Hey, look at that! My current balance -$25,906!
Since my last post, I forgot an additional payment that hadn’t yet processed. My servicer can be a bit slow with crediting multiple payments. Anyway, my balance is dropping! The smaller the better. Hooray 🙂
Another Student Loan Refinance?
I’m thinking about doing another refinance. Yes, another one, after the first and second times. Once I get my balance down to about 18k or so, I’m considering refinancing into another 5-year loan with another servicer. Why? Two reasons.
REASON ONE. A refinance will drop my minimum monthly amount due from the $661 that I’m responsible for now down to about $350 or so, even if I had to take a slightly higher interest rate. This move would be precautionary. I have no intention of lowering my monthly payments. I want this debt gone.
This move would just lower the pressure on me in case I lost my job or couldn’t work for whatever reason. If I’m drawing unemployment, I’d rather have a $350 student loan bill to deal with, rather than a $650 bill. This would certainly help my Emergency Fund stretch longer. Again hopefully, this never becomes an issue and the debt is gone completely later this year or early next year.
REASON TWO. This is actually the main reason I’m considering another refinance. I’m eyeing a certain servicer that offers free career coaching and services to its members. This includes career coaching for career progression as well as career transitions – help with identifying new careers and how to break in, revamping resume and LinkedIn profiles, networking events, etc., all for ‘free’.
It sounds interesting and like something I very much need. I have another couple of months to look into this more before I decide to do it or not. I’m leaning towards doing this. I’m growing more and more miserable at my job. I am being thrown into the new style of work and I don’t know how much longer I can hold on.
I surpassed $142,258 in net worth! As long as the markets don’t take a nosedive, I’ve passed this marker for good and have met a goal on my 2019 Goals list.
When I started this blog, my net worth was NEGATIVE $142,258. It was all student loan and credit card debt. I was flat broke. I had no assets.
Currently, my net worth is in the black at a POSITIVE $146,500. This may not look like much to most people, considering I supposedly need ten times this much in order to ever retire, but it looks great to me.
This is a net worth change of over $288K. Wow. It doesn’t seem real.
Do you have any upcoming financial decisions to make?
“Debtor’s prison is real, and opportunity cost is a bitch.” (DDSW Archives)