16 Month Progress Update

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)

  • StudentLoan#1: $5,268 $4,835 (down $433 since last month, an overall decrease of $2,325 in the past 16 months)
  • StudentLoan#2: $10,645 $10,599 (down $46 since last month, an overall decrease of $601 in 16 months)
  • StudentLoan#3: $17,276 $17,220 (down $56 since last month, an overall decrease of $1,020 in 16 months)
  • StudentLoan#4: $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.


6 thoughts on “16 Month Progress Update

  1. Chin up! I think you’re doing a great job and you’ve got your eye firmly on the finish line. I’m paying off debt too and I’ve just taken on a side hustle to help speed up the process. Hopefully I keep it and stay motivated. Looking forward to reading more from you.

  2. Hey, great job this month! I too hate interest, in fact it is my least favorite thing about student loans. Glad that you might finally be seeing the light at the end of tunnel when it comes to Student Loan #1 and now you can really start hitting the principal, it’s a good feeling. I hope that you are able to make your goal by paying it off before the end of the year – keep at it.

  3. Hi Kacey,
    Saw your site for the first time today and this was the first post I read and wondered how you could have so much debt.I then saw it was almost all student debt.

    I think what you are doing here is extremely good and I hope more people will come across your site. I find it crazy that learning institutions can charge such ridiculous amounts for an education.

    I am very fortunate that where I live (Scotland). Universities are free for Scottish residents. Unfortunately I did not live here when I wanted to go to university and so could not afford to go where I lived, so luckily I did not get into any student debt. On the other hand unfortunately I do not have a degree, but I am doing the job I really like to do so it sort of worked out I guess.

    Sorry got a bit of my point there. I think all universities should be free for people who are accepted for tuition, given that they stay in that particular country for X amount of years. Graduates are an asset for a country and they should be supported, not exploited.

    • Thanks for reading, Bobby! Tuition charges here in the US are nuts. I also believe higher education should be free, and definitely not for-profit, which got me into my massive student loan debt to begin with.

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