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.
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!
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!