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It is currently Wed Oct 22, 2014 6:47 pm




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 Post subject: Lilyanne's Student Loan Countdown
PostPosted: Wed Apr 30, 2014 8:35 am 

Joined: Wed Apr 30, 2014 8:03 am
Posts: 11
Copied from my Introduction:

Hi everyone--

I've been reading the blog itself and everyone's Fiscal Fitness journals for the past few weeks, and I decided I wanted to do one myself for the accountability and encouragement.

I'm 35, married, living with my husband in the DC suburbs. Overall, we're in good shape financially: good jobs, stout emergency fund, saving for retirement, no CC debt. I have about $17k in remaining student loan debt from my master's degree, and I want it GONE.

Right now we use the "Yours, Mine, Ours" system for our finances, which works pretty well. But we're talking about kids in the next year or so, which means we'll go to a one-pot system with allowances for each of us for personal spending. I want to pay off my student loans before that happens. I consider that to be my debt that I brought into the marriage, and I don't want to pay it off with "house" money.

Looking forward to "Zero Day," and excited to have a cheering section along the way!

So to expand a little on my background and goals:

When I graduated in 2008, I had $49,000 in student loan debt with Sallie Mae. I consolidated at an interest rate of 6.5% with a 20 year repayment plan. I wasn't married yet and wasn't making much money. I generally paid the minimum, with the occasional extra $100 toward principal when I had a flush month.

After getting married and starting to make more money, I started getting serious about extra payments. I'd paid it down to $34,000 by early 2013. After my grandfather passed away, my mother generously gifted me and my sister with $10,000 each from his estate, which I immediately put directly toward my balance, bringing it down to $24,000. Around that same time, my husband and I took out a home equity loan on our house and paid off Sallie Mae (so technically, I am paying off an equity loan, but I still think about it and refer to it as my student loan). I've now got an interest rate of 3.5% instead of 6.5% and it's deductible, which the student loan interest was not, since once I got married I was over the income limit.

As of January 1st of this year, the balance was $20,235.11. As of today, April 30th, the balance is $16,639.40.

Goals: Pay $1000 per month in 2014, plus one of my extra paychecks, for a total of at least $13,500 in 2014.


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 Post subject: Re: Lilyanne's Student Loan Countdown
PostPosted: Wed Apr 30, 2014 12:06 pm 
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Joined: Thu May 17, 2012 10:05 am
Posts: 1114
Welcome to the forums :)

Congrats on getting married! Sorry about the loss of your father.

Congrats on paying down your SL! Keep up the good work. Looking forward to seeing your progress in this journey out of debt and rejoicing with you on your "Zero Day". :clap:

_________________
~ Eagle


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 Post subject: Re: Lilyanne's Student Loan Countdown
PostPosted: Mon May 12, 2014 7:14 am 

Joined: Wed Apr 30, 2014 8:03 am
Posts: 11
Lilyanne wrote:

As of January 1st of this year, the balance was $20,235.11. As of today, April 30th, the balance is $16,639.40.



May's first payment ($400) has gone through. New balance: $16,255.31. Should easily get under $16k this month, although I am not sure by how much, since getting to my goal of $1k per month means I need to find another $600, and so far 2014 has been *expensive.*


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 Post subject: Re: Lilyanne's Student Loan Countdown
PostPosted: Wed May 21, 2014 6:31 am 

Joined: Wed Apr 30, 2014 8:03 am
Posts: 11
Lilyanne wrote:

May's first payment ($400) has gone through. New balance: $16,255.31. Should easily get under $16k this month, although I am not sure by how much, since getting to my goal of $1k per month means I need to find another $600, and so far 2014 has been *expensive.*


Paid another $600, so that means I made my $1000 goal for the month!

1/01: $20,235.11
4/01: $17,563.44
5/12: $16,255.31
5/21: $15,672.41


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 Post subject: Re: Lilyanne's Student Loan Countdown
PostPosted: Wed May 21, 2014 11:44 am 

Joined: Sun Jan 06, 2013 10:30 pm
Posts: 150
Welcome to the forum, hope to hear more from your progress on paying down the student loan.

_________________
http://www.theexpatinvestor.com/


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 Post subject: Re: Lilyanne's Student Loan Countdown
PostPosted: Fri Jun 06, 2014 9:58 am 

Joined: Wed Apr 30, 2014 8:03 am
Posts: 11
Lilyanne wrote:
Lilyanne wrote:

May's first payment ($400) has gone through. New balance: $16,255.31. Should easily get under $16k this month, although I am not sure by how much, since getting to my goal of $1k per month means I need to find another $600, and so far 2014 has been *expensive.*


Paid another $600, so that means I made my $1000 goal for the month!

1/01: $20,235.11
4/01: $17,563.44
5/12: $16,255.31
5/21: $15,672.41

5/31: $15,395.71

Managed to add another $291 to my May payments, and have a $300 payment scheduled to go through today for June, but in the "Life Happens" category, found out today that a family member is Surprise!Pregnant! and getting married in a few weeks , so I've bought an un-budgeted-for plane ticket so I can be there. That will about do it for June, so I am officially going to be behind on my goal for the year. But some things are worth altering goals for.


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 Post subject: Re: Lilyanne's Student Loan Countdown
PostPosted: Mon Jun 09, 2014 12:32 pm 

Joined: Wed Apr 30, 2014 8:03 am
Posts: 11
Balance Update:

1/01: $20,235.11
4/01: $17,563.44
5/12: $16,255.31
5/21: $15,672.41
5/31: $15,395.71
6/9: $15,106.02


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 Post subject: Re: Lilyanne's Student Loan Countdown
PostPosted: Mon Jun 30, 2014 6:55 am 

Joined: Wed Apr 30, 2014 8:03 am
Posts: 11
Lilyanne wrote:
Balance Update:

1/01: $20,235.11
4/01: $17,563.44
5/12: $16,255.31
5/21: $15,672.41
5/31: $15,395.71
6/9: $15,106.02

6/30: $14,699.97


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 Post subject: Re: Lilyanne's Student Loan Countdown
PostPosted: Mon Aug 18, 2014 6:06 am 

Joined: Wed Apr 30, 2014 8:03 am
Posts: 11
Lilyanne wrote:
Balance Update:

1/01: $20,235.11
4/01: $17,563.44
5/12: $16,255.31
5/21: $15,672.41
5/31: $15,395.71
6/9: $15,106.02
6/30: $14,699.97


8/18: $12,529.77

Getting there. Expected payoff by June 1, 2015.


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 Post subject: Re: Lilyanne's Student Loan Countdown
PostPosted: Mon Aug 18, 2014 7:07 am 

Joined: Fri Jul 10, 2009 6:57 am
Posts: 378
Nice progress! Keep up the good work and enjoy watching that number drop!

CecilyC


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 Post subject: Re: Lilyanne's Student Loan Countdown
PostPosted: Mon Aug 18, 2014 8:45 am 

Joined: Sun Jan 06, 2013 10:30 pm
Posts: 150
Good job! Keep up the good work.

_________________
http://www.theexpatinvestor.com/


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 Post subject: Re: Lilyanne's Student Loan Countdown
PostPosted: Tue Oct 14, 2014 11:04 am 

Joined: Wed Apr 30, 2014 8:03 am
Posts: 11
Lilyanne wrote:
Lilyanne wrote:
Balance Update:

1/01: $20,235.11
4/01: $17,563.44
5/12: $16,255.31
5/21: $15,672.41
5/31: $15,395.71
6/9: $15,106.02
6/30: $14,699.97


8/18: $12,529.77

Getting there. Expected payoff by June 1, 2015.


10/14: $8,788.06

Bam! Under $10k. Unexpected bonus at work. Directed some towards savings to re-top that off after recent vacation, a little toward a surprise HVAC repair, and put every penny of the rest of it directly on the loan. New payoff date: April 2015.


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 Post subject: Re: Lilyanne's Student Loan Countdown
PostPosted: Wed Oct 15, 2014 5:30 am 

Joined: Wed Jan 15, 2014 6:53 am
Posts: 44
That's awesome! Keep up the great work! That's less than 1 year from now. You're killing it :)


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 Post subject: Re: Lilyanne's Student Loan Countdown
PostPosted: Tue Oct 21, 2014 12:06 pm 
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Joined: Thu May 17, 2012 10:05 am
Posts: 1114
Lilyanne wrote:
10/14: $8,788.06

Bam! Under $10k. Unexpected bonus at work. Directed some towards savings to re-top that off after recent vacation, a little toward a surprise HVAC repair, and put every penny of the rest of it directly on the loan. New payoff date: April 2015.


Congrats! Wow you're almost there! :clap:

_________________
~ Eagle


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