14 Month Progress Update

My update is a little late this month.  I’m finally recovered from my first ever experience with food poisoning (or possibly gastroenteritis), which was no fun at all.  I blame being sick for a poor month of progress.

Original Debt (December 14, 2012): $102,645

Current Debt (14 months later): $96,710

My debt has decreased by a whopping $82 since last month, meh.  An overall reduction of $5,935 in 14 months.  I’m now at 5.78% of my debt payoff goal.

DEBT BREAKDOWN

Federal Student Loans $57,627 $57,756 (up $129 since last month, an overall $1,856 increase over 14 months)

Private Student Loans $37,953 $37,821 (down $132 since last month, an overall decrease of $2,800 in 14 months)

  • StudentLoan#1: $5,967 $5,812 (down $155 since last month, an overall decrease of $1348 in the past 14 months)
  • StudentLoan#2: $10,714 $10,723 (up $9 since last month, an overall decrease of $477 in 14 months)
  • StudentLoan#3: $17,425 $17,439 (up $14 since last month, an overall decrease of $801 in 14 months)
  • StudentLoan#4: $3,847 $3,848 (up $1 since last month, an overall decrease of $173 in 14 months)

US Bank Credit Card $1,212 $1,133 (down $79 since last month, down $3,524 in 14 months)

Inspired by Bre’s recent discovery about capitalized interest, I went over my 2013 Sallie Mae payments and calculated the amount that went towards principal/interest.

I paid a grand total of $5,983 towards my loans in 2013.  Over 60% of that, or $3603, went towards interest alone;  39.8%, or $2380, was applied to the principal.

Not cool.  Not cool at all.  On the bright side, I’m past the point of paying interest on interest for StudentLoan#1.  I can’t wait to pay that off and really get cranking on the others.  No more sickness, k winter?

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12 thoughts on “14 Month Progress Update

  1. Thank you for the mention! 🙂 It really is like robbery when it comes to the amount the loan provider makes off of us. Could you imagine if you could of just thrown all that money at your principal?

    • You’re welcome! If my loans were interest free, I’m sure I’d be pretty close to paying these buggers off after 4 years now! The first two years of payments were interest-only. It is legal robbery.

  2. That is some great progress.. Keep up the faith!
    The further you get into your debt payoff journey, the more momentum you will pick up.
    Every time you zero out a balance, that gives you more money to apply to your next one.

    My wife and I paid off a large chunk of debt as well not all that long ago, and I know that you’ll get there too!

  3. Congrats on tackling your debt! It’s horrendous, but worth it once you’re free. Yours is pretty whopping, but mine came out to about $30,000 for a theater degree… it definitely does effect how you feel about the subject more than a little at the end of the day.

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