Assassinate your Student Loan *here*

DoMoneyBetter · **Posted:** Mon Sep 19, 2011 5:05 am

Guys,

I've committed to getting rid of my student loan. No, executing it. No... slaughtering the ever-living crap out of it. (Can you tell I'm sick of having a student loan?)
A few months ago I took a second job and am engaged full-time in getting rid of this thing. BUT, I need some folks to team up with, to stay focused and motivated.

Are you ready to attack your student loan until it's gone? Let's do this together. I'm not sure exactly what it will look like, but I just want to stay connected with people doing the same thing. I want to encourage you, and be encouraged by you.

Are you in?

Sincerely,
Jake Funnell

annadragon · **Joined:** Fri Dec 03, 2010 9:29 am **Posts:** 23

I'm in!

Took out $20,500 to obtain a MPH. Paid just interest on it while in school so as not to let it get capitalized.
Came out of deferment in Nov 2010.
Currently I have paid it down to $15k...
I dedicate a minimum payment of $400/month and throw the majority of my work bonuses at it too!
I have no other debt and I loathe having this over my head.
If business stays strong then my goal is to have it completely paid off by end of 2012

DoMoneyBetter · **Posted:** Mon Sep 19, 2011 2:23 pm

Anna,

Awesome!! You are exactly the sort of person I want to team up with: motivated!

I'd love to get your thoughts on this-- I'm thinking we can check in with each other via email, Twitter, or this forum, regularly, maybe once or twice a month? That way we know there's somebody else doing it too, and draw energy from that.

Btw I've already started, and posted my loan balance online. It's at my site domoneybetter.com and click on Moment of Truth.

Anyway let me know what you think. Excited!! I might possibly be done end of 2012 too

Jake

flinch13 · **Joined:** Tue Sep 20, 2011 2:20 am **Posts:** 196

Jake,

I've been working on my loans for about two years now, and I'm about to cross the threshold from five figures to four ($9,999, here I come!).

It's an exciting time, and I'm looking forward to eliminating my one and only source of debt. It's been sort of fun to save around the debt payments as well, making sure I'm still thinking about retirement, emergency fund, vacation/wedding fund, etc. at the same time, knowing that in a couple of years I'll have even more free cash to pile into those savings when the loans are paid off.

That's my tip for all of you loan payers: make sure you save while you pay! Student debt is relatively cheap, so pace yourself and build up a little nest egg while you are still young. It will pay you back over time, believe me. Plus, it never hurts to take the student loan interest tax deduction while you still can

Cheers, and keep fighting the good fight!

Christian

DoMoneyBetter · **Posted:** Tue Sep 20, 2011 2:22 pm

Christian,

That rocks! Congrats on getting that loan balance down steadily. It'll definitely be amazing to own 100% of our income. Very glad to hear that there are other folks out there doing the same thing. Do you have a date on the calendar when you know it'll be all over?

Best,
Jake

flinch13 · **Joined:** Tue Sep 20, 2011 2:20 am **Posts:** 196

I'd say I'll be wrapping things up in about 20 months, though I might get impatient and make a few extracurricular payments towards the end

I miss Queensland; spent 3 months in the rainforest when I was in school. Well... I guess I don't miss the leeches much... But it's a great place!

kaitlyn142 · **Joined:** Sat Jul 11, 2009 10:59 am **Posts:** 221

I finally got my wedding savings to our target, so I am free to apply all my "extra" money to my student loans! I sent off a lovely extra $400 this month. It will take just 4 months to kill off my most hated loan. The rest have to wait until after the wedding, sadly. On the plus side, after the wedding, I should be able to start sending snowball payments about $1000 higher than what I'm currently paying. Woo!

DoMoneyBetter · **Posted:** Wed Sep 21, 2011 4:34 am

Kaitlyn,

That frickin' rocks! Congrats on your upcoming big day. Good plan on working your payments around the wedding, and then smashing the loan afterwards. Being debt free will be an awesome way to start off!

By the way-- would you guys mind if I commented on your replies in my next podcast? I promise I won't give any usernames...

Thanks,
Jake

C3troop · **Joined:** Wed Sep 14, 2011 1:42 am **Posts:** 7

paid off a 4000 dollar one yesterday. Only 8000 left. Feels good.

vash1012 · **Joined:** Thu Sep 23, 2010 6:19 am **Posts:** 17

If it makes ya'll feel better, I am 1 payment away from dropping my student loan from 6 figures to 5! I am paying $2000 a month towards it and my work gives me $7500 a year towards loan payment but that is taxed and comes out of my regular paycheck so , for 1/5 of the year, my payment plan gets derailed.

flinch13 · **Joined:** Tue Sep 20, 2011 2:20 am **Posts:** 196

Sure Jake, sounds good to me.

RxM · **Joined:** Wed Jul 20, 2011 6:11 am **Posts:** 19

I think we might have the highest student loan here

Actually it is my husband's student loan, mine is paid off. He graduated from a pharmacy school with a PharmD degree in may of 2009. His student loan was 72K. We met in May 2009, and got married in 2010. Under my awesome supervision (a.k.a nagging) he started paying off his student loan in September 2009, without waiting the 6 month grace period.

As of today the student loan debt is down to 57K. It is still A TON of money, but we are working on it. I don't him to still be paying off his student loan when he is 60.

geoff_tewierik · **Posted:** Thu Sep 22, 2011 4:17 pm

At that rate of reduction, you'd be looking at about 6 years to pay it all off. Bet you can do it even quicker

DoMoneyBetter · **Posted:** Thu Sep 22, 2011 8:04 pm

Guys,

Troop -- you're nearly there!! 8K to go! Does your loan split into subaccounts like mine (Sallie Mae)?

Vash-- $2000 a month is smashing it. Your loan is huge but I'll bet your income is the same. Let's both keep the pedal to the medal and not let off until job's done!

RxM -- Good LORD. Now that's a loan balance! I feel the exact same way about not wanting the have the thing until 60. Jeez. Geoff's got a great point though... I bet you can do it in less than six years!

We should all get connected and keep each other focused. I'm committing to podcasting every other week with my progress and the latest in the saga. Would you guys want to get involved with that in any way? I'm open to ideas! Maybe start a circle on Google+?

Best,
Jake

DoMoneyBetter · **Posted:** Sun Sep 25, 2011 4:49 am

Hi guys,

I did one better than a podcast-- I just posted a video responding to your comments and discussion. It's over at http://www.DoMoneyBetter.com.

Hope you like it! Looking forward to connecting with each of you more.

Cheers,
Jake

Assassinate your Student Loan here

Who is online