Hello to all,
I am a Stay At Home Dad of three, hence the username. My wife and I are currently in the midst of attempting to slowly strangle our student loans.... slowly strangle due to the three little ones. My wife is a Physical Therapist. I have a M. Div. So between our four degrees and 15 years of Higher Education, we have a little under 100K in student loans at this point. When we married 3.5 years ago, we had close to 120K. However, in those three years, we have moved twice, bought a house, and of course had three kids. Since the kids have been born, I have stayed at home, thus we are doing all of this on one income. We are attempting to pay some of them off early ( I have about 25K at a 1.25 APR, thus paying it off, when we get around to it, would actually cost us money in the long run when considering even investing the extra money in a short term CD or even savings account.)
We slowly look forward to paying off our student loans, using the little extra money we get each month, along with Tax Refunds and the like.
Welcome!! Glad you are here. Sounds like you have your work cut out for you with those loans, although you are a champion for doing it all for your kids' benefit. I'll be a first time dad in February, and I'm having the same feeling about our debt. Have you connected with Dave Ramsey yet? Best personal finance advice I know of out there for folks like us. Check out daveramsey.com.
I believe it's all about planning your spending and being very focused and intense for a period of time until the student loans are gone.
So, is your lender Sallie Mae? If you're paying extra, make sure you specify how you want it applied, or they may just apply it to "future interest", which is totally useless!