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 Post subject: Re: Assassinate your Student Loan *here*
PostPosted: Fri Aug 17, 2012 11:50 am 

Joined: Fri Jul 27, 2012 8:28 am
Posts: 88
Even though I have a journal going, thought I'd join the conversation here specifically about loans.

Right now I have 2 loans that are still unpaid. Started with 3 but paid off one. I graduated in 2010 so I've been paying for close to 2 years.

Loan 1 - taken out 2008 - 5964.96 @ 5.4%
Loan 2 - taken out 2009 - 8238.37 @ 6.8%

I was pretty fortunate in that I found a job with a large tuition reimbursement benefit and also received a scholarship from a private foundation. I basically had to take out loans to pay for childcare and transportation costs so I could attend classes, since my husband and I went to school at the same time.

Both loans are held by the Direct Loan program, and right now I pay one payment that is divided up by them. I use the auto-debit for the minimum payment (on the graduated payment plan at the moment) to get the interest rate discount.

I am putting extra payments toward the 6.8% loan using the website feature that allows you to pick which loans to apply extra to. Wish I'd known about that a year ago - mostly I've been sending the extra payments through auto-debit, which means they were spread evenly across the loans. Ugh.

Unfortunately, my student loans are not my highest priority - that being medical bills I had to put on a high interest rate credit card so I am putting my extra towards paying that off and keeping my emergency fund up.


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 Post subject: Re: Assassinate your Student Loan *here*
PostPosted: Tue Aug 21, 2012 2:26 pm 
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Joined: Mon Aug 15, 2011 8:28 pm
Posts: 62
Location: Brisbane, QLD Australia
Sitbedwell,
Ok, sounds like you have a plan, and that's definitely important! Plus you've got a career as a solid base to attack your loan from. I don't know much about the loan forgiveness program you mentioned, but sweet! Work that, for sure. Nice job slashing down that principal, too..every bit does count!

Showtime/Jason,
Welcome! Really glad you decided to join the conversation! The cumulative brainpower and encouragement in this thread is snowballing. Congrats on getting married! So what made you and Erin decide to go berserk on your debt? Most people would let it sit there for years (I definitely did)! You guys are total champions. Hang in there! Please keep us updated on your progress, we need to hear that other people are killing it!

Ms Kitty Cliche,
Also welcome to the thread! We're honored to have you join. Looks like you'll be done inside a year, maybe, depending on repayment amounts? I totally know what you mean about extra repayments getting diluted by the loan company. They're so good at that, aren't they? Unless you know a trick or two, so much time and money can get wasted. Sounds like we've both been there, done that. I'm also with you on the priority thing; I've just had some big changes recently (I'll post again after this one with details) that have pushed my SL repayment onto the back burner, and it's frustrating as anything.
Anyway-- let's draw some fresh motivation from folks like Jason & Erin that are smashing it!

Go get 'em!!

Best,

_________________
Jake
@DoMoneyBetter
domoneybetter.com

Subscribers get the new course for FREE: The Smash Sallie Crash Course! Visit:
domoneybetter.com/subscribe


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 Post subject: Re: Assassinate your Student Loan *here*
PostPosted: Tue Aug 21, 2012 2:34 pm 
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Joined: Mon Aug 15, 2011 8:28 pm
Posts: 62
Location: Brisbane, QLD Australia
Hi guys,

An update on my situation, and some very big news:

Current Sallie Mae loan balances:

$3951 @ 4.25%
$4782 @ 4.25%
$15,402 @ 3.375%

Total $24,213

So my wife and I have been merrily saving cash to smash onto the next smallest loan, when we suddenly learned that she is pregnant! This is massive for us, as it's been a long time coming. The baby is due in February. This changes everything financially, though! It's pretty freaky to think that I'll basically need to double my income when my wife stops working, so I'm on the job hunt massively. Not to mention Sallie Mae is going to get nothing but minimums while we stockpile cash. Ugh. BUT, I am so thankful to be honored with this baby and I'm positive everything will turn out brilliantly. We'll get back to smashing that last $24k probably mid-next year.

Any encouragement out there from folks who have had it similarly?

Thanks guys,

_________________
Jake
@DoMoneyBetter
domoneybetter.com

Subscribers get the new course for FREE: The Smash Sallie Crash Course! Visit:
domoneybetter.com/subscribe


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 Post subject: Re: Assassinate your Student Loan *here*
PostPosted: Wed Aug 22, 2012 6:50 am 
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Joined: Thu May 17, 2012 10:05 am
Posts: 960
DoMoneyBetter wrote:

So my wife and I have been merrily saving cash to smash onto the next smallest loan, when we suddenly learned that she is pregnant! This is massive for us, as it's been a long time coming. The baby is due in February. This changes everything financially, though! It's pretty freaky to think that I'll basically need to double my income when my wife stops working, so I'm on the job hunt massively. Not to mention Sallie Mae is going to get nothing but minimums while we stockpile cash. Ugh. BUT, I am so thankful to be honored with this baby and I'm positive everything will turn out brilliantly. We'll get back to smashing that last $24k probably mid-next year.

Any encouragement out there from folks who have had it similarly?


First congratulations! This will be an awesome adventure. We had just paid off our last loan in the summer of 2011 when we found out my wife was pregnant. It was fantastic news! I had been job hunting for about a year and found a position with my current employer - nearly 2.5 times what I had been making before. Jobs are out there. Just keep beating the bush, filling out applications, networking, and submitting resumes. Have you already set up an account of monster.com? I believe linkedin is a great resource too for networking. Have you checked that out? Also, consider that going back to school to get further education might be a good option as well.

Just some thoughts.

_________________
~ Eagle


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 Post subject: Re: Assassinate your Student Loan *here*
PostPosted: Thu Sep 06, 2012 8:08 am 

Joined: Thu Sep 06, 2012 7:35 am
Posts: 4
Hello,

I have been reading articles on this site and posts within the forum, but this is my first post. The topic is one that is close to my and currently my main priority now so I thought that I would share my current status. I graduated from a state university with a Masters in Accounting in May 2008 and had the following loans:

Loan 1: $8,600 3.625% consolidated
Loan 2: $3,500 3.625% consolidated
Loan 3: $6,200 6.8%
Loan 4: $8,500 6.8%
Loan 5: $2,130 6.8%
Total $28,930

I started working full time in August 2008 at a regional CPA firm and began repaying the loans. All my loans were federal and the first thing I did was call the loan service companies to enroll in automatic payments which lowered the interest rates on the consolidated loans by 0.25% and the non-consolidated loans by 3.0%. I was floored that I was able to save 3% just by enrolling in the auto payment program. I believe this was based on the loan date and the discount rates were lowered for loans issued after 2008.

As of August 31, 2012, it has been four years since I started paying off my loans and my current balance is as follows:

Loan 1: $2,632.99 3.375%
Loan 2: $1,155.86 3.375%
Loan 3: paid off
Loan 4: paid off
Loan 5: $808 0.00%
Total $4,596.88

Over the 48 months since I started paying on my loans I have paid $27,912, which includes $3,578 of interest, nearly all of the interest relates to my unsubsidized loans which were accruing interest during college. This comes to a monthly payment of $581, however, for about two years, I was only paying the required payment of around $300. Beginning in January 2012, I decided to assassinate my loans and have paid $7,274 or an average of $884 each month for the first eight months of the year. My goal is to pay $1,000 each month going forward so they will be paid off by January 2013.
I net around $3,000 a month, so it has been tough to make such large payments, but I can not wait to have these loans paid off and be completely debt free. I save another $700 total after tax to roths and my emerency fund so I have been living fairly frugual, but know that it will be worth it once the loans are paid off. It will feel like I just received a huge raise and will allow me closer to financial independence. I plan to track the rest of my progress until these babies are paid off for good.


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 Post subject: Re: Assassinate your Student Loan *here*
PostPosted: Mon Sep 17, 2012 11:38 pm 
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Joined: Mon Aug 15, 2011 8:28 pm
Posts: 62
Location: Brisbane, QLD Australia
Eagle wrote:
First congratulations! This will be an awesome adventure. We had just paid off our last loan in the summer of 2011 when we found out my wife was pregnant. It was fantastic news! I had been job hunting for about a year and found a position with my current employer - nearly 2.5 times what I had been making before. Jobs are out there. Just keep beating the bush, filling out applications, networking, and submitting resumes. Have you already set up an account of monster.com? I believe linkedin is a great resource too for networking. Have you checked that out? Also, consider that going back to school to get further education might be a good option as well.

Just some thoughts.


Eagle, thanks for the input!! I'm now on LinkedIn and can see what a great tool it will be for networking. I've been hustling trying to get my first couple of contracts and am excited. Will not stop beating the bushes until it pays off. I really appreciate your encouragement!

Best,

_________________
Jake
@DoMoneyBetter
domoneybetter.com

Subscribers get the new course for FREE: The Smash Sallie Crash Course! Visit:
domoneybetter.com/subscribe


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 Post subject: Re: Assassinate your Student Loan *here*
PostPosted: Mon Sep 17, 2012 11:42 pm 
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Joined: Mon Aug 15, 2011 8:28 pm
Posts: 62
Location: Brisbane, QLD Australia
Timmiebe wrote:
Over the 48 months since I started paying on my loans I have paid $27,912, which includes $3,578 of interest, nearly all of the interest relates to my unsubsidized loans which were accruing interest during college. This comes to a monthly payment of $581, however, for about two years, I was only paying the required payment of around $300. Beginning in January 2012, I decided to assassinate my loans and have paid $7,274 or an average of $884 each month for the first eight months of the year... I plan to track the rest of my progress until these babies are paid off for good.


Timmeibe, welcome to the thread. You are a rock star!! I love having people like you on here so that we (I) can read about your progress and stay fired up. How does it feel to be so close to free? What is your biggest challenge at this stage?

Looking forward to more updates from you.

Best,

_________________
Jake
@DoMoneyBetter
domoneybetter.com

Subscribers get the new course for FREE: The Smash Sallie Crash Course! Visit:
domoneybetter.com/subscribe


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 Post subject: Re: Assassinate your Student Loan *here*
PostPosted: Mon Sep 17, 2012 11:47 pm 
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Joined: Mon Aug 15, 2011 8:28 pm
Posts: 62
Location: Brisbane, QLD Australia
Hey guys,

Things have been mad busy lately with getting ready for baby, and hustling to change jobs.

Based on some feedback that I got from you, I built a short yet powerful email course that I believe will help anyone pay off their loan faster and reduce their interest paid to Sallie. Now, I need people to test-drive it. Would you mind heading to http://www.domoneybetter.com/subscribe and then emailing me or commenting with some feedback?

Can hardly wait to see what you think.

Thank you,

_________________
Jake
@DoMoneyBetter
domoneybetter.com

Subscribers get the new course for FREE: The Smash Sallie Crash Course! Visit:
domoneybetter.com/subscribe


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 Post subject: Re: Assassinate your Student Loan *here*
PostPosted: Wed Sep 19, 2012 7:06 am 

Joined: Mon Sep 10, 2012 6:31 am
Posts: 12
DoMoneyBetter wrote:
Hey guys,

Things have been mad busy lately with getting ready for baby, and hustling to change jobs.

Based on some feedback that I got from you, I built a short yet powerful email course that I believe will help anyone pay off their loan faster and reduce their interest paid to Sallie. Now, I need people to test-drive it. Would you mind heading to http://www.domoneybetter.com/subscribe and then emailing me or commenting with some feedback?

Can hardly wait to see what you think.

Thank you,


What's the catch?

_________________
"Your focus determines your reality"
I craft my secret business plans with B-Folders


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 Post subject: Re: Assassinate your Student Loan *here*
PostPosted: Wed Sep 19, 2012 4:14 pm 
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Joined: Mon Aug 15, 2011 8:28 pm
Posts: 62
Location: Brisbane, QLD Australia
Spiral wrote:
DoMoneyBetter wrote:
Hey guys,

Things have been mad busy lately with getting ready for baby, and hustling to change jobs.

Based on some feedback that I got from you, I built a short yet powerful email course that I believe will help anyone pay off their loan faster and reduce their interest paid to Sallie. Now, I need people to test-drive it. Would you mind heading to http://www.domoneybetter.com/subscribe and then emailing me or commenting with some feedback?

Can hardly wait to see what you think.

Thank you,


What's the catch?


Hey Spiral,
The catch is that you subscribe to email updates, although you could easily unsubscribe as soon as the course is done, if you didn't think it's valuable. But I think you'll like it a lot.:)
Best,

_________________
Jake
@DoMoneyBetter
domoneybetter.com

Subscribers get the new course for FREE: The Smash Sallie Crash Course! Visit:
domoneybetter.com/subscribe


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 Post subject: Re: Assassinate your Student Loan *here*
PostPosted: Thu Sep 20, 2012 5:35 am 

Joined: Mon Sep 10, 2012 6:31 am
Posts: 12
How much?
Why a mailing list? Why not a RSS feed?

_________________
"Your focus determines your reality"
I craft my secret business plans with B-Folders


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 Post subject: Re: Assassinate your Student Loan *here*
PostPosted: Thu Sep 20, 2012 6:39 am 
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Joined: Mon Aug 15, 2011 8:28 pm
Posts: 62
Location: Brisbane, QLD Australia
Spiral,
The course is totally and completely free. Thanks for your suggestion; if I can make the course more helpful and more accessible to people dealing with Sallie Mae loans, then I will probably do it after some people have been through the whole thing and are giving me consistent feedback. Hope you enjoy it!
Best,

_________________
Jake
@DoMoneyBetter
domoneybetter.com

Subscribers get the new course for FREE: The Smash Sallie Crash Course! Visit:
domoneybetter.com/subscribe


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 Post subject: Re: Assassinate your Student Loan *here*
PostPosted: Fri Oct 05, 2012 8:44 am 

Joined: Fri Aug 17, 2012 7:07 am
Posts: 11
showtime wrote:
Hi everyone! I've been viewing these boards for a few months and wanted to jump into the action.

My wife and I got married in July 2011 and this past March decided to get crazy on our debt (all student loans) and get these things paid off as fast as we could. We both recently turned 27 and I wanted to have everything paid off before we were 30. But 3 years seemed too long for me so we've set a goal to get all $116k worth of SL debt paid off by Summer 2014. It's gonna be tough but with our income and budget that we're fine tuning each month I think we can make it.

In March 2012 we had around $116k in combined undergrad debt. We had about $18k left over after our wedding and made the bold choice to make a $1k emergency fund and throw everything else at our SL. So right off the bat we got it under $100k which was a little victory.

Since March we're now down to $84,500 left (so about $31,500 paid – about $16,500 if you take away the big pile of cash we started with) and it feels great. We’re following the Dave Ramsey method and have paid off 10 individual loans which was very rewarding. At our pace of around $3000+/month paying down debt we have 27 months to go and we’re inclined to pay more now that we’re getting moving – it really is snowballing.

Here’s a breakdown of our remaining loans:

Jason Citi = $12,369 @ 2%
Jason Citi = $12,047 @ 2%
Jason Citi = $11,473 @ 1.75%
Jason Citi = $13,042 @ 1.75%
Erin Citi = $11,515 @ 2%
Erin Citi = $12,739 @ 2%
Jason Sallie Mae = $9,299 @ 2.326%

Total = ~ $82,487

Can’t wait to pay these off in 2 years and start our EF and reward ourselves with a nice vacay!!! I’ll need the help, advice and inspiration to keep us going now that we’re hitting the large loan balances and won’t pay them off for 4-5 months at a time. I look forward to taking this journey with everyone and getting to the point where we get to keep our income for ourselves!

- Jason


Hi everyone! Just wanted to give an update since my post back in August. As of today we've been attacking our last Sallie Mae loan which is now only at $2,600 (so about $6,500 paid off in 2 months). The budget is really helping as we feel like we have sooo much money left over to throw at loans. We're averaging around $3k/month on our loans and if we can keep that up we can be debt free by Summer 2014!!

Another great thing is that my new salary starts the 10/15 pay cycle so my paychecks will now have an extra $250 in them. Also, we get paid our bonus 10/15! I don't recall how much it was for but it's around $7,000 - so after tax only about $4,200 :( but we will be able to pay off the Sallie Mae loan and throw a big chunk towards our remaining loans. Feeling great!

New loan balances:

Jason Citi = $12,287 @ 2%
Jason Citi = $11,967 @ 2%
Jason Citi = $11,396 @ 1.75%
Jason Citi = $12,955 @ 1.75%
Erin Citi = $11,373 @ 2%
Erin Citi = $12,582 @ 2%
Jason Sallie Mae = $2,652 @ 2.326%

Total = ~ $75,216


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 Post subject: Re: Assassinate your Student Loan *here*
PostPosted: Fri Oct 05, 2012 7:43 pm 
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Joined: Mon Aug 15, 2011 8:28 pm
Posts: 62
Location: Brisbane, QLD Australia
Showtime,

Oh my gosh, you guys are rock stars!!! Keep up the awesome work! It must be thrilling to have only $2,600 left to go with Sallie Mae. Having that mess out of your life will be amazing. Then it's just on to Citi. Keep at it and keep letting us know what's happening!!

Bless ya,

_________________
Jake
@DoMoneyBetter
domoneybetter.com

Subscribers get the new course for FREE: The Smash Sallie Crash Course! Visit:
domoneybetter.com/subscribe


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 Post subject: Re: Assassinate your Student Loan *here*
PostPosted: Mon Oct 08, 2012 7:49 am 

Joined: Mon Oct 08, 2012 7:30 am
Posts: 1
I just graduated in May 2012. I had $31k in student loans to pay off and have since then brought them down to $23k. I had some savings to throw at them in May, but I am paying $1000 a month right now to get rid of them.

There is a lot of inspiration on this thread. I won't stop till they are gone. Thanks for the motivation.

-Skovs


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