This means I’m right on track to pay one loan off each coming month for 5 more months… then they are GONE! Just over 2 years of scrimping and saving and look at the progress I’ve made:
27 Month Progress
- Starting Debt: $41,868.53 (Nov ’12)
- Debt Today: $10,408.41
- Total Debt Paid Off: $31,460.12
I have just over 10 grand left… and you may be thinking I’m crazy, expecting to pay off that much in just 5 months… but the plan I made last month, is working, so I’m gonna stick with it.
Red = goal, Blue = loans remaining to be paid
My original big picture plan was to pay off the highest interest loans first, and of those, pay off the bigger ones. So, we’re finally getting down to the smaller interest loans (all those pesky 6+% ones are GONE) and I’m not paying oober amounts of $ just on interest now. Now it’s down to $30 a month, compared to $190 when I first started this.
- Starting Balance: $11,917.63
- End Balance: $10,408.41
- Payments Made: $1,538.92
- Interest Paid: $30.60
- Principle Paid: $1,508.32
So…. in December, I paid the minimums to all other loans, and paid off Loan 1-01. I didn’t put my usual $1800/mo into loans, because of Christmas and an upcoming vacation, but I was able to pay the loan off and now I’m just saving up until I can pay the next one off in January.
December: Pay Off Loan 1-01 (usual $1800/mo)
- January: Pay Off Loan C (usual $1800/mo)
- February: Pay Off Loan B (usual $1800/mo)
- March: Pay Off Loan A (Work Bonus & Tax return & usual $1800/mo)
- April: Pay Off Loan 1-04 (usual $1800/mo)
- May: Pay off Loan 1-03 (usual $1800/mo)
Oh and side note, Sallie Mae changed their company name to Navient. Very annoying (mostly because I was looking forward to saying goodbye to Sallie Mae when all this was done), but luckily their website and everything stayed the same so it’s caused no hiccups with me actually paying the loans off, but still… would have really liked to end my relationship with Sallie Mae before she ended it with me!
And for those of you who have been asking about the mystery house I mentioned last month, my great Uncle John (my Dad’s uncle) who lives just down the road (maybe 2/10ths of a mile) offered to sell me his house, without a Realtor so it would be a great deal, and although the house is super big (4 bedrooms, 3 bathrooms, 2 car garage, bonus room over garage, and full 1 bedroom apartment in the basement on 1.2 acres), it really makes sense for the future plans Avery and I have in store. My uncle doesn’t have a deadline when to sell, so we’re working together on a time frame that works for him finding a new place (he’s downsizing) and me getting the downpayment ready – looks like this coming fall – Octoberish.
Buying a house in my hometown, just down the road from my parents, on a dead end street… kinda perfect. This would be a forever home too… Avery and I will FINALLY be able to set down roots, and never move again!
And you know me, I already have a budget laid out, to make sure the house is affordable, and after these pesky loans are gone, I have a plan to save for the down payment already in motion.
So much in store for the year to come…Happy New Year’s Eve!
Check out my About Meghan page for more posts on finances and paying off my student loans.