8 Month Progress Update

I can’t believe I’ve been blogging for 8 months!  Yesterday’s Wishful Wednesday post (which technically should have been my 8 month progress update) was my 100th published post!  W00t!

PROGRESS

Original Debt (beginning mid December 2012): $102,645

Current Debt (8 months later): $98,532

My debt has decreased by $600 since last month, an overall reduction of $4,113 in 8 months.  I’m now at 4% of my debt payoff goal.

DEBT BREAKDOWN

Federal Student Loans $56,848 $56,989 (up $141 since last month, an overall $1089 increase over 8 months)

Private Student Loans $38,710 $38,710 (big whoop, the same since last month, an overall decrease of $1,911 in 8 months)

  • StudentLoan#1: $6,483 $6,400 (down $83 since last month, an overall decrease of $760 in the past 8 months)  $100 away from original amount borrowed
  • StudentLoan#2: $10,803 $10,821 (up $18 since last month, an overall decrease of $379 in 8 months)
  • StudentLoan#3: $17,545 $17,627 (up $82 since last month, an overall decrease of $613 in 8 months)
  • StudentLoan#4: $3,879 $3,862 (down $17 since last month, an overall decrease of $159 in 8 months)

I really hate seeing my federal loans grow each month but with so much other debt, I have to take advantage of my $0 IBR payments.

StudentLoan#1 is about $100 away from reaching the original loan amount.  I’m not really going to celebrate that.  Between me, my co-signer and my father, we’ve already paid over $4,100 on this loan and it’s still not even back to the original amount borrowed!  Ugh.  That’s absolutely frustrating.  Stupid student loans!

US Bank Credit Card $2,797 $2,094 (down $703 since last month, down $2,563 in 8 months)

BOA Credit Card $777 $739 (down $38 since last month, $731 in 8 months)

Total payments for this past month were $1,119, including making up for a stupid $25 late fee.  $519 has gone towards interest alone ($660 if you include the fed loan increase).  Yuck.

My husband is gone on a two week underway and I need to use this time with the car to myself to find extra income.  Whether it’s a job, side hustles, sell stuff.  Whatever it be, I need to pay this debt off faster!  I can’t stand all the money thrown away to interest.  Ho hum…

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12 thoughts on “8 Month Progress Update

    • Thanks Holly! With all the interest I paid, it doesn’t feel like all that much progress and I could be doing better. Need to find more ways to make side income while I’m job hunting!

  1. Congrats on 8 months and your 100th post! I think your picture sums it up perfectly in this long student loan payoff journey. You will get there! 🙂

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