Post # 1
I want to brag. And I’m going to do it. Right here.
In just SIX WEEKS my undergrad student loan will be PAID IN FULL.
Meaning that I managed it. I did it. I paid it off in 10 MONTHS after graduating.
Now to start saving for a wedding. It’s not too late, is it?
Post # 3
Wow! Congratulations it must feel amazing! Ten months has to be some kind of record…
Post # 4
@Chrysoberyl: That is awesome! And absolutely worth bragging about. One less thing to worry about after the wedding 🙂
Post # 5
It doesn’t feel like it yet.. but it will feel like a HUGE relief. I still live at home so I’ve been putting 97% of my income into that loan, essentially living a life of poverty. Haha.
But I’m so excited for June 28th to get here. That’s the day the last payment will go through. Exactly ONE year before my wedding!
Post # 6
@Chrysoberyl: CONGRATULATIONS!!!!! BRAG AWAY!!!!
How much did you have to pay back?
I paid off both my under grad and grad loans before I graduated with the Master’s (I had a house sale in there however). I made a screen grab of that PAID amount with ZERO balance just to admire.
Post # 7
@sienna76: Oh it wasn’t that much. It was only 13K because I only took out loans for the last 2 years. Not like a Master’s!
But I graduated July 31. Technically I walked May 12 and had a summer class until June. But the summer semester didn’t end until July 31 so.. even though I finished my class at the end of June, I still hadn’t graduated!
Which worked in my favor since I had a 6 month deferment. It started counting from August 1st instead of May 13th! So that helped a lot!
ETA: I might take a screenshot to save and admire. It might end up being my desktop background! LOL
Post # 8
I took out $13k for the undergrad/double major 1994-1999. Then I worked for 8 years and got it down to $4k.
Then I did a Master’s 2007-2012 so that went into deferment, but I did take out $16k total for the grad program, however $10k of that was left untouched in my savings. So I paid off the $20k all at once ($10k that was untouched + $7k from house sale + $3k from my paycheck). 🙂
My grad program was cheap because I am a university employee and got a 50% tuition waiver. Plus I kept my current job while working.
Post # 9
@Chrysoberyl: woo hoooo! You lucky duck! Sincere congrats on that one.
Post # 10
You give me hope!! I have about 15k to pay off. I’m wanting to start paying it off while I’m in my last year (I now have a job & my SO is helping with bills so I can save towards paying off the loans) but I keep going back and forth as to whether I should bother paying them or just pay off our cars. The interest rates on the cars is so much higher! =/ We’ll see, maybe I can pay them all off in a couple years! haha
Post # 11
@Chrysoberyl: That’s great, congrats!
I am very close to paying mine off. It has taken me 4 years (only took out $12k), but I was in grad school, that my work paid for, for about 1 1/2 years, so they were in deferment and I didn’t pay on them then.
Were you able to score a great job right out of college? Or have you found a way to cut down on expenses to pay off more loans?
Post # 13
@bmo88: Okayyy well I have had a lot of things in my favor. It wasn’t cutting down expenses or anything like that. I just was in a great position to be able to pay them off. And I am kinda living like I’m in poverty. Haha. Not exactly, but I don’t go anywhere/do ANYTHING. I think 10 months of living in hell is worth it to get rid of something that’s supposed to take five years.
1) I have not gone to grad school yet
2) I was officially out of school on July 31. I got a retail job at Joann in September.
3) I was putting 80% of my paycheck towards the loan.
4) I still live at home. So I don’t have car payments, house payments, car insurance, health insurance all that good stuff.
5) In February I started an AMAZING job with a contractor on a government site (for the department of energy) so I put almost all of that paycheck towards it.
6) That job is Mon-Thurs, so Fri-Sun I still worked at Joann.
Post # 14
@soontobemrsm11: This is my ONLY loan right now. Maybe stick with the bare minimum and then do the cars? I like to focus on one thing at a time.
What really motivated me is that if I stuck to their 5 year payment plan, I’d end up paying 18k!!! UM SCREW THAT.
I owed 12K and the rest was interest. I saved myself a LOT of interest by doing it this way. I think that if you pay as much as possible on the cars and then focus on the loan, you’ll be saving yourself a lot more interest from the cars.