Another month gone, and with it… some loan debt!
I’m still nowhere near my goal (red line), but I keep chugging along (blue line). Extra debt paid off now means less debt (and interest!) paid later. Plus, imagine what it’ll be like when my loans are gone – what to do with $1,000 extra a month? That’s like a whole ‘nother mortgage!
- Starting Balance: $37,085.35 (6/1/13)
- End Balance: $36,279.91 (6/30/13)
- Paid Towards Loans: $972.51
- Interest Paid: $166.39
- Principle Paid: $806.12
This month I fell a little short of my goals. I had some added expenses this month that held me back, but I still made progress.
- Pay (at least) $640 extra to Sallie Mae Loan 1-07 –No
- Pay minimum on other Sallie Mae Loans CHECK!
- $40 bi weekly to VSAC Loans CHECK!
I couldn’t muster up the $640, but I did send a $500 check (woo-hoo!) to SM which lowers to the loan (1-07) that I’ve been chipping away at to $737. I would be a miracle if I could wrangle together $737 this month and meet my goal of paying off this loan in July. But in reality, I don’t think it’s going to happen… I’ll still set it as my goal, but if it doesn’t happen until August, I won’t be (too) disappointed.
- Pay off Sallie Mae Loan 1-07 ($737+interest)
- Pay minimum on other Sallie Mae Loans
- $40 bi weekly to VSAC Loans
With Loan 1-07 gone soon, that’ll make my minimums to SM lower by $29. Instead of $329/mo, it’ll be $300/mo to SM, which means I can put that much more towards the next loan to pay off on the list.
Short Term Goals Pay off this loans in this order (deadline)
1-08 @ 6.55% (February ’13): $0
- 1-07 @ 6.55% (
AprilJul ’13): $737
- 1-05 @ 6.55% (Dec ’13): $3099
- 1-06 @ 6.55% (2014): $4989
I’ll check in again in a month… and maybe I’ll surprise myself and find some $ hiding around and pay off this pesky loan… only $737 left on it!!! Sooooo close! Then I take a look at my chart and see how far I am from reaching my goal… ugh. I’m telling you now, if you get my name for Christmas, just gimme ca$h…
Are you totally bored of me blabbing about my student loans every month? If not, read these and then I’m sure you will be…