Excellent! So you will have to pay up front and then get reimbursed correct? Might want to start a savings fund for this so you don't have to take out more loans? Or what was your plan with tuition expenses? 3 years is fantastic! Have you already applied?
Actually our company has a deal with the university so that the tuition payment is not due until final grades for the course are in, so the company will directly reimburse the university.
Performance based bonuses are good. Are those usually given quarterly, yearly, or what?
This could be used to pay off a significant portion of your debt.
I'm not sure when they are given, at this point any bonuses I get are just gravy, they are not planned in my debt payoff.
4) Have you considered ways of saving
money on your budget? Or perhaps earning extra income at least while you pay off your debt?
As far as making extra income, I haven't really put too much thought into it. I don't feel my situation is bad enough to devote my weekends to bringing in more money.
5) Are you planning on tackling SL 1 or 2 first? SL 2 would make more sense if you were wanting to pay off the highest interest first. SL 1 would make sense if you were trying to pay off the smallest loan first.
SL 2 $12100 @ 6.8 % fixed
SL 1 $4100 @ 2.25 % variable
CL 1 - $19,800 @ 0% (60 month term)
I'm currently tackling SL 1 first, I'm close enough where I want to just get rid of it. Doing the calculations it's only going to cost me about $150 in interest doing it this way, which isn't too bad for the peace of mind. I just paid $1400 more towards SL1 so it is down to $2700, and I should have it paid off in the beginning of December!
Unfortunately I was also in a minor fender bender this month, so I will be paying a $500 deductable to fix some bumper damage which will effect my E-fund. However, that's what it's there for and times like that make me glad to have money there for that purpose.