Student Loan Progress – December 2013

Happy New Year everyone, let’s hope it is a happy and healthy one! The end of 2013 is upon us, and although I can’t say the same thing about my student loans I can report that I am making some progress. You may remember that last month I accidently put money into my smallest private student loan instead of the one I had been targeting as my next goal the past few months. I decided to turn this into a positive and figured I could just use this an opportunity to completely eliminate that loan before the end of 2013. It was a bit of a stretch goal, but I figured if I could keep my spending down it would be a great way to end the year completely eliminating a second loan and re-focusing for 2014.So without any further interuption, you can see my December 2013 results right below:

Loan  Loan Amount   Change Interest Rate
Private 1  $        15,867.19  $            (164.15) 7.92%
Private 2  $        19,591.45  $              (63.16) 7.92%
Private 3  $                       –  $                       – 7.92%
Private 4  $                       –  $        (1,907.05) 7.35%
Gov 1  $          3,630.06  $              (32.97) 3.40%
Gov 2  $          3,167.21  $              (24.11) 6.80%
Gov 3  $          5,022.65  $              (40.85) 4.50%
Gov 4  $          1,901.19  $              (14.76) 6.80%
Gov 5  $          5,067.23  $              (39.03) 5.60%
Gov 6  $          2,013.78  $              (15.64) 6.80%
Gov 7  $          4,143.61  $              (31.52) 6.00%
Gov 8  $          3,171.79  $              (24.17) 6.80%
Total  $        63,576.16  $        (2,357.41)

I was able to completely pay off Private Loan 4 in just two quick months! 2 loans down, 10 to go. I probably lost a few dollars to interest with this loan being 7.3% and the other two being 7.9%, but with it only being 2 months I’m not worried at all. I’m actually really happy how this turned out, and I’m pumped that I was able to take another loan completely off the table. If anything in my situation was to change, that would be one less minimum payment that I would have to worry about.

In total I ended up putting a little over $2600 (with interest included) towards my loans this month, with wanting to pay off Private Loan 4 completely and still having to put the minimum payments towards the rest of my loans. I don’t think it’s going to break the budget, and I still have some breathing room with my emergency fund as long as I don’t inflate my other spending categories on top of that.

I’ve got to say I was feeling pretty down about my loans, and this was the little confidence booster that I really needed. Maybe it wasn’t so much of an accident at all and more of my subconscious telling me that I really needed this small victory. Either way, I will be re-evaluating where I stand with my loans next month based on my original report when I started this blog. I think it will end up with me going back to re-targeting Private Loan 1 and making slow and steady progress on the highest interest loans – hopefully finishing that loan somewhere in the middle of the year. Stay tuned for that update!

photo credit: blavandmaster via photopin cc

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