Yee Haw!I've been meaning to do introduce this feature for a while: posting the exact figures of each one of my student loans so that (eventually) I can witness the principals get smaller and my hard work paying off.
Until very recently (when I had a blog design issue) I was keeping track of these numbers in a shared Google document that I'm sure no one noticed since it required clicking through your blog reader and finding the appropriate link on my blog. I still use this document to keep myself on track but it doesn't really show me any progress since I just delete the old numbers and put in the new every month. Therefore I want to start out each month with a handy little chart like this one:
Subsidized Stafford (Undergrad and Law combined) = $41,454.63 @ 4.875%
Unsubsidized Stafford (Undergrad and Law combined) = $34,376.12 @ 4.875%
[Private Loan (Undergrad) = $26,393.79 @ 4.13%]*
Defaulted Private Loan (Law) = $25,190.84 @ 0%
Perkins Loan (Law) = $8.665.23 @ 5%
School Loan (Law) = $1,710.70 @ 8%!!!
Grand Total = $137,779.31
*This loan is in my name but I am not currently making the monthly payments on it, my parents are. This may or may not change in the future.
Behold, my student loan debt as of July 1, 2009. Watch it go down here once a month. At this rate I'll be blogging for a LONG time.
7 comments:
Yee haw, that's scary! Like getting thrown in the watering hole! But you'll never get out until you can really see where you are. You can do it!
Wow, my head is still spinning. That's enough for a modest house around here. I guess it will be a long slog for you.
Yeah it's quite a bit. It could buy a fixer-upper around here. One day at a time.
Could be worse - had a friend who did Dartmouth and law school entirely on loans (including living expenses). Total > 400K. Every time I want to qq about my law school loan balance, I think of him.
When is your first loan paid off? Or are they all at the same time?
I'm choking here - if I'm calculating right your average interest rate is 3.885%. Thank goodness this education left you with a high paying career.
My guess is you will focus on the smallest loan with the highest rate first. Or do you find it impossible for focus with the minimums?
I think I'll start doing this monthly as well as I've shifted my financial focus to attacking my student loans. I feel like the faster I pay off school, the sooner I can stop using the degrees! Go figure!
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