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

posted 6 years ago in College
Post # 33
Member
3823 posts
Honey bee
  • Wedding: August 2013

@BeeG35:  congratulations! grab a drink. lol i know the feeling of paying off a big bill. good and awful feeling at the same time.

Post # 34
Member
674 posts
Busy bee
  • Wedding: February 2013

@BeeG35:  I’m jealous! I wish I had 8k to put toward my loans 🙁

Post # 35
Member
831 posts
Busy bee
  • Wedding: Either Philadelphia City Hall or a small chapel.

I’m lucky I can even pay $50/month towards mine and there I lie in the dangers of default. It’s still shy of $20k, but, that is hard to combat when you 1)Dropped out and didn’t finish your degree due to a variety of personal factors.  2)Haven’t held a full-time position in almost 2 years. 

I can only try to stay calm and realize things happen as they should, not necessarily as planned. It still is stressful at times. Especially when I want to go back to school and have the is whirlwind that I have to pay this and that to even get one step done. 

Post # 36
Member
2878 posts
Sugar bee
  • Wedding: May 2015

BeeG35: you took it out so paying it back is what needs to be done.

If you’d rather have liquidity and the interest rate is rather low ( < 5%) you could have invested it and gotten decent returns ( 8-15%) and ended up ahead (net gains of approx 3-10%) while having your cushion in case something were to happen. You’ll be in debt longer that way but it doesn’t really matter in the long run. 

Post # 37
Member
2878 posts
Sugar bee
  • Wedding: May 2015

HisIrishPrincess: you can deduct the interest if you’re in a certain tax bracket or below. Otherwise you can’t, which sucks. 

Post # 38
Member
9504 posts
Buzzing Beekeeper
  • Wedding: August 2012

Awesome job. You just inpsired me to go throw some cash at DH’s student loans lol. Only $1500 so not quite as amibitious, but still something!

Post # 39
Member
2890 posts
Sugar bee

BeeG35:  Yeah ! I’m glad you’ve updated this and paid another amount on that debt, congratulations ! I totally get the feeling. In the past 1.5 year I’ve paid just over 12K worth of loans, all this being a full-time student and living n a strict budget. It makes me sick when I think about it because that’s a nice downpayment when combined with my FI’s savings, but it’s gone. On the other hand, each 1K less is such a relief ! And I, too, prefer to tackle that debt instead of carrying it for years and ending up paying a few thousands more in interest ! The decisions you make today will impact positively on your future. Hang in there, you’re doing a great job !

Post # 44
Member
2890 posts
Sugar bee

Keep on with the good job, you’re on the right track ! Congratulations !

Post # 45
Member
1646 posts
Bumble bee
  • Wedding: November 2015

BeeG35:  That is awesome! Congratulations! I know how good it feels to have the debt paid down. I actually commented on this 9 months ago when my debt was around $7,600.00. I now have it down to about $4800.00. Unfortunately, I had to cut back on extra payments each  month becuse:

A) I make $13.50 an hour

B) My sister gets married this year and I have to do all that gift-giving Bridesmaid or Best Man stuff

C) I get married next year

D) I have to give people gifts for birthdays and holidays

and E) I started taking classes again this fall so that I can (hopefully) get into an Accelerated Nursing program.

It sucks being so close to having them gone and not being able to afford to get rid of them completely. I have a little less than 6K in my savings, but I can’t use it for just the loans and it is killing me.

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