Close, but not cigar is the theme of this month’s student loan payoff update. I was shooting to payoff a loan this month, and it didn’t happen. Boo. I knew it would be tight, but finances have shifted at home and the race to payoff my student loans has to be put on hold for a bit.
Oh well, life happens. Even if I have to eat PB&J sandwiches for lunch every day, I’m determined to reach my goal – but keeping a roof over our head and paying the electric bill (which isn’t cheap during a heat wave!) come before student loans. C’est la vie.
- Starting Balance: $36,279.91 (7/1/13)
- End Balance: $35941.22 (7/31/13)
- Paid Towards Loans: $477.22
- Interest Paid: $161.53
- Principle Paid: $310.69
Although I wasn’t even close to my goal this month, we are approaching the $35K mark! In 9 months, I’ve paid off over $6,000 in debt (and a bunch more to interest too).. so although I’m falling short of my long term goals, every month I have less debt, so that’s always good!
Pay off Sallie Mae Loan 1-07 ($737+interest)–No 😦
- Pay minimum on other Sallie Mae Loans CHECK!
- $40 bi weekly to VSAC Loans CHECK!
There was no way I was getting close to paying off that loan this month. And next month will be the same deal… so lets be a little more realistic for August and just hold the fort down…
- Pay minimum on other Sallie Mae Loans
- $40 bi weekly to VSAC Loans
So, this means I’ll have to back up my goal date for paying off this loan. Maybe I can pay it off by the end of the year? Reasonable goal, especially if Grams sends $20 with my birthday card and some gift cards at Christmas…(just saying).
Short Term Goals Pay off this loans in this order (deadline)
1-08 @ 6.55% (February ’13): $0
- 1-07 @ 6.55% (
AprilJul Dec ’13): $739
- 1-05 @ 6.55% (2014): $3099
- 1-06 @ 6.55% (2014): $4989
I realize it’s hard to look so far ahead for picking goal dates to pay off other loans – as finances are a monthly changing thing. I just have to keep my goal in mind and keep chugging along. Maybe I won’t pay these off until I’m 31 or 32… but they WILL get paid off! And when they do, I’m gonna party like it’s 1999 – and you’re all invited!!!
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…
- 42K x 30 = Baby #2?
- Month 1 Update
- Month 2 Update
- Month 3 Update
- Month 4 Update
- Month 5 Update
- Month 6 Update
- Month 7 Update
- Month 8 Update