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 |
| Federal Loans | $124,335.20 | 6.00% | $1,093.65 | ||
| 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 | ||
| $10,749.01 | 3.71% | $0.00 | 4/16/2014 | ||
| $8,908.30 | 3.71% | $56.74 | |||
| $8,583.96 | 3.71% | $46.61 | |||
| $2,137.82 | 3.72% | $0.00 | 2/28/2014 | ||
| $2,123.74 | 3.72% | $0.00 | 2/28/2014 | ||
| Total | $163,389.39 | $26,354.72 | $1,362.95 |
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?
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