As of my most recent payment, I’ve paid approximately $20,411 in student loan principal this year! I still have one more payment for $300 going through today, $250+ of which I expect to go towards principal.
Next year should be slightly easier to track, as I won’t be guesstimating the interest and principal amounts for any of my loans, because each servicer gives me those details as soon as they process the payment.
I definitely wasn’t fully confident I was going to make this goal, and pulling some from savings and wedding gifts definitely were a big factor. Now it’s time to think about my goals for 2016…
Not like the TV show…but like wicked happiness!
I realized when checking to see if they posted my payment, that my “Law School Loans” (one from the school and one a Perkins loan, both through one servicer) had a balance of $22,025 or so. That’s so close to a total of $5,000 paid off on those loans in two years! So I scheduled a payment for the 20th (I can only schedule payments on four certain days of the month–I can do an immediate payment but it means paying a processing fee). I’ve been carrying this one as $22,900 on Mint.com, but on the first of the year I’ll move it over to $22,000 and start anew. Part of me thinks $5,000 is a lot, but I also realize I have about 8 more years in my payment plan if I were paying only the minimum. I also have to consider that this is only one of my servicers. If I paid another $2,500 off in 2014 on this loan alone, $6,000 on another, and $9,000 on the last set…holy crap, that’s $17,500!
I’ve got about $110,000 in debt going into the new year. How much can I pay off in 2014? What’s realistic? What’s a reachable stretch goal? This is all dependent on whether I get an official full time job, and if so, when? If I’m concentrating 100% on debt payoff in 2014, I think a decent goal would be to get under $90,000–hopefully I’ll start seeing bigger chunks of the same payments going toward principal instead of wasteful interest. My goal may change based upon my living situation, but the net worth I’m targeting should be about the same (around ($85,000)).
Hopefully this milestone will help me stay relatively on track for the rest of December! Bring on the Christmas money!