Student Loan Challenge (2018 Edition)

[haypug16]

Nice job lexde!!!

2018 Student Loan Pay down
Jan 1st 2018 $61,210.17
Feb 1st 2018 $61,498.36
Mar 1st 2018 $60,712.61
Apr 1st 2018 $59,888.71
May 1st 2018 $56,074.38
June 1st 2018 $54,942.04
July 1st 2018 $54,231.66
July 31st 2018 $53,541.07
August 31st 2018 $52,702.83
September 30th 2018 $51,851.38
October 31st 2018 $50,277.21
November 30th 2018 $49,031.78 ($1,245.43) decrease

$12,178.39/$10,000 Goal

Made it under $50K :) 33 months or less to go!

[Money Beets]

Total Payments made in September = $2,130.70
End September targeted loan balance = $12,420.99
End September total balance = $43,635.49

Total Paid in October = $2,510.70
End October targeted loan balance = $10,243.51
End October total balance = $41,231.73

Total Paid in November = $4,611.70
End November targeted loan balance = $6,265.07
End November total balance = $36,908.10

[zeli2033]

End-of-November update time!

2/28/18: $63,221 [Starting Balance]
3/8/18: $62,846
3/20/18: $60,722
4/2/18: $59,399
4/18/18: $58,372
6/30/18: $ 58,175
7/13/18: $ 55,929
8/12/18: $54,868
8/15/18: $53,821
9/5/18: $52,622
9/18/18: $50,941
10/2/18: $46,212
10/17/18: $42,804
11/6/18: $40,746
12/4/18: $38,695 (-2051)

My goal was to be under $35k by 12/31/18 and it looks like it may be a close one! Fingers crossed we're able to get there :)

[MrUpwardlyMobile]

2/1/18 - $87,728 .74 @2.57% variable rate

2/22/18 - $81,748.39 @2.57% variable rate (Put my after tax amount from my new job's signing bonus into attacking the balance).

2/27/18 - 74,821.93 @ 2.64% used our federal return to pay it down.  Unfortunately the variable rate increased with LIBOR so the rate went up by .07%.

The war on my student loan balance is raging. I am finally below $80k.  This means the principal reached the half way mark.

3/1/18 - $72,332.43 @2.64%

I badly want another financial windfall to make another extra payment.  Waiting on State tax return now to make another extra payment.

4/1/18- $68,738.42 @2.88% another LIBOR increase screwing up my world.  Fortunately it’s still under what my rate would have been if fixed.  I increased my monthly payment from $2,500 to $3,000.00.  It’s full bore warfare on student loans.

Ugh.  The existence of this loan balance gnaws at me in a way I can’t describe.  I’m paying an extra $1000 this upcoming week because I desperately need to see the balance keep decreasing.

$67,825.20 @2.88%.  I’m raising my monthly payment to $3,500.00

$64,400.12 @2.90%.  Interest rates continue to rise, but still lower than if I had chosen a fixed rate.

$60,858.43 @2.97% interest rates continue to rise, but still under 3.25% that it would have been if it were fixed.

$57,506.99 @ 3.10% seems like every post involves an interest rate increase.

$37,560.72 @3.10% I’ve paid about $70,000 toward this balance since January....insane.

$34,127.40  @3.08% (the only interest rate decrease that I’ve experienced)

$30,713.78 @3.08%

$27,291.54 @3.22% (interest rates jumping back up)

$23,877.60 @3.30%

$20,419.06 @3.30% - Apparently my student loan company debited my account a second time this month for no apparent reason....

$19,830.09 @3.30% - I’m below $20,000 in student loan debt.  The last time my numbers were that low, I was an undergrad. I’ve officially paid off the cost of law school.

[imadandylion]

Today I'm at $5391.06 remaining out of over $32k original debt balance (really rough estimate). That's 2.5 years of thankfully being able to pay more than the minimum. So excited it's almost over!

Ended up getting that bonus which helped a lot. Trying to be as thrifty as possible but had a few setbacks from wanting warm clothes that are professional looking that I couldn't find at the thrift store (or online used clothes stores like Thredup), and shoes (really hard to thrift shoes in my experience). I've applied to a part time job so I hope I get that to expedite this.

[OliveFI]

I finally got out of some tax / consumer debt in Nov. 2017 so I decided to get serious about repaying my student loans quickly. I should have been posting in this thread all along... I don't know why I wasn't hitting these harder earlier ... but I'm doing it now.

Here is my situation:

Graduated law school in 2016 with $39,000. Mostly from Undergraduate as I had a full ride to law school - I took one loan during law school for stupid reasons and I've already face punched my self.

Balance as of Jan 1. 2018 - $37,793.97


Current Balances -

Loan #1: $9,533.56 @ 5.5% (fixed)
Loan #2: $17,299.21 @ 5.5% (fixed)
Loan #3: $7,792.44 @ 6.21% (fixed)

Total as of July 19, 2018: $34,625.21

June payment: $805.69

I am going to make a $650 payment now to bring my balance down into $33k!

Total July payment: $1,150

I think I am able to keep my payments in the $1k to $1.4k range for the foreseeable future!

My goal is to pay these loans off by the time I am 30. I turned 28 two weeks ago. It is totally doable on my salary, I just need to bite the bullet and throw the money at the loans. I figure posting here will help. Also, I am slated to get a bonus in March 2019 that will hopefully cover the balance of the loans. So I could hit this goal before I am 29 which would feel awesome. I know nothing is guaranteed, so that is why I plan on throwing money at them now. Plus why would I want to accrue more interest??? If I get the bonus and it is higher than my loan balance I can throw that into an investment account!

Seeing the posts about ZERO BALANCES is so inspiring! I love this.

Alright ...

July 2018 total payment: $1,150
July 2018 balance: $34,012.78

August 2018 payment (so far): $1,000
August 2018 balance (as of 8/15): $33,144.57

July was NOT a frugal month by any stretch of the imagination. I am doing frugal month challenge this month, so hopefully I can make another $1k payment. It is a little addicting seeing the balance go down!

August and September Progress ...


Balance as of 8/15: $33,144.57

Payments:
8/23: $300
9/10: $1,000
10/1: $600
10/15: $1,000

Balance once the 10/15 payment hits: $30,491

I am going to get it into the 20s this month ... with an extra payment next week. I'm excited for that milestone!

I couldn't resist ...  had to get it into the 20s! I knew I was getting paid today so put as much as I could from my checking into another payment!

10/17: $600

Balance as of 10/19: $29,978.55

I paid $2,200 this month!!

November update!!!!

Payments -
11/05/2018: $1,000
11/30/2018: $1,000

Remaining Balance: $28,217.49

We'll see what I can throw at them this month. Hopefully $2k at least. I've been bumping up my cash savings as well. BUT if I keep my spending under control, I can get over $2k into the loans I think.

[UnexpectedExpenseExpector]

Congrats @lexde !  Strong work knocking those loans out!

Can't wait to join you on the other side.

Jul: 34,235.29
Aug: 31,126.76
Sep: 30,670.30
Oct: 29,554.17
Nov: 26,987.46
Dec: 26,538.80
...

2019 Jul: 0.00 (GOAL)

As expected, we didn't hit the original goal of $23k by December, but we are planning a pretty aggressive pay down of these first half of 2019 as we're ready to get on to other financial goals.

[UnexpectedExpenseExpector]

Sent another payment in. 

Jul: 34,235.29
Aug: 31,126.76
Sep: 30,670.30
Oct: 29,554.17
Nov: 26,987.46
Dec6: 26,538.80
Dec12: 26,018.56
...

2019 Jul: 0.00 (GOAL)

[TyGuy]

Hello,

I am new to the forum and I will begin paying back my student loans in January 2019. I was wondering if a separate forum has been started for 2019 yet, or if one will be made in the coming weeks? I am excited to begin this journey!

[sweetkerryline]

Hello,

I am new to the forum and I will begin paying back my student loans in January 2019. I was wondering if a separate forum has been started for 2019 yet, or if one will be made in the coming weeks? I am excited to begin this journey!

I sure haven't seen one, but you should feel free to start one!

My student loans are PAID OFF (praise be), so I'd love for someone else to take the reins.

[MrUpwardlyMobile]

2/1/18 - $87,728 .74 @2.57% variable rate

2/22/18 - $81,748.39 @2.57% variable rate (Put my after tax amount from my new job's signing bonus into attacking the balance).

2/27/18 - 74,821.93 @ 2.64% used our federal return to pay it down.  Unfortunately the variable rate increased with LIBOR so the rate went up by .07%.

The war on my student loan balance is raging. I am finally below $80k.  This means the principal reached the half way mark.

3/1/18 - $72,332.43 @2.64%

I badly want another financial windfall to make another extra payment.  Waiting on State tax return now to make another extra payment.

4/1/18- $68,738.42 @2.88% another LIBOR increase screwing up my world.  Fortunately it’s still under what my rate would have been if fixed.  I increased my monthly payment from $2,500 to $3,000.00.  It’s full bore warfare on student loans.

Ugh.  The existence of this loan balance gnaws at me in a way I can’t describe.  I’m paying an extra $1000 this upcoming week because I desperately need to see the balance keep decreasing.

$67,825.20 @2.88%.  I’m raising my monthly payment to $3,500.00

$64,400.12 @2.90%.  Interest rates continue to rise, but still lower than if I had chosen a fixed rate.

$60,858.43 @2.97% interest rates continue to rise, but still under 3.25% that it would have been if it were fixed.

$57,506.99 @ 3.10% seems like every post involves an interest rate increase.

$37,560.72 @3.10% I’ve paid about $70,000 toward this balance since January....insane.

$34,127.40  @3.08% (the only interest rate decrease that I’ve experienced)

$30,713.78 @3.08%

$27,291.54 @3.22% (interest rates jumping back up)

$23,877.60 @3.30%

$20,419.06 @3.30% - Apparently my student loan company debited my account a second time this month for no apparent reason....

$19,830.09 @3.30% - I’m below $20,000 in student loan debt.  The last time my numbers were that low, I was an undergrad. I’ve officially paid off the cost of law school.

$0.00.  I’m paid off.  Holy crap, the long night is over. 

I don’t usually link to my blog, but it’s such a benchmark that I’m compelled to share.
http://upwardlymobile.life/paid-off-i-paid-my-six-figure-student-loan-debt-in-5-5-years/

I shall not be joining anyone in the 2019 edition of this thread because I’m done! Hurray!

[eightyeighttoone]

WHAT?!?! That's amazing! Major congrats Mr. UP! Just logged in for first time in a while and was not expecting to see this. Way to go!

[MrUpwardlyMobile]

WHAT?!?! That's amazing! Major congrats Mr. UP! Just logged in for first time in a while and was not expecting to see this. Way to go!

 Thanks! It’s been a long five and a half years.  I’m so glad to be done with this and to have the chance to really focus on the asset side of net worth.

[lexde]

2/1/18 - $87,728 .74 @2.57% variable rate

2/22/18 - $81,748.39 @2.57% variable rate (Put my after tax amount from my new job's signing bonus into attacking the balance).

2/27/18 - 74,821.93 @ 2.64% used our federal return to pay it down.  Unfortunately the variable rate increased with LIBOR so the rate went up by .07%.

The war on my student loan balance is raging. I am finally below $80k.  This means the principal reached the half way mark.

3/1/18 - $72,332.43 @2.64%

I badly want another financial windfall to make another extra payment.  Waiting on State tax return now to make another extra payment.

4/1/18- $68,738.42 @2.88% another LIBOR increase screwing up my world.  Fortunately it’s still under what my rate would have been if fixed.  I increased my monthly payment from $2,500 to $3,000.00.  It’s full bore warfare on student loans.

Ugh.  The existence of this loan balance gnaws at me in a way I can’t describe.  I’m paying an extra $1000 this upcoming week because I desperately need to see the balance keep decreasing.

$67,825.20 @2.88%.  I’m raising my monthly payment to $3,500.00

$64,400.12 @2.90%.  Interest rates continue to rise, but still lower than if I had chosen a fixed rate.

$60,858.43 @2.97% interest rates continue to rise, but still under 3.25% that it would have been if it were fixed.

$57,506.99 @ 3.10% seems like every post involves an interest rate increase.

$37,560.72 @3.10% I’ve paid about $70,000 toward this balance since January....insane.

$34,127.40  @3.08% (the only interest rate decrease that I’ve experienced)

$30,713.78 @3.08%

$27,291.54 @3.22% (interest rates jumping back up)

$23,877.60 @3.30%

$20,419.06 @3.30% - Apparently my student loan company debited my account a second time this month for no apparent reason....

$19,830.09 @3.30% - I’m below $20,000 in student loan debt.  The last time my numbers were that low, I was an undergrad. I’ve officially paid off the cost of law school.

$0.00.  I’m paid off.  Holy crap, the long night is over. 

I don’t usually link to my blog, but it’s such a benchmark that I’m compelled to share.
http://upwardlymobile.life/paid-off-i-paid-my-six-figure-student-loan-debt-in-5-5-years/

I shall not be joining anyone in the 2019 edition of this thread because I’m done! Hurray!

Congrats!

[Money Beets]

Total Payments made in September = $2,130.70
End September targeted loan balance = $12,420.99
End September total balance = $43,635.49

Total Paid in October = $2,510.70
End October targeted loan balance = $10,243.51
End October total balance = $41,231.73

Total Paid in November = $4,611.70
End November targeted loan balance = $6,265.07
End November total balance = $36,908.10

Total Paid in December= $7,150.00
End December targeted loan balance = $0.00!!!
End December total balance = $29,920.41

I switched jobs back in December 2017, but remained on good terms with my prior employer and helped them out with a big project periodically throughout the year.  They gave me a nice bonus for my efforts and I put all of it toward my targeted loan.  I am super excited to be under $30k and am optimistic that I will be able to pay off my loans by the end of 2019.  I have one more loan at 6.55% that I will be targeting next (current balance on it is $6,309.55).

[MrUpwardlyMobile]

2/1/18 - $87,728 .74 @2.57% variable rate

2/22/18 - $81,748.39 @2.57% variable rate (Put my after tax amount from my new job's signing bonus into attacking the balance).

2/27/18 - 74,821.93 @ 2.64% used our federal return to pay it down.  Unfortunately the variable rate increased with LIBOR so the rate went up by .07%.

The war on my student loan balance is raging. I am finally below $80k.  This means the principal reached the half way mark.

3/1/18 - $72,332.43 @2.64%

I badly want another financial windfall to make another extra payment.  Waiting on State tax return now to make another extra payment.

4/1/18- $68,738.42 @2.88% another LIBOR increase screwing up my world.  Fortunately it’s still under what my rate would have been if fixed.  I increased my monthly payment from $2,500 to $3,000.00.  It’s full bore warfare on student loans.

Ugh.  The existence of this loan balance gnaws at me in a way I can’t describe.  I’m paying an extra $1000 this upcoming week because I desperately need to see the balance keep decreasing.

$67,825.20 @2.88%.  I’m raising my monthly payment to $3,500.00

$64,400.12 @2.90%.  Interest rates continue to rise, but still lower than if I had chosen a fixed rate.

$60,858.43 @2.97% interest rates continue to rise, but still under 3.25% that it would have been if it were fixed.

$57,506.99 @ 3.10% seems like every post involves an interest rate increase.

$37,560.72 @3.10% I’ve paid about $70,000 toward this balance since January....insane.

$34,127.40  @3.08% (the only interest rate decrease that I’ve experienced)

$30,713.78 @3.08%

$27,291.54 @3.22% (interest rates jumping back up)

$23,877.60 @3.30%

$20,419.06 @3.30% - Apparently my student loan company debited my account a second time this month for no apparent reason....

$19,830.09 @3.30% - I’m below $20,000 in student loan debt.  The last time my numbers were that low, I was an undergrad. I’ve officially paid off the cost of law school.

$0.00.  I’m paid off.  Holy crap, the long night is over. 

I don’t usually link to my blog, but it’s such a benchmark that I’m compelled to share.
http://upwardlymobile.life/paid-off-i-paid-my-six-figure-student-loan-debt-in-5-5-years/

I shall not be joining anyone in the 2019 edition of this thread because I’m done! Hurray!

Congrats!

Thank you! I’m thrilled to be done with it.

[Civex]

Thought I posted in this thread....it looks like it may have been the 2017 edition.

Original balance-$90,400 @ 5.01 7/2014
End of January '18 balance-$64,481
End of June '18 balance-$55,411

We threw our tax return at it, which helped and I bumped the auto payment to $1250. Goal is pay off by ~ Spring 2020. Pretty happy with the progress over the last few months-wife was on maternity leave, so our income was reduced, but things are still chugging along.

July 2018-$52,993 ($1250/regular monthly payment + $1400 unexpected work reimbursement)

August 2018-$51,709 ($1250/regular monthly payment + $263.54 extra in checking)

August 2018-$51,409-paid the "extra" in my checking account toward balance $300

I have a tendency to obsess over things and lately this has been, "the thing." I either need to kill it quickly or find something else to neurotically work on.

Sept. 2018-$50,381 ($1250 monthly payment)
-Have some "extra" money coming in the form of a FSA withdrawal, so I think I'll get it under $50k this month!

Looks like I missed a few months....been crazy. Pay down has definitely slowed-combo of spending more than normal and when it rains it pours.

Oct. 2018-($1250 payment)
Nov. 2018-($1250 payment)
Dec. 2018-$47,258 ($1250 payment)
-Decided to snowball my auto loan to improve cash flow a bit; hopefully will pay that off in the first 3-4 months of 2019, and increase my SL payment to ~$1700/month minimum

[Malkynn]

$0.00.  I’m paid off.  Holy crap, the long night is over. 

I don’t usually link to my blog, but it’s such a benchmark that I’m compelled to share.
http://upwardlymobile.life/paid-off-i-paid-my-six-figure-student-loan-debt-in-5-5-years/

I shall not be joining anyone in the 2019 edition of this thread because I’m done! Hurray!

This is amazing!!!
Is it weird to say that I'm proud of you??

Thanks for linking the blog, I'll definitely check it out.

[appleseed]

Last update in November:

DB1 - $2840
DB2 - $2898 (sent an extra $150 just to see this one go under $3k!!)
N1 - $3866
N2 - $3377

Total - $12,981

New update!

WE DID IT! Ok, so they are not paid off, but they are under $10k. We squeaked under at the end of the year.

DB1 - $1,467
DB2 - $1,569
N1 - $3698
N2 - $3231

Total as of 12/30/2018 - $9,965!! Goal is to have them paid off by July, which is doable at the rate I paid them this year.

Happy New Year, everyone. Let's kill these loans in 2019.

[appleseed]

Sent another payment in. 

Jul: 34,235.29
Aug: 31,126.76
Sep: 30,670.30
Oct: 29,554.17
Nov: 26,987.46
Dec6: 26,538.80
Dec12: 26,018.56
...

2019 Jul: 0.00 (GOAL)

Congratulations!

[MrUpwardlyMobile]

$0.00.  I’m paid off.  Holy crap, the long night is over. 

I don’t usually link to my blog, but it’s such a benchmark that I’m compelled to share.
http://upwardlymobile.life/paid-off-i-paid-my-six-figure-student-loan-debt-in-5-5-years/

I shall not be joining anyone in the 2019 edition of this thread because I’m done! Hurray!

This is amazing!!!
Is it weird to say that I'm proud of you??

Thanks for linking the blog, I'll definitely check it out.

Thank you! I’m psyched about this.  It feels like we can actually start accumulating wealth now, instead of just sending it to student loan companies.

[Anygivenlindsay]

Congratulations @lexde! Loved seeing that $0
Final updated for the year - this time split into the 2 separate loans
1) $62,404.53 @5.25
2) $70,463.35 @ 4.5

Should be getting my dispersement for the year here soon as well. This first part of that will go to IRA but the rest will be thrown at our higher interest loan. Can’t wait to be done with that

[haypug16]

2018 Student Loan Pay down
Jan 1st 2018 $61,210.17
Feb 1st 2018 $61,498.36
Mar 1st 2018 $60,712.61
Apr 1st 2018 $59,888.71
May 1st 2018 $56,074.38
June 1st 2018 $54,942.04
July 1st 2018 $54,231.66
July 31st 2018 $53,541.07
August 31st 2018 $52,702.83
September 30th 2018 $51,851.38
October 31st 2018 $50,277.21
November 30th 2018 $49,031.78
December 31st 2018 $46,919.36 ($2,112.42) decrease

$14,290.81/$10,000 Goal

Had a very good year. I was even able to throw an extra $800 towards this debt today. :) Next years goal is to pay down $17K!!!

[zeli2033]

Congrats everyone on the progress in 2018! And @MrUpwardlyMobile extra congrats to you for paying those monsters off! Nicely done.

As for me, I missed my goal just slightly for 2018 (wanted to be under $35k). But I'm still happy with where we wound up! Looking forward to paying these off June 2019.

2/28/18: $63,221 [Starting Balance]
3/8/18: $62,846
3/20/18: $60,722
4/2/18: $59,399
4/18/18: $58,372
6/30/18: $ 58,175
7/13/18: $ 55,929
8/12/18: $54,868
8/15/18: $53,821
9/5/18: $52,622
9/18/18: $50,941
10/2/18: $46,212
10/17/18: $42,804
11/6/18: $40,746
12/4/18: $38,695
12/31/18: $36,419 (-2,276)

[MrUpwardlyMobile]

Congrats everyone on the progress in 2018! And @MrUpwardlyMobile extra congrats to you for paying those monsters off! Nicely done.

As for me, I missed my goal just slightly for 2018 (wanted to be under $35k). But I'm still happy with where we wound up! Looking forward to paying these off June 2019.

2/28/18: $63,221 [Starting Balance]
3/8/18: $62,846
3/20/18: $60,722
4/2/18: $59,399
4/18/18: $58,372
6/30/18: $ 58,175
7/13/18: $ 55,929
8/12/18: $54,868
8/15/18: $53,821
9/5/18: $52,622
9/18/18: $50,941
10/2/18: $46,212
10/17/18: $42,804
11/6/18: $40,746
12/4/18: $38,695
12/31/18: $36,419 (-2,276)

Thank you! It looks like you’re killing it and will be done sooner rather than later.

[Rustychase]

Has anyone started a 2019 one yet?

[AK]

Congrats everyone on their progress!

[TyGuy]

Has anyone started a 2019 one yet?

Yes, there is one for 2019 started!