Tuesday, October 19, 2010

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!

16 comments:

Anonymous said...

congratulations! what great, great news. reading your blog helps keep me motivated :)

Ella said...

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. :-)

graduatedlearning said...

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!

Anonymous said...

That's great! Keep up the good work!

paisley penguin said...

Congratulations! Paying off student loans feels so good!

Canadian Saver said...

Congratulations!

Daizy said...

Yea! Good job. Keep at it and they will all be zero before you know it.

Anonymous said...

Breathe a sigh of relief and pat yourself on the back! Big congrats on paying off an annoying debt. How inspiring. karla

Anonymous said...

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!

Sunflowers said...

Congrats!! :D I look forward to the day when I can say that!

FB @ FabulouslyBroke.com said...

Oh my goodness congratulations!!! :)

What an accomplishment

EK said...

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.

Brooke said...

that's awesome!!! :) great work.

Savings not Shoes said...

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!!

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Cinthia Mull said...

Congratulations on your success! This is something not everyone can do -- to actually have the perseverance to pay off a debt that they have. You worked harder than usual to just earn a little extra and you immediately used it to pay your student loan. I admire your self control and patience. Keep up the good work and good luck!

Cinthia Mull