Grifball Posted March 4, 2015 Report Share Posted March 4, 2015 I just took my tax refund, along with a bunch of other money I've been saving up, and paid off an $8,360 student loan with a 7.75% interest rate! This saves me $5015.38 in interest payments. Now, I've got another 10 loans to pay off, but this was a big chunk of what I had remaining and lowers my minimum monthly payment by $83.21! I'm very excited and felt the need to let it out. 13 Quote 5'11'' Male SW: 251 | CW: 199 | GW: 175 Battle Log: Grifball's Freelancer Training "I WILL EAT YOUR UNHAPPINESS." - Michael J. Caboose Link to comment
Yul Posted March 4, 2015 Report Share Posted March 4, 2015 Congrats! My great grand kids will still be paying mine off. Quote Yul- Level 0 Werebear Fallen Jedi"Screw the lightsaber, look out for the teeth!" Link to comment
tundralily Posted March 4, 2015 Report Share Posted March 4, 2015 I just took my tax refund, along with a bunch of other money I've been saving up, and paid off an $8,360 student loan with a 7.75% interest rate! This saves me $5015.38 in interest payments. Now, I've got another 10 loans to pay off, but this was a big chunk of what I had remaining and lowers my minimum monthly payment by $83.21! I'm very excited and felt the need to let it out.Congrats that's AWESOME! I'm hoping to pay off one of my (and my spouses's) 4 loans by the end of the year. 1 Quote Level: 8 Race: Wood Elf Class: Ranger at Heart - Training with the Adventurers Current Adventure: A New HopePast Challenges: 1st ✲ 2nd ✲ 3rd ✲ 4th ✲ 5th ✲ 6th ✲ 7th ✲ 8th ✲ 9th“I am and always will be the optimist. The hoper of far-flung hopes and the dreamer of improbable dreams†- Eleventh Doctor Link to comment
Merrin Posted March 4, 2015 Report Share Posted March 4, 2015 I just took my tax refund, along with a bunch of other money I've been saving up, and paid off an $8,360 student loan with a 7.75% interest rate! This saves me $5015.38 in interest payments. Now, I've got another 10 loans to pay off, but this was a big chunk of what I had remaining and lowers my minimum monthly payment by $83.21! I'm very excited and felt the need to let it out. Grats! That's amazing! I just budgeted upping my payment (by a fairly minimal amount) and it'll save me three whole years of full payments. Personal finance ftw! 1 Quote Sylph Spellblade | Level 10 STR 5.2 | DEX 4.2 | STA 6.2 | CON 11.32 | WIS 6.75 | CHA 7.3 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 Battle Log Epic Quest! Link to comment
OrangeBeanie Posted March 4, 2015 Report Share Posted March 4, 2015 Awesome sauce! Taxes are always helpful when it comes to paying off loans. My wife has a lot of school debt from going to a private college for 4 years, so I know the struggle. Quote "My heroes had the heart to lose their lives out on a limbAnd all I remember is thinking, I want to be like them." Link to comment
--- Posted March 5, 2015 Report Share Posted March 5, 2015 YAAAY! Paying off loans always feels fantastic! Quote Link to comment
Grifball Posted March 5, 2015 Author Report Share Posted March 5, 2015 Thanks for all the replies, everyone! I'm pretty stoked. To those of you on the debt boat with me, best of luck with that! It's definitely a trip, eh? Quote 5'11'' Male SW: 251 | CW: 199 | GW: 175 Battle Log: Grifball's Freelancer Training "I WILL EAT YOUR UNHAPPINESS." - Michael J. Caboose Link to comment
wykcira1 Posted March 6, 2015 Report Share Posted March 6, 2015 I recently paid off a small one. I now have that going to the remaining payment. I'm gonna knock it down now. 1 Quote Human Ranger Level 4STR: 2DEX: 3STA: 10CON: 6WIS: 3CHA: 2 "I love things that seem impossible" The Cat Empire Link to comment
Grifball Posted March 6, 2015 Author Report Share Posted March 6, 2015 I recently paid off a small one. I now have that going to the remaining payment. I'm gonna knock it down now. Brilliant! I'm doing the same thing- snowballing the reduction of my minimum payment into my highest interest loans to reduce the principal (and thus the amount of interest accruing). 1 Quote 5'11'' Male SW: 251 | CW: 199 | GW: 175 Battle Log: Grifball's Freelancer Training "I WILL EAT YOUR UNHAPPINESS." - Michael J. Caboose Link to comment
--- Posted March 7, 2015 Report Share Posted March 7, 2015 The snowball method is wonderful! In our case, though, we went by smallest amount left to pay off, partially because the interest rates were about the same on all of our loans. Quote Link to comment
Cat in the rack Posted March 8, 2015 Report Share Posted March 8, 2015 Sorry, I wish you congratulations, but something about student loans and paying them off doesn't compute inside my head Quote Follow me on snapchat or instagram @ catintherackSquat: 115kgBench: 77.5kgDeadlift: 130kgTotal: 322.5kgWeight: 68kg Link to comment
Gabs Posted March 11, 2015 Report Share Posted March 11, 2015 That is Amazing Grifball!!! Woot! I am hoping with in the next couple of months to pay off one of my smallest loans. Really hoping all the saving and hard work pays off literally for me and my family's future and present financial peace. Quote Link to comment
Grifball Posted March 11, 2015 Author Report Share Posted March 11, 2015 Good on ya, Gabs! I'm sure it'll pay off for you and your family. Personal finance is all mathematics, and mathematically, you're best served by paying off debt as quickly as possible, all other things being equal. I'm paying off a bunch of my small loans first as well, and then tackling the bigger loans by highest interest rate first. Quote 5'11'' Male SW: 251 | CW: 199 | GW: 175 Battle Log: Grifball's Freelancer Training "I WILL EAT YOUR UNHAPPINESS." - Michael J. Caboose Link to comment
Lady Aislyn Posted March 12, 2015 Report Share Posted March 12, 2015 I just took my tax refund, along with a bunch of other money I've been saving up, and paid off an $8,360 student loan with a 7.75% interest rate! This saves me $5015.38 in interest payments. Now, I've got another 10 loans to pay off, but this was a big chunk of what I had remaining and lowers my minimum monthly payment by $83.21! I'm very excited and felt the need to let it outAwesome!! I'm sure I speak for all millenials when I say paying off student loans is more than a little daunting. I'm using this year to pay off $10k in credit card debt racked up last year after I was laid off, plus the next 2-3 years paying off ~$70k in student loans.Sorry, I wish you congratulations, but something about student loans and paying them off doesn't compute inside my head Haha touché sir, touché. Quote High Elf-Rakshasa Assassin | LVL 16 | STR: 18 | DEX: 11 | STA: 13 | CON: 6 | WIS: 18 | CHA: 19 Link to comment
Lou_be_Lou Posted March 14, 2015 Report Share Posted March 14, 2015 Superb! YAY for chopping huge chunks out of your student debt. Quote NF challenges: March 2018 , 12 , 11 , 10, 9, 8, 7, 6, 5, 4, 3, 2, 1 Link to comment
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