40K x 30: Month 7 Update

OK, enough will my crazy spreadsheets.  I’m grasping this whole excel thing, so instead of boring you with an image of numbers – I made a chart!!! (I know, I’m ridiculous!)

Student Loan Debt Chart - May 13

I thought making this chart would be fun, but when I realized how far off I am from where I should be (the orange line is where I should be if I want to pay off these loans by my 30th birthday), it makes me a little weary – this is starting to look impossible again 😦  But less debt is better than more debt…. so I’ll keep chugging along.  The good news is, this month I came SOOOOO close to getting the loan debt UNDER $37K.  Close, but no cigar.  Here’s a recap on my numbers this month:

  • Starting Balance$38,812.46 (5/1/13)
  • End Balance: $37,085.35  (5/30/13)
  • Paid Towards Loans$1082.62
  • Interest Paid: $169.81 
  • Principle Paid$912.81

This month I hit the mark on all my goals (woo-hoo!)

May Goals

  1. Pay (at least) $634 extra to Sallie Mae Loan 1-07 ($1901.70) CHECK!
  2. Pay minimum on other Sallie Mae Loans CHECK!
  3. $40 bi weekly to VSAC Loans CHECK!

I sent a whopping $650 check (eek!) to SM which took a nice chunk out of the next loan I’m trying to pay off by July.  If I do that for two more months, I’ll reach my goal!!  I paid the minimums on all the other loans, so they’re slowing widdling down too.  And I’m least concerned about my VSAC loans that have lower interest rates and technically I don’t have to start paying them off until 2014…so I’d say I’m ahead of the game.  So, the plan next month is pretty much just do the same thing:

June Goals

  1. Pay (at least) $640 extra to Sallie Mae Loan 1-07 ($1258.80) 
  2. Pay minimum on other Sallie Mae Loans 
  3. $40 bi weekly to VSAC Loans

Thinking even further ahead (which I am guilty of doing ALL the time – just ask my husband! I know, it gets very annoying – so feel free to just look at the pictures and move onto a post with cute pictures of Avery – but this does help me stay on track, so I’ll keep going…), the next loan on the list (highest interest loans, lowest debt one first) is over $3k.  If I can keep up this $650 a month extra payment, I can get that one paid off in December, which I had planned on… so that’s good.

Short Term Goals  Pay off this loans in this order (deadline)

  • 1-08 @ 6.55% (February ’13): $0
  • 1-07 @ 6.55% (April Jul ’13): $1258.80
  • 1-05 @ 6.55% (Dec ’13): $3118.94
  • 1-06 @ 6.55% (2014): $5016.81

But I also have to consider that every time I pay off a loan, the minimum payment to SM every month, goes down, so I can use that extra money to add towards my extra payment…which seems to be happening because I started doing $500/mo extra and we’re well over that now.  So, looking into the details, I pay $42/mo minimum I pay towards loan 1-07, so when that’s gone, maybe I can bump up the extra payment to $700/mo…which means I can definetly pay the next loan off mid-December.  Woo hoo!

And, we’ll stop there… because if we look into the next loan after that…. I’m gonna freak out because that’s a towering $5K right now… Eek!  Baby steps.  One loan at a time…

How do you keep finances & debt from stressing you out? Making a plan and following up on it every month helps keep me in line – just like my 5K training…which I have slacked off with in the past two weeks.  My next 5K is in July, so I’m not motivated to train with it that far away… need to fess up in another post…

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…

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5 thoughts on “40K x 30: Month 7 Update

    • Thanks! Yeah, it feels good… but they’re still so daunting! I have to keep telling myself to take it one month at a time…

      hahah! I do the same thing. I read one post on someone’s blog and realize I missed 3-4 other ones and I just have to go read them! 🙂

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