A year ago, I set out on a mission – to pay off my student loans before I turned 30. Well, it’s a year later and although reasons for paying off the loans has changed, and life has thrown a couple curve balls, I’m not giving up that easily. Yeah, I know last month I swore I was going to put this on the back burner, but I still have 2 years to make this happen… so why not try? Here’s a little recap of how I did in my first year, and some exciting news…
ONE YEAR REVIEW
- Starting Debt: $41,868.53
- Debt Paid Off: $10,703.16
- Debt Today: $31,165.37
In one year, I paid off over ten thousand dollars in student loans!!! Go me!!!
I am still a little behind the curve on my goal (red line), but I did pay off TWO loans this month alone – yep, seriously! Selling a house that we flipped does have its advantages…
- Starting Balance: $35035.82
- End Balance: $31165.37
- Paid Towards Loans: $4031.01
- Interest Paid: $145.6
- Principle Paid: $3885.41
So, going forward, I plan on paying the minimums on my loans and just throwing $ towards the next loan on my list when I can. Not overly ambitious, but possible, and right now I need tangible goals, because just sticking to a budget to support Avery and I is my top priority.
- Pay minimum on Sallie Mae Loans (which is down from $353 to $282 because I paid off those two loans)
- $40 bi weekly to VSAC Loans
LOAN PAY OFF PLAN
SM 1-08 @ 6.55% (February ’13): $0 SM 1-07 @ 6.55% (Nov’13): $688 SM 1-05 @ 6.55% (Nov’14): $3020
- SM 1-06 @ 6.55% (Mar ’14): $4802.75 <– This is the next one to go!
- SM 1-02 @ 6.55% (Sept ’14): $6570.42
- SM 1-01 @ 6.55% (2015): $7377.69
- VSAC C @ 4.77% (2015): $2124.31
- VSAC A @ 3.17% (2015): $4733.46
- VSAC B @ 3.17% (2015): $2363.38
- SM 1-03 @ 2.1% (2015): $1368.63
- SM 1-04 @ 2.1% (2015): $1824.73
It felt great to pay off those two loans… now I’ll start chipping away at the next one…
Check out my About Meghan page for more posts on finances and paying off my student loans.