Author Topic: Student Loan Challenge (2020 Edition)  (Read 6021 times)

nessa

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Re: Student Loan Challenge (2020 Edition)
« Reply #50 on: May 26, 2020, 08:46:24 AM »
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.

haypug16

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Re: Student Loan Challenge (2020 Edition)
« Reply #51 on: May 26, 2020, 11:07:42 AM »
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.

TyGuy

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Re: Student Loan Challenge (2020 Edition)
« Reply #52 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?!?

TyGuy

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Re: Student Loan Challenge (2020 Edition)
« Reply #53 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!

TyGuy

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Re: Student Loan Challenge (2020 Edition)
« Reply #54 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!

PrezZaphod

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Re: Student Loan Challenge (2020 Edition)
« Reply #55 on: May 31, 2020, 09:07:00 PM »
Spoiler: show
Here to keep myself accountable. This is the year I finish it.

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.

---

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.

---

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.

---

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.

---

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.


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.
« Last Edit: May 31, 2020, 09:34:13 PM by PrezZaphod »

bcbaseballman

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Re: Student Loan Challenge (2020 Edition)
« Reply #56 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.

regenaeb

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Re: Student Loan Challenge (2020 Edition)
« Reply #57 on: June 02, 2020, 07:21:48 AM »
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

haypug16

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Re: Student Loan Challenge (2020 Edition)
« Reply #58 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

TyGuy

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Re: Student Loan Challenge (2020 Edition)
« Reply #59 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!!

TyGuy

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Re: Student Loan Challenge (2020 Edition)
« Reply #60 on: June 07, 2020, 09:44:19 AM »
Student Loans:

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!

nessa

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Re: Student Loan Challenge (2020 Edition)
« Reply #61 on: June 16, 2020, 09:12:39 AM »
Ramping up to my Eighteen Month Paydown!

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!

mckaylabaloney

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Re: Student Loan Challenge (2020 Edition)
« Reply #62 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.

nessa

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Re: Student Loan Challenge (2020 Edition)
« Reply #63 on: June 18, 2020, 07:08:56 AM »
@mckaylabaloney That makes a lot of sense! I can indicate my extra payment goes to "principal only", and I didn't really understand why that would be a benefit to me (I can write off the interest paid on my federal taxes) but looking  at rapid paydown it now makes a lot of sense why I want to make those payments hit the principal: less principal = less interest accruing = less I will end up paying, right?

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!

mckaylabaloney

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Re: Student Loan Challenge (2020 Edition)
« Reply #64 on: June 18, 2020, 08:53:47 AM »
@nessa Yeah, exactly. Shrinking your principal as much as possible + as quickly as possible = less interest.

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.

PrezZaphod

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Re: Student Loan Challenge (2020 Edition)
« Reply #65 on: June 28, 2020, 05:55:02 PM »
Spoiler: show
Here to keep myself accountable. This is the year I finish it.

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.

---

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.

---

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.

---

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.

---

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.

---

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.


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 5 SIX paychecks since I get my final paycheck at the end of the month, and I won't be surprised if there's a little left over so that I can make a big payment at the end of August.
« Last Edit: June 29, 2020, 02:32:47 AM by PrezZaphod »

nessa

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Re: Student Loan Challenge (2020 Edition)
« Reply #66 on: June 30, 2020, 07:34:03 AM »
OK peeps, here it is:
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:
DEC 2020:
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:
« Last Edit: October 06, 2020, 07:30:53 AM by nessa »

haypug16

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Re: Student Loan Challenge (2020 Edition)
« Reply #67 on: June 30, 2020, 09:25:07 AM »
June 2020 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
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.

bcbaseballman

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Re: Student Loan Challenge (2020 Edition)
« Reply #68 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


appleseed

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Re: Student Loan Challenge (2020 Edition)
« Reply #69 on: June 30, 2020, 10:46:37 AM »
I looked back to see when I first started posting in October 2017 and the balance was $26,805.69. Today the balance is $855.61!

Had planned to pay off by last November, but life got in the way. Planning for this fall. The end is in sight!!


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regenaeb

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Re: Student Loan Challenge (2020 Edition)
« Reply #70 on: July 01, 2020, 09:09:40 AM »
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

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.

bcbaseballman

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Re: Student Loan Challenge (2020 Edition)
« Reply #71 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!

regenaeb

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Re: Student Loan Challenge (2020 Edition)
« Reply #72 on: July 31, 2020, 02:35:19 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

Another month down. Steady progress at this point, nothing new. Continuing to add extra each month. Can't wait to see it under 10K.

bcbaseballman

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Re: Student Loan Challenge (2020 Edition)
« Reply #73 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!

anni

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Re: Student Loan Challenge (2020 Edition)
« Reply #74 on: August 13, 2020, 02:43:53 PM »
Sweet! I just joined the forums but I graduated with about $90K in loans back in 2017 for my BA+MS. I've knocked out $75K so far, about $12K of which was this year. I took a break to beef up my savings since they were deferred and interest-free all summer. Now I'm targeting knocking out the last $15K this year, without eating into my e-fund. I think they will be gone by February at the latest.

haypug16

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Re: Student Loan Challenge (2020 Edition)
« Reply #75 on: August 16, 2020, 09:38:41 AM »
July 2020 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
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

penguintroopers

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Re: Student Loan Challenge (2020 Edition)
« Reply #76 on: August 22, 2020, 10:02:50 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!

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.

appleseed

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Re: Student Loan Challenge (2020 Edition)
« Reply #77 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!

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.
Congratulations! Hopefully to be right behind you at the beginning of next month!

Sent from my moto x4 using Tapatalk


nessa

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Re: Student Loan Challenge (2020 Edition)
« Reply #78 on: August 24, 2020, 07:01:48 AM »
@penguintroopers THAT IS AWESOME!!! Congratulations!

bcbaseballman

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Re: Student Loan Challenge (2020 Edition)
« Reply #79 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!

TyGuy

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Re: Student Loan Challenge (2020 Edition)
« Reply #80 on: August 25, 2020, 11:45:10 AM »
Student Loans:

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!

appleseed

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Re: Student Loan Challenge (2020 Edition)
« Reply #81 on: August 28, 2020, 07:25:00 AM »
I just sent $16.92 to Navient to make the final payment on these lingering student loans! My husband took out these loans before we met almost 15 years ago, so what a relief to have them finally paid off. For years the interest was under 2% so I focused elsewhere. 

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.
« Last Edit: August 28, 2020, 07:27:33 AM by appleseed »

WhiteTrashCash

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Re: Student Loan Challenge (2020 Edition)
« Reply #82 on: August 28, 2020, 07:39:32 AM »
I started at $74,000 and now I'm down to $22,000. Direct consolidation loan at 5.25%. I've paid off $7210.67 so far this year. The federal forbearance due to COVID-19 has helped a lot with the interest, so more of the payments have been going to principal over the past few months. I'm hoping to have the entire thing paid off within two years.

haypug16

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Re: Student Loan Challenge (2020 Edition)
« Reply #83 on: August 31, 2020, 10:05:38 AM »
August 2020 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
6/30/2020 = 29,511.33
7/31/2020 = 27,349.91
8/31/2020 = 26,415.38


regenaeb

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Re: Student Loan Challenge (2020 Edition)
« Reply #84 on: August 31, 2020, 12:22:29 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

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. 

regenaeb

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Re: Student Loan Challenge (2020 Edition)
« Reply #85 on: August 31, 2020, 12:24:16 PM »
Congrats @pengintroopers, this is great news!

marty998

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Re: Student Loan Challenge (2020 Edition)
« Reply #86 on: September 08, 2020, 07:37:26 PM »
Congrats penguintroppers and appleseed

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.

regenaeb

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Re: Student Loan Challenge (2020 Edition)
« Reply #87 on: September 30, 2020, 07:50:08 AM »
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

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.

bcbaseballman

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Re: Student Loan Challenge (2020 Edition)
« Reply #88 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.

GatorNation

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Re: Student Loan Challenge (2020 Edition)
« Reply #89 on: October 16, 2020, 05:24:53 AM »
My wife and I (both early 30's) have a combined income of $205k.  This year we paid off my student loans of $65k.  We are now going to start paying her's off.  Our only debt is our mortgage and her student loans.  We have about $100k in home equity and $100k in retirement savings.

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.

Civex

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Re: Student Loan Challenge (2020 Edition)
« Reply #90 on: October 18, 2020, 07:06:21 AM »
May 2014 (initial):$90k
January 2018:$64k
December 2018:$47k
December 2019:$28k
January 2020-$25,669
--$1250 auto payment + $1273 extra
February 2020-$24400
--$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
March 2020-$23,200
-$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