Back in November of 2012, I wrote about my $40,000 worth of student loan debt. This was the total amount of student loans that I accumulated while I was getting my undergraduate and graduate degrees. When I wrote that post, I had hardly paid anything towards my student loans. Interest was slowing building up, but not that much, as most of my loans were still being deferred.
Ever since that post was published, I have been attacking my student loans like crazy. I have been applying any extra money towards my student loans, and I am now proud to say that they are almost gone. We have enough money in the bank to completely pay them off, but have chosen to wait as we don’t want to withdraw everything out of our emergency fund to pay my student loans off. We don’t want to tap into retirement funds as well, so those funds will stay where they currently are.
As a refresher, I graduated in May of 2010 with my B.A. in Management and my B.S. in Business Administration. I applied for jobs and was hired on at a financial firm right after I graduated. I then took a year off from school and decided to go back for my Finance MBA. I then graduated in August of 2012 with my Finance MBA. I continued working full-time throughout this and still hold my same job today. I graduated with a decent amount of debt, but I am happy that I don’t have more.
I am guilty of taking out more in student loans than I needed. Right after high school, I needed a place to live and I probably took out an extra $1,000 or $2,000 to help fund my living. So, not too horrible, but that’s still an extra couple of thousand that I probably should not have taken out.
June is my student loan payoff month.
I am so close to being done with student loans forever. I am very grateful for everything that has happened in my life, and I do realize that when it comes to student loans, that I have been lucky with the fact that they will be gone so quickly. I have worked very hard though!
I started by working on my extra income. As you all know, my extra income has been through the roof lately. I’m glad that I am able to share my journey with my extra income with you all. I hope that I have been helpful with all of my posts. I never thought that my extra income would be anywhere near where it is today, and thankfully to it I am able to pay off my student loans much more quickly.
I also have been attacking my student loans according to interest rate. The loans with the highest interest rates are the ones that I have been eliminating first. It has been nice watching each student loan disappear!
What are you doing to eliminate your loans? How much do you pay each month towards them?
Did you take out more than you needed?
teensgotcents says
I don't have any student loan debt and am working hard to keep it that way. Saving as a high school student is not easy but I know that it will be worth it! Thanks so much for the give away!
My recent post Dollars and Cents with CFO Jeff Atwater
Rachel says
Wow Michelle you are my hero! I took out too much for my three degrees, over $100k. I'm working on paying off credit cards and my smallest school loan. I will put my info into saltmoney and see if that helps me. I like the design of the site.
LBD says
I've been concentrating on snowflaking every penny I can to my debt. Budgeted $100 for groceries and spent $75? Great, that's $20 for debt. I do strongly regret having taken out loans to get a graduate degree in the humanities…
jbutler1914 says
My loans are currently deferred until August. I will be paying about $300 per month when the deferment period is over.
Ashley T says
I signed up for SALTmoney. I learned about the different types of health insurance options!
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Alex @ Searching for Happy says
I recently doubled what I’m paying back on my loans. I realized just how much money I was earning for the bank by paying things off at the slower rate!