Sunday, October 25, 2015

Student loan payments and interest 2015

So far this year I have paid $15,625.22 to my student loans. Of that amount $468.28 has gone towards interest. I will probably pay less than $50 in interest for the remainder of the year.  I should easily make my goal of putting $16,000 on my student loan this year, less than $400 to go. 

I currently owe about $8,500 and at this point I have approximately $13,700  in savings.  Which means, according to the Dave Ramsey theory, that I have more than enough to pay off my student loan and, in fact, should payoff my loan.  I'm really teetering on the edge of whether I should pay off the loan.  At this point, I don't really feel comfortable with taking so much money out of my meager savings.  I have a 9 year old car and a house to maintain.  However, I also am so damn tired of paying on this loan.  But still, it's too close to Christmas to quickly rebuild my emergency fund and I don't want to get stuck in a bad situation because I was impatient. 

My original plan was to pay down on the loan until the end of January and then take the remaining balance out of savings (approximately $3,500) and pay it off.  I think I am going to stick with that plan, but as the days roll by slowly and I obsessively track the interest paid on my loan, I am getting more and more anxious. What would you do?  Pay off the loan in January or do it right now?

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