I have an exciting update! I paid off my highest interest private student loan, which incidentally also had the highest balance. Private Loan 1 is now paid off, with a payoff amount of $11,344.15. I paid for this out of money in my savings account that was just sitting there earning way less than the 5% interest I was paying on this loan.
We now have 3 loans paid off completely. The total amount paid off thus far is $15,605.71. It's scary to watch my savings account shrink, but I have reduced my recurring monthly expenses by $261/ month just by paying off these three loans. I'm going to save that extra money to pay off my other private student loans.
I will be doing an update post on the total amounts owed on my loans and my net worth next week. Check back soon for updates, my lovely readers!!