WAY under $15K

Another month… another student loan update.  I’ve been excited to post this month because I’m finally under $15k!  And WAY under it… even under $14K!!! I feel like I just posted about being under $25k (only 6 months ago)… crazy how time flies and at this point each month I feel so much closer to the final goal!

25 Month Progress

  • Starting Debt: $41,868.53 (Nov  ’12)
  • Debt Today: $13,725.94
  • Total Debt Paid Off: $28,142.59

I’ve officially paid off twice as much as I have left to pay off!  Crazy to think I’ve paid off almost $30k in two years.  This month’s numbers are pretty good – making up for last month‘s ‘meh’ numbers:

October Review

  • Starting Balance: $15,472.88
  • End Balance:  $13,725.94
  • Paid Towards Loans: $1,834.36
  • Interest Paid: $52.66
  • Principle Paid: $1,781.70

My little blue line of progress is inching closer and closer to that red goal line. I give it three more months before I pass it – which means I’ll be paying these off BEFORE my 30th birthday!
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Red = goal, Blue = loans remaining to be paid

I’m two months away from my next loan pay off…and it’s the last big one.  At 6.55%, it’s the last high interest loan… the next drops down to 4.73%.  I’ll be sooo happy when this one is gone because it weasels 20 bucks out of me a month, just for interest!

Loan Pay Off Plan

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I have two months to pay off loan 1-01 ($3,057.66), which means I need to put at least $1530 towards it the next two months.  That’s going to be hard, since I have been averaging $1500 extra a month towards whatever loan I’m working on paying off for a while now.  More means cutting back on the VSAC loans – they don’t have a minimum, and have low interests (they only accrue $7-$10/month in interest), so instead of paying those every week, I can pay them every other week and use the extra $80 in Nov. & Dec. (I put $40/wk towards them) to loan 1-02.

As the loan amount keeps going down, it’s not as daunting… $13k seems so doable (unlike the $40k+ I started with!).  And if all goes as planned, in 7 months I will be student loan debt free!  At which point I will ride off into the sunset…

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… and after I splurge on something fun (like another fun trip to Parc Safari or Jay Peak Water Park?!), It’ll be back to saving $$$… for our dream house!

I just have to keep telling myself… only 7 months to go.  Honestly, as perky as these monthly updates are, this is HARD.  I’ve had to be focused on a budget and saving money for over 2 years now.  Yeah, I splurge here and there on some things, but on a daily basis, I don’t spend money on anything.  I have this goal in the back of my mind every single day – and the goal of making a home for Avery and I is what’s really pushing me.  I want Avery to grow up in a home… somewhere with roots, where he can make memories, and always come home to the same place – So, I stay committed, motivated, and before I know it, these pesky loans will be GONE!

❤ Meghan

Check out my About Meghan page for more posts on finances and paying off my student loans.

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