A while back I mentioned, that I had decided, that it was time to tackle the massive mound of student loan debt that I’d had hanging around for at least 15 years. Well I’m glad to say that things are going pretty good thus far. So here’s an update.
In my previous post, back in June, my student loan debt was a whopping $45,690 (rounded). I could really slap myself for letting it get that much out of hand. I didn’t borrow anything remotely close to $45k…no the majority of that is…yep, you guessed it…interest. It just makes me shriek to even admit that I’ve been that stupid and naïve to let my student loan grow that much out of control….but I know that I’m not alone.
To be honest, I can’t quite figure out what happens to most individuals when it comes time to pay those student loans back (6 months fresh out of college). You go into panic/denial mode when you get the first bill and realize how much you’ve borrowed. It does something to your psyche where you just want to avoid even thinking about having a student loan that’s massively growing in the background. You try to ignore it…which is why I’m in the trouble I’m in today, but all the while, it’s in the back of your mind that you’ll eventually have to face that monster…..you gotta pay the government back someday (they could really use that money).
I’ll confess that I was just content kicking the can down the road….keeping my head in the sand….letting the student loans just die with me…that was the mentality or attitude that I’d developed toward my student loans. That was until one day I was listening to Dave Ramsey, one of my financial gurus and his attitude toward living a debt-free life reignited something in me. I made the promise right then that I was going to finally stand my ground against my student loan debt, aim high and pay the darn thing off…and not in 20 years…I’d do it in at least 4 years time.
Fast forward to now….
I’ve decide to pay my student loan off a bit sooner. My monthly payment is normally $250, however the last 3-4 months; I’ve been socking as much cash toward my student loans as possible. I’m proud to say that I’ve knocked that balance down to $38,897, as of October 14th. It has taken some dedication and constant motivation to get the balance down to this point but I am gaining ground and that makes me feel really good. I will be sending in the minimum payment for the months of November and December, but in January, I plan to ramp it back up and start socking a monthly payment of $1,800 towards the loan. If am able to continue this, I should be finished paying my student loan approximately 24 months, give or take a month or two…which is fine with me. Anything is better than keeping the bad boy around for 20 more years and paying interest out of the yin yang.
So after I pay off my student loan debt, I plan to call in to the Dave Ramsey show and do my debt free scream…I can’t wait.
Do you currently have student loan debt that you are fighting to pay off?