(Closed) just paid $8,000 to student loans….

posted 6 years ago in College
Post # 17
Member
81 posts
Worker bee

You should actually pay off student loans last. They have the least amount of interest compared to things like a car or a house.  That’s what I’m going to do but I wish I didn’t have to pay any loans! Haha.  Also good for you! I wish I had that kind of money saved to pay loans off!

Post # 18
Member
6015 posts
Bee Keeper
  • Wedding: March 2012

ouch! That hurts but wow great job!!! You SHOULD have a Mimosa especially on Blue Monday (just heard the news report people find this the most depressing day of the year).

 

ETA: not to threadjack but Darling Husband and I are talking about this too, you don’t get tax write off for the student loan debt right?  I mean i KNOW you do for mortgage payment) 

 

Post # 19
Member
2418 posts
Buzzing bee
  • Wedding: August 2015

Whoohooo congrats! I wish I could start the new year off with such progress on debt repayment!

Post # 20
Member
1311 posts
Bumble bee

Congratulations – great job!!! 🙂  You’ve saved yourself a TON in interest payments and you’ll be done that much sooner.  You should be very proud of yourself!!!

I will have that drink with you.  I have roughly 25% to go on mine. *sigh*

Post # 21
Member
3208 posts
Sugar bee
  • Wedding: April 2015

@BeeG35:  Hey! I did a similar thing too, and felt so deflated after! Just this morning, I transferred $4k to my student line of credit. I’m still in grad school, but that money had been saved up and there is no reason it should be sitting in my saving account rather than paying down a loan. Think of the interest that you’ll save. Think of compound interest! Unless you would be able to invest the savings in a way that would generate more interest than what you’re paying on your loans, this was a wise move.

Getting rid of a lender is great. It will have snowball effect, which is great for momentum when you’re getting serious about paying off that debt. Education expense is necessary, unfortunately, so get yourself a celebratory drink tonight! You did good.

Post # 22
Member
667 posts
Busy bee
  • Wedding: August 2010

Go you! That is awesome! 

Post # 23
Member
2890 posts
Sugar bee

I understand the feeling. My Fiance and I decided to postpone our wedding due to incertain 2014 (I will probably enter the job market, % will get higher, I don’t know what my income will be, Fiance went back to college for a bachelor’s degree and will build up some loans as well, just a shitty and uncertain situation we didn’t have to deal with when we got engaged). So 2 days ago, I put all my wedding savings into my student credit line … Fi was holding my hand, no joke, I was shaking. That’s not a lot, 1K, but 1K I struggled to save, and now it’s gone. For greater good, I know, but still it hurts one place and it relieves another. Just a weird feeling overall !

Post # 24
Member
321 posts
Helper bee
  • Wedding: February 2013

@BeeG35:  I hear ya! I once paid a $7k chunk to my loans…my hands were shaking as I signed the receipt at the bank. I only have $900 bucks left on my loan now though, so it paid off to sign that money over. 

Congrats!!! You are going to feel soooo good when you look at your loan balances in a week. It is such a great accomplishment to pay them down. And think of it this way – the money you were paying towards student loans can now be saved for other things. Trips, retirement, cars, a house! 

Post # 25
Member
2531 posts
Sugar bee
  • Wedding: March 2014

Make sure you get payoff confirmation IN WRITING!

I had to chase down a chain of people (after my loans company was sold, sold, sold and then wound up back at my school anyway, it was ridiculous) to get confirmation and a letter that stated I had paid off the loan.

Post # 26
Member
680 posts
Busy bee
  • Wedding: October 2014

I too wrote a giant check to pay of my student loans a couple of years ago.  My hand was shaking as I wrote the check as I’ve never written a check that big before!

Now that they’re all paid off, it’s so nice!  Yeah, the amount of cash stung at the time, but it was soooo worth it!

Post # 27
Member
1639 posts
Bumble bee
  • Wedding: November 2013

@MsGinkgo:  My Darling Husband pays $1k/mo in loans and I have the same problem. I keep thinking “Omg we could have had a downpayment for a house and a couple new cars by now.” But no. And if he keeps paying 1k/month it will take like 7-8 more years. So when I graduate college myself (I have like 1/10th of his loans haha) and get a job, basically every cent I make for a while is going to go to student loans.

I feel ya, man. <3 But it is going to feel so good not to have that over your head anymore!

Post # 29
Member
2437 posts
Buzzing bee
  • Wedding: May 2013

@BeeG35: I always joke that Sallie Mae is the friend I can’t get rid of! 

Post # 30
Member
6117 posts
Bee Keeper
  • Wedding: August 2012

@BeeG35:  Congrats!  That is awesome!  I once paid off $16,000 in one payment (and then it was finished).  I think I took a screen grab of my checking account before I sent it all away!  LOL

Post # 31
Member
3229 posts
Sugar bee
  • Wedding: August 2011

@BeeG35:  I feel your pain.  I’m paying 7K towards my tuition on Tuesday.  It makes me sick just thinking about it.

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