Paid off my first student loan

Have you paid off your debt? Managed to save for your dream home? Had an awesome investment pan out? Share your personal finance success stories here.

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Chibioki
Posts: 80
Joined: Wed Oct 17, 2007 10:08 am
Location: Canada
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Paid off my first student loan

Postby Chibioki » Mon Jul 21, 2008 7:08 pm

I payed off one of my student loans last month :) it's so exciting. now i only have one student loan left.

I really want to thank this site [and J.D.] for introducing me to the debt snowball. When i left school i had two student loans one for over 30,000 and one for ~2,000. I didn't put anything towards the bigger one because it seemed impossible to get rid of and i didn't put anything to the other one because it was so little it didn't matter. But when i got serious about my finance i decided to pay extra towards both. at least with money going towards the little one i would see some change.

Now that little debt is gone when i look at the big one it seems manageable.

mskalinin
Posts: 230
Joined: Thu Jul 17, 2008 8:37 pm
Location: Upstate NY
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Postby mskalinin » Tue Jul 29, 2008 9:27 am

Congrats on that! I can't wait till mine are paid ^__^

144mph
Posts: 211
Joined: Mon Jun 11, 2007 8:13 am
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Postby 144mph » Thu Jul 31, 2008 6:14 am

Congrats! I just sent in my final payment today and I'm glad to be rid of that tiresome payment.

They kept jacking up the rate on me. It started out at 4% and by now, it was sitting at 7%. If they kept it lower, I wouldn't have been in a big rush to pay it off, but I guess they realized that with inflation at 10-11%, they were losing big money by keeping the rates so low.


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