Mr & Mrs billa9b0ng's Journey

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geoff_tewierik
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Location: Brisbane, Australia
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Re: Mr & Mrs billa9b0ng's Journey

Postby geoff_tewierik » Mon May 14, 2012 11:27 pm

WestfordMom wrote:Keeping that in mind I think the order I have them listed minimizes interest paid and maximizes the wife's happiness and therefore I win!


That's a pro strat :clap:

billa9b0ng
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Re: Mr & Mrs billa9b0ng's Journey

Postby billa9b0ng » Sat Jun 09, 2012 7:54 pm

Here we are again, another month closer to being student loan free. This month I received a $40 check from ACS for overpayment which made me very happy. Also, Sarah's Loan 1 is scheduled to be paid off in the coming week! Due to us having different loan payment dates I won't be able to put the extra toward my loan quite yet. I do not want to recreate the situation I had previously and lower our savings account!

In addition I started working at my other job and I will receive about $800 in the middle of the month which will be applied to my next loan. This month I am on track to make well more than that and I should get a quarterly bonus in July. I hope that with our snowball payment and the extra income that I will be able to pay off my next loan in July but we shall wait and see.


1. Sarah’s Loan 1: 345 @ 6.8%
2. Bill’s Loan 2: 4,163 @6.8%
3. Sarah’s Loan 2: 4,448 @6%
4. Bill’s Loan 3: 4,135 @6.8%
5. Sarah’s Loan 3: 8,132 @ 5.75%
6. Bill’s Loan 4: 12,685 @ 5%
7. Bill’s Loan 5: 4,351 @ 5%
8. Sarah’s Loan 5: 5,048 @ 2.79%
9. Bill’s Loan 6: 2,463 @ 2.36%
10. Sarah’s Loan 6: 2,045 @ 2.36%

Total Debt: $47,815.76

billa9b0ng
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Re: Mr & Mrs billa9b0ng's Journey

Postby billa9b0ng » Mon Jul 09, 2012 7:45 pm

I guess I'm not in much of a hurry this month to post a loan update because nothing exciting happened. If anything I paid a little less extra toward the loans than I should have due to switching loans.

The thought of these loans being paid off someday (still looking at May 2014) has me excited/nervous. The thought of having $2k a month extra is intimidating and although it is far away I am worried that our lifestyle is going change and we won't put the 'extra' to good use... I don't know why I am worried about this now!

...Loan balance update will be coming soon.

billa9b0ng
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Re: Mr & Mrs billa9b0ng's Journey

Postby billa9b0ng » Sat Jul 14, 2012 7:09 pm

I forgot to mention that I received a letter last month that reduced the interest rate on my two loans that were at 6.8%. Because of that I have reordered the loans though the interest saved is minimal.

1. Sarah’s Loan 1: 0 @ 6.8%
2. Bill’s Loan 5: 2,030 @ 5%
3. Sarah’s Loan 2: 4,363 @6%
4. Sarah’s Loan 3: 8,105 @ 5.75%
5. Bill’s Loan 4: 12,618 @ 5%
6. Bill’s Loan 2: 4,117 @4.8%
7. Bill’s Loan 3: 4,088 @4.8%
8. Sarah’s Loan 5: 5,027 @ 2.79%
9. Bill’s Loan 6: 2,432 @ 2.36%
10. Sarah’s Loan 6: 1,993 @ 2.36%

Total Debt: $44,774.02

I made an additional $800 payment last month with the income from my part-time job. Hopefully this coming week I will receive $1200 from June's work which I will be applying to my loan. In addition I should be getting about $550 for my quarterly bonus and some of that will be applied to my loan.

Between my two jobs I worked 70+ hours this week and I am somewhat exhausted. However, I am on pace to earn $1600 this month. I originally set the goal of $4k for the summer so I should be well over that with 2+ months of 'good' work left.

I'm still kicking around the idea of refinancing the year-old mortgage. The original was a 30 year loan at 5%. We could now get a 30 at 3.625% or 20 at 3.5%. If it weren't for the up front cost I would do it in a minute. I just don't feel like I can spare the cash right now.

Still looking for a way to come up with the $6k I need to meet the goal of January 2014. Currently the payoff is still May 2014.

billa9b0ng
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Re: Mr & Mrs billa9b0ng's Journey

Postby billa9b0ng » Tue Jul 09, 2013 8:01 pm

Where did the year go since my last update? We have reached the home stretch on paying off our loans.
1. Sarah’s Loan 1: 0 @ 6.8%
2. Bill’s Loan 5: 0 @ 5%
3. Sarah’s Loan 2: 0 @6%
4. Sarah’s Loan 3: 0 @ 5.75%
5. Bill’s Loan 4: 5,768 @ 5%
6. Bill’s Loan 2: 3,546 @4.8%
7. Bill’s Loan 3: 3,515 @4.8%
8. Sarah’s Loan 5: 4,785 @ 2.79%
9. Bill’s Loan 6: 2,054 @ 2.36%
10. Sarah’s Loan 6: 1,602 @ 2.36%

Our current balance on all loans is 21,271.28. I continue to be optimistic that we will be able to reach our goal of making our final student loan payments in January 2014. To reach that goal we need to continue to make payments of about $2550 a month and a one time payment of $4000. I am working lots of hours doing my part-time gig and I think the $4000 will be exceeded by the end of the season.

I graduated in Dec of 2008 and my wife in May 2009, this will be much better that the 10 & 12 year amortization period the lenders wanted us to repay on :)

geoff_tewierik
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Re: Mr & Mrs billa9b0ng's Journey

Postby geoff_tewierik » Sun Jul 14, 2013 8:29 pm

Well done Bill, you're really smashing through those loans. :clap:

lanthiriel
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Re: Mr & Mrs billa9b0ng's Journey

Postby lanthiriel » Fri Jul 19, 2013 8:22 am

I just wanted to send a huge CONGRATS! your way. You are my hero! My husband and I have $63,000 in student loans that we are hoping to pay off by December 31, 2015. It's a daunting task to pay off such a large sum in a short period of time, but you're proving that it can be done. Keep up the good work!

billa9b0ng
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Re: Mr & Mrs billa9b0ng's Journey

Postby billa9b0ng » Fri Jul 19, 2013 10:10 am

I won't lie, it isn't fun and most months we spend more than we make. It's magical how it works out with us always having enough money to pay our other bills and to still make grossly large payments on our loans.

billa9b0ng
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Re: Mr & Mrs billa9b0ng's Journey

Postby billa9b0ng » Mon Jul 22, 2013 7:34 pm

The month of July is almost over and our student loan balance has peaked below $20,000 for the first time! Loan #5 on the list got an extra $2000 paid toward it this month to take the balance to $3,779.78. That loan should be paid off in September and then it's hammer time!

billa9b0ng
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Re: Mr & Mrs billa9b0ng's Journey

Postby billa9b0ng » Thu Aug 08, 2013 7:19 pm

1. Sarah’s Loan 1: 0 @ 6.8%
2. Bill’s Loan 5: 0 @ 5%
3. Sarah’s Loan 2: 0 @6%
4. Sarah’s Loan 3: 0 @ 5.75%
5. Bill’s Loan 4: 3,779 @ 5%
6. Bill’s Loan 2: 3,497 @4.8%
7. Bill’s Loan 3: 3,466 @4.8%
8. Sarah’s Loan 5: 4,764 @ 2.79%
9. Bill’s Loan 6: 2,018 @ 0.36%
10. Sarah’s Loan 6: 1,565 @ 2.36%

Total student loan debt: $19,091.85

This month I am going to take some money out that I was saving for my 1 time $4,000 payment and add it toward my current loan to pay it off completely. This will be great because it is also the last Parent Plus loan that is in my mother’s name. She will be happy to be out of student loan debt!

In other news, I got an interest rate reduction on ‘Bill’s Loan 6’ due to x number of on time payments. My interest rate went from 2.36 down to .36 :tmi: .I wasn’t very excited about it until I started typing this and realized that it will save me $18 over the next 5 months.

billa9b0ng
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Re: Mr & Mrs billa9b0ng's Journey

Postby billa9b0ng » Sat Aug 17, 2013 6:20 pm

Okay so maybe it hasn't been a month since my last update but I am too excited to wait.

1. Sarah’s Loan 1: 0 @ 6.8%
2. Bill’s Loan 5: 0 @ 5%
3. Sarah’s Loan 2: 0 @6%
4. Sarah’s Loan 3: 0 @ 5.75%
5. Bill’s Loan 4: 0 @ 5%
6. Bill’s Loan 2: 3,497 @4.8%
7. Bill’s Loan 3: 3,466 @4.8%
8. Sarah’s Loan 5: 4,764 @ 2.79%
9. Bill’s Loan 6: 2,018 @ 0.36%
10. Sarah’s Loan 6: 1,565 @ 2.36%


Total student loan debt: $15,312.07

Does this student loan balance make me look fat?

peachy
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Re: Mr & Mrs billa9b0ng's Journey

Postby peachy » Mon Aug 19, 2013 4:18 am

Wow..you are just blowing through these loans. Nice work!
Keep it up! It's been exciting reading about your journey.

debt sucks
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Re: Mr & Mrs billa9b0ng's Journey

Postby debt sucks » Sun Aug 25, 2013 4:54 pm

Well done. Your progress is very impressive. The end is in sight.

Kate1
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Re: Mr & Mrs billa9b0ng's Journey

Postby Kate1 » Mon Aug 26, 2013 2:44 pm

Awesome determination you are showing. Keep up the great work.
Kate

creditcard1
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Re: Mr & Mrs billa9b0ng's Journey

Postby creditcard1 » Mon Sep 09, 2013 2:23 am

You decided very well, I think you should give first priority to your student loan, first you have to pay this loan and after that you take further decisions.


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