[-$72,452] Student Loan Conqueror?

Hey Peeps!

Time seems to be flying by. I’ve been on an information diet for the last two weeks and feel a lot better. Really. If any world shaking event happens, I’ll hear about it from other people. Apart from that, I’m avoiding the news media for now.

Student Loan Conqueror!

Shout out to Liz @ Less Debt More Wine for featuring my story as a part of her Student Loan Conqueror series. It was fun to participate. If you have student loan debt, I’d encourage you to check out the other profiles and take advantage of the advice they’ve shared, as I have.  

Here is a bit from my profile.

What is one piece of advice you would give to others paying down student loans?

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Don’t get comfortable with your student loan debt. Pay off ALL debt as quickly as possible. Having debt puts a leash on us. It takes choice away from us. Debt makes us feel trapped in jobs and/or relationships. Get rid of the debt and you will have more options in life.

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For me, the difference between a poor life and a good life is how many options I have. Each option we keep on our table is another degree of freedom. I want the freedom to leave a job if it becomes toxic, or to not have a job at all if retiring early is a goal. Debt is not normal. Ditch it!

I don’t know if I’d call myself a conqueror of anything with $70k+ of debt still hanging over my head, but this series is about the battle as much as the victory.

Rising Interest?

When I refinanced my student loans over a year ago, my variable interest rate started at 3.42%.  Today, it stands at 4.02%. It’s nowhere near the over 6% I was tackling before I refinanced, but I can see the rising tide, even if I can’t feel it. My monthly payments are large enough that I don’t notice the extra $$ here and there that are being added to my total payoff.

I looked into getting a fixed rate instead of continuing with the variable. The loan company quoted me a fixed rate of nearly 5%.  Ummm, no.  I’ll take my chances with my variable for now.  I may look into other companies, but I’m not eager to leave my current loan servicer, as I have had 0 problems with them so far.  Going to another servicer that might have a terrible payment system/website and ‘lose’ paperwork, just isn’t worth the trouble.

Hopefully, by this time next year, I’ll have my balance low enough that I can absorb rising rates without too much of a pinch. But in any event, I’ll keep my eyes open.

In the mean time, I only have one thing to say to interest rates…

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“Debtor’s prison is real, and opportunity cost is a bitch.” (DDSW Archive)

 

 

22 comments

  1. The Bookworm · June 15

    You are almost in the 60’s! I am so excited for you!!!!

    Like

  2. zeejaythorne · June 16

    You are definitely in the process of conquering! Woohoo!

    Like

  3. mrspickypincher · June 16

    Keep on slaying that debt! It’s not fun, but it’s so worth it. 🙂

    Like

    • Thanks. I fully intend to. Two combatants enter the gauntlet of Doom, but only one can emerge. The student loan may not know it yet, but that’s going to be me. 🙂

      Like

  4. Christine · June 16

    Amazing progress! I consider you one of the most interesting voices in the sphere of money saving/debt slaying blogs because you don’t have it easy and you are a single female. As a single woman myself I find it hard to relate to couples or men on good salaries blogging about living frugally because there is a privilege / luck aspect that is a big part of their ability to get ahead. Keep up the good work!

    Like

    • Thank you! Yeah, there aren’t enough debt/personal finance blogs by single women. Feel free to add to the chorus. Also check out the blogs of others here in the comments section if you haven’t done so yet. We’ve got a small, but growing circle.

      Like

  5. thesingledollar · June 16

    Woo! I hope you hit the 60s next month! That was a great decade, aside from the whole Vietnam thing.

    Like

  6. Fiscally Fit Chica · June 17

    Yes, excited for you to be in the 60s next month!

    Like

  7. Maria · June 24

    You’re doing so well!

    Like

  8. irenal · June 29

    I don’t know who you refinanced with but I found the best rates with First Republic. That being said, I think you need a local branch in your area for it to work.
    Good luck with your continued effort, you are an inspiration!

    Like

    • Thank you. Yes, First Republic has been recommended by another commenter as well. The last time I checked, they had a number of requirements in order to get and keep the low rates. One slip up and say goodbye to that super low rate. I’m not ready to take on that kind of risk with this much debt over my head. It may be a good option for others though. Thanks for the suggestion.

      Like

  9. Terri · July 6

    I agree, having a servicer who hasn’t “effed up” your info is a good thing. Too many times around the housing crisis of several years ago, I would hear people tell stories of their servicers screwing things up, and a lot of times it sounded like it was being done intentionally. Not worth the aggravation.

    Love all the photos of Xena the Warrior Princess! i will have to check out that other blog. Thank you!

    Like

  10. Nicole · September 20

    Reading your blog is so inspiring to me. My numbers are in this range nowand I am hoping to get to High 60s by the end of the year. I think I read somewhere you should complete your goal in another two years? I am pushing for that target as well.
    You go Warrior woman!

    Like

  11. Legal 101 · September 25

    Congrats!

    Like

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