Stacie’s Student Loan and Other Debt Status
We’re in the final homestretch of paying off Stacie’s student loan. I made some serious payments in the last 30-40 days to get it down from $3100 left to $963 remaining (as you can see from the debt scale on the right sidebar).
And to just think that it wasn’t that long ago that the loan was up over $20,000 to start. We’re making some excellent progress in becoming debt free (except for mortgage of course), as we’re now down to about $36,000 remaining debt from a high of about $112,000. I expect to pay off the remaining $963 in a few days when some extra income from this site hits the bank account.
The final debts remaining are:
– My Honda Ridgeline (under $20k left)
– My student loan (about $11k left) — Deferred
– My graduate school tuition (about $4k left) — 0% till December
Oh, looks like I’m the only one with any debt left now. So guess which debt we’ll tackle next….yep, the truck loan. Since I’m not paying any interest on my school debts, it only makes sense to pay off the truck, or at least until my student loan goes out of deferment status.
However, in the next month or two, I’ll have to pay $2600 out of pocket for my summer class, and then about $5000 for the fall semester around August. My employer has already reimbursed me as much as they allow for the year so I’m on my own until next year. However, it’s all in our budget so it’s no surprise.
I’ll have a little celebration post when the check hits the account and Stacie’s student loan is officially paid off.
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Wow, that’s good news! I wish you two the best.
I have my student loan payments tarting this summer and my goal is to eliminate the car loan before then.
That’s huge! $36k from $112k is a whopping 68% paid off! Keep it up, keep it up!
@Jim, actually I asked her last night how she would feel about her loan being paid off. She shrugged. Honestly since I deal with the finances, she hasn’t had to worry about the loan at all. The student loan is not material in any way. Now if it was my truck (or when I paid off her Malibu and MINI), that’s much different. It’s a physical object we can look at and say “That’s ours”.
Hmm, is this a post topic???
Wow you have really cleaned up on debt. My wife and I are working on credit cards right now, my student loans are just being paid and hers are in forbearance. I want to get the credit cards gone by the end of next year. We have no car debt but looking at 6 figure student loan debt, it’s going to take time. At least we’ll have a 6 figure income to take care of it with. I would like to get to a point we can reduce our debt a few grand per month. You’re wife must be happy that her student loans are almost gone.
You’re making great progress. My daughter will be graduating soon. And soon after, she’ll have to start paying back her student loans. Hopefully she will be able to afford to live and pay them off.
I must say, I never expected to see the day where I would be talking about anything other than reducing the debt, I’m running into the tyranny of zero, which is where you can’t reduce (the debt) any more
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Marvie