Author Topic: Student Loan Challenge (2015 edition)  (Read 94825 times)

use2betrix

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Re: Student Loan Challenge (2015 edition)
« Reply #150 on: March 30, 2015, 01:07:18 PM »
On the worst note, all I have is a tech school diploma and associates degree, so all that student loan and no bachelors. I have made very good money regardless so that makes up for it a bit.
Yea, don't feel too bad.  My parent's paid $56k for my Bachelors, I paid (after interest) $45K for my Masters.  So I'm a nationally certified speech-language pathologist with a Masters degree who makes... $53k a year.  My college education has cost over $100,000 and 6 years of my life and I feel I don't have much to show for it.  From where I stand in life, I'm starting to think that the whole "you need a college degree" thing is a sham.

Ouch, yeah that is a pretty tough one to swallow! Well, if it makes you feel any better, I saw a speech pathologist weekly from about 1st grade through 7th grade, and it made a very positive impact on my life, so there is that to be grateful for :) When people tell me they are speech pathologists (which there aren't many) I am always so happy because I am so fortunate for what was done for me!

dutch_actual

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Re: Student Loan Challenge (2015 edition)
« Reply #151 on: March 31, 2015, 08:55:02 AM »
Wow, nice work everyone!  :D

I'm a little late to the party (long-time MMM reader, just finally realized there's a forum, d'oh), but I've been working my loans since my graduation in August 2014.  I took out as little as I could (whatever my part-time job didn't cover), but I wish my younger self would've chased after more scholarships. 

Loans: 
1.  $9000 @ 6.8%  Paid off!  :)  Feb 2015
2.  $8700 @ 6.8%  Down to $4261 as of the end of March
3.  $5777 @ 3.86%
4.  $2027 @ 3.86%

Starting total:  ~$25,500 ($3000 in accumulated interest while in school)
March total: ~ $11,900

My goal is to be completely paid off by August of this year (my birthday). 

Apples

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Re: Student Loan Challenge (2015 edition)
« Reply #152 on: April 02, 2015, 06:35:07 AM »
Quote
At the end of December 2014:

Loan #1: $13,794.44
January:      $13,794.44 ---> $12,987.67
February:   $12,987.67 ---> $11,407.58

March:  $11,407.58 ---> $10,338.96

Paid $1,118.60 this month.  It was lower than what our payments should be going forward.  DH's hours are realllly picking up at work, so hopefully it'll be $1200/month at the very least going forward.  Still looks like we'll be done sometime in the fall :)

GingerStache

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Re: Student Loan Challenge (2015 edition)
« Reply #153 on: April 02, 2015, 07:40:32 AM »
Total Loan Balance:   $50,065.46
08/15/2011   Direct Sub Stafford Loan   Repayment   $311.68
08/15/2011   Direct Unsub Stafford Loan   Repayment   $11,029.82
08/16/2010   Direct Sub Stafford Loan   Repayment   $7,300.56
08/16/2010   Direct Unsub Stafford Loan   Repayment   $11,729.89
08/10/2009   Federal Unsub Stafford Loan   Repayment   $12,392.95
08/10/2009   Federal Stafford Loan   Repayment   $7,300.56

Total Loan Balance:   $48,838.00
08/15/2011   Direct Sub Stafford Loan   Repayment   $0.00
08/15/2011   Direct Unsub Stafford Loan   Repayment   $10,932.73
08/16/2010   Direct Sub Stafford Loan   Repayment   $6,758.46
08/16/2010   Direct Unsub Stafford Loan   Repayment   $11,626.64
08/10/2009   Federal Unsub Stafford Loan   Repayment   $12,283.87
08/10/2009   Federal Stafford Loan   Repayment   $7,236.30

Goal 1 Met! First loan paid off. Turns out May was not ambitious enough of a goal.

I need to slow down the repayment a bit because I'm going to have some wedding expenses. I'll still be throwing $500 a month on top of my standard payment at it though.

That should keep me on pace to get under $40,000 by EOY and to have the (currently) ~$6,700 loan paid off in a place where I can just pay it off at that time (but that'll be a game-time decision).

This will keep me on track overall to pay off by EOY 2017! Although...once wedding stuff settles down we may get more ambitious.

cashstasherat23

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Re: Student Loan Challenge (2015 edition)
« Reply #154 on: April 02, 2015, 10:23:48 AM »
I am in to commit to this! I graduated in 2013 and have only been paying down since December of 2013, so just over a year.

I started with $28,000, and am now down to $23,747, so not bad I guess for not really committing to paying it off. Some months I paid more than the minimum, but most was just the minimum.

In order to pay off my loans completely in 2015, I would have to pay about $2,000 a month. With cutting my expenses way down, I could manage that, but have a few vacation trips planned, that although Mustachian, still take a chunk of out that money. I should be able to manage $1-1.5K a month, bringing the total paid in 2015 to about $18K, leaving about $5K to be paid in 2016.

However, this does not take into account my tax refund money , or my side hustle money (Ebay, Sittercity, and Taskrabbit). Any extra money made from these will go right into the student loan payments, and should hopefully help me eliminate these loans this year!

February progress! Started with $23,747, and as of today, I am at $21,424, for a total of $2,323 paid since the beginning of the year. I completely eliminated one loan today with a huge payment of $1.5K, and am now moving on to the second of 6. Getting these all paid off by the end of the year is looking more and more promising!

Posting my March progress, with a little more detail  so that it's easier to keep track of progress going forward!

Direct Loan-Sub 01 3.15%
     Starting Balance: $5,500
     Current Balance: $4,902.93
Direct Loan-Unsub 02 6.55%
     Starting Balance: $5,500
     Current Balance: $5,698.88 (this one hurts!!!)
Direct Loan-Unsub 03 6.55%
     Starting Balance: $6,500
     Current Balance: $4,163.91
Direct Loan-Unsub 04 6.55%
     Starting Balance: $2,000
     Current Balance: $1,249.30
Direct Loan-Sub 05 3.15%
     Starting Balance: $5,500
     Current Balance: $$4,970.03
Direct Loan-Unsub 06 6.55%
     Starting Balance: $2,000
     Current Balance: $0!!!!!! Paid March 2015.

Total: $20,985.05

March progress:
Paid off loan 06 completely!
Just got my tax refund and send the total sum of $935 straight to loan 04. that, combined with the $800 security deposit I'll be getting back from my last apartment, will completely knock out that loan, and leave me with an extra $430 or so to throw towards the next highest interest loan, my arch nemesis loan 02.

This is such a great thread. Love seeing everyone's progress...it's so motivating!

Tig_

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Re: Student Loan Challenge (2015 edition)
« Reply #155 on: April 02, 2015, 02:04:09 PM »
3/1/2015: $16,465.68
4/1/2015: $14,739.68

Was later than usual filing my taxes and got a boatload more back than I anticipated.  WootWoot! 

SuperSaver

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Re: Student Loan Challenge (2015 edition)
« Reply #156 on: April 03, 2015, 10:39:55 AM »
$3,172.42 @ 10% loan was paid off beginning of February.
$2,465 @ 0% (29% in September) was PAID OFF TODAY!!!
I have 1 more private loan at $6200 ish @ 7%… I want it paid by Oct 31, my new stretch goal is Aug 31!!!  Keep up the good work people!

April 3, 2015 update. I have $6,063.00 left at 7%. I think with a lot of cut backs and belt tightening my fiance and I can pay it off by the first week of June. :) I think I can be private student loan FREE for my 25th birthday (June 6). That means within 2 years of my loans coming due I will have paid off all ~$22,000 or so in Private, high interest student loans. Yay me!

als1982

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Re: Student Loan Challenge (2015 edition)
« Reply #157 on: April 08, 2015, 05:46:58 AM »
I'm fairly new to MMM but may I join you?

Right now, I owe $3,409.84 on my student loan, which had a balance of around $19,000 in Jan. 2014, the point at which we started paying more aggressively.  At the rate we're paying, the plan is for it to be gone by the end of May.

Then in June, we're going to start tackling my husband's which is currently sitting right over $58,000.  Hope to have it gone in 14-18 months.

Thank you all in advance for keeping us inspired!

11ducks

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Re: Student Loan Challenge (2015 edition)
« Reply #158 on: April 08, 2015, 06:19:36 AM »
Late to the party, sorry.

My student loan balance was $35,000 in June 2014, paid off $10k last 6 months of 2014. Balance is now $25056 (4%), and I am determined to pay it off by Dec 31, 2015- which will be a massive stretch but I think it's possible!

My first checkpoint is end May- interest is applied 1june, am aiming to have put $11500 in before then.

SuperSaver

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Re: Student Loan Challenge (2015 edition)
« Reply #159 on: April 09, 2015, 10:02:04 AM »

April 3, 2015 update. I have $6,063.00 left at 7.25%. I think with a lot of cut backs and belt tightening my fiance and I can pay it off by the first week of June. :) I think I can be private student loan FREE for my 25th birthday (June 6). That means within 2 years of my loans coming due I will have paid off all ~$22,000 or so in Private, high interest student loans. Yay me!

So I have paid off another $500 this week and my fiance said his monthly bonus will be 2x the size of normal... I really think my last private loan can be paid off by my birthday. I think if we try really hard we can put $2,000 more towards the loan this month. In the mean time we are hanging out at home with Netflix, Redbox and using up our Cinemark vouchers (bought in July of last year at half price!)

ontheroaderic

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Re: Student Loan Challenge (2015 edition)
« Reply #160 on: April 09, 2015, 10:55:32 AM »
3/5/15: $74,618.23 at 5.625% {Starting Balance}
3/5/15: $72,613.01 (- 2005.22)
3/7/15: $72,650.18  (-271.44)
3/9/15: $72,219.94  (-177.6)
4/9/15: $69,889.41 (-2600.00)

Got to throw $2600 at these sh*ts this month! I WILL CRUSH THEM.

sweetkerryline

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Re: Student Loan Challenge (2015 edition)
« Reply #161 on: April 10, 2015, 10:48:27 AM »
Would also like to check in here with my loans:

$67,000 at 3.05% interest (Began at 90K in late 2013 when grace period ended and had not yet found MMM)
$2,075 at 6.8% interest (minimum payment)
$1,113 at 6.8% interest (spend $500 per month on this loan and the one above trying to know this one out first)
$1,624 at 5% interest ($40.00 per month)

My income is usually allocated as below:
$2300 for loan #1
$500 for loan 2 and 3
$40 for loan 4.

Though loan #1 is at a fairly low rate and I have some higher rate loans, it is at a variable interest rate so I am paying it all off the most aggressively. Please let me know if this is a silly idea, even in lieu of the imminent raise of interest rates by the Fed.

Also, I just switched jobs about one month ago so this month I am short on cash Consequently, instead of the usual 2-3K I allocate toward the first loan, I will only be paying 703.00.
« Last Edit: May 15, 2015, 07:14:02 AM by sweetkerryline »

frugalfanny

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Re: Student Loan Challenge (2015 edition)
« Reply #162 on: April 10, 2015, 11:59:09 AM »
I owe $42,701 out of an original $52,000 when payments began in 2009. 25 year consolidated at 6.25% interest rate.

I am paying $286 + $800 extra each month plus whatever other funds I can scrounge up. I'm currently eligible for Public Service Loan forgiveness, but I waited five years to start it (dumb!!), so it would be another ten. I can't wait that long.

I want to pay this off as soon as possible. Payoff date is currently January 2019 but I really aim to do better than that.

GingerStache

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Re: Student Loan Challenge (2015 edition)
« Reply #163 on: April 10, 2015, 12:34:13 PM »
$67,000 at 3.05% interest (Began at 90K in late 2013 when grace period ended and had not yet found MMM)
$2,075 at 6.8% interest (minimum payment)
$1,113 at 6.8% interest (spend $500 per month on this loan and the one above trying to know this one out first)
$1,624 at 5% interest ($40.00 per month)

Though loan #1 is at a fairly low rate and I have some higher rate loans, it is at a variable interest rate so I am paying it all off the most aggressively. Please let me know if this is a silly idea, even in lieu of the imminent raise of interest rates by the Fed.

Put everything towards the higher rate loans first. I understand your concern about a variable rate loan, but in order for it to be the right decision to pay off that 3.05% loan faster the rate will need to rise to ABOVE 6.8% (or even 5%) for enough interest payments to offset the difference in rates now and the time the variable rate is higher. By picking one or the other you're making a bet that you will be charged more total interest before or after the variable rate eclipses the fixed rate. I'd be putting my money on your repayment speed versus a 2% spike in interest rates, but that is just me. So yes...there's some uncertainty and rates will rise, but you're talking about paying it all off fast enough that you're probably (but not guaranteed) better off paying the fixed loans off first.

Edited for clarity.
« Last Edit: April 10, 2015, 12:36:43 PM by GingerStache »

sweetkerryline

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Re: Student Loan Challenge (2015 edition)
« Reply #164 on: April 10, 2015, 09:12:16 PM »
$67,000 at 3.05% interest (Began at 90K in late 2013 when grace period ended and had not yet found MMM)
$2,075 at 6.8% interest (minimum payment)
$1,113 at 6.8% interest (spend $500 per month on this loan and the one above trying to know this one out first)
$1,624 at 5% interest ($40.00 per month)

Though loan #1 is at a fairly low rate and I have some higher rate loans, it is at a variable interest rate so I am paying it all off the most aggressively. Please let me know if this is a silly idea, even in lieu of the imminent raise of interest rates by the Fed.


Put everything towards the higher rate loans first. I understand your concern about a variable rate loan, but in order for it to be the right decision to pay off that 3.05% loan faster the rate will need to rise to ABOVE 6.8% (or even 5%) for enough interest payments to offset the difference in rates now and the time the variable rate is higher. By picking one or the other you're making a bet that you will be charged more total interest before or after the variable rate eclipses the fixed rate. I'd be putting my money on your repayment speed versus a 2% spike in interest rates, but that is just me. So yes...there's some uncertainty and rates will rise, but you're talking about paying it all off fast enough that you're probably (but not guaranteed) better off paying the fixed loans off first.

Edited for clarity.

Thanks for the advice. Once I get set up in my new job, I'll direct the first payments toward loans 3, 4 and 2. And then continue aggression with loan #1.
« Last Edit: April 11, 2015, 05:34:09 PM by sweetkerryline »

minimos

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Re: Student Loan Challenge (2015 edition)
« Reply #165 on: April 11, 2015, 09:56:16 AM »
A little late on my monthly update --a lot going on around the minimos household! 

Loan1a - $104,510.73 @3.305%
Loan3 - $7,485.26 @2.35%
Loan5 - $35,804.82 @2.35%
Loan7 - $3,590.79 @2.1%

Total: $161,139.02

A decrease of $$9,694.45 over the last month in principle.  A decrease of $27,957 since the first post on this thread in December.

dutch_actual

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Re: Student Loan Challenge (2015 edition)
« Reply #166 on: April 13, 2015, 09:33:22 AM »
Wow, nice work everyone!  :D

I'm a little late to the party (long-time MMM reader, just finally realized there's a forum, d'oh), but I've been working my loans since my graduation in August 2014.  I took out as little as I could (whatever my part-time job didn't cover), but I wish my younger self would've chased after more scholarships. 

Loans: 
1.  $9000 @ 6.8%  Paid off!  :)  Feb 2015
2.  $8700 @ 6.8%  Down to $4261 as of the end of March
3.  $5777 @ 3.86%
4.  $2027 @ 3.86%

Starting total:  ~$25,500 ($3000 in accumulated interest while in school)
March total: ~ $11,900

My goal is to be completely paid off by August of this year (my birthday).

Loans: 
1.  $9000 @ 6.8%  Paid off!  :)  Feb 2015
2.  $8700 @ 6.8%   $2520 left
3.  $5700 @ 3.86% (just making minimum payments on these two 3.86%ers, and attacking the 6.8%)
4.  $1998 @ 3.86%

Starting total:  ~$25,500 ($3000 in accumulated interest while in school)
April total:  ~$10,200

I've been using Ready For Zero (https://www.readyforzero.com/) to track my loan payoff.  Lots of graphs and metrics, which I love. 
Another small victory:  my net worth should be above zero by the end of the month!  (at around -$900, from a low of -$16k)

JuSp02

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Re: Student Loan Challenge (2015 edition)
« Reply #167 on: April 15, 2015, 11:17:32 PM »
Starting:
Dec. 16, 2014 - $70,697.03 @ 4.5%

Once payments go through this month:  $42,106.06.

themessenger

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Re: Student Loan Challenge (2015 edition)
« Reply #168 on: April 16, 2015, 11:03:31 AM »
As of 12/28/2014 I had:

Undergrad - $3,463.76
Grad - $22,557.12
TOTAL - $26,020.88

Currently:
Undergrad - Paid off!
Grad - $21,601.70
TOTAL $21,601.70

Difference of: $4,419.18. 

I also refi'd through SoFi to get my interest rate from 6.55% to 3.74%, which will definitely help on not paying as much interest.  My goal is to have the rest paid off by year end, so I'll keep you guys updated!

Current Balance as of 3/17:
Grad - $20,875.99
Total paid this year: $5,144.89

Current Balance as of 4/16:
Grad - $20,044.79
Total paid this year: $5,976.09

sweetkerryline

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Re: Student Loan Challenge (2015 edition)
« Reply #169 on: April 16, 2015, 11:44:57 AM »
$67,000 66,000 at 3.05% interest (Began at 90K in late 2013 when grace period ended and had not yet found MMM)
$2,075 at 6.8% interest
$1,113 at 6.8% interest Paid Off 4/16
$1,624 at 5% interest ($40.00 per month)

Though loan #1 is at a fairly low rate and I have some higher rate loans, it is at a variable interest rate so I am paying it all off the most aggressively. Please let me know if this is a silly idea, even in lieu of the imminent raise of interest rates by the Fed.

I made some mid-month payments on the above. Still haven't received a pay check from my new job and am trying to figure out a new payment schedule once I figure out my take home.

« Last Edit: April 17, 2015, 02:52:59 PM by sweetkerryline »

Lanthiriel

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Re: Student Loan Challenge (2015 edition)
« Reply #170 on: April 17, 2015, 05:28:58 PM »
So... we bought a house. Which is stupid because we still have this debt and because we didn't have a full 20% down, but we had to move and stupidly got caught up in being able to "afford it." In our defense, we love the house and it costs us less than it would have to rent something similar. But in the end, not a very Mustachian decision. That leaves us here (down a little over $4k for the year so far):

Loan 1: $9056 (6.55%); Pay off goal: March 2016
Loan 2: $7457 (6.55%); Pay off goal: October 2015
Loan 3: $5548 (6.55%); Pay off Goal: August 2015
Loan 4: $1338 (5.35%); Pay off goal: May 2015

Total Student Loan Debt: $23,400

The only things that are going to save us this year are the Alaska PFD (hoping for around $3k/person) and end of year bonuses. We were thinking about refinancing with Sofi, but I really like being able to pay off a smaller loan and being DONE with that payment forever. Maybe I'm thinking about it the wrong way, but the most important number to be is our required monthly expenditures. I only feel safe with a big surplus every month.
« Last Edit: April 17, 2015, 05:32:40 PM by Lanthiriel »

SuperSaver

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Re: Student Loan Challenge (2015 edition)
« Reply #171 on: April 17, 2015, 07:42:22 PM »
Just sent in $2,000. Now I only owe $3,580 on my last high interest, private student loan. I am getting so close!!!

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Re: Student Loan Challenge (2015 edition)
« Reply #172 on: April 23, 2015, 06:52:48 PM »
I'd love to join you on this challenge!  However, my two remaining student loans are at 1.95% and 2.5%, and at this point, I struggle between paying them off (about $12,500 left to go) or investing.  I haven't yet decided - they are variable rates, but rates might take forever to go back up.  So I don't know.

Can I just say that last year, on September 30th 2014, I made the final payment on my 6.8% FAFSA loans balance that was at $4,754 as of 1/1/14 (original loan amount was $8,500 - not including the interest that added up month after month while it was deferred throughout school)?  My boyfriend and parents and sister were happy for me, but I had no place else to gush about it.  So I'll gush here:  Squeeee!!!!!  :D  When I feel low about this remaining private loan balance, I just think about that one that I paid half of, in under a year!, and it warms my soul a bit.. :)

Rudema

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Re: Student Loan Challenge (2015 edition)
« Reply #173 on: April 24, 2015, 03:27:35 PM »
Lost track of things and was paying the minimum on my loans.  I looked in my bank account last night and saw a boat load of money just sitting there. Threw $7500 to my 19k loans.  Only $11500 more to go!

Hoberto

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Re: Student Loan Challenge (2015 edition)
« Reply #174 on: April 25, 2015, 12:10:39 PM »
Well, I'm late but putting it here should keep me honest.
$189000 at 6.625%
My plan is to get it under $170000 by the end of the year.  I make weekly payments to get at principle as much as I can.  I hope to put another 10k on it at the end of the year.

sweetkerryline

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Re: Student Loan Challenge (2015 edition)
« Reply #175 on: April 25, 2015, 11:20:14 PM »
Well, I'm late but putting it here should keep me honest.
$189000 at 6.625%
My plan is to get it under $170000 by the end of the year.  I make weekly payments to get at principle as much as I can.  I hope to put another 10k on it at the end of the year.

Are you planning on refinancing or are you on PAYE? That interest rate seems very high, especially for that amount of debt.

cashstasherat23

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Re: Student Loan Challenge (2015 edition)
« Reply #176 on: April 27, 2015, 08:36:11 AM »
I am in to commit to this! I graduated in 2013 and have only been paying down since December of 2013, so just over a year.

I started with $28,000, and am now down to $23,747, so not bad I guess for not really committing to paying it off. Some months I paid more than the minimum, but most was just the minimum.

In order to pay off my loans completely in 2015, I would have to pay about $2,000 a month. With cutting my expenses way down, I could manage that, but have a few vacation trips planned, that although Mustachian, still take a chunk of out that money. I should be able to manage $1-1.5K a month, bringing the total paid in 2015 to about $18K, leaving about $5K to be paid in 2016.

However, this does not take into account my tax refund money , or my side hustle money (Ebay, Sittercity, and Taskrabbit). Any extra money made from these will go right into the student loan payments, and should hopefully help me eliminate these loans this year!

February progress! Started with $23,747, and as of today, I am at $21,424, for a total of $2,323 paid since the beginning of the year. I completely eliminated one loan today with a huge payment of $1.5K, and am now moving on to the second of 6. Getting these all paid off by the end of the year is looking more and more promising!

Posting my March progress, with a little more detail  so that it's easier to keep track of progress going forward!

Direct Loan-Sub 01 3.15%
     Starting Balance: $5,500
     Current Balance: $4,902.93
Direct Loan-Unsub 02 6.55%
     Starting Balance: $5,500
     Current Balance: $5,698.88 (this one hurts!!!)
Direct Loan-Unsub 03 6.55%
     Starting Balance: $6,500
     Current Balance: $4,163.91
Direct Loan-Unsub 04 6.55%
     Starting Balance: $2,000
     Current Balance: $1,249.30
Direct Loan-Sub 05 3.15%
     Starting Balance: $5,500
     Current Balance: $$4,970.03
Direct Loan-Unsub 06 6.55%
     Starting Balance: $2,000
     Current Balance: $0!!!!!! Paid March 2015.

Total: $20,985.05

March progress:
Paid off loan 06 completely!
Just got my tax refund and send the total sum of $935 straight to loan 04. that, combined with the $800 security deposit I'll be getting back from my last apartment, will completely knock out that loan, and leave me with an extra $430 or so to throw towards the next highest interest loan, my arch nemesis loan 02.

This is such a great thread. Love seeing everyone's progress...it's so motivating!

Getting close to the end of April, and just made another large payment, so I'll do my update now. April was a great month!

Direct Loan-Sub 01 3.15%
     Starting Balance: $5,500
     March Balance: $4,902.93
     April Balance: $4,794.63
Direct Loan-Unsub 02 6.55%
     Starting Balance: $5,500
     March Balance: $5,698.88
     April Balance: $5,551.46
Direct Loan-Unsub 03 6.55%
     Starting Balance: $6,500
     March Balance: $4,163.91
     April Balance: $2,795.93 (just made a $1,050 payment on this, a combo of getting a security deposit back from an old apt, and some surplus cash in the budget this month. Can't wait to say goodbye to this loan!)
Direct Loan-Unsub 04 6.55%
     Starting Balance: $2,000
     March Balance: $1,249.30
     April Balance: $0!    Crushed another loan! 2 down, 4 to go :)
Direct Loan-Sub 05 3.15%
     Starting Balance: $5,500
     March Balance: $$4,970.03
     April Balance: $4,859.82
Direct Loan-Unsub 06 6.55%
     Starting Balance: $2,000
     Current Balance: $0!!!!!! Paid March 2015.

March Total: $20,985.05
April Total: $18,001.84
Change: -$2,983.21!!!!!!

This is quite a high month, as I got my tax refund back and also an old security deposit, but this is certainly accelerating my payoff timeline. When I set my goals for the year in January, I was hoping to have the entire loan eliminated by December. In order to accomplish that, I will have to keep paying $2,250 a month towards these loans. Not sure if that is realistic for me anymore, as I have a few large trips coming up, but at the very least, I will have my $8,397.39 of 6.5% loans paid off by the end of the summer!

Tig_

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Re: Student Loan Challenge (2015 edition)
« Reply #177 on: April 27, 2015, 10:57:53 AM »
3/1/2015: $16,465.68
4/1/2015: $14,739.68

My last "how about another $100?" payment was finally posted, so:

4/27/2015: $14,171.43

Hoberto

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Re: Student Loan Challenge (2015 edition)
« Reply #178 on: April 27, 2015, 05:31:59 PM »
Well, I'm late but putting it here should keep me honest.
$189000 at 6.625%
My plan is to get it under $170000 by the end of the year.  I make weekly payments to get at principle as much as I can.  I hope to put another 10k on it at the end of the year.

Are you planning on refinancing or are you on PAYE? That interest rate seems very high, especially for that amount of debt.

Direct federal loans, that was the going rate at the time.  I'm on 10 yr repayment.  Considered private refinance but really like the protection w/ the govt. 

sweetkerryline

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Re: Student Loan Challenge (2015 edition)
« Reply #179 on: April 27, 2015, 07:23:16 PM »
Well, I'm late but putting it here should keep me honest.
$189000 at 6.625%
My plan is to get it under $170000 by the end of the year.  I make weekly payments to get at principle as much as I can.  I hope to put another 10k on it at the end of the year.

Are you planning on refinancing or are you on PAYE? That interest rate seems very high, especially for that amount of debt.

Direct federal loans, that was the going rate at the time.  I'm on 10 yr repayment.  Considered private refinance but really like the protection w/ the govt.

Got it! Mine from law school had the same rate, but I refinanced. The fear of not having the government protection forced me to pay them down a little quicker ... so there's that. I definitely think there are benefits to keep those protections in place though. Best of luck in paying those bad boys off.

GetItRight

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Re: Student Loan Challenge (2015 edition)
« Reply #180 on: April 28, 2015, 08:06:56 AM »
I'll play. Realized school was a scam a bit late and dropped out instead of borrowing more money when school tried to screw me over yet again. These have been refinanced a few times down from high of about 16% interest, and hoping to refinance again soon. Was making serious payments around $2500/mo for a while then got sloppy, now pulled spending back in and getting serious again. Just finished paying off two government loans, so only private loans remain. Hoping to be free by end of 2017, projections say summer of 2017 is feasible. Looking forward to maxing the tax advantaged investment options once I get to that point.

Loans:
1$7,297.464.99%
2$44,506.155.75%
3$26,927.85 4.5%
401k$12,944.274.25%
Total:$91,675.73

Payments:
May 2014$1,349.44
June 2014$1,359.66
July 2014$1,368.17
August 2014$1,773.70
September 2014$1,273.53
October 2014$1,204.47
November 2014$1,201.47
December 2014$1,596.74
January 2015$797.20
February 2015$3,992.47
March 2015$3,631.00
April 2015$6,482.61

midweststache

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Re: Student Loan Challenge (2015 edition)
« Reply #181 on: April 29, 2015, 04:21:54 PM »
Due to a VERY generous wedding gift from my parents (we paid for the wedding ourselves) we were able to throw $2,000 to loans this month: $1,250 in extra payments!

Plus, tomorrow is a payday in a three-paycheck month, so even more will go toward the loans!

Our goals this year was to get total debt under $60,000, and it looks like that may be more achievable than I thought! From now until 12/31, I need to find about $4,000 above and beyond our normal monthly payments in order to hit our goal. I can count up about $2,700 in extra income over the next seven months, which leaves us a little over $1,300 to save through scrimping, saving, and tightening our belts.

It can be done!

Apples

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Re: Student Loan Challenge (2015 edition)
« Reply #182 on: May 01, 2015, 10:18:30 AM »
Quote
At the end of December 2014:

Loan #1: $13,794.44
January:      $13,794.44 ---> $12,987.67
February:   $12,987.67 ---> $11,407.58
March:  $11,407.58 ---> $10,338.96

April:  $10,338.96 ---> $7,078.37

We had a big tax refund, due to hourly pay that did not keep up with our withholdings at the end of the year.  I knew in November we were going to have too much withheld, but would need 12 allowances to correct it.  That felt skeezy to me for some reason, so I only upped them a little and waited for refund.  My DH also earned a bit extra in March to use towards our April payments.  So woohoo large student loan destruction this month!  We should be done by October.

JustGettingStarted1980

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Re: Student Loan Challenge (2015 edition)
« Reply #183 on: May 01, 2015, 05:36:54 PM »
Okay, I'll Bite:

-I have $60,000 left of my graduate student loans, from an original value of >$180,000
-Interest rate is 4.5 %, but I'll use So Fi (thanks MMM and White Coat Investor!) to decrease this to a variable rate of 1.93% (5 year Term)
-the interest savings will amount to about $1500/year
-even if the variable rate rises 1% over the next 1-2 years, I'll still be way ahead
-I will attempt to pay this off (with no prepayment penalty) in 12 months

-I HATE DEBT, and am going to party like there's no tomorrow the second the last payment goes through, wish me luck!


This is my referral link if this helps you decide to use SoFi, their service was excellent and they even let you take pictures of all documentation with your cell phone!
https://www.sofi.com/refer/4/16727

Big bulk payment today (8K) due to tax returns:

3/24/15 -$59700 due
5/01/15 -$51278 due

On my way.....

onecoolcat

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Re: Student Loan Challenge (2015 edition)
« Reply #184 on: May 01, 2015, 06:59:06 PM »
Checking in.  I refinanced my loans from 6.8% to 3.8% two months ago and elected to put the max to my 401k and IRA per year rather than rush to pay off my student loans.  If anyone is interested in refinancing, you can use my referral link below (we each get $100 if you refinance).  I was paying minimum payments on my student loans ($485) while I scrapped up money for the IRAs.  I have now fully funded my 2014 and 2015 IRA and have been contributing the max to the 401k.  I have decided to put everything that's not going toward expenses and my 401k toward my student loans rather than open a taxable account.  I could probably do better investing but it will feel better to be debt free! 

On March 24, 2015 I had $47,329.97 in student loans.  As of May 1, 2015 I'm down to $44,512.12, so I paid off $2817 in principal in five weeks which feels good.  Going forward the goal is make my $470 monthly payment (already gone down $15 a month since I made extra payments!) and $750 each paycheck for a total of about $1970 a month in payments. If I can manage, I can be debt free in 24 months which seems so a bit closer!

SuperSaver

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Re: Student Loan Challenge (2015 edition)
« Reply #185 on: May 02, 2015, 05:53:00 AM »
For 2015 I will payoff my last two private student loans: $3,172.42 @ 10% and $6,206.30 @ 7%… Total: $9,378.72.

I have a promotional deal from my move this year. The credit card has $2,465 @ 0% (first 18 months) that turns into 29% in September so I will

$2,465 ---> $0 Feb
$3,172 --> $0 Feb
$6,206.30 --> $1,547.45 as of May 2nd.

I beat my December goal, my October stretch goal and might be able to pay it off May 16!

sweetkerryline

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Re: Student Loan Challenge (2015 edition)
« Reply #186 on: May 04, 2015, 05:45:36 PM »
$67,000 66,000 at 3.05% interest (Began at 90K in late 2013 when grace period ended and had not yet found MMM)
$2,075 1584.00 at 6.8% interest
$1,113 at 6.8% interest Paid Off 4/16
$1,624 at 5% interest ($40.00 per month)

Aiming to get rid of loan #2 this month and to knock a couple thousand off the large loan.
« Last Edit: May 04, 2015, 09:29:00 PM by sweetkerryline »

Hoberto

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Re: Student Loan Challenge (2015 edition)
« Reply #187 on: May 05, 2015, 09:24:55 AM »
It's neat to see everyone making some headway!  I'm jealous of those of you who are getting tax refunds.  Nice to make a big payment. 

sweetkerryline

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Re: Student Loan Challenge (2015 edition)
« Reply #188 on: May 06, 2015, 12:52:49 PM »
$67,000 66,000 at 3.05% interest (Began at 90K in late 2013 when grace period ended and had not yet found MMM)
$2,075 1584.00 at 6.8% interest - Paid Off 5/6
$1,113 at 6.8% interest - Paid Off 4/16
$1,624 1169 at 5% interest

Aiming to get Got rid of loan #2 this month; would ideally like to knock a couple thousand off the large loan.
« Last Edit: May 08, 2015, 05:08:55 PM by sweetkerryline »

warder

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Re: Student Loan Challenge (2015 edition)
« Reply #189 on: May 06, 2015, 07:56:37 PM »
This is the home stretch...
Goal: $0 by June 1, 2016

When I realized I was in trouble...
March 2011, law school graduation approaching, unemployed: $170,000 give or take
 
May 2012, one year after graduation, finally employed, interest accruing: $182,000; interest rates as high as 8.5%; all federal loans. 

Today...still a long way to go...but it feels within reach. 

0%-$23,500 (Barclay arrival cash advance)   It was a special offer of 0% for 12 months with a 1% transaction fee.  This will save me over $1k in interest payments over the next year.

5% - $3,668 (Perkins)

5.55% - $17,236   (FFEL Special Direct Consolidation Loan)

6.05% - $6,339 (FFEL Special Direct Consolidation Loan)

Grand Total: $50,773

minimos

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Re: Student Loan Challenge (2015 edition)
« Reply #190 on: May 07, 2015, 07:33:58 AM »
Quick update for the progress made in April -- starting to slow down a little, and probably will slow a little more for the next three months! 

Loan1a - $99,129 @3.315%
Loan3 - $7,474 @2.35%
Loan5 - $35,804 @2.35%
Loan7 - $3,464 @2.1%

Total: $145,936

A decrease of $5,508 over the last month in principle.  A decrease of $33,465 since the first post on this thread in December.
Anyone know if you can refinance a loan that was already refinanced with Sofi?  I'm considering refinancing the Sofi loan from the 10 year variable to the 5 year variable if I can knock off another 1% or more... but not sure if they will do that.

midweststache

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Re: Student Loan Challenge (2015 edition)
« Reply #191 on: May 07, 2015, 09:09:17 AM »
Quick update for the progress made in April -- starting to slow down a little, and probably will slow a little more for the next three months! 

Loan1a - $99,129 @3.315%
Loan3 - $7,474 @2.35%
Loan5 - $35,804 @2.35%
Loan7 - $3,464 @2.1%

Total: $145,936

A decrease of $5,508 over the last month in principle.  A decrease of $33,465 since the first post on this thread in December.
Anyone know if you can refinance a loan that was already refinanced with Sofi?  I'm considering refinancing the Sofi loan from the 10 year variable to the 5 year variable if I can knock off another 1% or more... but not sure if they will do that.

This is seriously amaze-balls. I hope you realize how insanely awesome this progress is. $33k since December? Jebus...

sweetkerryline

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Re: Student Loan Challenge (2015 edition)
« Reply #192 on: May 07, 2015, 09:22:41 AM »
Quick update for the progress made in April -- starting to slow down a little, and probably will slow a little more for the next three months! 

Loan1a - $99,129 @3.315%
Loan3 - $7,474 @2.35%
Loan5 - $35,804 @2.35%
Loan7 - $3,464 @2.1%

Total: $145,936

A decrease of $5,508 over the last month in principle.  A decrease of $33,465 since the first post on this thread in December.
Anyone know if you can refinance a loan that was already refinanced with Sofi?  I'm considering refinancing the Sofi loan from the 10 year variable to the 5 year variable if I can knock off another 1% or more... but not sure if they will do that.

You absolutely can! I just did the process and it was very quick. Feel free to ask me question and don't forget to use your own referral code for the $$.

warder

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Re: Student Loan Challenge (2015 edition)
« Reply #193 on: May 07, 2015, 10:08:27 AM »
Just an FYI...I know lots of folks have refinanced through SoFi...I applied to both SoFI and Darien Rowayton Bank...I asked SoFi to match DRB's rate...no dice.  Anyway, DRB is another option to consider, and for me at least it was a better rate.   I ended up not refinancing with DRB because I was leaving the country for a few months and didn't have time to process everything.  And at this point, with my highest rate at 5.55%, it's not worth it over the course of the year. (I'm paying off my last loan at  6.05% as we speak.) And I just learned through another thread here, you can make extra payments with a credit card at Great Lakes.   Credit card sign-up bonuses here we come!


dutch_actual

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Re: Student Loan Challenge (2015 edition)
« Reply #194 on: May 08, 2015, 02:19:05 PM »
Loans: 
1.  $9000 @ 6.8%  Paid off!  :)  Feb 2015
2.  $8700 @ 6.8%  Paid off this week, woohoo!
3.  $5700 @ 3.86%
4.  $1980 @ 3.86%

Starting total:  ~$25,500 ($3000 in accumulated interest while in school)
May 8th total: ~ $7640

And I should be able to knock loan #4 out by the start of June!  : )

freeedom

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Re: Student Loan Challenge (2015 edition)
« Reply #195 on: May 08, 2015, 10:57:14 PM »
Just saw this... Started 2015 with $10,700.

I am down to $8,100. My expected payoff date is June. The last 2k are 2% interest, so I think I'll just set those to autopay, and use the additional funds for investing. I've been ignoring my Roth IRA to pay off these loans, but I'm finally seeing the light. =)

New total is $5400.

Total above 2% is $2,700. Almost time to set the autopay. :)

Kaptain

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Re: Student Loan Challenge (2015 edition)
« Reply #196 on: May 09, 2015, 03:49:27 PM »
I started working on my higher interest loan (approx $24k @ 6.375%) in December.  I had set a goal to pay it off by the end of 2015.  I just made some extra payments that will bring my balance down to 2721.07 !!! I am WAY ahead of my goal to pay it off by year-end (I have enough cash in my savings account to just wipe it out -- which was VERY tempting but I am trying to be responsible and leave myself that emergency fund cushion).  I think it will be gone by the end of June.   

That will leave me with my 3.5% loan (that interest rates feels like slightly less of a "hair on fire" situation.  Once I am working with just the one lower interest loan, I'll split my focus between: retirement savings, down payment savings, and paying down that loan.

I have to say, this was much easier than I thought it would be.  Starting a job with a higher salary at the end of February has helped significantly.  Sure, I would have loved to take a tropical beach vacation during this loooooooong cold winter.  Yes, I'm sure I could have spent several 100s of dollars on stylish new clothes.  Certainly, I could have treated myself to restaurant meals more.  But really - the peace of mind from knowing that I am beholden to fewer creditors is profound and liberating.  It makes my future feel like it actually may belong to me. 

ontheroaderic

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Re: Student Loan Challenge (2015 edition)
« Reply #197 on: May 11, 2015, 11:53:38 AM »
3/5/15: $74,618.23 at 5.625% {Starting Balance}
3/5/15: $72,613.01 (- 2005.22)
3/7/15: $72,650.18  (-271.44)
3/9/15: $72,219.94  (-177.6)
4/9/15: $69,889.41 (-2600.00)
5/7/15: $67,086.58 (-3100.00)

Another $3100 thrown at ‘em this month! Next month should be about the same.

JuSp02

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Re: Student Loan Challenge (2015 edition)
« Reply #198 on: May 15, 2015, 05:52:08 AM »
Mid-month check-in.

Starting:
Dec. 16, 2014 - $70,697.03 @ 4.5%

New balance:  $36,666.

sweetkerryline

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Re: Student Loan Challenge (2015 edition)
« Reply #199 on: May 15, 2015, 06:57:06 AM »
$67,000 66,000 at 3.05% interest (Began at 90K in late 2013 when grace period ended and had not yet found MMM)
$2,075 at 6.8% - Paid Off 5/6
$1,113 at 6.8% - Paid Off 4/16
$1,624 at 5% - Paid Off 5/15

Aiming to get Got rid of loan #2 this month AND loan #4; will use the last paycheck of this month to knock down loan #1.
« Last Edit: May 15, 2015, 11:47:28 PM by sweetkerryline »