Friday, March 19, 2010

Just looking....

at my student loan balance makes me want to scream. I don't mind having a mortgage but my student loan debt is driving me crazy. I want it gone ASAP!!!

My federal loan debt stands at $69570

and I also have 0% interest loan from a private organization that is $4875.

I just want it to be over... ( in my Keyshia Cole voice).

When I am done with my second Masters program this summer I will probably have a total of $80000 in federal loans.

One of my goals is to pay off at least $20000 in loans this year I wish I could pay off more. I don't even want to begin to think about what my monthly payment would be for this mess.

Starting September 1, 2010 my salary goes up to $61686 from my full time job. I also applied for an adjunct professor job at a local university so if I get that I am hoping to at least bring my income up to $71000.

Hopefully, I am able to double the amount I pay off from $20,000 this year to $40,000 next year. This will leave a balance of $20,000 to pay off in 2012, and that should be relatively easy.

Stay tuned for SMART Goals related to getting rid of these loans.

until next time, think prosperous thoughts

YBP

4 comments:

Aaren said...

Actually, if they're federal, payments probably won't be that bad. Your interest rate is surely higher than mine (but I'm five years out of school :D), but the federal amounts aren't really that bad. Not that this makes your feel any better, lol, and I'm with you on paying them off asap! Looking forward to seeing how you plan to go about it.

YBP said...

@Aaren

I have a consolidated loan that is at 4.25% and the rest of the loans are at 6.8%. Thats higher than my mortgage!

Aaren said...

The new fixed rate loans are stupidly screwy. I realized after I left the first comment that I've clearly been paying for too long, because I would absolutely love to only have $80k in student loan debt. Sad huh? But you've got your ducks in such a good row that you'll be done with them before you're 30! Regardless of interest rate, that's pretty doggone awesome!

Chitown said...

You're going to be just fine. With timely payments, you should also qualify for a reduction in your interest rate too.