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Student Loans

July 28th, 2020 at 01:26 am

My last payment of $300 finally hit my student loan account, I’m down to my last $455 in interest before I am able to tackle the principal balance.

I’m both excited and thankful. I’ll have about two months of no interest to pay down the smallest loan, my goal is to pay at least $4,000 by the end of September. The balance is $7085.16.

I honestly thought I’d have these loans forever, but it looks like I’ll be done with them in three years, then it’s the house.

3 Responses to “Student Loans ”

  1. Lots of Ideas Says:

    Amber, you have time to think about this, but when your student loans are done, you need to hit retirement savings hard.
    Your mortgage has a really low interest rate. You want to build up your retirement assets and have that money working for you!
    Even if you assume a low 4 percent a year growth rate, you will come out ahead.

    If you like playing with spread sheets, play around with what your net worth will be at retirement based on saving x amount per month versus paying your mortgage off sooner with those dollars, then maxing retirement when the house is paid off. Make sure you include what you save in income tax by investing pre tax dollars.

    And of course, include increase in your house’s value.

  2. Amber Says:

    Oh definitely! My goal is to max our both my 401(k) and IRA then throw the rest at the mortgage
    Thanks a bunch.

  3. mumof2 Says:

    that is awesome..congrats

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