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