Post # 1
….somebody catch me cuz I’m about to faint.
Man it stings REALLY bad to use Christmas money, birthday money, a huge chunk of savings, and other funds from big items I’ve sold to pay down student loans. But it’s gotta be paid, it’s GOTTA!
I paid the remainder of a private loan off entirely, and paid off a smaller loan entirely which eliminated one lender from my total debt altogether.
It feels good but hurts really bad at the same time. I just think of the things I could have bought with 8k or the comfort of that being in savings that I now won’t have. I still have some in savings, but this new year will now be another year of building savings back up.
That’s a total of 22k that I’ve paid to student loans since graduating, and leaves about 60k to go.
I need a drink!
Post # 3
@BeeG35: I feel your pain! I always leave a cushion of “emergency savings” but I build it up and pay down the loans :-/
I is sad to see it go, but think of all the money you’ll save when you’re debt free and those monthly payments are now disposable income!
Post # 4
Congrats on getting rid of one of the lenders! That’s a big accomplishment. My FI went through the same thing – any bonuses or tax refunds or gifts were pretty much exclusively used for student loans. He felt bad because he would rather invest the money or use it towards our house than put it towards student loan debt. He just paid off his final student loan last month. It can be done 🙂
Post # 5
That’s a huge chunk to pay off! Imagine the interest you’ll save! Whenever I make a big payment, that’s the thought process I have to make myself feel better!
Post # 6
Great job!! Not looking forward to paying mine off!!
Post # 7
@BeeG35: that sucks but it’s awesome at the same time – think of it this way, with that 8k paid off you’re now saving interest costs, you’ll be debt free sooner, and you won’t have the cloud of student debt over your head.
We pay almost $700 a month on student loans – most of that belonging to FH, and I resent it every month, we could have a downpayment for a house in 2 years with that money! I just keep thinking, when it’s gone, when it’s gone
Post # 8
@BeeG35: Good for you! Stick to it, you are making amazing progress. It sucks to have so much money swallowed up by student loans but nothing feels as good as paying it off. I did the same thing, and paid off my student loan in full last month. I hope you get to feel that same awesome feeling very soon. You are doing great!
Post # 9
That’s awesome! It sucks to let go of all that cash but well worth it in the long run! I’ve got about 30 grand on mine and can’t wait to pay it off. I know some people don’t count student loans as debt, but I do, and I can’t wait to get rid of it!
Post # 10
@BeeG35: You are AMAZING! Way to go, lady! I know you’re thinking about all the other things you could have spent it on, but you can buy those things with all the interest money you’re going to save 😉 I am super proud and super jealous! Saving up that much money is a feat in its own, keep it up this year!
Post # 11
We just paid of my SO’s car a couple months ago & my car a few months before that. Mine was almost 3k and my SO’s car was over 8k. I TOTALLY understand the sting of it!
We’re budgeting to put like 80% of the car payment we would be making into savings. the other 20% is our reward for paying it off early and we can use it towards normal budget items.
Congrats to you! That’s a great accomplishment!
Post # 12
I know exactly what you mean about it feeling good and bad at the same time. I put most of my holiday bonus towards my loans last month and it kind of hurt seeing all of that money just leave our account right away.
However, it was equivalent to almost two months of what o usually pay meaning that we’ll have the loans paid off next year! I can’t wait… All that extra month each month will finally go towards a down payment on a house!
Post # 13
- Wedding: September 2013 - B&B
On the one hand, yes OUCH!!! But on the other hand.. you’re closer to it being GONE!!! Wooo hooooo!! That’s impressive!
We are hopeful for a certain amount of a tax return, we are putting it ALL towards debt of one kind or another (two different scenarios depending on the amount) and its going to start the whole debt snowball thing… getting rid of one lender entirely is a great thing!!! Is your monthly payment now freed up? Maybe you can save it for a few months, build up some savings just for peace of mind, and then throw that towards something else to pay that off even faster?
Post # 14
You should be SO FREAKING proud of yourself right now! Paying off a loan – and paying off that much of your total loans – is an amazing accomplishment! If you do have a drink, make sure it’s a celebratory one and not a sad one (no idea what the difference is; maybe a colorful umbrella or something?)!
I graduated almost 4 years ago with about 21K in loans that were in my name. After being in repayment just over 3 years, I now have about $7600 left to pay off. Like you, I made a bunch of extra payments when I was able to. It sucks not having the money immediately available, but I can’t even tell you how good it feels not to have all that hanging over me.
Post # 15
Good for you! I admire you so, so much.
We like to talk about the value of education in dollar signs–how much it costs, how much you can make with a college degree versus without, what the average income is for certain majors, but at the end of the day, what education really provides is greater flexibility and freedom. I’ve worked with plenty of people who DON’T have those things and the degree is worth it, believe me.
Post # 16
@BeeG35: Congrats on making a big dent in the debt- such a huge relief to pay that stuff off:)