Student Loan Challenge (2016 Edition)

[ADV_CJ]

I'm in for this challenge.  We won't be able to do this in 2016, more than likely 2022, but getting it paid off is the final goal.

Mine:
I have $741.00 @ 3.5% fixed.  I'll probably sell a few things around the house to knock this out.

Wife's student loans: currently in refi process @ 3.04% variable.
Subsidized: $38,737.28 @ 6.75% fixed
Unsubsidized: $251,943.10 @ 6.75% fixed
Total Principle: $290,680.38 @ 6.75% fixed
Total Current: $342,079.36 @ 6.75% fixed

We have a long way to go, but with the right course of action we'll be debt free in 8 years (or better).

[Cezil]

January 2016, I was at:

Loan 1: $0 (paid off 9/30/2014, started at $8,500 @ 6.8%)
Loan 2: $3,008 (1.95%, original amount: $13,000)
Loan 3: $6,213 (2.5%, original amount: $13,500)


As of today:

Loan 1: $0 (paid off 9/30/2014, started at $8,500 @ 6.8%)
Loan 2: $942 (2.20%, original amount: $13,000)
Loan 3: $6,091 (2.75%, original amount: $13,500)

Hope to be done by August 2016.  :)

[palebluedot]

Hey all! I am glad to be taking part of this challenge. I officially finished my degree last December and I am ready to eliminate this ASAP. I paid off 4 loans while I was in school. I mostly paid off the Unsubsidized loans during that time because of the high interest rate. Also I entered repayment in December (my grace period started May 2015 because I dropped below half time for my last semester).

I started a new job near the end of February and it's the most money I've ever made. I want to max my IRA (I have 1400 left to contribute) for 2015 before April 15 so I won't be sending all the surplus left at the end of each paycheck to the student loans just yet. I am usually left with $1500-$1800/ month that can be put towards investments or loans after my regular expenses.

My loan total when I finished in December: $21,045

The breakdown:

As of March 20 2016              Loan                           Original Balance  Interest       Current Balance Date Paid Off PER24A                       $1,200.00           5.00%        $1,205.00     DLUNST 09/15/2014    $4,288.00           4.41%        $3,100.09     DLSTFD 09/15/2014    $5,500.00           4.41%        $5,343.50     DLSTFD 08/29/2013    $2,250.00           3.61%        $2,225.45     DLSTFD 08/30/2012    $3,496.00           3.15%        $3,448.66     DLSTFD 05/24/2012    $2,750.00           3.15%         $2,667.74     DLSTFD 02/29/2012    $2,750.00           3.15%         $2,667.74     Total                            $22,234.00                             $20,658.18

Previous loans:

PAID IN FULL          Loan                           Interest   Balance       Date Paid Off DLSTFD 10/28/2013   3.86%   $500.00        7/31/2015 DLUNST 09/24/2012   6.8%   $1,646.00    8/22/2013 DLUNST 05/24/2012   6.8%   $1,246.00    11/21/2012 DLUNST 02/29/2012   6.8%   $754.00         9/28/2012                                 Total   $4,146.00

I hope to learn from others here and keep momentum going! My plan is to finish off in 12 months by next March.

[AlwaysLearningToSave]

We refinanced in November 2015 and had $19,364.62 in loans at 4.74%.

Balance is $9,745 as of March 1, 2016.

Balance will be $8,125 on March 24, 2016.  Keep rolling!

[MrsPfennig]

We paid off another one this month: $3140 gone! 11 more student loans to go between my husband and I we crossed the 20 % threshold. I cant wait to be debt free!

[ptgearguy]

Keep up the great work everyone. I hope everyone had a successful March in paying off their loan. I will update my payment early in April when I get my next paycheck. It has been a great month for me having got my tax return--I look forward to updating you all on my total :)

[AmandaS1989]

Just killed that PLUS loan! One down, 10 to go.

[Dsteadma]

At the end of December I had 45k in student loan debt. At the end of March I'm at 39k. My goal was to finish the year with 30k. Now I hope to pass it!

[therethere]

Desired Date Payoff Date: 5/21/2016 (10 years since graduation!)
53029.48  Loan Balance
38247.37  Payoff Account Contributions
14,782.11 Remaining.
14,482.11 Remaining -2150 1/11/2016
12,332.11 Remaining -800 1/21/2016 -395 Jan Payments
11,138.28 Remaining -2000 2/2/2016
9,138.28 Remaining --> 3/1/2016 Feb Payments
8,365.11 Remaining 3/30/2016 - 2707 +395 Mar Payments
5,261.28 Remaining

Parent Loan Balance
+ 28,854.17 3/15/2016 (Parent's Remaining Loan Balance)

*Update to the Parent Loans. After the initial shock wore off I decided for now I can't focus all my energy on it. It would just completely spoil the huge milestone of paying off OUR debt. So I've decided to set an automatic payment of $300 (essentially doubling their payment) for the future. I know its not much, but for now it seems like a decent compromise.

I want these loans gone ASAP and have been pretty motivated. As such, I made the decision to prioritize it over any IRA savings this year. I know its not the most optimal solution but I just can't be this close and not focus all my energy on it. I need them gone for my sanity. This month I was able to plow a bunch in because of a bonus. I wish I could have paid it off in full but right now am frontloading DH's 401k since his contract is up in a month.  As another bonus, the stock market is finally up this month and the brokerage account has overall gains instead of losses!

[therethere]

Desired Date Payoff Date: 5/21/2016 (10 years since graduation!)
ORIGINAL LOAN BALANCE - ~200,000 1/1/2007
53029.48  Current Loan Balance
38247.37  Payoff Account Contributions
14,782.11 Remaining. 1/1/2016
14,482.11 Remaining -2150 1/11/2016
12,332.11 Remaining -800 1/21/2016 -395 Jan Payments
11,138.28 Remaining -2000 2/2/2016
9,138.28 Remaining --> 3/1/2016 Feb Payments
8,365.11 Remaining 3/30/2016 - 2707 +395 Mar Payments
5,261.28 Remaining 3/31/2016 Leftover March Budget $
4,842.70 Remaining

Parent Loan Balance
+ 28,854.17 3/31/2016 March Payments
28,189.64 Remaining

Gotta love when there is money left in the budget (this NEVER happens). We won't make my original hopeful payoff date in May. But if we can scrounge another $600 (which should be made in dividends on the account) and can make minimum payments we will be done by the end of the year!

[b-rad]

I'm in!  I'm a long-time lurker who decided to make this my first post.  Me and my SO decided to make my graduate school debt (our only debt) our primary goal this year.  Our combined net income for 2016 is projected at around $129k and we live in NYC.

As of 1/7/16 my loan total was= $132,297.15 @ 6.75%.  Ouch!

So far this year we have made the following payments:
1.  $218.40 (1/3/16)
2.  $20,000 (1/7/16) Cashed out all but $3K from our Savings Acct
3.  $62,500 (1/8/15) Cashed out our Vanguard Brokerage Acct
4.  $1,705  (1/13/16)
5.  $2,000 (1/25/16) 
6.  $218.40 (2/3/16)
7.  $3,985 (2/12/16) 

Student Loan Debt remaining: $41,670.35

We are planning to devote $6500/mo, a third paycheck in July, and any other savings we can manage toward this to be done by July or Aug 2016! 

Things we love and will continue: no cable, keeping utility bills crazy low, making most of our meals/drinks for the week at home, public transportation and walking almost everywhere, fewer things.
Things we miss: travel(!!!), non-work hobbies, free time.
Things we dislike: working two jobs (me), working an unfulfilling career (SO), having a roommate.
Plans for after: rebuilding savings, save for financial independence, save for bikes, frugal travel, reimagine work/careers.

*Figured it was time for an update.  We're making progress!  On track with scheduled payments and putting down extra when we're able. 

Student Loan Debt remaining: $29,304.42

[Slow&Steady]

We are hoping to finish off student loans this year, we have been holding on to them for far too long.

Loan A: $11,468.27 @ 7.5%
Loan B: $5,036.89 @ 7.5%

Loan A should not be accumulating any interest this year since I am taking grad classes (paid for by my employer) but they haven't gotten it switched over yet.

The plan is to pay at least $13,000 towards these in 2016, I am just hoping that we can find enough to completely pay them off this year.

March payment is scheduled to come out on 3/1, wahoo for bonuses!
Loan A: $11,468.27 @ 7.5% - $11,358.27
Loan B: $5,036.89 @ 7.5% - $3,436.89

April payment scheduled to come out today

Loan A: $11,468.27 @ 7.5% - $11,358.27  - $11,277.68 (in deferment with 0% interest finally due to grad classes)
Loan B: $5,036.89 @ 7.5% - $3,436.89 - $3,082.02

Total: 2/18 = $16,505.16
            3/2 = $14,795.16
            4/2 = $14,359.70

[EllieStan]

Feb 24, 2016
Gov. Student loans       $1,241.35
Student LOC                 $1,440.05
Total:                       $2,681.40

April 1rst, 2016
Gov. Student loans       $1,059.55
Student LOC                 $0.00

GOODBYE STUDENT LINE OF CREDIT!!! Feels great, I've had it since 2005 and now it's GONE.

Less than 1 month to go and I'm debtfree!

[AmandaS1989]

That's amazing! I bet it feels good to have freedom in sight.

[EllieStan]

That's amazing! I bet it feels good to have freedom in sight.

Thanks! It's weird, because although I'm happy, I still can't imagine what it's like not having to pay debts. It has always been part of my adult life so far. I hope in my next life chapter, I'll be as diligent with savings as I have been with debt repayments. Growing a mustache :)

[AmandaS1989]

You can do it. You might want to automate your savings so you don't have to think about it.

[JustGettingStarted1980]

Total $41243 Paid Off in 2015

-as I'm coming to the end soon of my personal student loans, I'm going to add my wife's loans (she had lower interest rates) to this Challenge and start fresh in the 2016 edition

-for the record, my combined interest rate for the 80K + due is less than 3%, I don't care, they got to go!

-new starting point (both his and her loans) = $83265.16 Due

1/1/16 -$83265.16 in loans (his and hers combined)
4/1/16 -$75413.33 (7851.83 Paid off over the last quarter)

[Zaga]

We've been working on the student loan monster for quite some time, but have prioritized higher interest debts and investing.  Nonetheless the SL debt has come down from $115K in 2007 to $40K at the beginning of 2016.  That's about $8.3K a year, not the best paydown rate.

Current path is paying off half of that $40K by the end of 2016, but we've been making bigger payments than the plan.  I'd absolutely love to have it gone sooner than that, we shall see.

So far this year we are down to $34.4K, hoping for at least $6K paid down over the next quarter!

[GetItRight]

1	$0	4.99%
2	$42,108.88	6.00%
3	$26,612.77	4.75%
401k	$9,681.31	4.25%

Total: $78,402.96
Paid since 1/12/2016: $5,586.98
$/day since 1/12/2016: $68.14

Thought dollars per day was an interesting measure. Would be nice to get that above $100 but I've had significant medical bills this year which has been a huge setback. I'll be getting some back when I file taxes so that'll help a bit.

[arpies]

November 29, 2105 :
22,365.36 @ 4.7% (and tax deductible)
4,940.95 @ 1%

January 8, 2016 : $21,327 @5.2% (lousy variable interest rates)

January 27 :19,597

March 1: 10,559

April 3: 6,226

Well on track (actually ahead of it) for my June payoff goal.
Edit: corrected a typo.

[QueenAlice]

I overestimated the amount of self-employment tax I needed to pay for the last quarter of 2015, so I got to throw the extra money in my tax hold account at my student loans this month. So even though we owed taxes this year, we still ended up with a refund of sorts :)

Loan	Rate	01/16	2/16	Current
Loan 1*	1.72%	$2577.18	$2577.18	$2577.18
Loan 2*	6.8%	$1598.74	$1598.74	$1598.74
Loan 3*	6.8%	$5271.00	$5271.00	$5271.00
Loan 4*	5.6%	$5246.00	$5246.00	$5246.00
Loan 5	6.8%	$1474.21	$1158.35	$0
Loan 6	6.8%	$10452.30	$7444.83	$7485.15
Loan 7	6.8%	$2073.29	$2043.96	$1218.21
Loan 8*	5%	$5000.00	$5000.00	$5000.00
Total		$33692.72	$30340.06	$28396.28

*Loans not currently accruing interest

Loan	Rate	01/16	02/16	03/16	Current
Loan 1*	1.72%	$2577.18	$2577.18	$2577.18	$2577.18
Loan 2*	6.8%	$1598.74	$1598.74	$1598.74	$1598.74
Loan 3*	6.8%	$5271.00	$5271.00	$5271.00	$5271.00
Loan 4*	5.6%	$5246.00	$5246.00	$5246.00	$5246.00
Loan 5	6.8%	$1474.21	$1158.35	$0	$0
Loan 6	6.8%	$10452.30	$7444.83	$7485.15	$7498.36
Loan 7	6.8%	$2073.29	$2043.96	$1218.21	$0
Loan 8*	5%	$5000.00	$5000.00	$5000.00	$5000.00
Total		$33692.72	$30340.06	$28396.28	$27191.28

*Loans not currently accruing interest

[ptgearguy]

March was a very good month to pay off the loan due to a nice tax return. I was able to pay off 10264 in 1 month!

December 2015: 50200
January 2016: Start of Jan 47621; End of January at 42,185
Feb 2016: 36355.42  (5830 payed off principle)
Mar 2016: 26091.37
Apr 2016
May2016:
June 2016:

[MisterOwl]

Does anyone have any information about refinancing student loans?

[AmandaS1989]

You can try Common Bond or Earnest to refinance your student loans. I'm sure their customer service teams or their websites have good facts about refinancing and who should refinance. I'm thinking of refinancing my unsubsidized loans with Earnest in a few more months.

[QueenAlice]

Does anyone have any information about refinancing student loans?

http://forum.mrmoneymustache.com/reader-recommendations/my-experience-refinancing-student-loans-with-sofi/

http://forum.mrmoneymustache.com/reader-recommendations/experiences-with-sofi/

http://forum.mrmoneymustache.com/ask-a-mustachian/experience-with-sofi-(customer-or-investor)/

Those are just the top three that came up when I searched for Sofi on the forum

[wintertell]

AmandaS1989, MisterOwl -- I refinanced through Earnest and have been very, very happy. I got good rates. I like their flexible payment schedule, amounts and the fact that you can refi your refi every 6 months. Also, their customer service is superb. I had a question about my -refi-my-refi (so after they already had my business) and they returned via phone (not email) by COB my time that same day even though they are in the Pacific Time Zone. You can PM for more details and if you like, use the link in my signature to get $200 off of your loan when you apply. I would get $200 too, but that's the only way for you to get a discount as far as I know.

[AmandaS1989]

Thank you wintertell. I will be glad to use your referral link in June (if I remember, need to make a note) Can you PM me about the refi-your-refi? I'm interested in how that works.

[ontheroaderic]

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)
6/12/15: $64,281.49 (-3100.00)
7/7/15: $61,917.04 (-2600)
8/7/15: $59,610.78 (-2600)
9/7/15: $57,385.37 (-2600)
10/7/15: $54,931.48 (-2600)
11/13/15: $52,325.25 (-2900)
12/9/15: $49,975.41 (-2600)
1/11/16: $47,557.16 (-2600)
2/7/16: $47,557.16 (-376.81)
3/7/16: $47,451.50 (-376.81)
4/7/16: $45,531.28 (-1941.73)

Been a couple of months since I posted - I decided to redirect some of the money into our IRAs to reduce our tax burden. So sad to see those two months of minimum payments that essentially only cover accrued interest! At any rate, I’m back on track with the big payments again, hoping to wipe out $30K more this year.

[shadesofgreen]

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)
6/12/15: $64,281.49 (-3100.00)
7/7/15: $61,917.04 (-2600)
8/7/15: $59,610.78 (-2600)
9/7/15: $57,385.37 (-2600)
10/7/15: $54,931.48 (-2600)
11/13/15: $52,325.25 (-2900)
12/9/15: $49,975.41 (-2600)
1/11/16: $47,557.16 (-2600)
2/7/16: $47,557.16 (-376.81)
3/7/16: $47,451.50 (-376.81)
4/7/16: $45,531.28 (-1941.73)

Been a couple of months since I posted - I decided to redirect some of the money into our IRAs to reduce our tax burden. So sad to see those two months of minimum payments that essentially only cover accrued interest! At any rate, I’m back on track with the big payments again, hoping to wipe out $30K more this year.

In 1 year you have paid off $29,086.95. I would say that you are doing really great.

[SyZ]

I owe 16.5k total on them, and am only looking at about 27k take home in the next 9 months, so probably won't be able to, but I'm trying. Unfortunately, I've paid off so little interest due to paying so much principal, I don't get any tax break. And there's an argument to keep $8,000 of it, because it's 2.3%, but I kind of just want it all done with at this point. We'll see

[C-man23]

The wife paid off hers last month, but the autopayment went through a couple days after!  Now, we have to wait for Navient to reimburse us ugh ugh ugh.  Still hard to complain about getting rid of them!

Keep up the great work everyone!

[AlwaysLearningToSave]

The wife paid off hers last month, but the autopayment went through a couple days after!  Now, we have to wait for Navient to reimburse us ugh ugh ugh. 

That's my biggest complaint with automating my finances.  Sure you get the benefit of not having to think about making payments but you are essentially giving someone else permission to dip into your checking account.  While we are still paying down student loan debt we try hard to maximize cash flow and waiting a month to sort out an error like that bugs me to no end. 

Soon the loans will be paid off and we will build a bigger cushion so that this sort of error is not as big an inconvenience.  But even then, when an error occurs we will still need to devote the time and energy to document and ensure they follow through with the refund.

[C-man23]

The wife paid off hers last month, but the autopayment went through a couple days after!  Now, we have to wait for Navient to reimburse us ugh ugh ugh. 

That's my biggest complaint with automating my finances.  Sure you get the benefit of not having to think about making payments but you are essentially giving someone else permission to dip into your checking account.  While we are still paying down student loan debt we try hard to maximize cash flow and waiting a month to sort out an error like that bugs me to no end. 

Soon the loans will be paid off and we will build a bigger cushion so that this sort of error is not as big an inconvenience.  But even then, when an error occurs we will still need to devote the time and energy to document and ensure they follow through with the refund.

Exactly!  Now we have to wait the 4-6 weeks for them to process the refund.  We can't fully close out the student loans until it is taken care of.

What makes it worse, is we were only doing the automatic payment option because it reduced the interest rate by 0.15%.....never thought it would end like this though.  It sounds like you are like us, and run a lean system with your finances (every dollar has a place).  This little bit of cash could be put to work elsewhere, especially with a baby on the way! :)

[Zaga]

Thanks for that warning, I'll be sure to turn off the automatic payment before making the final payment!

I was annoyed with Sallie Mae when we paid them off, I overpaid interest by several days and expected a refund.  Apparently if it's below a certain amount they never refund you :-(

[notarealdoctor]

I've been meaning on deciding on a goal for the rest of the year, and this is going to be it. We finished off my wife's student loans last December, and I'm itching to ditch mine too.

I've been hesitating paying down mine because they're all currently currently deferred and not accruing interest because they're all subsidized, but the deferment is going to end next January, so its time to knock these loans out.

Here's where I am at as of April 2016:

	Balance	Interest Rate
Loan 1	~$8,200	5% (fixed)
Loan 2	~$16,500	4.75% (mixed interest rate)

We're also saving for a down payment, so a lot of our post-expenses income is going toward that. What that means for me is that this is also a challenge to myself to start a side-hustle or two that can go to paying down these loans faster.

[arpies]

November 29, 2105 :
22,365.36 @ 4.7% (and tax deductible)
4,940.95 @ 1%

January 8, 2016 : $21,327 @5.2% (lousy variable interest rates)

January 27 :19,597

March 1: 10,559

April 3: 6,226

Well on track (actually ahead of it) for my June payoff goal.
Edit: corrected a typo.

April 15: 6,190
Changed my goal for payoff from June to September, as I've decided to pursue more education via distance ed and my retroactive raises wont be in until late May at best (were supposed to be on today's pay).

[ptgearguy]

Mid month check-in. Looks like lots of good work is being done. I had a small mid month payday and also bought some work clothes so I was not able to pay as much as I would have liked. My goal for this month was to bring my loans under 20k but I won't be able to meet that goal for April.

Again, keep up the good work guys!

[AlwaysLearningToSave]

We refinanced in November 2015 and had $19,364.62 in loans at 4.74%.

Balance is $9,745 as of March 1, 2016.

Balance will be $8,125 on March 24, 2016.  Keep rolling!

We decided to dip into our emergency fund to kill the loan today.  Woohoo!  Feels great to have it gone!

Now to replenish that emergency fund...

[ardrum]

Keep it up, people!  I won't be able to kill mine in 2016, but that won't stop me from fighting it to the death to try to get it down to the $10,000-15,000 range by year end.

[briesas]

I'm in! Student Loan payoff goals are what led me to MMM.

Jan. 1, 2016
total: 36,131.39

current balance:
Loan 1 (unsubsidized consolidation loan) 13,533 @3.375%
Loan 2 (subsidized consolidation loan) 20,121 #3.375%
Total: 33,654

goal: pay off the 13K loan or as much of it as I can by the end of 2016!

(edit to add: built a 3K emergency and dental work fund during the same time period, because only 2.5 K paid off in 3 months looks pretty lousy!)

[EllieStan]

Feb 24, 2016
Gov. Student loans       $1,241.35
Student LOC                 $1,440.05
Total:                       $2,681.40

April 1rst, 2016
Gov. Student loans       $1,059.55
Student LOC                 $0.00

GOODBYE STUDENT LINE OF CREDIT!!! Feels great, I've had it since 2005 and now it's GONE.

Less than 1 month to go and I'm debtfree!

Well, it's done. I've made the final payment on my student loans today. I'm now officially debtfree!

Keep on the good work everyone!!!

[RuntoFIRE]

Hi all,

I am patiently waiting for my refund check to come and then I can finally sink my last chunk of student loans and declare freedom. I have $8200 left down from $90K in 2011. We filed by mail and are now living abroad, so I don't expect to get the check in hand until end of May/beginning of June at the earliest. I cannot wait- it's the last few miles of a marathon. After this, I can start putting more away for our wedding, savings, and any eventual down payment. Yee hah!

[AlwaysLearningToSave]

Well, it's done. I've made the final payment on my student loans today. I'm now officially debtfree!

Keep on the good work everyone!!!

Congrats!  Enjoy the feeling for a few days, then focus on growing the 'stache!

[pharmmm]

Cash on hand: $62,513

Investments (roth/tsp/403b): $58,577

Mortgage: $276,784 (4.01%)
Monthly payment: $1,700

DW's loans:
$132,088 (6.55%)
$19,797 (2.5%)
$19,710 (2.38%)
$2,236 (2.08%)
$3,814 (2.07%)
Total: $177,645

My loans:
$31,326 (7.65%)
$25,500 (6.55%)
$122,924 (6.55%)
Total: $179,950
Note: through PSLF, my debt will be forgiven tax free after 8 more years (96 more payments) of ~1,000/month. This will fluctuate with my adjusted gross income and family size, but I do not anticipate any significant changes, at least while we're focusing on DW's loans. Only huge emergency would be if PSLF would be repealed or I'd lose my government/nonprofit position and couldn't get another one.

Net worth:
-$182,837

Total debt:
$634,379

Paid 2 big chunks (25k and 40k) on DW's big loan since last update:

Cash on hand: $42,424

Investments (roth/tsp/403b): $76,743

Mortgage: $274,532 (4.01%)
Monthly payment: $1,700

DW's loans:
$58,065 (6.55%)
$19,085 (2.5%)
$18,995 (2.38%)
$2,089 (2.08%)
$3,563 (2.07%)
Total: $101,797

My loans:
Total: $179,754 (will be forgiven tax free in 5/2024 after 100 more monthly payments of ~1k on PAYE/PSLF.)

Net worth:
-$118,647

Total debt:
$558,847

Spring update: another $20,000 down.

Cash on hand: $38,395

Investments (roth/tsp/403b): $93,389

Mortgage: $273,009 (4.01%)
Monthly payment: $1,747

DW's loans:
$37,187 (6.55%)
$18,892 (2.5%)
$18,801 (2.38%)
$2,026 (2.08%)
$3,455 (2.07%)
Total: $80,361

My loans:
Total: $179,754 (will be forgiven tax free in 5/2024 after 97 more monthly payments of ~1k on PAYE/PSLF.)

Net worth:
-$83,183

Total debt:
$540,545

[EllieStan]

Hi all,

I am patiently waiting for my refund check to come and then I can finally sink my last chunk of student loans and declare freedom. I have $8200 left down from $90K in 2011. We filed by mail and are now living abroad, so I don't expect to get the check in hand until end of May/beginning of June at the earliest. I cannot wait- it's the last few miles of a marathon. After this, I can start putting more away for our wedding, savings, and any eventual down payment. Yee hah!

Wow! Very impressive. I hope you get that refund ASAP :) I'm in the same boat when it comes to other projects (I'm guessing were postponed). Congrats for the upcoming nuptials!

[EllieStan]

Well, it's done. I've made the final payment on my student loans today. I'm now officially debtfree!

Keep on the good work everyone!!!

Congrats!  Enjoy the feeling for a few days, then focus on growing the 'stache!

Thank you! I have received 2 refunds & a paycheque this morning. So much moneyyyy and it's all mine! But no worries though, I'm not going to spend it foolishly. The refunds are already allocated: 1 for covering the moving out costs (July) and 1 for our small wedding (2017). I'm also in the process of switching banks. I wanted to wait until I had no debts left to makes things simpler. As soon as the new chequing account is ready, I'll be setting automatic payments to index funds.

You can do it. You might want to automate your savings so you don't have to think about it.

Thank you for the advice! I will definitely do that. :)

[rageth]

Wife and I are in!

Balances January 31
$9502 at 5.25% Payoff by 07/16
$3300 Perkins
$30,927 at 3.4-6.8% Pay down $10k in principal in 2016

Total: $43,729


Balances February 26
$8166 at 5.25%
$3300
$30927

Total: $42,393
Principal Paid in February: $1336

Balances April 2
$6981 at 5.25%
$3200
$30927

Total: $41,108
Principal Paid in March: $1285


We have Great Lakes for the last loan and we want to pay that one before the Perkins loan because we can make extra payments with a rewards credit card and get money back to pay down even more!

We won't slay all the loans in 2016 but by the end of 2017 hopefully!

Balances as of April 30
$5911
$3000
$31000

Total$39,911
Principal paid in April: $1,197

Just getting going with my summer side hustling, so hopefully we can get down below $5000k on the car loan by the end of the month.

[QueenAlice]

Loan	Rate	01/16	02/16	03/16	Current
Loan 1*	1.72%	$2577.18	$2577.18	$2577.18	$2577.18
Loan 2*	6.8%	$1598.74	$1598.74	$1598.74	$1598.74
Loan 3*	6.8%	$5271.00	$5271.00	$5271.00	$5271.00
Loan 4*	5.6%	$5246.00	$5246.00	$5246.00	$5246.00
Loan 5	6.8%	$1474.21	$1158.35	$0	$0
Loan 6	6.8%	$10452.30	$7444.83	$7485.15	$7498.36
Loan 7	6.8%	$2073.29	$2043.96	$1218.21	$0
Loan 8*	5%	$5000.00	$5000.00	$5000.00	$5000.00
Total		$33692.72	$30340.06	$28396.28	$27191.28

*Loans not currently accruing interest

Loan	Rate	01/16	02/16	03/16	04/16	Current
Loan 1*	1.72%	$2577.18	$2577.18	$2577.18	$2577.18	$2577.18
Loan 2*	6.8%	$1598.74	$1598.74	$1598.74	$1598.74	$1598.74
Loan 3*	6.8%	$5271.00	$5271.00	$5271.00	$5271.00	$5271.00
Loan 4*	5.6%	$5246.00	$5246.00	$5246.00	$5246.00	$5246.00
Loan 5	6.8%	$1474.21	$1158.35	$0	$0	$0
Loan 6	6.8%	$10452.30	$7444.83	$7485.15	$7498.36	$5041.39
Loan 7	6.8%	$2073.29	$2043.96	$1218.21	$0	$0
Loan 8*	5%	$5000.00	$5000.00	$5000.00	$5000.00	$5000.00
Total		$33692.72	$30340.06	$28396.28	$27191.28	$24734.31

*Loans not currently accruing interest

[Slow&Steady]

April payment scheduled to come out today

Loan A: $11,468.27 @ 7.5% - $11,358.27  - $11,277.68 (in deferment with 0% interest finally due to grad classes)
Loan B: $5,036.89 @ 7.5% - $3,436.89 - $3,082.02

Total: 2/18 = $16,505.16
            3/2 = $14,795.16
            4/2 = $14,359.70

Loan A: $11,468.27 @ 7.5% - $11,277.68 @ 0%
Loan B: $5,036.89 @ 7.5% - $2950.99

Total: 2/18 = $16,505.16
            3/2 = $14,795.16
            4/2 = $14,359.70
            5/2 = $14,228.67

Life happened, looks like we will just be making small payments to this the rest of the year. Not sure I could be any less happy about this, grr.

[therethere]

Desired Date Payoff Date: 5/21/2016 (10 years since graduation!)
53029.48  Loan Balance
38247.37  Payoff Account Contributions
14,782.11 Remaining.
14,482.11 Remaining -2150 1/11/2016
12,332.11 Remaining -800 1/21/2016 -395 Jan Payments
11,138.28 Remaining -2000 2/2/2016
9,138.28 Remaining --> 3/1/2016 Feb Payments
8,365.11 Remaining 3/30/2016 - 2707 +395 Mar Payments
5,261.28 Remaining 5/4/2016 - April Payments + $200 Earnest Referral + $300 extra payments
3,692.88

Parent Loan Balance
+ 28,854.17 3/15/2016(Parent's Remaining Loan Balance)
27,307 - 5/4/2016

Some progress last month. I refinanced my private student loan with Earnest which finally went through today (someone on this thread got a referral but I'm not sure who). I was able to drop the rate from 3.53% to 2.37%! Crazy. I've done a ton of refinance quotes in the past and they always came out at a higher rate. I kept the same payment so its not a huge difference in interest paid but any more in my pocket is a win. With the $200 referral bonus, $300 extra payment, and anticipated VTSAX dividends we should be net zero at the end of the year! I plan to focus on IRA contributions for the rest of the year and student loan payments will be minimum only so progress will be slow.

On a sad note, I had such a huge feeling of relief and freedom seeing the $0.00 balance on my account when the payoff went through. Made me rethink my brokerage savings vs. loan payoff and feel like maybe I made the wrong choice. But there is nothing I can do about it now I guess. Just have to stick to the plan! For the record, we would be $615 ahead if we had directly paid the loans instead of throwing the money in VTSAX. And that's before this week's losses.... Boo.

**It appears DH's parents also are putting extra towards the loans occasionally. I'm hoping one day we will be able to add some big payments to knock it down faster. But right now we are in a holding pattern with DINK status up in the air (jobs not babies).