Post by: TyGuy on December 22, 2019, 01:21:26 PM
Post by: Rimu05 on December 23, 2019, 07:13:20 AM
Loan as of today - 24,871.7
Post by: mckaylabaloney on December 23, 2019, 09:36:28 AM
Loan balance today: $142,343.68
Post by: TyGuy on December 23, 2019, 04:14:52 PM
Post by: bcbaseballman on December 27, 2019, 09:50:13 AM
Current Balance: $23,396.66
Goal for the year is to pay off 12k of the loans this year. (current salary is 43k).
Good luck everyone.
Post by: eav on December 30, 2019, 11:03:47 AM
Starting loan balance: $11,002
Post by: appleseed on December 31, 2019, 06:42:22 PM
Happy New Year!
Sent from my moto x4 using Tapatalk
Post by: Civex on December 31, 2019, 07:17:08 PM
Current balance:$28,208
Background: Started with just over $90k in student loans in 2014 after graduating. I immediately consolidated/refinanced into a single loan at 5.09% with a 25 year term and began making payments. I made the decision to pay the minimum (lately I've kinda regretted this) for 2 years post graduation while I aggressively invested and tried to build some equity. Instead of paying extra towards loans I maxed out Roth IRA+401k the year I graduated and the following year (first full year of employement) put away >$50k between 401k, Roth, and Mega Backdoor Roth. Doubled my payment from the minimum at the end of 2016 when I switched jobs and lost access the MBD Roth. Upped it again about a year later and got serious about taking it out in 2018. Refinanced to 3.95% through SoFi towards the end of 2019. Potential for payoff in 2020, realistic goal of 5/2021, with a "guaranteed" payoff of December 2021 if I continue the auto payments. Good luck everyone.
May 2014 (initial):$90k
January 2018:$64k
December 2018:$47k
December 2019:$28k
Post by: penguintroopers on December 31, 2019, 07:40:47 PM
Dec 30, 2018: $81,096.72
Dec 30, 2019: $33,506.48
Total Debt Payoff in 2018: $47,590.24
Here's to (hopefully) debt free in 2020!
Post by: haypug16 on December 31, 2019, 08:21:48 PM
Current Balance = $37,378.80
Goal is to pay the min on all loans except the smallest until that is paid off and then move on to the next. All my interest rates are roughly the same amount so I am going for the rush of crossing off loans from my list.
First loan up is $2,091.70 - Should be able to get this knocked off around April.
Post by: TyGuy on January 01, 2020, 01:59:00 PM
@haypug16 Definitely an exciting way to pay off the loans, I paid my first one off (highest interest rate) last month, and it increased my excitement to cross more off the list this year!
I will update my numbers later this week, I hope 2020 is off to a great start!
Post by: Jim Fiction on January 01, 2020, 02:36:41 PM
Post by: TyGuy on January 03, 2020, 10:39:48 AM
I am bringing in some numbers from last year's thread to help me track my progress and stay accountable.
Student Loan Debt:
01/12/19: $43,762.76
02/01/19: $42,561.06 (-$1,201.70)
03/04/19: $41,418.69 (-$1,139.41)
07/05/19: $37,901.63 (-$3,517.06)
08/10/19: $36,673.79 (-$1,227.84)
09/01/19: $35,289.89 (-$1,383.90)
10/02/19: $33,624.85 (-$1,665.04)
11/04/19: $31,707.48 (-$1,917.37)
12/08/19: $30,043.85 (-$1,663.63)
01/03/20: $28,335.39 (-$1,708.46)
Net Worth per Personal Capital:
03/04/19: -$30,065
07/05/19: -$21,711 ($8,294)
08/10/19: -$18,173 ($3,538)
09/01/19: -$12,615 ($5,558)
10/02/19: -$10,089 ($2,526)
11/04/19: -$6,559 ($3,530)
12/08/19: -$1,673 ($4,886)
12/22/19: $237 ($1,910) (First day of having a positive net worth)
01/03/20: $1,447 (1,210)
Excited for January as it is a 3 paycheck month. Happy debt eliminating!
Post by: PrezZaphod on January 03, 2020, 05:44:14 PM
Initial balances 6/1/2018
Private loan: ~$62,500 @ ~9%, refinanced immediately to $62,060 @ 4.8%
Direct subsidized loan: $5,000 @ 5.2%
Stafford loans: $20,000 @ ~4% (averaged across 4 distinct loans)
School endowment loan: $5,000 @ 0%, no repayment schedule
TOTAL: $92,500
---
1/1/20
Private loan balance: $11,800
Direct loan balance: $0
Stafford loan balance: $18,200
School loan balance: $5,000
TOTAL: $35,000
---
I got myself a $200/mo raise, and it's all going to loans. January will be a 5-check month, and with luck that'll take $4.2k off the private, and I'll be done with that one within the next few months and onto the federal loans. We'll see what the tax refund brings, but I think it'll be good news. Paying the private one off has felt like a year and half long fever dream, but I feel like I'm waking up to find I've gone and beaten the mountain to dust with my fists. Just a little longer now.
I'll be updating my balances monthly.
Post by: appleseed on January 28, 2020, 09:09:27 PM
Coming over from the 2019 thread with a current balance of $3,054. We started 2019 owing $9,965, and paid 2/4 loans off. These are my husband's loans from 2005, and I'm determined that they'll be gone by his birthday in April.
Happy New Year!
Sent from my moto x4 using Tapatalk
Beginning of the year - $3,054
Ending January - $2,789.90
Chipping away... but unfortunately shifting my goal from an April payoff. I decided to max our HSA and SEP accounts for 2019 first, since the interest on these loans is low (2.625%).
Post by: haypug16 on January 29, 2020, 11:41:38 AM
2020 Beginning Bal. = $37,378.80
1/29/2020 = 36,507.66
Total paid off in 2020 = $871.14
I put an extra $50 into my smallest loan. I hope to be able to do more next month so I can kill this loan by April and move on to the next. Current bal on smallest loan = $2,020.75
Post by: thece1ebrity on January 30, 2020, 06:55:54 AM
I converted to Mustachianism about two years ago after realizing I was in pretty bad shape financially. There were some other debts that needed to be wiped out before attacking my student loans. Fortunately, I reached that point in September and am now hurling all available money after bills towards my loans. I'm pretty happy with my progress given my salary (62k) and my financial obligations (kids, house). I have a zero fee balance transfer offer for fifteen months of zero interest on one of my credit cards right now (I like to churn) so I'm planning on putting the last $4,000 there and cruising to the finish line interest free while going head first into my retirement plans.
Post by: Civex on January 30, 2020, 11:02:05 AM
I'll join in, participating in the 2019 threat has helped be more aggressive about payoff.January 2019-$25,669
Current balance:$28,208
Background: Started with just over $90k in student loans in 2014 after graduating. I immediately consolidated/refinanced into a single loan at 5.09% with a 25 year term and began making payments. I made the decision to pay the minimum (lately I've kinda regretted this) for 2 years post graduation while I aggressively invested and tried to build some equity. Instead of paying extra towards loans I maxed out Roth IRA+401k the year I graduated and the following year (first full year of employement) put away >$50k between 401k, Roth, and Mega Backdoor Roth. Doubled my payment from the minimum at the end of 2016 when I switched jobs and lost access the MBD Roth. Upped it again about a year later and got serious about taking it out in 2018. Refinanced to 3.95% through SoFi towards the end of 2019. Potential for payoff in 2020, realistic goal of 5/2021, with a "guaranteed" payoff of December 2021 if I continue the auto payments. Good luck everyone.
May 2014 (initial):$90k
January 2018:$64k
December 2018:$47k
December 2019:$28k
--$1250 auto payment + $1273 extra
Post by: PrezZaphod on February 01, 2020, 12:14:24 AM
Spoiler: show
2/1/20
Private loan balance: $8,000 (-$3,800)
Direct loan balance: $0
Stafford loan balance: $18,000 (-$200)
School loan balance: $5,000
TOTAL: $31,000
MILESTONE: I have more money in the bank than I do outstanding balance on my private loan.
NEXT MONTH: 4 paychecks, and although I did get myself a raise, my max matching retirement contribution also went up. I'm not going to complain about that, given that it's free money, but it will set me back a bit. I'm cutting back on discretionary spending to try to maintain at least $3,000 in payments per month. Loan service is now a plurality of my spending.
Post by: bcbaseballman on February 03, 2020, 07:34:39 AM
1/1/2020: $23,396.66
2/3/2020: 22,522.75
Got a check back from insurance that was not expecting so all of that went straight to the loans!
Post by: TyGuy on February 05, 2020, 10:33:19 AM
Student Loan Debt:
01/12/19: $43,762.76
02/01/19: $42,561.06 (-$1,201.70)
03/04/19: $41,418.69 (-$1,139.41)
07/05/19: $37,901.63 (-$3,517.06)
08/10/19: $36,673.79 (-$1,227.84)
09/01/19: $35,289.89 (-$1,383.90)
10/02/19: $33,624.85 (-$1,665.04)
11/04/19: $31,707.48 (-$1,917.37)
12/08/19: $30,043.85 (-$1,663.63)
01/03/20: $28,335.39 (-$1,708.46)
02/05/20: $26,625.37 (-$1,683.02)
Net Worth per Personal Capital:
03/04/19: -$30,065
07/05/19: -$21,711 ($8,294)
08/10/19: -$18,173 ($3,538)
09/01/19: -$12,615 ($5,558)
10/02/19: -$10,089 ($2,526)
11/04/19: -$6,559 ($3,530)
12/08/19: -$1,673 ($4,886)
12/22/19: $237 ($1,910) (First day of having a positive net worth)
01/03/20: $1,447 ($1,210)
02/05/20: $5,209 ($3,762)
Happy to see more folks joining the thread, welcome! Looks like there will be some serious progress here over the next year
Post by: ApacheStache on February 09, 2020, 02:42:08 PM
My current loan balance:
02/09/2020: $25,784.05
Post by: TyGuy on February 10, 2020, 09:52:43 AM
Post by: ApacheStache on February 10, 2020, 08:33:26 PM
@ApacheStache Welcome! Can you provide some background on your situation (i.e. are you working full time while finishing school)?
Absolutely! I'm currently working in my career field Full Time and going to school Full Time for my Bachelor's Degree. My loans are a combo of my Associate's Degree from a few years ago and my Bachelor's. The interest rates range from ~3.5% to ~6%. I'm choosing to focus on paying down my loans now because I don't want to be stuck with student loans should the economy take a tumble in the next few years and/or if my employer decides it's time for another round of layoffs.
$101,000/yr - Gross Income
$10,100/yr - Contributing 10% to 401K (no match) until my loans are paid off, then I'm upping my contribution back to 30%
$3,550/yr - Fully Contributing to HSA
$6,000/yr - Fully Contributing to Roth IRA
$2,600/mo - Goes toward my loans
$6,000/yr - Goes toward my Emergency Fund. I'm replenishing and increasing my EF until I have a year's worth of expenses covered. Once that's covered I'll route these funds elsewhere
The remainder of the money goes toward the mortgage, vehicle expenses, pet expenses, food, discretionary, cellphone and personal investments (contributions to these are on hold while I pay my loans off).
Post by: regenaeb on February 20, 2020, 08:02:00 AM
I have been paying on my loans for about 15 years now. I have always made my payments on time and have not been in a rush to pay them off because I was fortunate enough to refinance during a really low interest rate time in the history of student loans. My loan rate is 1.75%, so most of my monthly payment has been paying on my principal. But since my twins college is fully funded I decide to take what we were putting towards their college and add it to my monthly payments to get this paid off by 2022. Since making this my goal, I have been working extra hours and all the extra money I have also been putting towards the loan, so hoping by the end of this year to have it down even more then originally planned, but we shall see.
Post by: appleseed on February 20, 2020, 08:20:21 AM
Joining in here. Making 2020 the year I make a serious dent in my student loan balance. Currently I am at 15,135.00Welcome! I'm on a mission to pay off my husband's graduate loans this year, which are also 15 years old. Ugh!! I thought we had a good deal with the 2.625%, but you've got a great rate.
I have been paying on my loans for about 15 years now. I have always made my payments on time and have not been in a rush to pay them off because I was fortunate enough to refinance during a really low interest rate time in the history of student loans. My loan rate is 1.75%, so most of my monthly payment has been paying on my principal. But since my twins college is fully funded I decide to take what we were putting towards their college and add it to my monthly payments to get this paid off by 2022. Since making this my goal, I have been working extra hours and all the extra money I have also been putting towards the loan, so hoping by the end of this year to have it down even more then originally planned, but we shall see.
We've got just $2100 left, and I am counting the days!
Sent from my moto x4 using Tapatalk
Post by: PrezZaphod on February 29, 2020, 03:52:43 PM
Spoiler: show
3/1/20
Private loan balance: $5,400 (-$2,700)
Direct loan balance: $0
Stafford loan balance: $17,900 (-$200) (chalk it up to rounding)
School loan balance: $5,000
TOTAL: $28,300
MILESTONE: Net worth is above the -$10k mark. Over 90% of the private loan is paid off after 21 months.
NEXT MONTH: 4 paychecks and a ~$1,300 tax refund. I'm also out about $800 on plane tickets that should get reimbursed next month. Hopefully a bit of cash for my birthday as well. With a bit of luck (and maybe some slight overspending), I may be able to straight-up KO the private loan.
Post by: bcbaseballman on March 02, 2020, 07:10:41 AM
1/1/2020: $23,396.66
2/3/2020: $22,522.75
3/2/2020: $ 20,655.42
I did pay off one of my loans completely this month. so I am now down to only 4 total.
Post by: mckaylabaloney on March 02, 2020, 08:14:57 AM
2/1/2020: $142,664.65 (I refinanced in January so didn't make any payments that month while the loan was processing)
3/1/2020: $138,476.52
That's $1900 of extra payments in February (on top of my ~$2500 minimum monthly payment).
Post by: regenaeb on March 02, 2020, 08:55:58 AM
January 31, 2020 - $ 15,512.72
February 29, 2020 - $ 14,869.92
Feels great to see that number coming down. Had a good month, worked some extra hours and kept my monthly spending in check. Hope to add even more this next month.
Post by: eav on March 02, 2020, 10:29:57 AM
March 2020: $8,403 - Put entire tax refund toward loans.
With recent market conditions and this loan being 3% interest, I'm going to favor investing and slow pay this at 390/mo. for the rest of the year. I'll re-evaluate if I want to do a lump sum payment at that time.
Post by: TyGuy on March 03, 2020, 09:19:43 AM
01/12/19: $43,762.76
02/01/19: $42,561.06 (-$1,201.70)
03/04/19: $41,418.69 (-$1,139.41)
07/05/19: $37,901.63 (-$3,517.06)
08/10/19: $36,673.79 (-$1,227.84)
09/01/19: $35,289.89 (-$1,383.90)
10/02/19: $33,624.85 (-$1,665.04)
11/04/19: $31,707.48 (-$1,917.37)
12/08/19: $30,043.85 (-$1,663.63)
01/03/20: $28,335.39 (-$1,708.46)
02/05/20: $26,625.37 (-$1,683.02)
03/03/20: $24,941.42 (-$1,710.95)
Net Worth per Personal Capital:
03/04/19: -$30,065
07/05/19: -$21,711 ($8,294)
08/10/19: -$18,173 ($3,538)
09/01/19: -$12,615 ($5,558)
10/02/19: -$10,089 ($2,526)
11/04/19: -$6,559 ($3,530)
12/08/19: -$1,673 ($4,886)
12/22/19: $237 ($1,910) (First day of having a positive net worth)
01/03/20: $1,447 ($1,210)
02/05/20: $5,209 ($3,762)
03/03/20: $5,821 ($612)
The stock market dip lead to a minimal increase in overall net worth this past month, but I continue to make steady progress on my student loans. Should see a large increase this next month with tax returns on the way and markets starting out low. Keep up the great work everyone!
Post by: Civex on March 07, 2020, 10:31:48 AM
February 2019-$24400May 2014 (initial):$90kJanuary 2019-$25,669
January 2018:$64k
December 2018:$47k
December 2019:$28k
--$1250 auto payment + $1273 extra
--$1250 autpayment & $108 extra
Our vacation and paying some work expenses that haven't been reimbursed yet cut into the extra, but should be able to put an extra $1k towards the end of March or beginning of April when I get reimbursed
Post by: bcbaseballman on March 25, 2020, 01:18:46 PM
1/1/2020: $23,396.66
2/3/2020: $22,522.75
3/2/2020: $ 20,655.42
3/25/2020: $14,885.66
with these not accumulating any interest figured I would go ahead and post this now instead of waiting until the beginning of next month. Got a good size bonus that I was not expecting.
I am changing my goals for the year from paying 12k off to having 20k paid off. with a stretch goal of having them completely finished!
Post by: PrezZaphod on March 30, 2020, 07:44:31 PM
Spoiler: show
4/1/20 (or close enough)
Private loan balance: $2,600 (-$2,800)
Direct loan balance: $0
Stafford loan balance: $17,700 (-$200)
School loan balance: $5,000
TOTAL: $25,300
Tax refund didn't come in yet; state tax board said they couldn't verify my withholding. Hopefully it'll be fixed by... June, I guess. FFS. And I screwed up my calculations for my federal student loan interest deduction, which brought the federal side of my refund down to like $100. Also, I got a big ol' nothing for my birthday. Plane ticket reimbursements aren't in either, so I'm carrying the balance on long-term spending. Also, I'm going to qualify for the full stimulus this year, but I'm only going to get half of it up front. On the plus side, I'm still employed, and likely to continue being. Count my blessings, right?
MILESTONE: None, really. Unfortunate, but so it goes. Next month will be big though!
NEXT MONTH: Five paychecks! The private loan will be gone, and with a bit of luck my net worth will end up above $0. I'm really excited for it.
Also, a note to anyone in the thread with federal loans: I called my loan provider today and they said they'd be setting auto-payments to $0 automatically while interest is waived, that the zero rates would be backdated to March 13, and that all payments applied to interest past that date would be retroactively applied to the principal. They did NOT indicate that they'd try to refund any auto-payments already made.
Post by: Bettersafe on March 31, 2020, 01:57:47 AM
My student loan is a 0% interest one so I only pay the principal at the moment. With corona in our world I decided against paying it off entirely this year and buff up the EF instead. I've 10,596.17 left of some 36,000.00. End of next year the interest is up for renewal. Depending on interest I may pay it off at once at that moment (5,651.30) out of my EF or let it run for another 2 years and be done with it (it should be payed of by then no matter what).
Great progress here, so inspiring to see! Keep up the good work y'all!
Post by: regenaeb on March 31, 2020, 10:22:16 AM
January 31, 2020 - $ 15,512.72
February 29, 2020 - $ 14,869.92
March 31, 2020 - $ 13,997.65
This month was a good month for paying extra on the loan. Not sure if this can continue with the current economic situation. I am still working 40 hours and even getting extra hours. We had many jobs under contract before COVID-19 started here in the US that we have been overwhelmed with work and playing catch up. But in June or July when all this work is caught up and no new contracts in April or May, my hours will probably be cut. So instead of adding a lot of extra in the next month or so I am going to add it to savings instead and hold it. If I end up still working regularly through the summer, I can make a large lump payment at the end of August. But I have been down this road before with Hurricane Irma/Maria (my job is located in FL) and work dried up for about 2 months, so I am preparing now. After Irma/Maria, I became a substitute for our school system, which was great to fall back on, but now even the schools are out, so that is not a revenue stream for me until next Fall at least.
Post by: penguintroopers on March 31, 2020, 12:44:49 PM
Crossing our fingers that we just pile up cash, things get better, and we can chuck the balance at the loan in a few months and be done around August like we planned.
Post by: TyGuy on April 03, 2020, 10:09:27 AM
01/12/19: $43,762.76
02/01/19: $42,561.06 (-$1,201.70)
03/04/19: $41,418.69 (-$1,139.41)
07/05/19: $37,901.63 (-$3,517.06)
08/10/19: $36,673.79 (-$1,227.84)
09/01/19: $35,289.89 (-$1,383.90)
10/02/19: $33,624.85 (-$1,665.04)
11/04/19: $31,707.48 (-$1,917.37)
12/08/19: $30,043.85 (-$1,663.63)
01/03/20: $28,335.39 (-$1,708.46)
02/05/20: $26,625.37 (-$1,683.02)
03/03/20: $24,941.42 (-$1,710.95)
04/03/20: $23,233.85 (-$1,707.57)
Net Worth per Personal Capital:
03/04/19: -$30,065
07/05/19: -$21,711 ($8,294)
08/10/19: -$18,173 ($3,538)
09/01/19: -$12,615 ($5,558)
10/02/19: -$10,089 ($2,526)
11/04/19: -$6,559 ($3,530)
12/08/19: -$1,673 ($4,886)
12/22/19: $237 ($1,910) (First day of having a positive net worth)
01/03/20: $1,447 ($1,210)
02/05/20: $5,209 ($3,762)
03/03/20: $5,821 ($612)
04/03/20: $5,001 (-$820)
Student loan repayment progress remained steady this past month. I am looking forward to the next several months as I pass the halfway point of repayment for my loans and my loans that remain will have 0% interest due to the pandemic (small silver lining in this difficult time).
Post by: Civex on April 03, 2020, 01:30:13 PM
March 2020-$23,200February 2020-$24400May 2014 (initial):$90kJanuary 2020-$25,669
January 2018:$64k
December 2018:$47k
December 2019:$28k
--$1250 auto payment + $1273 extra
--$1250 autpayment & $108 extra
Our vacation and paying some work expenses that haven't been reimbursed yet cut into the extra, but should be able to put an extra $1k towards the end of March or beginning of April when I get reimbursed
-$1250
No extra because my work expenses won't be reimbursed-work trip was canceled and I'm stuck with flight credits. Can't complain too much because I'm getting regular hours and haven't been laid off, but now I have ~$1k in flight credit that won't be used in the near future.
The $1250 is a double payment and I plan on keeping that up-we are debating on shoring up E-funds and/or refinancing our mortgage, so I don't know if I'll be throwing extra beyond that at the loan. Still targeting 5/21, but worse case scenario looks like 12/21. Good luck everyone!
Post by: Rimu05 on April 14, 2020, 08:28:25 AM
I couldn't be fully committed last year and just paid the minimum but next year is the year for me to chew mine out. Probably going to pay the minimum for a few months and then start throwing extra money.
Loan as of today - 24,871.7
I admit, I haven’t paid as much as I thought I would. I have also found out that due to Corona, my fed loans have been deferred until September which means, I can now pay off my credit card and be done with those first. Since, the loan is now at 0%, I will probably start paying extra in July.
Post by: bcbaseballman on April 22, 2020, 07:53:34 AM
1/1/2020: $23,396.66
2/3/2020: $22,522.75
3/2/2020: $ 20,655.42
3/25/2020: $14,885.66
4/22/2020: $13,455.66
Post by: regenaeb on April 30, 2020, 07:46:08 AM
January 31, 2020 - $ 15,512.72
February 29, 2020 - $ 14,869.92
March 31, 2020 - $ 13,997.65
April 30, 2020 - $ 13,517.38
Still working extra hours, but instead of paying extra I am holding cash for when my work falls off this summer. It's been very hard to hold the cash, I have a good amount and I want to really just pay a big chunk on the loan off, but have to keep it for the rainy day that is coming in June/July/August. At least I am still hitting my goal of paying double my payment amount each month. My interest rate is ridiculously low, so it makes sense to just keep paying my extra payment for now until we see what the Fall holds for us. We are moving this summer so there will be added expenses (we are military and do not have a choice of moving).
Post by: PrezZaphod on April 30, 2020, 09:21:10 PM
Spoiler: show
5/1/20
Private loan balance: $0 (-$2,600)
Direct loan balance: $0
Stafford loan balance: $10,400 (-$7,300)
School loan balance: $5,000
TOTAL: $15,400
Tax refund still not here; trip reimbursement still not here. Stimulus, or at least 3/4 of it, did arrive, so there's that at least. Parents finally paid me back that $5,000. I'm not gonna have a month like this ever again, but DAMN does it feel good.
MILESTONE: Above $0 net worth. Private loan paid in full. One federal loan paid in full.
NEXT MONTH: 4 paychecks, and my tax return should (finally) be here. Second federal loan paid in full.
Post by: appleseed on May 01, 2020, 12:14:48 PM
We've paid off 2/4 of my husband's graduate loans. I thought we'd qualify for the 0% interest, but they're FFELP loans and bank owned. I would've kept paying anyways, but the lower interest would've been nice.
We are very much in the home stretch.
Total balance of two loans is $1,291.81. I was not planning on adding anything else last month, but I did have some refunds come through that I wasn't expecting for activities and events we prepaid for that were cancelled, so I donated some back to the orgs (nonprofits) and used the rest on the loans.
We're anticipating a stimulus check, but I think that is going into savings/emergency fund. I would love to just pay these off, and if I pick up another freelance job I might do so - although I am looking at less than 8 more monthly payments at our regular payment, so by the of this year for sure. Phew.
Hope everyone out there is healthy and safe.
Post by: TyGuy on May 04, 2020, 12:52:43 PM
01/12/19: $43,762.76
02/01/19: $42,561.06 (-$1,201.70)
03/04/19: $41,418.69 (-$1,139.41)
07/05/19: $37,901.63 (-$3,517.06)
08/10/19: $36,673.79 (-$1,227.84)
09/01/19: $35,289.89 (-$1,383.90)
10/02/19: $33,624.85 (-$1,665.04)
11/04/19: $31,707.48 (-$1,917.37)
12/08/19: $30,043.85 (-$1,663.63)
01/03/20: $28,335.39 (-$1,708.46)
02/05/20: $26,652.37 (-$1,683.02)
03/03/20: $24,941.42 (-$1,710.95)
04/03/20: $23,233.85 (-$1,707.57)
05/04/20: $21,456.11 (-$1,777.74)
Net Worth per Personal Capital:
03/04/19: -$30,065
07/05/19: -$21,711 ($8,294)
08/10/19: -$18,173 ($3,538)
09/01/19: -$12,615 ($5,558)
10/02/19: -$10,089 ($2,526)
11/04/19: -$6,559 ($3,530)
12/08/19: -$1,673 ($4,886)
12/22/19: $237 ($1,910) (First day of having a positive net worth)
01/03/20: $1,447 ($1,210)
02/02/20: $5,209 ($3,762)
03/03/20: $5,821 ($612)
04/03/20: $5,001 (-$820)
05/04/20: $10,739 ($5,738)
Payed off my largest, and highest interest rate loan this past month. The remainder of my loans have no interest until the fall so I will be making only small payments until then and may pay a large lump sum when interest rates resumes in the fall. Additionally, with my remaining loans having interest rates under 4%, I may end up paying them at a slower rate in order to optimize increases in net worth, but likely won't make any decisions until the fall. Keep up the good work everyone!
Post by: clarkfan1979 on May 13, 2020, 08:38:36 PM
Fast forward 9 years and my student loans were reduced from 56.5K to 26.5K. Progress was slow because we choose to fund real estate. Our current net worth is around 742K. I'm currently paying $650/month on my student loans.
I'm waiting to hit one million net worth before paying off my students loans. I think that should happen in about 3 years.
Post by: TyGuy on May 14, 2020, 01:58:38 PM
I left grad school ABD in August 2011 for my first faculty job. I had 56.5K of students loans and a rental house with 80K of equity. My net worth was positive around 26K. My wife to be (Married = August 2012) had a negative net worth around -26K, so we were at zero.
Fast forward 9 years and my student loans were reduced from 56.5K to 26.5K. Progress was slow because we choose to fund real estate. Our current net worth is around 742K. I'm currently paying $650/month on my student loans.
I'm waiting to hit one million net worth before paying off my students loans. I think that should happen in about 3 years.
First of all, welcome! It is nice to have someone on the other end of the spectrum in regards to net worth here. Seems your student loans are "pocket change" in the grand scheme of things. Might I ask what type of real estate investments you have made? @clarkfan1979
Post by: clarkfan1979 on May 15, 2020, 02:17:04 PM
I bought my first primary residence in May 2007. We (my wife and I) bought our 4th primary residence in November 2019. When we moved, instead of selling the house, we just rented it out. It's work, but it's totally worth it for us.
If I focused on paying off student loans first, our net worth would probably be around 200K to 300K, instead of 740K.
After grad school in Colorado, we moved to Florida for my first academic job in August 2011. We bought a single family home (3 bed/2 bath) for 95K in January 2012. Our PITI was $650/month. To rent the same house, it would cost $1,200/month in 2012. When we left in 2015, market rent would have been $1,600/month. To rent a 2 bedroom condo, it would have cost $1,000/month in 2012 and when we left in 2015 the market rent would have been $1,200/month. The rent to buy ratio was super unbalanced and it made much more sense to buy a house and make the minimum payments on the student loans. We now rent that house out for $1850/month and it's worth about 250K.
Post by: bcbaseballman on May 26, 2020, 08:00:47 AM
1/1/2020: $23,396.66
2/3/2020: $22,522.75
3/2/2020: $ 20,655.42
3/25/2020: $14,885.66
4/22/2020: $13,455.66
5/26/2020: 11,755.66
Post by: nessa on May 26, 2020, 08:46:24 AM
In July I will have enough saved that I feel comfortable over-paying again (I get an 'extra' paycheck in July that will push me to 10k saved). I'm committing to:
July - Dec 2020: $733 per month on top of my regular payments
Jan 2021 - double that
And I should be paid off by December 2021.
Post by: haypug16 on May 26, 2020, 11:07:42 AM
April update (I'll post May next week)
2020 Beginning Bal. = $37,378.80
1/29/2020 = 36,507.66
2/29/2020 = 34,969.36
3/31/2020 = 33,956.02
4/30/2020 = 32,225.32
Total paid off in 2020 = $5,153.48
1 out of 7 loans paid off and another one should be done within a couple months.
Post by: TyGuy on May 27, 2020, 04:43:18 PM
1/1/2020: $23,396.66
2/3/2020: $22,522.75
3/2/2020: $ 20,655.42
3/25/2020: $14,885.66
4/22/2020: $13,455.66
5/26/2020: 11,755.66
Excellent job @bcbaseballman, you have nearly reached your yearly goal and we are not yet half way through the year! Could this be the year you pay them of?!?
Post by: TyGuy on May 27, 2020, 04:45:00 PM
Throwing my hat into the ring. Original plan was to pay off my loans by next summer (July 2021) with aggressive extra payments I started last fall. Then the virus hit, and I hunkered down to save more as a cushion and dropped back to my regular payments.
In July I will have enough saved that I feel comfortable over-paying again (I get an 'extra' paycheck in July that will push me to 10k saved). I'm committing to:
July - Dec 2020: $733 per month on top of my regular payments
Jan 2021 - double that
And I should be paid off by December 2021.
Sounds like a great plan for the next 18ish months, I look forward to watching you reach your goals!
Post by: TyGuy on May 27, 2020, 04:46:08 PM
I fell off the forums for a while there;
April update (I'll post May next week)
2020 Beginning Bal. = $37,378.80
1/29/2020 = 36,507.66
2/29/2020 = 34,969.36
3/31/2020 = 33,956.02
4/30/2020 = 32,225.32
Total paid off in 2020 = $5,153.48
1 out of 7 loans paid off and another one should be done within a couple months.
Always exciting when you get to watch another loan disappear forever!
Post by: PrezZaphod on May 31, 2020, 09:07:00 PM
Spoiler: show
6/1/20
Private loan balance: $0
Direct loan balance: $0
Stafford loan balance: $7,000 (-$3,400)
School loan balance: $5,000
TOTAL: $12,000
All my reimbursements and tax money finally arrived - hooray! Unfortunately, I'm starting to see new expenditures from a new apartment I'll be renting in August and buying things for the move. Going to see up to 2k tied up in open accounts by next month, and I may order some items ahead and have them delivered to my parents. At least plane tickets are cheap. I wasn't budgeting for the move at all prior to the past month or so, and it looks like some of this debt may have to wait for next year's refund at this point.
MILESTONE: Second federal loan paid in full. No individual debts over $10k.
NEXT MONTH: 4 paychecks. Extremely unlikely to have the third federal loan paid in full, but it'll definitely happen by the end of July. Total debt will be under $10k.
Post by: bcbaseballman on June 01, 2020, 07:19:13 AM
1/1/2020: $23,396.66
2/3/2020: $22,522.75
3/2/2020: $ 20,655.42
3/25/2020: $14,885.66
4/22/2020: $13,455.66
5/26/2020: 11,755.66
Excellent job @bcbaseballman, you have nearly reached your yearly goal and we are not yet half way through the year! Could this be the year you pay them of?!?
@TyGuy I am hoping to be able to get them paid off this year. I have changed that to my new goal! Had some unforeseen money come my way this year which has helped me out a whole lot. just going to keep my head down and push through till I get these paid off.
Post by: regenaeb on June 02, 2020, 07:21:48 AM
January 31, 2020 - $ 15,512.72
February 29, 2020 - $ 14,869.92
March 31, 2020 - $ 13,997.65
April 30, 2020 - $ 13,517.38
May 31, 2020 - $ 12,935.98
Post by: haypug16 on June 02, 2020, 08:55:42 AM
Always exciting when you get to watch another loan disappear forever!
It's the best! I love seeing $0.00 as the balance
May Update
2020 Beginning Bal. = $37,378.80
1/29/2020 = 36,507.66
2/29/2020 = 34,969.36
3/31/2020 = 33,956.02
4/30/2020 = 32,225.32
5/31/2020 = 31,558.42
Total paid off in 2020 = $5,820.38
Post by: TyGuy on June 07, 2020, 09:38:15 AM
1/1/2020: $23,396.66
2/3/2020: $22,522.75
3/2/2020: $ 20,655.42
3/25/2020: $14,885.66
4/22/2020: $13,455.66
5/26/2020: 11,755.66
Excellent job @bcbaseballman, you have nearly reached your yearly goal and we are not yet half way through the year! Could this be the year you pay them of?!?
@TyGuy I am hoping to be able to get them paid off this year. I have changed that to my new goal! Had some unforeseen money come my way this year which has helped me out a whole lot. just going to keep my head down and push through till I get these paid off.
@bcbaseballman You will get there sooner rather than later with that strategy!!
Post by: TyGuy on June 07, 2020, 09:44:19 AM
01/12/19: $43,762.76
02/01/19: $42,561.06 (-$1,201.70)
03/04/19: $41,418.69 (-$1,139.41)
07/05/19: $37,901.63 (-$3,517.06)
08/10/19: $36,673.79 (-$1,227.84)
09/01/19: $35,289.89 (-$1,383.90)
10/02/19: $33,624.85 (-$1,665.04)
11/04/19: $31,707.48 (-$1,917.37)
12/08/19: $30,043.85 (-$1,663.63)
01/03/20: $28,335.39 (-$1,708.46)
02/05/20: $26,652.37 (-$1,683.02)
03/03/20: $24,941.42 (-$1,710.95)
04/03/20: $23,233.85 (-$1,707.57)
05/04/20: $21,456.11 (-$1,777.74)
06/05/20: $21,456.11 ($0.00)
Net Worth per Personal Capital:
03/04/19: -$30,065
07/05/19: -$21,711 ($8,294)
08/10/19: -$18,173 ($3,538)
09/01/19: -$12,615 ($5,558)
10/02/19: -$10,089 ($2,526)
11/04/19: -$6,559 ($3,530)
12/08/19: -$1,673 ($4,886)
12/22/19: $237 ($1,910) (First day of having a positive net worth)
01/03/20: $1,447 ($1,210)
02/02/20: $5,209 ($3,762)
03/03/20: $5,821 ($612)
04/03/20: $5,001 (-$820)
05/04/20: $10,739 ($5,738)
06/05/20: $18,006 ($7,267)
I did not pay anything on my student loan this month as they are not collecting any interest due to the temporary freeze. In addition, I will be closing on a house within the next week and have directed additional founds towards that. I look forward to continuing the pay down of my student loans in the coming months!
Post by: nessa on June 16, 2020, 09:12:39 AM
Question for you all: my loans are roughly half Subsidized, half Un-Sub, lumped together under a 3.125% APR, with interest added (compounded? I'm learning the financial lingo or at least trying to!) daily. I consolidated when I got out of school in 2006. My autopay comes out the 4th of every month - ideas on when it will be most beneficial for me to pay my extra monthly payment?
Thanks MMM-ers, glad to be with ya!
Post by: mckaylabaloney on June 16, 2020, 10:54:53 AM
ideas on when it will be most beneficial for me to pay my extra monthly payment?
A lot of people say that you should make the payment the same day as your regular monthly payment (so it all goes to principal),* but I'm pretty sure the correct answer, mathematically, is: as soon as you have the money to pay it?
Unless your payments are allocated in an unusual way, every time you make any** payment, it will be applied, in this order, to (1) any interest that's accrued since your last payment, then (2) the principal. If you make an extra payment, say, five days before your regular monthly payment, then there will be less interest for your regular payment to cover before tackling the principal. If you hold onto that payment for five more days, you won't end up paying less interest on that total amount of money (regular payment + extra payment) -- if anything, you'll pay slightly more because you will have accrued five more days of interest on whatever sliver of principal you could have paid off.
A few days here and there are not likely to make an enormous difference, in the end (especially as your interest rate is pretty low), but mathematically you'll be better off paying as much as you can as quickly as you can. For example, if you can make weekly payments of $100, that's better than holding onto that money and making a single $400 payment at the end of the month.
I think! If I'm wrong, no doubt someone will correct me.
*My understanding is that this advice is imported from the mortgage realm, where payments are allocated differently.
**Some servicers allow you to specify that an extra payment should be applied only to principal. If that's the case, I suspect that it does make sense to request that the payment be principal-only, but I can't find a debt repayment calculator that's detailed enough to confirm. Someone else here may know. At any rate, you should still make the payment as early as possible.
Post by: nessa on June 18, 2020, 07:08:56 AM
I have a spreadsheet tracking my balance and payments for the past two years (since I went back to work) I'll fool around with my next few months and see if paying some weekly, or all at once with the autodebit has a bigger impact.
I am excited to pay this off, as it is my only remaining piece of debt!
Post by: mckaylabaloney on June 18, 2020, 08:53:47 AM
In general, I would think of the student loan interest deduction as a small silver lining, rather than an affirmative good to maintain. You'll save more money by reducing the amount of interest you pay than by claiming the tax deduction.
Post by: PrezZaphod on June 28, 2020, 05:55:02 PM
Spoiler: show
7/1/20 (or close enough)
Private loan balance: $0
Direct loan balance: $0
Stafford loan balance: $3,100 (-$3,900)
School loan balance: $5,000
TOTAL: $8,100
Since I'm leaving my job for a more secure position, I feel good about cutting a bit out of my emergency fund just to make the accounting for next month a little easier. I know I said I wouldn't, but my third federal loan is paid, and I'm down to just the $3,100 one as well as the school loan. Since this last one is federally subsidized, I may actually leave it alone for a bit, at least until I can figure out how much this whole move is going to cost me (and pay it off).
MILESTONE: Third federal loan paid in full. Debt under $10k. Debt more than 90% paid off. More cash on hand than debt.
NEXT MONTH: Probably not paying anything. Moving at the end of the month and putting most of my paycheck to those costs + buying new cooking equipment, household gear, insurance premiums, and a whole lot else. Buuuut... it's
Post by: nessa on June 30, 2020, 07:34:03 AM
Can I Graduate?!?
STUDENT LOAN BALANCE AS OF 6/30/2020: $27,251.07
Autopay $249.13 on the 4th of every month
Additional payment: $733 (aiming for the 4th also)
JULY 2020: 26,268.94
AUG 2020: 25,364.53
SEP 2020: 24,450.65
OCT 2020: 23,531.14
NOV 2020: 22,610.29
DEC 2020: 21,687.07
Increase additional payment
JAN 2021:
FEB 2021:
MAR 2021:
APR 2021:
MAY 2021:
JUNE 2021:
JULY 2021:
AUG 2021:
SEP 2021:
OCT 2021:
NOV 2021:
DEC 2021:
Post by: haypug16 on June 30, 2020, 09:25:07 AM
2020 Beginning Bal. = $37,378.80
1/29/2020 = 36,507.66
2/29/2020 = 34,969.36
3/31/2020 = 33,956.02
4/30/2020 = 32,225.32
5/31/2020 = 31,558.42
6/30/2020 = 29,511.33 (Under $30k!!!)
Total paid off in 2020 = $7,867.47
I was able to throw an additional ~$1k at these this month. I hope to get one more loan paid off in full next month.
Post by: bcbaseballman on June 30, 2020, 10:04:55 AM
1/1/2020: $23,396.66
2/3/2020: $22,522.75
3/2/2020: $ 20,655.42
3/25/2020: $14,885.66
4/22/2020: $13,455.66
5/26/2020: 11,755.66
6/30/2020: $10,255.66
Post by: appleseed on June 30, 2020, 10:46:37 AM
Had planned to pay off by last November, but life got in the way. Planning for this fall. The end is in sight!!
Sent from my moto x4 using Tapatalk
Post by: regenaeb on July 01, 2020, 09:09:40 AM
January 31, 2020 - $ 15,512.72
February 29, 2020 - $ 14,869.92
March 31, 2020 - $ 13,997.65
April 30, 2020 - $ 13,517.38
May 31, 2020 - $ 12,935.98
June 30, 2020 - $ 12,356.80
Completed our military transfer move and all the expense that go along with that. I was only off work for 8 1/2 days (I am self employed so when I don't work I don't get paid), which was better then I expected. Work is still crazy busy, so I am hoping to get extra hours in this month to put extra on the loan next month. I make my extra payment on the due date because then the extra goes to principal only. Want this loan at 8K by the end of the year.
Post by: bcbaseballman on July 20, 2020, 03:24:32 PM
1/1/2020: $23,396.66
2/3/2020: $22,522.75
3/2/2020: $ 20,655.42
3/25/2020: $14,885.66
4/22/2020: $13,455.66
5/26/2020: 11,755.66
6/30/2020: $10,255.66
7/20/2020: $8,637.23
Keep plugging along. I am trying to get this completed before the end of the year but I think I might come up about 1k short. Time to see if I have anything around the house I can sell to get this done this year!
Post by: regenaeb on July 31, 2020, 02:35:19 PM
January 31, 2020 - $ 15,512.72
February 29, 2020 - $ 14,869.92
March 31, 2020 - $ 13,997.65
April 30, 2020 - $ 13,517.38
May 31, 2020 - $ 12,935.98
June 30, 2020 - $ 12,356.80
July 31, 2020 - $ 11,659.65
Another month down. Steady progress at this point, nothing new. Continuing to add extra each month. Can't wait to see it under 10K.
Post by: bcbaseballman on August 02, 2020, 09:55:34 AM
1/1/2020: $23,396.66
2/3/2020: $22,522.75
3/2/2020: $ 20,655.42
3/25/2020: $14,885.66
4/22/2020: $13,455.66
5/26/2020: 11,755.66
6/30/2020: $10,255.66
7/20/2020: $8,637.23
8/2/2020: $7,937.23
received some extra money that I was not expecting to get so threw it all at the loans!
Post by: anni on August 13, 2020, 02:43:53 PM
Post by: haypug16 on August 16, 2020, 09:38:41 AM
2020 Beginning Bal. = $37,378.80
1/29/2020 = 36,507.66
2/29/2020 = 34,969.36
3/31/2020 = 33,956.02
4/30/2020 = 32,225.32
5/31/2020 = 31,558.42
6/30/2020 = 29,511.33
7/31/2020 = 27,349.91
I'm down to 5 SL from 7 at the beg. of the year.
Year end goal is to get 1 or 2 more crossed off.
Total paid off in 2020 = $9,157.75/Goal $16,000
Post by: penguintroopers on August 22, 2020, 10:02:50 AM
It feels so good to finally be done. This was our major goal for the past two years and now that its over we can go do other financial and personal things I'm way more interested in.
Post by: appleseed on August 22, 2020, 10:10:46 AM
We did it! We (read, I) finally felt like we had enough in savings to manage any short-term emergencies and paid off the last of our loans!Congratulations! Hopefully to be right behind you at the beginning of next month!
It feels so good to finally be done. This was our major goal for the past two years and now that its over we can go do other financial and personal things I'm way more interested in.
Sent from my moto x4 using Tapatalk
Post by: nessa on August 24, 2020, 07:01:48 AM
Post by: bcbaseballman on August 24, 2020, 07:33:48 AM
1/1/2020: $23,396.66
2/3/2020: $22,522.75
3/2/2020: $ 20,655.42
3/25/2020: $14,885.66
4/22/2020: $13,455.66
5/26/2020: 11,755.66
6/30/2020: $10,255.66
7/20/2020: $8,637.23
8/2/2020: $7,937.23
8/24/2020: $6,437.23
Congratulations @penguintroopers I am hoping to be done by the end of this year!
Post by: TyGuy on August 25, 2020, 11:45:10 AM
01/12/19: $43,762.76
02/01/19: $42,561.06 (-$1,201.70)
03/04/19: $41,418.69 (-$1,139.41)
07/05/19: $37,901.63 (-$3,517.06)
08/10/19: $36,673.79 (-$1,227.84)
09/01/19: $35,289.89 (-$1,383.90)
10/02/19: $33,624.85 (-$1,665.04)
11/04/19: $31,707.48 (-$1,917.37)
12/08/19: $30,043.85 (-$1,663.63)
01/03/20: $28,335.39 (-$1,708.46)
02/05/20: $26,652.37 (-$1,683.02)
03/03/20: $24,941.42 (-$1,710.95)
04/03/20: $23,233.85 (-$1,707.57)
05/04/20: $21,456.11 (-$1,777.74)
06/05/20: $21,456.11 ($0.00)
07/05/20: $21,456.11 ($0.00)
08/05/20: $21,456.11 ($0.00)
Sorry to be away for the past few months, it is great to see the progress you all are making! I purchased my first home in June and have been spending all my time and money on the house over the past few months getting it into shape. I have a few more large purchases for the home that will continue to decrease my living expenses while also increasing equity in my home. I have been fortunate as all my loans are federal loans and will not be collecting interest until 2021. I may make a small payment or two over the next two months but plan to be back on track in November as, my house will be upgraded to my liking. I hope to near 19K by the end of the year with high hopes of eliminating my student loan debt by the end of 2021. Keep up the good work, I look forward to seeing your progress and using it as motivation for myself!
Post by: appleseed on August 28, 2020, 07:25:00 AM
PHEW! I'm excited for the letters saying this loan is paid off so we can celebrate (modestly, of course).
I have a $18,904 home equity loan that is the next target then we'll be out of debt (aside from mortgage).
I hit post before I was done - a giant THANK YOU to everyone on this list for sharing your own stories and progress along the way! I have been around these challenges for quite a few years now, and this group is really encouraging and helpful.
Post by: WhiteTrashCash on August 28, 2020, 07:39:32 AM
Post by: haypug16 on August 31, 2020, 10:05:38 AM
2020 Beginning Bal. = $37,378.80
1/29/2020 = 36,507.66
2/29/2020 = 34,969.36
3/31/2020 = 33,956.02
4/30/2020 = 32,225.32
5/31/2020 = 31,558.42
6/30/2020 = 29,511.33
7/31/2020 = 27,349.91
8/31/2020 = 26,415.38
Post by: regenaeb on August 31, 2020, 12:22:29 PM
January 31, 2020 - $ 15,512.72
February 29, 2020 - $ 14,869.92
March 31, 2020 - $ 13,997.65
April 30, 2020 - $ 13,517.38
May 31, 2020 - $ 12,935.98
June 30, 2020 - $ 12,356.80
July 31, 2020 - $ 11,659.65
August 31, 2020 - $ 11,188.88
So I have decided to go on a "spend less" month challenge in September. No needless spending. I found out I have been way over spending the last 3 months. Not being able to go places and have extra money has seemed to cause me to spend more without thinking. So this month, I am going to challenge myself to have as many spend free days as possible, shooting for 23 or more for the month. I have done this in the past when I see myself mindlessly spending. When I say I have been over spending the last 3 months, I am by no means spending more than I make. I just need to pull back so that I can put the extra funds on my student loan instead.
Hoping for a great September.
Post by: regenaeb on August 31, 2020, 12:24:16 PM
Post by: marty998 on September 08, 2020, 07:37:26 PM
Tyguy, bcbasballman, haypug16, anni and reganaeb, you guys are doing a fantastic job too and it looks like all of you will be finished soon!
Paying off student loans is always "no regrets" decision IMO. I've never met anyone who said "gee I wish I held onto those student loan debts for longer". Even if rates are low or zero - that's the perfect time to smash them down hard*
*unless you have other higher rate debts.
Post by: regenaeb on September 30, 2020, 07:50:08 AM
January 31, 2020 - $ 15,512.72
February 29, 2020 - $ 14,869.92
March 31, 2020 - $ 13,997.65
April 30, 2020 - $ 13,517.38
May 31, 2020 - $ 12,935.98
June 30, 2020 - $ 12,356.80
July 31, 2020 - $ 11,659.65
August 31, 2020 - $ 11,188.88
September 30, 2020 - $ 9,975.16
Had a great month, limiting spending to be able to throw an extra $1000 on the student loan. Under $10k, feels great! I am hoping for another good month coming up since I have been working extra hours every week and if I can do another low spend challenge for October I am hoping to continue to add these size extra payments to get this loan gone sooner than I had planned.
Post by: bcbaseballman on October 01, 2020, 07:11:31 AM
1/1/2020: $23,396.66
2/3/2020: $22,522.75
3/2/2020: $ 20,655.42
3/25/2020: $14,885.66
4/22/2020: $13,455.66
5/26/2020: 11,755.66
6/30/2020: $10,255.66
7/20/2020: $8,637.23
8/2/2020: $7,937.23
8/24/2020: $6,437.23
10/1/2020: $4,937.23
I feel like I'm getting so close but I still have a few months to go before it will all be finished and done with.
Post by: GatorNation on October 16, 2020, 05:24:53 AM
Her current student loan balance is $234k. She attended a private top 5 law school (think Harvard, Columbia, Chicago, Stanford, etc). We plan in paying these off in 3 years. Wish us luck.
Post by: Civex on October 18, 2020, 07:06:21 AM
March 2020-$23,200February 2020-$24400May 2014 (initial):$90kJanuary 2020-$25,669
January 2018:$64k
December 2018:$47k
December 2019:$28k
--$1250 auto payment + $1273 extra
--$1250 autpayment & $108 extra
Our vacation and paying some work expenses that haven't been reimbursed yet cut into the extra, but should be able to put an extra $1k towards the end of March or beginning of April when I get reimbursed
-$1250
Lost my login for a few months, though I'm still hustling to pay off this loan. We are trying to see the silver lining in not being able to travel or spend money on experiences and crushing our remaining non mortgage debt. Goal payoff is by April '21.
October 2020-$8600
-$2600 payment
Post by: regenaeb on October 30, 2020, 10:47:10 AM
January 31, 2020 - $ 15,512.72
February 29, 2020 - $ 14,869.92
March 31, 2020 - $ 13,997.65
April 30, 2020 - $ 13,517.38
May 31, 2020 - $ 12,935.98
June 30, 2020 - $ 12,356.80
July 31, 2020 - $ 11,659.65
August 31, 2020 - $ 11,188.88
September 30, 2020 - $ 9,975.16
October 30, 2020 - $ 7,487.82
Another good month. Was able to dump $2500 on the student loan this month. Original goal for 2020 was to be under $8k by the end of the year, passed that. Now hoping for under $5k at the end of the year. As long as November and December are good, I should make it.
Post by: WhiteTrashCash on October 30, 2020, 10:58:16 AM
Post by: TyGuy on November 10, 2020, 05:23:28 PM
December 31, 2019 - $ 16,065.31
January 31, 2020 - $ 15,512.72
February 29, 2020 - $ 14,869.92
March 31, 2020 - $ 13,997.65
April 30, 2020 - $ 13,517.38
May 31, 2020 - $ 12,935.98
June 30, 2020 - $ 12,356.80
July 31, 2020 - $ 11,659.65
August 31, 2020 - $ 11,188.88
September 30, 2020 - $ 9,975.16
October 30, 2020 - $ 7,487.82
Another good month. Was able to dump $2500 on the student loan this month. Original goal for 2020 was to be under $8k by the end of the year, passed that. Now hoping for under $5k at the end of the year. As long as November and December are good, I should make it.
You are making some serious progress, I am excited for your loans to be paid in FULL!
Post by: TyGuy on November 10, 2020, 05:24:33 PM
I had a good month and paid $3650 toward my student loans, so now my amount remaining is down to only $17697.60. I say only because it started out being $74,000. I should have everything paid off in less than a year and a half.
A few more large payments like that and your loans will be paid off!
Post by: TyGuy on November 10, 2020, 05:30:04 PM
01/12/19: $43,762
05/04/20: $21,456
06/05/20: $21,456
08/05/20: $21,456
11/09/20: $21,456
I've made significantly less progress this year on my loans than originally planned. I purchased my first home (now has approximately 35K in equity), and had all my loans put into deferral due to COVID-19 (allowing me to put excess founds into my home and investments). I plan to began a regular loan repayment of $1,000 a month in January, unless the deferral period for my loan continues, in which case I'll continue to add the excess income to my investments. Keep up the good work!
Post by: regenaeb on November 30, 2020, 02:20:27 PM
January 31, 2020 - $ 15,512.72
February 29, 2020 - $ 14,869.92
March 31, 2020 - $ 13,997.65
April 30, 2020 - $ 13,517.38
May 31, 2020 - $ 12,935.98
June 30, 2020 - $ 12,356.80
July 31, 2020 - $ 11,659.65
August 31, 2020 - $ 11,188.88
September 30, 2020 - $ 9,975.16
October 31, 2020 - $ 7,487.82
November 30, 2020 - $ 6,897.45
Had a small hiccup in November. Did a rough estimate of my 2020 taxes (I am self-employed and make 1/4ly payments) and realized I have not paid in enough so far this year, so I need to up my amount coming out of these last 6 checks for the year to make sure I have paid in enough. Our rental house in FL did not have enough expenses this year so we are making more money in profit than I had anticipated, which means more taxes. Still hoping to maybe be at $6000 balance at the end of the year. I would have to come up with an extra $300 over my normal payment amount so we will see how December shakes out with spending, it is Christmas shopping time. But I am not going to beat myself up over it if I don't make that $6000 balance goal by the end of the year.
Post by: TyGuy on December 06, 2020, 03:04:51 PM
01/12/19: $43,762
05/04/20: $21,456
06/05/20: $21,456
08/05/20: $21,456
11/09/20: $21,456
12/05/20: $21,456
This was likely my final month without making contributions, unless the interest continues to be paused on these loans (in which case I will hold the money in a high interest savings account until interest resumes), otherwise Ill begin putting $1,000 a month towards them beginning in January!
Post by: Civex on December 27, 2020, 07:37:06 AM
March 2020-$23,200February 2020-$24400May 2014 (initial):$90kJanuary 2020-$25,669
January 2018:$64k
December 2018:$47k
December 2019:$28k
--$1250 auto payment + $1273 extra
--$1250 autpayment & $108 extra
Our vacation and paying some work expenses that haven't been reimbursed yet cut into the extra, but should be able to put an extra $1k towards the end of March or beginning of April when I get reimbursed
-$1250
Lost my login for a few months, though I'm still hustling to pay off this loan. We are trying to see the silver lining in not being able to travel or spend money on experiences and crushing our remaining non mortgage debt. Goal payoff is by April '21.
October 2020-$8600
-$2600 payment
And Done!!! Made my final payment on Christmas Eve. $90k in 6.5 years; looking forward to not throwing money into that black hole any longer.
Best of luck everyone!
Post by: WhiteTrashCash on December 28, 2020, 07:52:41 AM
I hope that the emergency deferment continues, because that has saved me a ton of money over the past nine months. Even without loan forgiveness, it is really helping me crush these loans.
Post by: nessa on December 28, 2020, 08:17:41 AM
Post by: regenaeb on December 30, 2020, 10:17:50 AM
January 31, 2020 - $ 15,512.72
February 29, 2020 - $ 14,869.92
March 31, 2020 - $ 13,997.65
April 30, 2020 - $ 13,517.38
May 31, 2020 - $ 12,935.98
June 30, 2020 - $ 12,356.80
July 31, 2020 - $ 11,659.65
August 31, 2020 - $ 11,188.88
September 30, 2020 - $ 9,975.16
October 31, 2020 - $ 7,487.82
November 30, 2020 - $ 6,897.45
December 30, 2020 - $ 6,306.71
Didn't get below $6k (which was a hope), but that's ok. Just amazed to look back at the progress I made this past year. I have managed to pay off over $9700 this year on my student loan, almost $10k. That is unbelievable to me to think I could do that at the beginning of 2020. 2021 will be the year I torch this loan for good.
Post by: regenaeb on December 30, 2020, 10:18:40 AM
Post by: regenaeb on December 30, 2020, 10:21:59 AM
Post by: nessa on January 04, 2021, 07:52:43 AM
Post by: TyGuy on January 04, 2021, 10:16:12 AM
@TyGuy are we continuing 2021 in this thread or starting a new one? I have a payment processing :)
Thanks for the prompting @nessa, I have created a new thread for 2021, but have created it with the idea of it being an continuous thread for each year hereafter! The link to the new thread is as follows: https://forum.mrmoneymustache.com/throw-down-the-gauntlet/student-loan-challenge-(2021-and-beyond)/