Progress Report: September ’13

Day 157 | $14,690.81 paid | $57,384.77 to freedom

Finally!!!  I am so sick of having my routines upended by the government’s far too frequent decisions to change my student loan servicer.  My September payments have finally processed and I have had a chance to assess the situation.

The Situation
I am now $57,384.77 away from freedom.  It seems like a lot, but it wasn’t too long ago that I was celebrating being under the 60k mark.  Now I’m halfway between that mark and 55k.  This stuff is addicting, the pace is picking up, and those two are certainly related to each other.

This month I was able to drop a cool $500 extra on my student loans thanks to some curriculum development I did over the summer.  The one nice thing about my new loan servicer is that it lets me easily pay down specific student loans.  That means I threw the entire $500 at my largest (both in balance and in interest rate) loan.  Yay math!
summer-additional-payment2013 Goal
Now I’m on pace to shatter my goal of paying down $5000 of principal by the end of 2013.  To date, I have paid down $4,168.46.  With 3 months remaining, I need to reduce principal by $277.18 per month to hit the goal.  At my current pace of budgeted payments, I am paying down $531.88 of principal per month.  Mission a-f*ckin-ccomplished.  In fact, that means I’ll be coming in at $5,764.10 for the year, shattering my goal by over $700 – and that’s if I am not able to throw any extra money at my loans.*  This is actually pretty important because it gives me some breathing room for 2014.  My 2014 goal is to reduce my principal by $12,000.  I’m not exactly sure how that’s going to happen… Right now I’m only paying about $1000 a month total, so I will have some work to do, but the more I can overshoot this year’s goal, the more wiggle room I have for 2014.

*Looking Forward: It Gets Tight
I actually had about $750 in curriculum money come in.  However, another bachelor party has been put on my horizon.  Right now I have the ability to throw another big chunk of money at my loans, but I’d rather not.  That bachelor party, Christmas and other random unforeseen expenses are making me want to wait until January and then perhaps make an additional payment if those expenses are lighter than anticipated.

PS: Thanks for all the comments lately!  I know I’ve been slow to reply and even approve many of them, but they are very welcome!  Hopefully once the start of the school year settles down I can do a little better on that front!

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8 Responses to Progress Report: September ’13

  1. Amazing job! Between grabbing free meals wherever you can, and really hacking away at your student loans, you are my new inspiration! 12k for next year is high figure, but why not just try and achieve it than setting a low goal and meeting it? It’ll give you something to keep you on your toes!

    • Haha, wow I never thought I would be someone’s inspiration! It’s amazing… simply setting the goal back in the spring has changed so much in how I approach money!

      You’re right ambitious goals are the way to go!

  2. lisavstheloans says:

    My student loan servicer just changed, too – how annoying!

    I’m going to a bachelorette party in two weeks and it really is throwing a wrench in my debt repayment plans. Even though I’m trying my best to save money (cheap hotel, drive instead of fly, etc.) it’s still a big chunk of change for a weekend.

    • Yep – this bachelor party will be a full weekend away. Basically a mini-vacation. I haven’t laid out spending goals for it yet, but my early ballpark hope is $300. I would be satisfied (though not thrilled) if it came in under that.

  3. debtnthecity says:

    Dude! You and I have about the same amount of student loans to pay off! I’m at $59,455 right now. Will be following your journey!

    • Thanks! And I’ll be following yours too! When I started getting the personal finance blogging itch in the spring I ended up following a bunch of big-time PF blogs and quickly realized I wanted to read more blogs like No More Harvard Debt… and yours!

  4. Pingback: Freedom = Random Acts of Kindness | Teaching Down Debt

  5. Pingback: Progress Report: October ’13 | Teaching Down Debt

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