Student Loan Progress – July 2013

As I was preparing to write this post, I was starting to feel a little burnt out about my debt again. But I have to realize that I’m making progress and keep pushing towards my goal to be debt free. I’m treating it like like as much of an emergency as possible with every last dollar going towards my goal! Since I’ve started this blog I’m doing much better and trying to put a minimum of $2,000 towards the loans each month.

This is where I stood at the end of June:

Loan
 Loan Amount 
Interest Rate
Private 1  $ 26,053.92 7.92%
Private 2  $ 19,971.82 7.92%
Private 3  $ –   7.92%
Private 4  $ 3,532.69 7.35%
Gov 1  $ 22,118.82 5.22%
Gov 2  $ 7,566.56 6.80%
Total  $ 79,243.81

You may remember that I was a little disapointed that my government loans had switched providers, so I was not able to make any payments on them last month. This led to me only putting $1,500 towards my private loans when in reality I could have put a full $2,000. I also thought my expenses would be higher last month with my camping trip, but I think they will actually up being high this month. Go figure!

Here are the payments I made for July:

Loan
 Loan Amount 
 Change 
Interest Rate
Private 1  $ 24,485.37  $ (1,568.55) 7.92%
Private 2  $ 19,919.49  $ (52.33) 7.92%
Private 3  $ –    $ –   7.92%
Private 4  $ 3,506.12  $ (26.57) 7.35%
Gov 1  $ 3,773.04 3.40%
Gov 2  $ 3,309.66 6.80%
Gov 3  $ 5,200.81 4.50%
Gov 4  $ 2,010.27 6.80%
Gov 5  $ 5,270.84 5.60%
Gov 6  $ 2,129.04 6.80%
Gov 7  $ 4,312.47 6.00%
Gov 8  $ 3,322.53  $ (356.72) 6.80%
Total  $ 77,239.64  $ (2,004.17)

As you may have noticed, my new provider has now split all my government loans up individually. I’m not sure if this is a good or bad thing, but may be more helpful in the long run. I’ll be able to target each loan individually in order of highest interest rate and it will be more of a psychological victory as I eliminate each one.

I paid about $2,500 in total towards my loans this month. I’m still working on completely paying off Private Loan #1 and I’m slowly making progress on that. The $356 you see for the government loans is in total, next month I will be able to show each individual loan. The $2,000 towards the principal was good progress compared to last month. Hopefully next month will bring more of the same!

2 thoughts on “Student Loan Progress – July 2013

  1. While it is natural to feel burnt out every now and again while paying off debt, especially in huge amounts, you’re doing great! Paying $2k minimum a month is no small feat. I think it might be a good thing that your loans are split further. My boyfriend has something like that, where he has 6 individual loans, and three of them are $2k balances with high interest. I logged onto his account and found he can allocate more money toward each one individually if he wanted, which he agreed would be a good idea. I wish I had that option!

    • Thank you, yeah I’m definitely trying to stay positive, just sucks to see all that money get ‘wasted’ each month! I think I agree with you on the separate loans being better now. It will be a little while before I see that though, as I’m going from highest to lowest interest first.

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