Feb. 2012

$59,017, kinda slow month, I am actually holding onto more cash then is probably necessary right now, but I put an offer on a house and I want to make sure I have plenty to cover any costs that may pop up.

Dec 11: 13,144/73,625 = 17.9% done
Jan 12: 13,942/73,625 = 18.9% done (+1%)
Feb 12: 14,608/73,625 = 19.84% done (+.94%)

Sweet! So you found a place you like? Good luck with the offer! What part of the country are you buying in? I'd love to shop for homes in FL.

Hang in there with that loan. I'm in a similar spot; we are building up our emergency fund to a certain level, then I can start hitting the loan again. I think you're smart to keep some cash on hand, you never know what will come up with a new house!

Best,

Thanks man, yea found a place I like in South Tampa, short sale, pretty big lot for the area, actually a double lot, 1/3 acre, fenced in back yard. A little over 2,500 sq, 4bed/3bath 2 car garage.

And now the best part...current owners bought it in 2005 for 440k, I offered 190k and they accepted it. Now I just have to get through the bank, which will probably bring the price up a little, but either way I think it's going to work out pretty well for me, if it gets completed. It's got a few fixer upper items, but nothing serious at all, roof patch, fence repairs, outdated bathrooms. I'm pretty pumped.

Just wanted to drop in and say that I broke the $10k barrier at the beginning of the month and I'm still on track to have this sucker paid off by Nov. 2012.

Ideally, I would love to see it gone by September, but work bonuses haven't been substantial enough to toss any extra toward it. Also, at the beginning of the year I increased my portion of 401k contribution from 4% to 6%.

It's a tough trek, but I admire everyone in this thread (lurking or posting) for their determination.

annadragon, we're practically neck-and-neck... wanna race?

Just kidding! Congrats though, it's a privileged spot to be in.

nossorc, I'm also saving to buy a house in then next couple of years... really trying to get to at least 20% down payment so I can avoid PMI. Here's hoping. Enjoy the new crib! I hear it from everyone at work: there's nothing like owning your own home.

Nossorc, what the? Sounds like the deal of the century! Man I hope that sweetheart deal comes thru for you. Stories like that just make me wanna get done with my stupid loan even faster.

Anna, that is totally baller! Getting to $10k must feel really cool. You should race with flinch! I know I would!

Keep killin it, guys!

The other day, I got the letter in my mail that was notice of payment in full for SL#2.

Granted, I still have $61K more to go,but at least the one with the highest interest rate is gone. Plus, it feels so good to have $113/mo that is mine to do with as I will.

Sweet!! Way to go Kaitlyn! Keep up the good work! Roll that payment into your next smallest loan and jam it!

Mar. 2012

$58,245, excellent month, turned 25, parents gave me a little loan help, passed the CPA exam, couldn't be happier.

Dec 11: 13,144/73,625 = 17.9% done
Jan 12: 13,942/73,625 = 18.9% done (+1%)
Feb 12: 14,608/73,625 = 19.84% done (+.94%)
Mar 12: 15,380/73,625 = 20.89% done (+1.05%)

Keep up the good work everyone!!

Congrats!

Hello everyone,

Stumbled onto this board during a google search, and decided the extra motivation will help me.

I'm a 27 year old college grad/husband/soon to be father with about 140k in student loan debt. 76k is a consolidated Fed loan. 5k is my wife's stafford with Sallie Mae. The rest are private loans. About 100k of the debt is from my undergrad. The rest is my grad school. My debt is probably 7 times that of other graduates from my university because I stupidly spent like a drunken sailor and actually believed the myth that student loans were just a fact of life. Wasn't until my last year of school that I started really noticing how hard it is to pay that much back.

Anyways as an entry level employee I can't spare much outside my minimum payments (that total about 900/month). Its my 2nd largest expenditure per month just under rent. However, I am thankful to be able to meet my expenses. Beats default lol. Now I am looking forward to my salary increasing so I can start knocking out the debt. I work for the corporate office of a fortune 100 company so sky is the limit on my career and salary.

How much is everyone else using for an emergency fund. I keep 1k in my savings account for car repair, medical, etc. Should I consider upping it to like 5k or something before I really chipping away at my loans?

Congratulations to those who have made so much progress thus far. It is inspiring to read. Hope to get there too one day.

Gwrol, you are not the only one. Witness my $61K of debt despite paying it down diligently for 5 years. I had no concept of what I was really getting myself into.

If you were single or childless, $1000 would be okay, but I think with a baby on the way, you should really increase that amount. Good luck!

Hey Kaitlyn, thanks for the feedback.

Yeah I have a feeling I've yet to experience the plethora of baby related expenses headed my way. Thankfully, my parents (first grandchild) and my in-laws (spoil my wife) have been incredibly generous buying the crib, changing table, etc. They talk like they are going to bring diapers periodically. If she has a baby shower the only thing for folks to bring are diapers so we are pretty set on those expenses.

The medical expenses are probably what will get me, but I've done some preparing. My company has good medical insurance through Cigna. My deductible is only 3k and they pay the first thousand via HRA. Plus when my taxes came through in February I got 2700 back. I payed 700 on my credit card ( small balance and least of my worries but higher interest rate) and stuck the other 2k in my savings with my 1k rainy day fund. Figured between my company covering the first thousand and my tax return getting the other 2k, I'll only have to make payments on the 80/20 part.

Good luck everyone.

One more month and I'll break the $6000 mark. I'm still on track to finish sometime late this year. Sallie Mae in particular is number one on my list...
Stick with it guys, you're my heros.

Hey Grwol,
Welcome, glad to have you here! There are a couple other folks with fat loans such as yours and are incredibly inspiring despite. You can definitely do this.
I agree with Kait on the emergency fund. Actually, I might go even further. If you're expecting, personally I'd stop paying extra on all debt and save every penny until the baby comes home healthy; once you know the family is all settled and sorted, then just chunk all that extra savings right onto the loan. Anyway, just my opinion.
Looking forward to hearing about your progress!!
Flinch-- you are the man! Keep it up, only months to go!
Best,