Student Loan Challenge (2015 edition)

[Wanderlusting]

[quote author=Wanderlusting link=topic=28090.msg497185#msg497185 date=1419812689

Total: $42,100

Loan 1: $2600 @ 8.5%
Loan 2: $4300 @ 5.35%
Loan 3: $9600 @ 8.5%
Loan 4: $13400 @ 6%
Loan 5: $12,300 @ 6%

[/quote]

Loan 1: $2600 @ 8.5% -> $0 paid off today
Total: $42,100 -> $39,300

Finally made the last payment to this loan, and now that brings me solidly under $40k total. Next one i'm gonna work on is probably the $4300 just to knock it out fast. I'm still on track to be under 25k for the year, but I don't know how realistic getting to <20k will be, as I have a couple big expenditures coming up in the future.

[EUmustache]

I was pretty active in the 2014 forum, and had to sort a few financial things out on my end before setting my goals for the year.

Last year we went from $81k to $51k. This year I am aiming for $25k by EOY.

Starting balance: $50,402.

I have $1,100 scheduled to pay next week, so that will officially bring us below $50k. I'm really excited about that milestone.

The goal for the year is to get rid of my 2 smallest loans (total $18,076) and my husband's last loan (~$5,900). So that would bring us to -$26k + change. We'll just need to do a little bonus push to get below the $25k mark. My stretch goal is to get to $20k by EOY. 100% of any bonus I earn at work will go to the student loans. I think I'll be able to convince my husband to pay at least 50% of his bonus (to be paid in April) to his loans.

Looking forward to the ride again. Good luck everyone!

[step-through]

Well, thanks guys, I had student loans on the backburner until I heard about the SoFi thing. I dropped my rates from 6.55% ($46,000) and 4.75% ($23,000) to 3.75% for the whole balance, including an autopay bonus. I will save about $50,000 and get out earlier! It was a little bit confusing, I got a preapproval email but there was a blank where they were supposed to list extra documents needed. After a chat, an email, and a phone call (which did immediately go to a live person), got everything signed and processed.  We'll see how they are to work with down the road. Of course, now with the lower rate, I am going to backburner it even more, till fall 2015, to pay off one other bill with a higher rate first... Thank you, seriously, I hope! And now, shamelessly encouraging others to use my referral link which will pay me $300 each for the first month. And you get $100 also. Click https://www.sofi.com/refer/5/12127

I'll check back in later this year when I go to work on this debt. But it will be wonderful seeing my monthly payments go to principal, not 90% going to pay interest!

[Marian]

Wow!  There are some big student debts here!  My student loan is small- I only borrowed $3500 (@5%), but that's because I am lucky enough to have a military parent who transferred their Post 9/11 Bill to cover my costs (thank you Army for the free college!).  Still, 5 years later, it's still not even half payed off (still about $1670), but this is the year I get rid of it, once and for all!  April will be the deadline- first I am going to pay off my car, then sell it and downsize after a cross country move, and use the car-sale money to be pay off the student debt!!!

[fragglebock]

I am floored by the amount of student loan debt that people have. It's shocking. But the attitudes that people have about it here is awesome!

Must. Crush. Loans.

I'm going to pay off the last measly amount of my loan this year too. It's only a couple grand at a low rate, but I'm tired of having the albatross around my neck.

[NonprofitER]

(Had to stop quoting myself as the thread was getting too hard to read)

Student Loan Progress:

SL#1: USD at 6%
Dec 31st-ish: $14,857
Jan 2: $14,082 USD
Jan 30: $11,940
Feb 9: $9,930
Feb 19: $8,750

SL#2: NZD at 5% (overseas study)
Dec 31st: $32,000
Jan 2: $30,810
Feb 19: same (met minimum obligation for year; will pay aggressively once SL#1 is done)

SL#3: NZD at 5%
Dec 31st: $15,000
Feb 19: same (same as above; to pay aggressively once SL#2 is done)

Paid off: $6,107 USD and $1,190 NZD this year.
Goal to pay off SL#1 by July 1st and another $20,000 of overseas loans by YE. 

So. Tired. Of. Student. Loans.  Ugh.

[tdccarpenter]

Was in on last years and dropped about 7k.  Got 3,500 left.  I'm in this years challenge but won't be around long :)

Paid in full.

[NonprofitER]

CONGRATS!  Must feel awesome!

[SuperSaver]

Congratulations on the payoff!!!

[SuperSaver]

Count me in. I paid exactly $14,000 in 2014.
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 be paying that off this summer between the 10% and 7%.

I will pay the 3 off for sure by December 31, 2015. Stretch goal is pay the 3 debts off by October 31, 2015 (just in time to go on my first real winter vacation with the fiance in November!)

Good luck everyone!

$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!

[midweststache]

Count me in. I paid exactly $14,000 in 2014.
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 be paying that off this summer between the 10% and 7%.

I will pay the 3 off for sure by December 31, 2015. Stretch goal is pay the 3 debts off by October 31, 2015 (just in time to go on my first real winter vacation with the fiance in November!)

Good luck everyone!

$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!

WOO HOO! Congrats!

[fuzzylippedgirl]

I'm new to MMM, but student loans are a thorn in my side. I thought I had a huge amount of debt, but it turns out (surprise!) that I'm just a whiner with a small amount of debt.

So I'll join the challenge. Simultaneously saving for a wedding, but what the hell. No more complainypants.

I'm at $12,707.70 @ 5.75V%

I'd like to be done by the end of the year. **tosses hat in ring**

[midweststache]

 

I'm new to MMM, but student loans are a thorn in my side. I thought I had a huge amount of debt, but it turns out (surprise!) that I'm just a whiner with a small amount of debt.

So I'll join the challenge. Simultaneously saving for a wedding, but what the hell. No more complainypants.

I'm at $12,707.70 @ 5.75V%

I'd like to be done by the end of the year. **tosses hat in ring**

Depending on your wedding's budget, it can certainly be done. We just got our marriage license today and our wedding is going to cost, all in total, about $4,200 (civil ceremony and two small receptions in different cities). We've also paid off $2,500+ in student loans since 2015 started.

I don't know where you are in the wedding-planning process, but there's a ton of information on the forums on how to keep costs low (hint: reduce people). Also, check out Offbeat Bride as a great resource, filled with some Mustachian (and admittedly-non-Mustachian) ideas.

Best of luck, and congrats on your impending nuptials (and impending loan annihilation)!

[kpd905]

I'm saving up for a wedding as well, this July.  I was throwing $2500/month at my loans, but have been just paying the minimum for the last few months to build up some cash reserves.  We are trying to keep the wedding around $9000 or so.  Once it's over, I'll throw a huge chunk at the loans.

[Blahhhh456]

Hoping to knock the total down to $20k at the end of 2015.

Final Figures for 2014YE:
Nelnet A - $744.29 - 0% fixed int
Nelnet B - $1,245.80 - 3.8% fixed int
Nelnet C - $1,958.05 - 3.8% fixed int
AES 1 - $11,356.87 - 4.41% variable int
AES 2 - $20,527.52 - 5.56% variable int
Total: $35,832.53

Last payment has cleared for the month:
January 2015
Nelnet A - $717.34
Nelnet B - $1,207.79
Nelnet C - $1,898.33
AES 1 - $11,231.93 - 4.40% variable int
AES 2 - $20,297.50 - 5.55% variable int
Total: $35,352.89
-$479.64 - Total for Month
-$479.64 - Total for Year

February 2015
Nelnet A - $597.58
Nelnet B - $1,024.92
Nelnet C - $1,610.98
AES 1 - $11,106.46 - 4.42% variable int
AES 2 - $20,066.27 - 5.57% variable int
Total: $34,406.21
-$946.68 - Total for Month
-$1,426.32 - Total for Year
Slow and steady. I will get to my goal this year....

[Sanne]

And here I was, thinking my loans were bad. I had approximately 25.000 in loans. I only paid the minimum for most years and last year I started paying more cause I want to get rid of it..

My goal is to have the remainder paid off in 2016. I do not have a high paying job so I don't think 2015 would be realizable (although it would be nice of course).. Interest rate is valid until 31 December 2016 so I think this is a nice goal. I want it to be sooner though.

To show you my "progress":
Start: appr 25.000
1 January 2012: 18.900,46
1 January 2013: 17.442,21
1 January 2014: 15.963,67
1 January 2015: 10.439,67 @ 1.39% (Netherlands)

I pay off 140€ per month (minimum), this is automatic. You can't up this amount for some reason. I paid off an extra 3000 this month! Not sure what the amount is right now, have to get a letter about this..

[Wanderlusting]

Total: $42,100

Loan 2: $4300 @ 5.35%
Loan 3: $9600 @ 8.5%
Loan 4: $13400 @ 6%
Loan 5: $12,300 @ 6%

Put $1200 down on loan #3 this week, bringing it down to $8400. Next week I have my tax return coming in to which will probably be mostly frontloaded on the loan as well, so I have that to look forward to. I might just end up making my <$20k stretch goal if I can keep this pace up.

[CheapskateWife]

22K in loans since 2005 at 1.9%.  Making $125 minimum payments for 9 years, and finally got serious in 2014.  As of yesterday, we crushed it...done...

mic drop

[Blahhhh456]

22K in loans since 2005 at 1.9%.  Making $125 minimum payments for 9 years, and finally got serious in 2014.  As of yesterday, we crushed it...done...

mic drop

Congrats!!

[Dmoneyzzz]

I want to commit to paying off my student loans as quickly as possible.

I will be around $25-$30k deep.  Here's to more income and more precise money management!

[Apples]

At the end of December 2014:

Loan #1: $13,794.44

January Progress:

$13,794.44 ---> $12,987.67
Payment of $865 this month.

End of February:

$11,407.58
Paid $1,631 this month!  I had a 5 paycheck January, and my husband got a part time job halfway through.  His hours are picking up, so things are looking good this year!

[GingerStache]

Beginning of February Update

Total Loan Balance:   $52,665.45
08/15/2011   Direct Sub Stafford Loan   Repayment   $2,502.77
08/15/2011   Direct Unsub Stafford Loan   Repayment   $11,120.47
08/16/2010   Direct Sub Stafford Loan   Repayment   $7,360.56
08/16/2010   Direct Unsub Stafford Loan   Repayment   $11,826.29
08/10/2009   Federal Unsub Stafford Loan   Repayment   $12,494.80
08/10/2009   Federal Stafford Loan   Repayment   $7,360.56

Goal 1: Pay off first loan by 5/1/15
Goal 2: Pay off second loan by EOY
Goal 3: Get loan balance below $40,000 by EOY

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

I will hit goal 1 in 2 weeks when I get my next paycheck! Kind of cool that it will also be the payment that drops me under 50k. After March, I'm going to have to slow down a little bit. I'd like to pump up my emergency fund a little more and there's an upcoming wedding that we're paying for (we set a date, September 2016).

For now my goal of 40k still feels within reach, whereas I think paying off another loan by year end is going to be a wait-and-see. If I put an extra $400 a month on top of my monthly payment towards one of the $7k loans then it will be in the $2.5k range at year end. That should be low enough and my savings high enough that I could just pull the trigger to keep my promise to myself or if the money needs to go somewhere else then I wasn't paying too aggressively.

Until next time, keep making those extra payments!

[minimos]

Monthly update time!  Loans list below now shows the refi with Sofi -- and its really savings us a ton of interest over the year!  Made some great progress this month - and really going to try to keep it up!   

Loan1a - $114,027.12 @3.295% (Combined Loan1 and Loan2 with the Sofi Refinance)
Loan3 - $7,494.21 @2.35%
Loan5 - $35,900.68 @2.35%
Loan7 - $3,717.01 @2.1%
Total: $161,139.02

A decrease of $7,321.87 over the last month in principle.  A decrease of $18,262 since the first post on this thread in December.

[cashstasherat23]

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!

[Natcat]

I began this challenge with a goal to pay off my student line of credit by September. Thankfully it will be killed much much sooner! I'm so excited I've happy danced around my apartment two nights in a row. My fiancé lent his vehicle and his friend totalled it (she's fine). Sad, yes. But rather than buying an equivalent SUV with the insurance payout he's buying a small '03 car and paying off my loan with the remainder. Yay yay yay! Two birds with one stone. Student line of credit killed and his unmustashian clown car/SUV to be replaced with something fuel efficient.

[kpd905]

Sofi just lowered my rate to 3.93%, so I am losing the will to throw money at my loans.  I just put $4600 into a traditional IRA when I did my taxes, so now I'm a bit cash poor. 

I was in a weird income area where every dollar I put into the tIRA would both let me deduct that as well as deduct more of my student loan interest, so it was around a 50% return.

Current balance: $44,772 at 3.93%

I'll probably keep making minimum payments for now, and throw a huge chunk at it after my wedding in July. 

[ontheroaderic]

I've been wanting to get in on this but I had to finish our massive payments on my wife's financed Prius before we could start throwing the funds at the student loans. Prius=paid off ($13,500 in less than a year, in a addition to a wedding that cost way more than I intended). Time to hit these damn loans.

Starting balance $74,618.23 at 5.625% (consolidated subsidized and unsubsidized, plus uncapitalized interest).

Payment 3/5/15 of $2005.22

New balance = $72,613.01.

I'll celebrate my 38th birthday at the end of the month, the plan is to wipe this sucker out in time for my 40th!

[JuSp02]

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

I missed out on updating my progress last month, but here is where I am today:  $50,332.56.

[Kaptain]

I am so excited -- I have my 6.375% loan balance down to 4 figures!!  Started at around $24k in December; the payments I just made will bring my balance down to 9530.44.  It is paid ahead thru 2019.  I really can't believe it!  This feels so good.

I am happy to report that as of the 2nd month of 2015, I am on track to eliminate my 6.375% loan by the end of the year!  In addition to my regularly scheduled payments of 239.67, I paid an extra $1000 in January & $1000 in February.  This loan is "paid ahead" thru 2018! 

Also - as of January 4th I've only been working 24-26hrs/week instead of my normal 36-38, so I've been able to manage these extra payments on a slightly reduced income. 

Also - I start a new job Feb 23rd that will be 40hrs/week, and negotiated a 15% increase in my hourly pay!  Since my paychecks will be larger, I am hoping that I can accelerate this payoff even more!  Really feeling the momentum pick up!

I have 2 student loans:
$24,000 (approx) at 6.375%
$44,309 at 3.5%

I just put $10,000 I had saved towards the higher interest one, knocking my balance down to $13,929.09!!!  Even if I just stayed on the current payment schedule, the extra $10,000 I threw at it would save me approx $12,000 in interest over the life of the loan, and shorten the duration of the loan by 6 yrs 6 months.  !!!

My goal is to have the 6.375% loan paid off by the end of 2015. 

That means I need to be putting $1100-1200/month towards it.  This feels aggressive (for normal people, not Mustachians) but I know I can do it.  I am considering switching jobs and am thinking about the vacation time I would cash out if I left my current job, and maybe a tax refund that I could put towards this.  I've also applied for a state funded nursing loan repayment program that may grant me some money that would go towards the loan (though this is unlikely; the program is very competitive and I was not awarded anything last year).  My car is newly paid off so I can put the money I have been budgeting for that every month towards it.  There is also the possibility of a new job I am interviewing for which would hopefully be a raise.

Oh, also, I've stopped buying so much crap & am getting a Costco membership.  So many other opportunities for savings!

[Tig_]

I've been following this thread for awhile -- you all are so inspiring!

I'm currently at $15995 @5.88%.  Totally doable, but will likely require a dip into the EF to clear it out by the end of the year.

Onward!

[Merlion]

After Feb payments and an early March bonus, the loans are down to $48,725 from $78,733 at the start of the year.

$8,245.43 @ 6.55%
$8,245.43 @ 6.55%
$4,122.71 @ 6.55%
$15,210.79 @ 6.55% $0
$14,361.92 @ 6.55% $2,320.00
$2,441.93 @ 6.55% $0
$6,711.77 @ 5.00%
$4,003.43 @ 5.00%
$8,264.31 @ 4.50%

To answer a couple of questions on why I haven't signed up for SoFi. I thought about it and even started signing up, but I believe that as an expat living outside of the US without any US source income, it's unlikely that they would approve me for a loan. I could be wrong, but  will have the highest interest loans out of the way within the next few months anyway.

The goal this year is to pay off all of the loans below by the end of the year. Values are as of January 10.

Total: $78,733.31 @ 6.12% Average Rate

[Lanthiriel]

After Feb payments and an early March bonus, the loans are down to $48,725 from $78,733 at the start of the year.

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

I missed out on updating my progress last month, but here is where I am today:  $50,332.56.

I am so excited -- I have my 6.375% loan balance down to 4 figures!!  Started at around $24k in December; the payments I just made will bring my balance down to 9530.44.  It is paid ahead thru 2019.  I really can't believe it!  This feels so good.

There is some seriously awesome progress happening on this thread. Congrats on all the good work!

[themessenger]

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

[Blahhhh456]

Hoping to knock the total down to $20k at the end of 2015.

Final Figures for 2014YE:
Total: $35,832.53

January 2015
Total: $35,352.89
-$479.64 - Total for Month
-$479.64 - Total for Year

February 2015
Total: $34,406.21
-$946.68 - Total for Month
-$1,426.32 - Total for Year

March 2015
Nelnet A - Gone
Nelnet B - Done
Nelnet C - Woohoo
AES 1 - $10,976.47
AES 2 - $19,825.26
Total: $30,801.73
-$3,604.48 - Total for Month
-$5,030.80 - Total for Year
It feels great to have the nuisance loans gone. Pushing through the last two.

[JustGettingStarted1980]

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

[SarahMD428]

Alright!  First post!
I am including all of my non-mortgage loans (with my SL being the largest).
Loan 1) $1750 @5%
Loan 2) $2100 @5.5%
Loan 3) $2200 @6%
Loan 4) $8600 @6%
Total $14,650

YTD Progress:
Loan 1 paid off February 2015
Loan 2 paid off March 2015
As of 3/24/15
Loan 3 Balance = $1450
Loan 4 Balance = $6500

[Philociraptor]

I guess I should post an update, even though I'm not really participating. At the start of the year we had $72,316 between our student loans. I refinanced mine down to 4% variable in January, so we missed a month of payments. BUT, she wanted to use her bonus to knock hers out so I sent the payment yesterday. Down to $68,150 on mine. Nothing impressive, we plan on focusing on investing rather than paydown until the interest rate jumps over 5%.

[Uncle Scrooge]

I graduated in 2009 with approximately 60k in student loan debt. Since then, I have paid 20k in interest. (Yikes!)

In August 2013 I had 45k remaining and decided I'd really focus and hammer them down.

As of today I have 7800 remaining. I can see the finish line...it feels like it's in striking distance!

[JustGettingStarted1980]

Way to go Scrooge, SarahMD, Blahhh, and Messenger -> I'm impressed and keep the good energy flowing!

[Sibley]

Starting the year with about $11,000 in SL. Plan is to do minimum payments until October (paying off credit card), then kicking up the SL payments to $1000 a month.

Edit: After referring to my spreadsheets, the current plan is to get the SL under $8k by end of 2015 and paid off by Aug 2016. Multiple competing priorities suck. I need to get my budget dialed in better though and see where I can improve.

[Merlion]

Another big payment in the last couple days. The loans are now down to $35,310 from $78,733 at the beginning of the year

After Feb payments and an early March bonus, the loans are down to $48,725 from $78,733 at the start of the year.

$8,245.43 @ 6.55%
$8,245.43 @ 6.55%
$4,122.71 @ 6.55%
$15,210.79 @ 6.55% $0
$14,361.92 @ 6.55% $2,320.00
$2,441.93 @ 6.55% $0
$6,711.77 @ 6.55%
$4,003.43 @ 5.00%
$8,264.31 @ 4.50%

To answer a couple of questions on why I haven't signed up for SoFi. I thought about it and even started signing up, but I believe that as an expat living outside of the US without any US source income, it's unlikely that they would approve me for a loan. I could be wrong, but  will have the highest interest loans out of the way within the next few months anyway.

The goal this year is to pay off all of the loans below by the end of the year. Values are as of January 10.

Total: $78,733.31 @ 6.12% Average Rate

[SarahMD428]

Alright!  First post!
I am including all of my non-mortgage loans (with my SL being the largest).
Loan 1) $1750 @5%
Loan 2) $2100 @5.5%
Loan 3) $2200 @6%
Loan 4) $8600 @6%
Total $14,650

YTD Progress:
Loan 1 paid off February 2015
Loan 2 paid off March 2015
As of 3/24/15
Loan 3 Balance = $1450
Loan 4 Balance = $6500

Ok guys, as of 4/1/15 (I've already calculated April's bills and I'm too excited to wait until Wednesday to post this!):
Loan 3 Balance = $730 (This is with the regular monthly payment plus extra)
Loan 4 Balance = $5332  (I am making an extra payment)

So it looks like Loan 3 will be paid off as of ~5/1/15 and Loan 4 is on track to be paid off in July - about a month earlier than my original stretch goal!

[SarahMD428]

22K in loans since 2005 at 1.9%.  Making $125 minimum payments for 9 years, and finally got serious in 2014.  As of yesterday, we crushed it...done...

mic drop

Woohoo CheapskateWife!  That means you went from paying ~$1500/year to over $8000 last year.  Great job!

[SarahMD428]

Simultaneously saving for a wedding, but what the hell.

Not sure where you live, but Wish Upon a Wedding has (at least used to have) an auction every September on BiddingForGood.  Sort of like eBay, but vendors donate goods/services for a tax deduction, then any $ you bid goes to the charity.  I got a fantastic $3000 value photographer for $300! Also, remember it never hurts to ask.  I would tell people my budget and ask what they could do it for that price.  (Some people were insulted so I learned to always preface my offer with "My budget is not a reflection of your talent, it's just all I can afford").  I got a DJ for $600 who did free uplighting because we were both teachers.  So I had a catered, open bar wedding for over 100 people for under $14,000 (and that includes EVERYTHING right down to a wedding expo I went to 4 years before my wedding and a pair of $1 flea market earrings and the only DIY thing I did was my make-up - I love make-up).  The average wedding in my area was $30,000.  Email me at sarahdesrocher@gmail.com if you want more tips.

[SarahMD428]

Way to go Scrooge, SarahMD, Blahhh, and Messenger -> I'm impressed and keep the good energy flowing!

Thanks for the encouragement JGS!

[SarahMD428]

Another big payment in the last couple days. The loans are now down to $35,310 from $78,733 at the beginning of the year

Holy crap Merlion - that's over $43,000 in three months.  That's more than my take home for the year!  Go you!

[use2betrix]

Just saw this thread and figured I'd throw in the joy that I paid off my final student loan a couple weeks ago, thanks to this site! I had over $40,000 when I started my career in 09? And have been chipping away at it. I paid off about 30k or so in the last 2 years.

I had about $11500 left as of a couple weeks ago, but some members here convinced me to pay it off as opposed to saving and paying off my truck. When I went to pay it off I realized it was at an 8.25% interest rate, so glad I did! Now tackling away at more other debt. I should hit the zero mark late next year where my 401k/Roth IRA balance will out do my last bit of debt.

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.

[SarahMD428]

Simultaneously saving for a wedding, but what the hell.

Wish Upon a Wedding has (at least used to have) an auction every September on BiddingForGood. 

I checked and found out they don't do BFG auctions anymore.  :(

[SarahMD428]

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.

[Merlion]

Another big payment in the last couple days. The loans are now down to $35,310 from $78,733 at the beginning of the year

Holy crap Merlion - that's over $43,000 in three months.  That's more than my take home for the year!  Go you!

Thanks Sarah. Being DINKs in a high Cost of living country with very low taxes means that if we're able to keep our spending low, we can throw a large amount at the loans. Things will slow over the next few months because we have to pay last year's taxes and we both got our bonuses in the last 3 months, but I'm still optimistic of hitting the target of finishing this year.

Congrats to you as well! Making serious progress, and in no time your loans will finally be done too!