That's right! I've paid off yet another loan. How sexy is that? ;)
I paid off a loan that fell under the Private Loan 3 umbrella, in the amount of $10,749.01. This particular debt monster had a 3.71% interest rate and a $117.34 monthly payment. This loan was from undergrad and it has been *OVER* 10 years since I took it out. It was about time that debt monster went away! I took out money from my savings to pay for this.
Here's an updated breakdown of what I owe now that this loan has been paid off:
|Student Loans||Amount Owed||Amount Paid Off||Interest Rate||Monthly Payment||Payoff Date|
|Private Loan 1||$11,344.15||5.00%||$0.00||3/7/2014|
|Private Loan 2||$9,962.07||3.01%||$81.18|
|Private Loan 3||$11,599.86||3.21%||$84.77|
I have to admit, every time I push that button in my account to confirm I want to pay off another loan, I get a rush of adrenaline. I think I'm getting a little addicted to paying off my debt. :)
This is definitely hard work, and I have moments where I feel completely overwhelmed by the burden of this debt, but it's so so nice to start seeing some progress. If I hadn't paid down some of my private loans, and I was continuing to pay the monthly amounts I was previously paying (about $647/ month), my monthly payments would be up to $1,740.65 by now!!!!!! That makes $1362.95/ month seem a lot better. It's all relative, I guess. :)
How is your debt payoff plan coming along?