I Paid Off My Law School Loan!
Only one of them. Don't anybody get too excited! I still have five left to pay off.
I've been waiting to post this for days! As you could tell from my last "where it went" I made an extra big payment to my Law School Loan courtesy of the extra money I was able to earn doing some outside work. After I made the payment I logged into my account for the next couple of days to see when the account would say zero. Instead, I owed $3.11 in accrued interest. And so I paid that and then waited some more. Finally, I am able to share this exciting image:
And as luck would have it, the smallest of my student loans also had the highest interest rate. 8% is wack. I'm SO glad it's gone. This means in addition to paying off the closed credit card account back in April I have lowered my monthly debt obligations by $165 in 2010! Plus I'm about to start saving $35 a month in health care costs, which effectively means I have $200 more a month to work with.Getting rid of this loan was on both my 2009 AND 2010 resolutions so I'm glad to meet this goal at last. Freedom!
I started paying this loan in November of 2008 and had 60 months to pay it off. By knocking it out in 23 months I saved $286 in interest. That doesn't seem like much but I'll take any victory I can get at this point.
Now time to snowball my Perkins Loan!
congratulations! what great, great news. reading your blog helps keep me motivated :)
Anonymous said... October 19, 2010 4:31 PM
That's awesome! Congratulations. You really give me a lot of inspiration to work on my student loan.
I've been reading your blog for awhile now and delurking. :-)
Ella said... October 19, 2010 4:34 PM
It still feels awesome! Congrats!
Just paid off my car loan early, and the same feeling (what, I only saved a little in interest!?!) is there, but it still is great!
graduatedlearning said... October 19, 2010 6:12 PM
That's great! Keep up the good work!
Anonymous said... October 19, 2010 6:17 PM
Congratulations! Paying off student loans feels so good!
paisley penguin said... October 19, 2010 8:45 PM
Congratulations!
Canadian Saver said... October 19, 2010 9:17 PM
Yea! Good job. Keep at it and they will all be zero before you know it.
Daizy said... October 19, 2010 10:18 PM
Breathe a sigh of relief and pat yourself on the back! Big congrats on paying off an annoying debt. How inspiring. karla
Anonymous said... October 20, 2010 9:45 AM
the increased cash flow part is not to be underestimated - it feels really good to take the time to decide where you want that "found" money to go. it's a whole different feeling, i think, than my "old way," which involved pretty much no conscious decision making about what to do with my money!
Anonymous said... October 20, 2010 10:39 AM
Congrats!! :D I look forward to the day when I can say that!
Sunflowers said... October 20, 2010 3:12 PM
Oh my goodness congratulations!!! :)
What an accomplishment
FB @ FabulouslyBroke.com said... October 20, 2010 8:58 PM
I've been following you for quite some time and thoroughly enjoy your student loan roundup. I just paid off one of my private law school loans this past Weds. I know how great it feels. Congrats and keep up the good work. I look forward to continuing the journey with you.
EK said... October 22, 2010 11:47 AM
that's awesome!!! :) great work.
Brooke said... October 22, 2010 2:43 PM
YIPPEE! As you know I just kicked another $2k student loan to the curb (http://www.savingsnotshoes.com/2010/10/rip-another-student-loan-paid-off.html) and I'm happy to see that your law school loan is gonzo! Great job!!
Savings not Shoes said... October 28, 2010 8:29 PM
Hello,I love reading through your blog, I wanted to leave a little comment to support you and wish you a good continuation. Wishing you the best of luck for all your blogging efforts.
Buy cialis said... December 21, 2011 10:21 AM
Post a Comment