Post # 17
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
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
Whoohooo congrats! I wish I could start the new year off with such progress on debt repayment!
Post # 20
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
@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 # 23
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
@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
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
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
@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 # 28
Thank u everybody for all the support! It is making me feel lots better! I know I’m not the only one struggling with things like this and it is really nice to be rewarded with positive reactions from those who know how significant it is 🙂 so, thank u bees! And congrats to all of u too for making great decisions and being SO disciplined in ur own financial situations! Cuz that’s what it takes, willpower and discipline to make the hard choices when it’s so much easier to put payments off.
When I moan n groan to my Darling Husband about paying this debt with money I’ve worked hard to save, or with gift money, or tax refunds, he says ‘ya but somebody else gave u money for nothing (except interest of course) so u gotta pay those ppl back.’ That also helps put it in perspective too.
What kills me about it tho, is that I still have SO MUCH left. Ugh it feels like 8k is so little compared to the total amount of debt I have. But I will keep in mind that I have saved A TON of interest over the long haul, and I’m that much closer to being student loan debt free.
Post # 29
@BeeG35: I always joke that Sallie Mae is the friend I can’t get rid of!
Post # 30
@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
@BeeG35: I feel your pain. I’m paying 7K towards my tuition on Tuesday. It makes me sick just thinking about it.