Wednesday, September 10, 2008

Celebration!

Happy one-loan-down-one-more-to-go Day!!!

As of this month, I've paid off my smallest student loan! This is incredibly encouraging to me, and having just one more loan (I'm not even counting Joel's at this point) gives me hope that there will be an end to loan payments!

Following brilliant and sensible advice from Get Rich Slowly, and another article that I cannot seem to track down anywhere, I am keeping my persistent determination strong. Instead of seeing this loan pay off as a break for the bank account, I've raised my other loan payment by the difference. I was paying about $50 for the newly paid off loan, and $100 toward my other one, but now since the small loan has been paid off, I just increased my other loan payment to $150. I've been paying that much toward loans the last 2 years, and despite low wages and many financial hardships, we've been making it, so now is not the time to decrease payments! This way I'll be able to pay off my final loan sooner rather than later. I asked the woman on the phone how long it would take me to pay this off at the new payment rate, and she said until 2015. Seems like an awful long time, but hey it will be here quick! About 6 years (If that seems like a long time, just think, 9/11 was actually 7 years ago tomorrow). And if things go as planned, I will be able to increase my payments at some point and pay it off even sooner.

Also, we aren't paying towards any of Joel's loans at the moment b/c he's still studying. This helps me to be able to focus on paying off my loans.

Celebration! Everyone pick up a penny off the sidewalk in thanks for my first loan paid off!
You can do it too!

3 comments:

Jessie said...

CONGRATULATIONS! That has to be an amazing feeling. I have one to finish in April-ish of '09. Our budget it pointing us to being debt free in 10/10. Woot. Silly loans. Our parents encourage us to avoid them, but still, they are a necessary evil.

Congrats again!

Robb said...

Yay good job!

Lenore said...

awesome!! I applaud young people who care about their finances and ACT on it. you go girl!!