[-$18,000] Let the Countdown Begin

The New Job

Next week, I walk into the unknown. Things feel a little scary already.  I really, really hope things go well, or at least well enough to get me through the next several months. In any event, my days of freedom are nearing their end, one by one.      Read More

Student Loan News: Earnest Dies and Navient Takes Over Its Lifeless Body

‘Edgar’, Men in Black movie

Earnest Dies and Navient Takes Over Its Lifeless Body (repost)

One year ago, back in October of 2017, I wrote this post about Navient buying then student loan darling, Earnest. I mentioned the lawsuit against Navient, and borrowers likely concerns, as well as the founder-CEO’s impassioned plea to calm nerves and stem a possible mass exodus of customers. Borrowers were assured that Earnest would remain independent and that they would continue to be taken care of like they always had been.

Turns out the borrower concerns were well justified. One year later, that impassioned CEO, has collected a big payout check and left the company. Navient has installed new leadership and control.     Read More

Student Loan News: Earnest Acquired by Navient

If you have a student loan and are looking to re-finance with Earnest, or already have refinanced with them, news broke today that they have just been acquired by Navient for $155 Million.

Read about it here (BizJournal), here (Wall Street Journal) , or here (Earnest Blog).

Earnest, has been a popular financial technology startup since it’s creation in 2013. Like SoFi, CommonBond, and other such lenders, Earnest uses technology and data analysis to identify lower risk borrowers in ways that were not readily available in the past. This kind of lending model is a lucrative area that Navient has been eyeing for a while.   Read More

[-$107,000] The First Payment

matches- the first payment w

Kill it with fire!

My student loan refinance has gone through and the balance on my previous student loan servicer’s account is now $0.00!  I’ve logged in at least 4 times since that wonderful event, just to look at the zeros. Somehow I bet that it is normal to do that. 🙂

I was worried that I would end up with my own crazy-making servicer payoff story when trying to get them out of my life forever. Unsurprisingly, they were super slow in processing the payoff check, probably to rack up the last bit of interest, but they didn’t try any other tricks. Goodbye old servicer!  *Waves goodbye*

Now that my student loan debt is situated in its new (servicer) abode, it’s time to burn said abode to the ground!

To adapt the Read More

My ‘Working Again’ Debt Payoff Budget September 2013

I-hate-student-debt1

Photo credit: LabMinions.com

Now that I am working again and no longer unemployed, I’m revisiting my old unemployment budget and making updates.

NET Income Per Month (after taxes & required deductions)

Job #1:  $4,935    Omg, taxes are a BEAST!  Grrr.

Job #2:  $540

I am not pursuing any additional side hustles at this time. Between these two jobs, I’m maxed out on hours and stress (60-75 hours per week). Any more than that and my health suffers noticeably.

Total Income:  $5, 475

sad-woman

The Outgo per month

Rent+Utilities:  $1465   (Unfortunately, I’m back in an expensive apartment, this time WITH a roommate.  How this happened.)

Phone:  $70    (Yes, I still have my iPhone. Sigh.)

Student Loan 1: $40    (This one is not bundled with my others, so I pay on it every month.)

Food: $500    (Yes, this is too high. I am not cooking and still eating out a lot.)

Public Transportation: $200  (Yikes! Public transit is waaay more expensive here than I thought it would be. )

Health Insurance: $100  (Yikes again! This is the cheapest High Deductible plan offered.)

Credit Card Debt:  $2,000  (Ouch!  Did I mention how much I HATE debt!? The credit card debt will die first.)

Student Loan 2: $850    (These payments begin next month. This is interest only. Aggghhh! This should be retirement money!)

Gym Membership: $65

Netflix: $15

Fun/Misc/Clothing: $100

Emergency Savings: $70

Outgo Total:  $5,475

 

What Does This Mean?

rough-road-ahead

This will roughly be my budget for the next year. I will not be having fun. This assumes that all goes well with my new job and that I don’t get fired again. This assumes that I don’t have any major health problems. Items in red are targets for cutting. This apartment complex makes it virtually impossible to get out of your lease, so I may be stuck here for a while, but I will consider my options. As soon as I am able to look for cheaper housing I will do so. That will save me hundreds of dollars each month that I can put towards retirement and emergency savings.

What Does This Really Mean?

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