Original Debt (December 14, 2012): $102,645
Current Debt (16 months later): $95,315
My debt has decreased by $502 since last month. An overall reduction of $7,330 in 16 months. I’m now at 7.14% of my debt payoff goal.
Federal Student Loans
$57,851 $58,091 (up $240 since last month, an overall $2,191 increase over 16 months)
Private Student Loans
$37,016 $36,459 (down $557 since last month, an overall decrease of $4,162 in 16 months)
$ 5,268$4,835 (down $433 since last month, an overall decrease of $2,325 in the past 16 months)
$10,645$10,599 (down $46 since last month, an overall decrease of $601 in 16 months)
$17,276$17,220 (down $56 since last month, an overall decrease of $1,020 in 16 months)
$3,828$3,805 (down $23 since last month, an overall decrease of $216 in 16 months)
US Bank Credit Card
$950 $765 (down $185 since last month, down $3,892 in 16 months)
I love seeing significant progress on StudentLoan#1 now that I’m actually paying off the principal. I wanted to take a look at when this loan might actually be paid off.
Considering this loan gains about $1.09 in interest each day, that’s roughly $30 interest each month. I hate interest!
If I can throw about $700 at my student loans each month ($278.50 minimum towards loans 2,3, and 4), StudentLoan#1 would decrease by about $391.50 each month. Payoff date would be approximately one year from now.
I’m hoping to take on more side hustles and throw more money at that first loan and have it paid off by December 31, 2014! With 8.5 months to go, I’d have to be able to throw about $569 at that specific loan each month! Wish me luck!
I also wanted to see how far the other loans are from touching principal.
- StudentLoan#2 is $2,509 away from principal. Monthly payment is $90.13 and this loan accrues about $2.39 each day in interest.
- StudentLoan#3 is $5,560 away from principal. Monthly payment is $152.12 and this loan accrues about $4.12 each day in interest.
- StudentLoan#4 is $2,483 away from principal. Monthly payment is $36.24 and this loan accrues about $1.01 each day in interest.
As you can see, I’ve got quite a ways to go. These loans won’t decrease much while I’m paying off StudentLoan#1. And sadly, even after it is paid off, it’ll take a while to even get #2 down to principal. In it for the long haul, many years to go.