Friday, January 1, 2016

$3,000s and Happy New Year!!!

Happy New Year Everyone!!!! Welcome to 2016!!

I accomplished both of my most recent goals for my student loan! I paid over $20,000 on it in 2015 and got the balance down into the $3000s.  The exact amount owed is $3,844 (with interest calculated through January 15, 2016).  The next payment is not due until 3/16/2024! I'm so excited to have gotten the balance down into the $3,000s because I wasn't sure that I was going to make it, but I had just enough leftover Christmas money to make it happen.  See the snapshot below:

My goal is to have the loan down to $2,500 my mid-January and then pay it off at the end of January.  I will have to make over a $1300 payment in mid-January and hopefully (fingers crossed) I will receive a travel voucher reimbursement before the end of January so that I will only have to pull a small amount of savings to pay this thing off.  Boy, the idea of getting rid of the risk associated with this student loan is making me so happy!  I constantly fret about what would happen if I lose my job and can't make payments on it.  I would hate to have it paid it down so low and then have a bunch of interest accrue and raise the balance back up.

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