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That's awesome! My wife and I decided that was the right move for us in March since we have about 4 years until our loan balloons and have decided eradicate the $35k remaining balance on our second that was 8.25%. Here's how we're attacking it:
-Spend down savings to $5k ($14K)
-Sell ESPP Share's, ($9k)
-Stop ESPP now that there is a 1 yr holding period: ($2k to date)$500 bi-weekly
-Received annual bonus ($1.5k)
-Received pay raise in May, $50 more per pay period; stretch to do $50 more from per paycheck and make it an even $100
-All of the above is on top of the regular $290 payment
We have just $8670 left with a plan to pay.
Every two weeks I'll be putting in $600, plus making our regularly scheduled payments of $290 which should have us paid off by November and we'll save $10k by doing so.
Once that's done, we'll have about $500 left on my wife's student loans, we'll pay that off in Nov/Dec and then we'll have $5k left on my student loans, which if we roll with the $1500+ a month into that, we'll have paid by next April.
That would leave us with $1.5k a month or more to reallocate to other goals!
I'm just so excited about having a plan to eradicate all of our debt with exception of our 1rst mortgage and do so within a year. All while doubling what we're putting into our 401(k). Exciting stuff!
MC
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