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.