Coming to you again exactly 1 year since my last post, 8 Loans in 7 Years! The debt payoff continues as I’m in the home stretch of being student loan debt free!!
I graduated college in 2018 with a total of 9 student loans, equaling about $30,000, and 1 car loan (which I don’t remember the details of). If you’ve been following my journey the last 8 years, you know that my goal has been to pay off one loan in a year’s time. I have stayed tried and true to that goal, even paying two loans in one year once!
In last year’s update, I hadn’t quite paid off my 8th loan but planned to pay it off by the end of the year – which I did. I stated if all went according to plan, I would have paid off that loan as well as my next highest interest loan by the same time this year, and I’m ecstatic to say…
Do you know what that means?!?!
I have paid 9 out of 10 total loans since graduating college which means I only have one more to go!!!!!!
I cannot express how excited this makes me. What seemed like an impossible feat 8 years ago is slowly coming to fruition. The light is within reach, and each and every month it creeps closer and closer.
As of the date I’m writing this, my total remaining loan balance is $3082.40 (from $8,300 this time last year).
In full transparency, I have been dedicating at least $400 a month to paying off my loans, so as long as I continue doing so, I estimate I’ll have this final loan paid off in June – before this time next year!!!!! Roughly 8 more months to go before I become part of the 20%!
Which means it’ll be less than a year before you see my final loan update headline – I’M FINALLY DEBT* FREE!🙌 (the * because I have a mortgage lol)
You may be thinking “how is this possible?” or “how have you managed this?!” or “in this economy??” or “what if they finally approve loan forgiveness?”
To those I say,
- It’s possible through dedication and sacrifice. Since paying these off have been a major goal of mine, I have had to prioritize that goal over other wants and needs.
- I’ve managed this because I track my finances, plan accordingly, write everything down, and set reminders. If you’re struggling with where to start, I created a Budget Journal (for beginners) just for you (shameless plug).
- The economy is crazy and things are expensive, and yes, when money has had to go elsewhere it just is what it is. However, that overtime I was randomly approved for? Went to loans. That random $100 settlement check I received for a class action lawsuit I applied to months ago? Went to loans. That annual raise I received at work? Went to loans. It isn’t easy, and it isn’t fun, but it’s doable.
- As much as I hope and pray that one day student loan forgiveness will be a thing, or at the very least, student loans will be interest free, I was not going to hold out hope and continue collecting interest while I waited.
Student loan debt has increased $49 billion since last year, bringing the total from $1.814T to an even higher $1.863T. I do not take for granted that I have the privilege of paying off as much as I have in the amount of time that I have. Nor do I take for granted that I graduated college with relatively low debt compared to others I know.
I’ll delve more into the details of my loans and the process in that final recap, but in the meantime, I am jumping for joy knowing that I can finally see the light at the end of the tunnel. The end is near, and I can’t wait to check this years’ long task off my to-do list.
As always, thank you for reading! Make sure you subscribe so you can stay tuned for next year’s update on my progress.
Until next time! <3
P.S. Behind the scenes of the aforementioned Budget Journal. While sharing my journey to being debt free, I’ve received SO many questions on my tips & tricks for doing so. So I took my knowledge and experience and created a beginner-friendly Budget Journal! Purchase and download the digital version below so you can use it as many times as you’d like!
