The Home Stretch

Not only am I refreshed, back from a week vacation on the other side of the states where there was no snow and lots of sun (pictures and recap coming soon!), but I am also especially chipper today because I am…….. wait for it……… less than $5,000 away from paying off my student loans.  Can you say, “Happy Tuesday?!”

28 Month Progress

  • Starting Debt: $41,868.53 (Nov  ’12)
  • Debt Today: $4,976.94
  • Total Debt Paid Off: $36,891.59

Yeah, that looks more like it.  Last month was a total flop because my snail mail payments took forever to process, so it all rolled over into this month – and a good month it was!!!

February Review

  • Starting Balance: $10,347.06
  • End Balance:  $4,976.94
  • Payments Made: $5,390.35
  • Interest Paid: $18.71
  • Principle Paid: $5,371.64

I chopped my debt in half this past month by paying off two loans and taking a chunk out of the next one on my list, which catches me up to my plan set out months ago to get these paid off in May.  How’d I get all the $ this past month?  Well, like I said, those two payments to pay off loans were caught up in the mail, then my usual $1800 a month, plus a few hundred more because we had overtime offered at work and I snagged it up, working late (8pm-12am) after Avery was in bed a couple nights a week for two weeks.  Sooo paid off!

Capture

However, we have a little change in plans (It’s a good one, so no worries!).  Correction, a BIG CHANGE: My bonus from work (yearly bonus based on company/personal performance) from last year is coming this month and is almost double what I anticipated (because we did awesome this past year), so I updated my plan to a weekly schedule:

Loan Pay Off Plan

  • January February: Pay Off Loan C 
  • February: Pay Off Loan B
  • March: Pay Off Loan A ($2403)
    • -$500 3/3 (from usual paycheck)
    • -$500 3/11 (from usual paycheck)
    • -$1403 3/18 (from work bonus)
    • PAID OFF BY 3/20
  • April March: Pay Off Loan 1-04 ($1470)
    • -$1470 3/18 (from work bonus)
    • PAID OFF BY 3/20
  • May March: Pay off Loan 1-03 ($1103)
    • -$900 3/18 (from work bonus)
    • -$203 3/25 (from usual paycheck)
    • PAID OFF BY 3/27

Yep, if all goes as planned (since I’m making the payments online and no snail mail anymore to slow it down), I’ll have paid off my student loans completely by the end of this month.  Months earlier than anticipated from my target date of my 30th birthday, set out over 2 years ago.  So as pretty as this chart has been looking… that blue line will hit the bottom in a matter of weeks!

CaptureRed = goal, Blue = loans remaining to be paid

So, since I’m soooo close to being DONE, I’ll be documenting my last couple weeks very closely, so expect a long report in a month… and if it wasn’t so cold out, I’d have a bon fire to burn all my student loan papers.  Either way, I’m sure there will be lots of celebrating going on… JUST ONE MONTH TO GO!!!

Then it’s on to my next adventure… saving $ for our very own House!!!  Since I’m smashing this goal, maybe I’ll set my new goal to be in our new house by my 30th birthday??? 😉  I can dream….

❤ Meghan

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

This post brought to you by jet lag from a fantastic vacation – I couldn’t fall asleep last night, so I wrote this up… more pics to come soon!

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