Thursday, December 30, 2010

Monthly (and Annual) Student Loan Debt Roundup

Posting this a day early as New Year's revelry plans are taking us out of town to visit friends in a few hours. The numbers are a little skewed on the Perkins loan because I paid them $225 and they must not have calculated this month's interest yet because it is showing a reduction of $220. Wouldn't that be nice?

This time last year I owed $132,872.72. As of today, my current debt stands at $123,010.35 - a reduction of nearly $10k! At my current rate of payment I will have all of my student loans paid off in a little over 11 years....but I hope to have them paid off in 8 years.

In October of this year I paid off my Law School loan, a loan given to me straight from the school at a killer interest rate of 8%. Now that it's gone I am attacking my Perkins loan, which is my highest interest and lowest balance loan standing at a rate of 5% and less than $7k remaining. I hope to somehow figure out a way to kill this loan too in 2011.

Here are the totals:



I hope everyone has a great New Year's!

4 comments:

Nd.chic said...

10K is huge decrease for student loan debt in one year. You are making good progress on the Perkins loan. Happy New Year!

Anonymous said...

Watching your progress with envy and awe...congratulations! karla

Student Loan Debt said...

Well done! You are an inspiration to me, and I always look forward to reading your posts. Keep it up and enjoy your holiday!

Well Heeled Blog said...

Congrats on your student loan progress! That is pretty amazing. I would love to read a post on your reflections on big loans for grad school - I am planning to get my MBA in a few years and that will require lots of loans, just want to hear some perspective from people who have already done it, I suppose.