I’ll cut to the chase: with my annual bonus, I paid an extra $7,750 in principal on my student loans in February! I was planning on paying around $7,500 with my bonus, but I decided to push it up a bit, so that if I make my payments in March before the next statement generates (on the 11th), the entire payment will go to principal, because I’ll be closing out the loan entirely. That will take me down to one student loan, with one required payment every month. This is currently on auto-draft, but I’m going to do a second (or third, depending on when I decide to make them) payment each month so that I’m still putting approximately the same amount toward loans each month.
I expect that my principal payment will be around $900 each month, so each month I’ll be able to add 4 or 5 pieces to the puzzle. I wanted to put a few more pieces together in the box, but I realized I probably have over a year’s worth put together already.
For February, I added 44 pieces to the puzzle, now totaling 167 pieces. My current student loan principal balance is $66,563.69. I skipped the whole “Quarter of the Way Done the Puzzle” stage and jumped right to “Third of the Way Done the Puzzle.” Sweet. Not expecting that I’ll get to halfway there in 2016, but I’m pretty happy with my progress anyway.
$18,000$585.98 (1L Law School Loan)
Former Federal Loans/Big Daddy Consolidation, Currently at $65,977.71
$2,625$977.71 (freshman year – undergrad)
- $8,500 (1L subsidized loan)
- $12,000 (1L unsubsidized loan)
- $8,500 (2L subsidized loan)
- $12,000 (2L unsubsidized loan)
- $8,500 (3L subsidized loan)
- $12,000 (3L unsubsidized loan)
- $3,500 (Grad Plus Loan – bar fees and prep)
$1,200$0 (Irresponsibility Loan #1) $2,500$0 (Irresponsibility Loan #2) $1,200$0 (Irresponsibility Loan #3)
Before the end of the year, I’d like to see the two smallest underlying loans ($977.71 and $3,500) be wiped out, and hopefully a big chunk of one of the $8,500 loans too.
Once my Law School Loans are completely closed out, I’ll start calculating an approximate net worth.