Woot! I’ve made it to the 30’s. FINALLY! Now that I’m here, I can start to see the light at the end of the tunnel. I’ve already paid off over $30k in credit card debt before, so I’m getting back in familiar territory and know I can take down this last block of debt.
Current stats on my student loan
Original Balance: $112,258
Remaining Balance: $39,900
Monthly Payments: $2,000 – 2,800 🙂
Term Remaining on Debtor’s Prison Sentence: 1 year and 3 months
Interest rate: 3.25% (now fixed rate!) 🙂
Even with my recent stumbles with overspending, if I get back on track and stay on track with ~$2800/mo payments, I’ll make my last student loan payment on December 30th, 2019. By January 1, 2020, I will be debt-free!
When I got my loan down to the 40’s, I was thinking about re-financing my student loan again, but didn’t want to leave my servicer. My old variable rate had risen to 4.88% with no end in sight. I then found out the good news that my servicer allows re-refinancing. So I did that, and got a lower fixed rate of 3.25%, and got to keep the service that I’ve been enjoying. I’m also feeling better about getting the fixed rate now.
My Savings Account Gets More Interest-ing
Yeah, bad pun. I know. But look at this! The interest rate for my emergency fund is almost at 2% now. Better than the microscopic 0.15% (?) I was getting at the other place. Glad I switched.
This isn’t enough to keep up with inflation by itself, but it goes a long way toward helping.
In the Sprint
I’ve reached multiple other milestones lately, including having paid off over $100k of debt. If all goes well financially, I’ll have one year to plan my next moves. What comes after debt? Potentially a lot of changes.
The closer I get to the end of this tunnel, the faster I want out. I wish I had a Jessie Owens style financial turbo booster to rocket me there.
Making payments and making plans. 🙂
“Debtor’s prison is real, and opportunity cost is a bitch.” (DDSW Archives)