42K x 30 – Month 1 Update

It’s the end of the month, which means it’s time to check up on how I did on paying off my student loans this month.  Earlier this month, I set out my plan to pay them off… by my 30th birthday!  Let’s see how this month played out…

Student Loan Debt Chart - Nov 12

  • Starting Balance: $41,868.53 (Nov 1 ,2012)
  • End Balance: $41,181.90 (Nov 30,2012)
  • Paid Towards Loans: $830.97
  • Interest Paid: $190.34
  • Principle Paid: $640.63

Goals I’m on track with my goals… I paid extra towards Loan 1-08 which I want to pay off first (smallest loan and highest interest rate).  It went from $1550 to $1255 this month.

Spreadsheet pay down student loans nov 2012

What I Learned By having to write down everything in a spreadsheet, I noticed the ridiculous $ that goes to interest.  $190 of what I paid didn’t even go towards my loans.  Such crap!  I think I can put a hold on my VSAC loans because they have low interest rates and don’t have a minimum payment due til 2014.  Instead of putting $40 a week into those($160/mo.), I’ll put $40 once a month and check how it affects what I pay in interest.  I’ll put the other $120 into the 1-08 loan.

Sallie Mae is a pain in the butt to deal with.  I already knew this, but it was just reinforced more this month.  I mailed in my extra $300 payment (because there is no option online to pay more than the minimum due), along with a formal letter instructing them to pay it towards loan 1-08. And I sent a copy of my marriage license to change my name (also can’t do that online).  They processed the payment to ALL the loans and interest.  I emailed to correct it… which they finally did.  But then they claimed they never got the marriage license… ugh!!!  They just love making it harder to pay these things off, don’t they!?

Rewarding Myself I’ve been playing on www.Saveup.com and haven’t won anything yet… and seeing as I didn’t win the lottery this week, I don’t think luck is on my side.

December Plan

  • $400 extra to Loan 1-08
  • $40/mo. to VSAC Loans
  • $500 extra to Loan 1-08 (from work holiday bonus)

How are you paying off student loans and other debt? Please share your tips and tricks…


8 thoughts on “42K x 30 – Month 1 Update

  1. Paying off as much as you can EXTRA, especially at the beginning, is the best way to not only pay it off faster, but save money, because it reduces the amount of interest you are paying out. Also, you would have to do the math to be sure, but often times if, instead of paying once a month, you divide your monthly payment in half and pay it twice (especially nice if you can set up automatic payments) you will end up saving money in the long run due to the interest not being able to acrue as quickly. Might be worth looking into. Good luck! Way to take charge of things!

  2. You really are on top of your game here. You really are organized. I am all over the place. This is awesome. Yeah, Sallie Mae is annoying. I have about $5,000 to pay back. Taking me longer than expected, but I’m sure if I were as organized as you are, I could figure this out better. LOL

    • Thanks. I try. by writing it all out in a spreadsheet and recapping every month with really keep me on top of it. devoting 30 min a month to it is pretty doable…

    • Wow 78K!!! How long did it take you to get where you are now? I’m throwing everything extra I have at it…. and I know it’ll help out in the long run. Paying off loans sooner saves SO much in interest!

      • Not as fast as we wanted to. Been at it for 5 years. bought a house, paid cash for a new car. had twins and I went down to working 2 days a week, and my hubby is in grad school. Let’s just say we’ve been coasting this past year. 🙂 BUT, we need to get back in the bandwagon and chunk money at it. We are however, debt free excluding the house and sallie mae. You can do much better than us!

      • oh wow that’s great! I’ve been paying mine off for 4 years… 2 of which i did grad school, and still paid them as i added another 22k to my debt, haha. oh well. at least its out of the way and once it’s paid off it frees up so much $$.

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