Just realized something ($ related)

Junebug060609 · November 2009

I was just doing my bills and realized that there is a really good chance that NEXT MONTH I could finish paying off my student loans. It will depend a bit on Christmas expenses, but I think I can do it.

I graduated in December 1999, so if I can pull it off next month it will have been exactly 10 years and about $40,000 later that I'm done. Such an awesome feeling to see the end in sight. I remember being completely overwhelmed by it when I signed the loan papers in the financial aid office at school.

Very excited to be able to roll the money that would've been going towards the loan into paying off other debt and building up our savings.

shagadelk7 · November 2009

Congrats. Really. I don't even know if I'll ever see the end of my loans. Talk to me in 25 years or so.

Junebug060609 · November 2009

I'm in shock right now realizing this. I remember signing the loan forms and being scared shiitless on if I could pull off paying things off. I'm amazed right now that even with job losses (I was laid off in 2003, was on unemployment for several months) and such throughout the course of things that I managed to not have to defer payment for a decade. I think I'm just as excited about how this will help my credit score. The score has taken a beating this past year with wedding related cc debt (I know, I know...bad). Its still decent, but it needs to go back up.

FWIW, this is just for a BA degree. Watch me get it paid off and then end up going back for my Masters...

chrissyvcm · November 2009

Junebug, that's awesome!!! Congrats!! Don't worry, if you decide to go back for your Masters, the new GI Bill is supposedly transferrable to spouses!

mamie329 · November 2009

That's great! Did you pay more than your monthly payment?

My student loans totaled about 25K when I graduated in 2003, and I won't be done paying them until I'm 35. My smaller private loan will be paid off in July, but that will only save me $50/month!

Junebug060609 · November 2009

Chrissy, Thats great news. DH might want to use it for his schooling (he wants to get a history degree), but its good to know we might have that alternative.

Mamie, I paid extra when I could. Often it was just $5-25 at a time, but it adds up...especially when you figure in the difference in interest on the loans. There were times when I was literally paying for things with my laundry quarters though...those times got the absolute bare minimum. It was a mix, really. And I hear you with paying one off and it saving you only $50 a month, I had one of those too.