Friday, October 30, 2015

October Debt Update

Made a $1900 payment today on one of my law school loans. My total debt looks like this now:

1. Law school mini loan: $3500 (interest 5.5%, none accruing until March)
2. Car Loan: $5500 (interest 3.3%)
2. Law school loan 1: $12,500 (interest 6.7%)
3. Law school loan 2:$12,500 (interest 6.1%)
4. Law school loan 3: $13,000  (interest 5%)
5. Undergraduate student loan: $0

Amber's total debt = $45,000

Slowly but surely we are digging our way out of this mess.

Still haven't decided how we will attack Danny's debt when he graduates but will cross that bridge when we get there. The debate always goes back between taking advantage of IRB/PAYE versus just knocking the dang thing out. What are your thoughts? IRB or no?

Undergraduate Student Loans

are GONE, history! Sayonara!

I could do a back flip.

Next I will start chipping away at a small loan that I took out for one of my summer's in law school. Hey by the way, if you are in law school, don't be a dummy in your summers and work for free. Get yourself paid! There are plenty of paying jobs and there are not a lot of good reasons for you not to take one.

Payment Numba 4

Ouch. More interest accrued than I was able to make a payment on. That blows!

My loans are such that the federal govt has combined them all on Nice because I can view them all together and really comprehend how much interest is accruing but dayummmm it hurt to look at.

The good news is that with my next pay check I will be able to fully pay off my undergrad student loan. Woo woo!

Someone today recommended that I take out another loan (such as a home loan) that has a lower interest rate to pay off my student loans (which have a rate of 7%) -- anyone have thoughts on this?? Is that even allowed? Is that a bad idea?