just paid $8,000 to student loans….

posted 3 years ago in College
Post # 3
1018 posts
Bumble bee

@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
2657 posts
Sugar bee

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
11604 posts
Sugar Beekeeper
  • Wedding: November 1999

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
462 posts
Helper bee
  • Wedding: December 2014

Great job!! Not looking forward to paying mine off!!

Post # 7
9859 posts
Buzzing Beekeeper
  • Wedding: May 2014

@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
816 posts
Busy bee
  • Wedding: January 2013

@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
1864 posts
Buzzing bee
  • Wedding: March 2014

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
1625 posts
Bumble bee
  • Wedding: June 2014

@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
3077 posts
Sugar bee
  • Wedding: February 2015

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
6448 posts
Bee Keeper
  • Wedding: June 2013

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
2372 posts
Buzzing bee
  • 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
1666 posts
Bumble bee
  • Wedding: November 2015


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
2493 posts
Buzzing bee
  • Wedding: October 2010

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
4468 posts
Honey bee
  • Wedding: April 2013

@BeeG35:  Congrats on making a big dent in the debt- such a huge relief to pay that stuff off:)

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