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Student Loan Payment

July 10th, 2020 at 03:24 pm

Paid an extra $150 today on the student loans, the balance is now $28,292.98, this amount is a combination of two loans.
The smallest of the two is $8,567.75. With the $150 payment, my new balance will be $8,417.75. Next pay day I plan on paying $300. Either way, I think I can get this loan paid off, I hope by December. My goal, $1000 a month.

6 Responses to “Student Loan Payment ”

  1. rob62521 Says:

    That's great, Amber! You are chipping away at your student loans just like you did a lot of your other outstanding debt. Good job!

  2. creditcardfree Says:

    I like that you figured out that your loans were smaller ones. This is actually quite common, as some loans taken out can be subsidized loans (interest paid by government while in school) and some are unsubsidized. And students often take out new loans each semester. Is this $8K one the lowest interest rate? Just curious, but so exciting that it is small one that you feel you can knock out by year end!

  3. Amber Says:

    Honestly CCF, I’ll have to go back and review the loan documents, right now when I log in it shows 0%. I’m really thinking about taking my cash savings challenge, about $1500 and paying off the interest so I can tackle the principal. But I need a bed and a bedroom set. Feeling turned.

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  5. creditcardfree Says:

    Amber, several thoughts. I think you mentioned a mattress, and a need for dresser that has working drawers. Obviously, only you know if you can live without these new purchases and for how long. Could the drawers be repaired? Maybe YouTube videos could help with this. Or could you move clothes in dresser to temporary shelves or drawers placed in a closet? Could you just buy a working but used dresser to use until the debt is paid. A comfortable mattress would be much more of priority for me, but I would buy one that would hold up for a few years, comfortable for the least money possible. I think Habitat for Humanity comes across new in plastic mattresses sometimes.

    It would not be wrong to start looking and see if you could get what you want for far less than what you have saved. Look at thrift stores, FB marketplace, craigslist, ect. Maybe then just make those purchases now with the cash you have, hopefully for far less.

    It's good that you are torn on the decision, but I know you will figure what is right for you and what you can live with! I definitely understand the temptation to throw any funds you have at the loans.

  6. terri77 Says:

    Now that you’ve paid off your credit cards you have so much to free up for paying off your student loans. You’re really making progress!

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