This past month I broke the $30,000 mark for my student loans. I officially have less than $30K of student loan debt!!! The past year of hard work is really paying off and I can see the light at the end of the tunnel… well, it’s $30K away, but that seems so much more attainable than the $42K I started with just over a year ago.
13 MONTH PROGRESS
- Debt Nov 2012: $41,868.53
- Debt Dec 2013: $29,894.98
- Debt Paid Off: $11,973.55
I now understand the ‘snowball method’ of paying off loans. Although I’m doing my own version of it, I see the benefits of it. Every time I pay off a loan, I just roll that money that was going to that loan into the next one, and thus I’m paying more and more every month. Take a look at the leap the chart has taken lately…
I even had a coworker ask my advice on paying off her student loans, so I must be doing something right. I honestly just took the time to setup an excel sheet and this ‘fancy’ chart that just auto updates every month. So, in reality, I spend less than an hour each month ‘working’ on my student loans. My payments are on auto pay, so that doesn’t take any time. I just spend a little time each month deciding how much $ I can mail in to make an extra payment, and send that out. Then I spend 15 minutes a month logging my payments into my ‘fancy’ excel sheet…
…and another 15 writing this post. Wah-la. Done. Who knew paying off student loans would be so easy!
- Starting Balance: $31,165.37
- End Balance: $29,894.98
- Paid Towards Loans: $1,361.39
- Interest Paid: $135.19
- Principle Paid: $1,239.54
This month I put an additional $1,000 towards the next loan I’m working on. I have been able to throw more money at it because I worked some overtime last month, but this month there hasn’t been much overtime available so I’m thinking next month will be difficult to scrounge up even a couple hundred extra. I’ll try!
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): $3810.27<– # is going down!!!
- SM 1-02 @ 6.55% (Sept ’14): $6500.90
- SM 1-01 @ 6.55% (2015): $7299.62
- VSAC C @ 4.77% (2015): $2102.96
- VSAC A @ 3.17% (2015): $4690.02
- VSAC B @ 3.17% (2015): $2340.20
- SM 1-03 @ 2.1% (2015): $1350.48
- SM 1-04 @ 2.1% (2015): $1800.53
I feel so accomplished being under $30K. Now I just have to keep chipping away at this next loan. No idea what my taxes are going to look like, so cross your fingers and maybe in February/March I’ll get a nice refund and be able to pay more towards it, or even pay this next loan off!!!
Check out my About Meghan page for more posts on finances and paying off my student loans.