location: Pa, Ga, Fl, Pa, Az, Tn, Va, Hi, Va, Pa, NoVa
Re: New Year Student Loan Challenge (2014 edition)
« Reply #254 on: December 02, 2014, 06:40:04 PM »
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)

Nov 2014

9,341 cc
23,237 fed sl ($165 accrued interest)
22,320 fed sl ($156 interest to be forgiven) ($1,290 interest ytd)
10,506 private sl
2,056 private sl ($36 interest, $500 interest ytd)

-67,460 total (-67k)

Dec 2014
23,322 fed
22,343 fed
10,506 private

-56,038 (-56k)

minimos

  • 5 O'Clock Shadow
  • *
  • Posts: 47
Re: New Year Student Loan Challenge (2014 edition)
« Reply #255 on: December 04, 2014, 08:21:40 AM »
It's exactly a year since I joined this challenge - with the goal of eliminating all the 6.8% loans, and paying off around $30,000 of debt.    Our final numbers are:

Loan1 - 27,243 @4.75%
Loan2 - 104,640 @4.75%
Loan3 - 7,499 @2.35%
Loan4 - 0 @6.8% <-WOOHOOOOOOO
Loan5 - 35,926 @2.35%
Loan6 - 0 @6.8% <-WOOHOOOOOOO
Loan7 - 4,093 @2.1%
Total: $179,402

Which means we did get rid of all the 6.8% loans - yay, and came really really close to paying off $30,000 of the debt this year -- $29,081 to be exact!!(if you include the interest paid - we were way over the $30,000!). With alot of major expenses and a major move this year, I'm so happy with the progress made.  Now just have to set a 2015 goal!  Going to have to start a 2015 thread soon!

RedRumbler

  • 5 O'Clock Shadow
  • *
  • Posts: 8
  • Location: Charlottesville, VA
Re: New Year Student Loan Challenge (2014 edition)
« Reply #256 on: December 06, 2014, 01:07:43 PM »
Current Update:

Navient $5,763.91
Private Loan $7,322.09

Total: $13,086.00

Beginning to see the light..........

TeresaB

  • Stubble
  • **
  • Posts: 125
Re: New Year Student Loan Challenge (2014 edition)
« Reply #257 on: December 06, 2014, 03:07:31 PM »
Is there a protocol on who gets to make the 2015 thread? Looks like OP hasn't posted in the thread since July, so I don't know if s/he is still around.

We just officially entered repayment. It feels SO GOOD to be ahead of the curve--we've paid off one $2,000 loan completely and vanquished several thousand dollars in interest before it capitalized.

kpd905

  • Handlebar Stache
  • *****
  • Posts: 1780
Re: New Year Student Loan Challenge (2014 edition)
« Reply #258 on: December 06, 2014, 08:18:09 PM »
Just felt like chiming in since I made my last student loan payment of the year.

Total paid toward student loans in 2014: $30,000.01
Total paid toward student loans in 2013: $30,000.00

So some measurable progress made from year to year. 

I have about $46,000 to go, and am thinking of possibly trying to get rid of them by the end of 2015.  To do that I would stop maxing my 401k and just get my match, I'd also have to work at cutting a few expenses, and I am getting married in July so who knows what unexpected costs are coming my way.  We'll see what happens.

Splendid

  • 5 O'Clock Shadow
  • *
  • Posts: 86
  • Age: 32
  • Location: Virginia
Re: New Year Student Loan Challenge (2014 edition)
« Reply #259 on: December 07, 2014, 06:05:55 AM »
Paid another 603.31 on my student loans. I get a shift differential for working nights/weekends, plus I got holiday pay for Thanksgiving. So I put that entire amount on the loans.

Loan 1: $8,752.44 --> $8,149.13
Loan 2: 2,905.15
Loan 3: 11,699.99
Loan 4: 4306.01

for a total of $27,060.28

Apples

  • Pencil Stache
  • ****
  • Posts: 950
Re: New Year Student Loan Challenge (2014 edition)
« Reply #260 on: December 08, 2014, 06:34:15 AM »
We made great progress in November!

SL #1 $1,770.79---> $0!!!!!  Woooo!
SL #2 $16,020.65---> $15,243.38

One down, one to go!  October was a 5 paycheck month, so in November we had a lot of extra money to throw at the loans-$2,773.48 total for the month.  Which was great.  We will make decent progress in December, and then at the end of the year take "extra" money we budgeted to spend but didn't (mostly for utility bills-wasn't as expensive as we'd feared) and use half of that towards the loans.  So the end of the year update should be pretty good.  After that, though, I'm not sure-my husband is quitting his job without another one lined up, so the debt payment train is going to slow down a lot for a little while.  Full steam ahead for now though :p
« Last Edit: December 08, 2014, 06:37:28 AM by Apples »

Merlion

  • 5 O'Clock Shadow
  • *
  • Posts: 18
Re: New Year Student Loan Challenge (2014 edition)
« Reply #261 on: December 08, 2014, 10:10:16 AM »


Merlion, this is amazing progress.  If you can get this much done this year WHILE handling a wedding (I did the same this year), you can definitely be done by December 2015.  You've done an incredible job this year, and I think it's really honorable to take care of the family loans first, too. Getting rid of those 7.65 loans will feel so great, and will drop that monthly interest cost even more.  Best of luck.

Thanks Lentils! Congrats on the wedding! Your journal is one of my favorites! (Living in a big, expensive city like Singapore is somewhat like NYC, although I think I'd rather be in NYC and experience temperatures below a humid 75 Fahrenheit every now and again)

Quick update, after this month's payments the balance fell by $6,835.69:

$8,764.24 @ 7.65%
$34,321.56 $10,320 @ 7.65%

$8,277.91 @ 6.55%
$8,277.91 @ 6.55%
$4,138.95 @ 6.55%
$15,229.37 @ 6.55%
$14,365.38 @ 6.55%
$4,196.16 @ 6.55%
$6,911.59 @ 5.00%
$4,127.37 @ 5.00%
$8,435.15 @ 4.50%

Total: $91,099.14 @ 6.30% Average Rate

Should have some extra money to throw at them by the end of the month, so still plan on knocking out the 7.65% loan by year-end

fantabulous

  • Bristles
  • ***
  • Posts: 287
    • My Crappy Little Blog
Re: New Year Student Loan Challenge (2014 edition)
« Reply #262 on: December 12, 2014, 10:56:44 AM »
My final payment just cleared. I AM DONE

If I hadn't stumbled upon this thread in January, and made regular updates on my progress, I don't think I would have tightened the belt enough to finish within a year. I believe I was initially projecting 18 months to completion at the start of the year.

hoodedfalcon

  • Bristles
  • ***
  • Posts: 441
  • Location: Deep and Dirty
Re: New Year Student Loan Challenge (2014 edition)
« Reply #263 on: December 12, 2014, 11:32:33 AM »
So, I haven't really updated as the year went on, but I figure I could post my final results for 2014! Not as great as I hoped, but not horrible.

Nov. 2013:
Loan 1: $51,448 (3.17%) - $258/month
Loan 2: $6956 (3.92%) - $46/month
Total: $58,404 - $304 minimum monthly payment
Extra payments - $400/month
Total payment - $704/month

Today, Dec. 12 2014
Loan 1: $48,637 (3.13%) [- $2811]
Loan 2: $0 (paid off today!!!) [-$6956]

Total private loans paid in 2014: $9767

I know compared to a lot of folks, this is nothing. I also have a $400/month payment on my federal loans. I struggle with paying loans v. putting money in my 403b....and with such low interest rates on the loans...well...I am trying!

I received a substantial raise for next year, so I will increase my private loan payments to $1000/month.

Fallenour

  • Stubble
  • **
  • Posts: 125
  • Location: Earth
  • RE/PM Investor, P2P lender, Business Owner
Re: New Year Student Loan Challenge (2014 edition)
« Reply #264 on: December 12, 2014, 09:48:01 PM »
My beard refuses to grow because of these darned stupid dumb man I was an idiot, student loans that keep weighing me down.  Over the course of this past year I found MMM, made some lifestyle changes, and made a promise to myself to get serious about these loans (all $102,251 of them).  Realistically I cannot pay off all of these loans in the next year, but I can put a serious dent in them.  Last year I paid off a minuscule $12,000 in principal.  This next year (calendar year 2014) I vow to pay off more than double that ($25,000 in principal - more if I get MMM-style serious).  Anyone else who wants to make a serious commitment to paying down/off their student loans, please feel free to use this as a place to verbally commit to it, and a place to track your goals.

Here are my loans as they were at the beginning of this month (11/2013).  I will update these figures as we get closer to the Jan. 1 start of this challenge.

$16,058 (3%) - Private adjustable rate (PAR)
$14,034 (6.5%) - Federal fixed rate (FFR)
$13,524 (3.5%) - PAR
$13,238 (6.5%) - FFR
$12,436 (6.5%) - FFR
$8,277 (7.5%) - FFR (targeting this one because of the higher interest rate)
$8,227 (6.5%) - FFR
$8,227 (6.5%) - FFR
$8,227 (6.5%) - FFR
= $102,251

I almost spit my tea all over my screens when I saw your 6.5s.

What state are you in?

And whats your FICO?

I might be able to help you.

Fallenour

  • Stubble
  • **
  • Posts: 125
  • Location: Earth
  • RE/PM Investor, P2P lender, Business Owner
Re: New Year Student Loan Challenge (2014 edition)
« Reply #265 on: December 12, 2014, 09:51:24 PM »
I've been lurking these forums for a bit, but wanted to make this thread my first post. My SO and I have been working on paying off his loans since they're more painful than mine. Here are our current numbers:

$13,063.73 @ 4.25%
$6,783.77 @ 4.25%
$15,826.23 @ 13.125% <----- Ouch!
$10,802.67 @ 13.125% <----- Double Ouch!
$42.77 @ 2.35%
$47.95 @ 2.35%

Total: $46,567.12

We've been paying $1300 a month on the higher rate loans while saving up an emergency fund. Since we've reached that our goal number for the savings, it's time to really tackle these loans! The plan is, starting in January, to pay $3700 minimum on the higher interest loans and have them paid off by 2014. Any extra funds that come in will go to these loans. After that, my 4.25% loans will be next on the chopping block.

Good luck to everyone!

SCOOOOOOOOOOOOOOOORE!!!!!!!!!!!!!!!!!

Thats a sweetheart of a deal for me. Ill refi your 13% ones to 10, no transfer fees. All you gotta do is have a job with adecent income, and a fico over 680.

Splendid

  • 5 O'Clock Shadow
  • *
  • Posts: 86
  • Age: 32
  • Location: Virginia
Re: New Year Student Loan Challenge (2014 edition)
« Reply #266 on: December 14, 2014, 05:27:53 PM »
My final payment just cleared. I AM DONE

If I hadn't stumbled upon this thread in January, and made regular updates on my progress, I don't think I would have tightened the belt enough to finish within a year. I believe I was initially projecting 18 months to completion at the start of the year.

Congratulations!!! That's excellent! FREEDOMMMM!

Apples

  • Pencil Stache
  • ****
  • Posts: 950
Re: New Year Student Loan Challenge (2014 edition)
« Reply #267 on: December 15, 2014, 01:59:13 PM »
My final payment just cleared. I AM DONE

If I hadn't stumbled upon this thread in January, and made regular updates on my progress, I don't think I would have tightened the belt enough to finish within a year. I believe I was initially projecting 18 months to completion at the start of the year.

CONGRATS fantabulous! That's amazing!  Well done tightening your belt to finish in 2014 :)  Totally worth it.

mrcheese

  • Stubble
  • **
  • Posts: 134
Re: New Year Student Loan Challenge (2014 edition)
« Reply #268 on: December 20, 2014, 02:20:09 AM »
Well I never officially joined this challenge but it's an inspiring read!
I just sent off one large payment to the ATO to pay the last of my HECS debt. Making this voluntary repayment attracted a 5% bonus AND now I can cease the extra payroll deductions. Australian student loans are through the government and are repaid via extra tax taken out of wages once you are earning over a certain amount. I was in a 5% repayment bracket but my work offers great salary packaging options which would mean that I would pay less ordinary income tax but I would have a large reportable fringe benefits amount which would be added to my income at the end of the year for the ATO to work out how much I owe in HECS repayments, so in short, I would be slugged with a tax bill in the order of $1.5k... I could have left the cash in my account for a few more months earning 4% but I just like the idea of starting 2015 off with this last debt GONE!
(Confession: I never even finished my degree)

RedRumbler

  • 5 O'Clock Shadow
  • *
  • Posts: 8
  • Location: Charlottesville, VA
Re: New Year Student Loan Challenge (2014 edition)
« Reply #269 on: December 20, 2014, 03:08:54 PM »
Last update for 2014:
Navient $4,000.20
School Loan $7,322.09

Total: $11,322.29

Gonna knock it down to $0 in 2015 for sure!
Good luck everyone!

Apples

  • Pencil Stache
  • ****
  • Posts: 950
Re: New Year Student Loan Challenge (2014 edition)
« Reply #270 on: December 23, 2014, 01:54:50 PM »
Final post of 2014; we made a lot of progress this year!  These numbers include the interest the loan should accrue through the 31st.

SL #1:  Finished in November.
SL #2:  $15,244.81 ---> $13,794.44

Out of our incomes, we paid off $17,220.22 in student loan principle and $2,665.58 in interest.  We also used $31,800 in savings to pay down the loans and a few other small debts.  At that rate we would be done in August of next year.  We also saved 10% towards retirement and built a few sinking funds for smaller emergencies in those areas (car repairs, doctor visits, etc.).  So 2014 was a great year with our money.  However, my husband has quit his current job and in the search for another one, so we will not make great progress on the loans in the early part of the year, and how big the payments are in the future will depend on how much he makes (and how big my raise is next week).  So no goals are set for right now.  Worst case scenario is that we won't be done paying on the loans until December of 2016, which would make me sad haha.  Only time will tell!  A better career field for my husband that suits his talents and interests is more important anyway, it just makes it tough to do any goal setting.

mrfilthyrich

  • 5 O'Clock Shadow
  • *
  • Posts: 60
Re: New Year Student Loan Challenge (2014 edition)
« Reply #271 on: December 26, 2014, 03:13:10 PM »
No more payments the rest of the year so my total balance is $64,581.23. Obviously, not the $60,000 mark I wanted to get to, but I just looked and I started at $82,369 at the beginning of the challenge. 

So while knocking down $18K of principal I also saved $5,500 for a down payment, saved $6,500 toward emergency fund, and contributed $6,000 to my $401k.  Very happy with my results considering my goals are all over the map!
« Last Edit: December 26, 2014, 03:19:45 PM by mrfilthyrich »

NEMPLS

  • 5 O'Clock Shadow
  • *
  • Posts: 6
Re: New Year Student Loan Challenge (2014 edition)
« Reply #272 on: December 27, 2014, 03:31:15 PM »
You guys are all the best. I paid mine off a Loooooong time ago and still remember the joy and elation of making the last payment. Keep up the great work and don't get discouraged. Years down the road you will have no regrets to making the commitment to getting rid of this boat anchor.

TheGadfly

  • Stubble
  • **
  • Posts: 106
Re: New Year Student Loan Challenge (2014 edition)
« Reply #273 on: December 31, 2014, 07:09:11 AM »

$1637 - 6.55%
$2229 - 6.55%
$4656 - 5.35%
$3822 - 6.55%
$4663 - 5.75%

Total: $17,007

That's down from about $21k in January 2013.  My goal is to cut my principle down to $7000. 

Well...I didn't quite make it this year.  My balance is now around $12k.  $5,000 off the principle isn't terrible, especially since I had a relatively costly year (got married, went on a honeymoon, moved to a new state, bought a car). 

2015 will be much better.  My new home has a significantly lower COL and I'm making more money at my new job.

Great work everyone!

« Last Edit: December 31, 2014, 07:10:46 AM by TheGadfly »

skcook

  • 5 O'Clock Shadow
  • *
  • Posts: 57
Re: New Year Student Loan Challenge (2014 edition)
« Reply #274 on: December 31, 2014, 10:25:37 PM »
Last-minute post of victory!

Recently received an unexpected inheritance windfall that provided me with enough cash to pay off all of my loans. My husband thinks I'm a crazy since the only loan I have left is at 3.25% and we have a new mortgage at 4%, but we've done a pretty good job of saving this year otherwise and I was determined to get the last monkey off my back. So…today I posted a payment to Nelnet for $11,094.89. For the record, this means I finished school in May 2013 with about $56,000 of grad/undergrad debt remaining (down from a high of $80,000 at some point during grad school), and will officially be down to $0 as soon as the payment clears my bank! BOOM SHAKALAKA!

Happy New Year's to everyone!

ingrownstudentloans

  • Stubble
  • **
  • Posts: 215
  • Age: 33
  • Location: Nashville, TN
Re: New Year Student Loan Challenge (2014 edition)
« Reply #275 on: January 19, 2015, 07:17:17 AM »
Is there a protocol on who gets to make the 2015 thread? Looks like OP hasn't posted in the thread since July, so I don't know if s/he is still around.

We just officially entered repayment. It feels SO GOOD to be ahead of the curve--we've paid off one $2,000 loan completely and vanquished several thousand dollars in interest before it capitalized.

I am back!  Though I have a lot to catch up on here.  I am finally getting settled after moving from NY to Miami for a new job.  The move was expensive and finding our way around a new city has also been costly, but I think we are finally getting things down.  I did not make my goal this year, though I did get the loans knocked down quite a bit.  I'll post more later.  I hope everyone is off to a great 2015!