Tuesday, December 23, 2008

Student Loan update..


I recently set myself a goal to try and pay off atleast $500 a month towards my student loan, because I really want to pay it off as fast as possible. So far it has been easier than I thought!

When I got my pay last Friday, I was able to make a $575.00 payment! I had already made a $200 payment at the beginning of the month so that means that this month I have paid a total of $775.00 towards my student loan!

Now I am wondering why I have not been paying this much before?? What did I do with all that money?! I guess I would have put more into savings but I am really wanting to aggresively pay off this loan, and focus more on that than my savings right now.

So about a month ago my loan was at $3700 and today its $2978! I have to admit I am really proud of myself right now. December can be a really bad time for spending and I have done really well. I already had money set aside for Christmas presents, so this is what really allowed me to start paying so much toward my loan. I really hope that I can keep this up in the coming months.

4 comments:

Dolly Iris said...

Wow! That is a lot of dough! I bet it felt great to get under the $3000 mark. Student loans really need to paid in chunks to make a difference. I was shocked seeing how much I was paying in interest daily.
Congrats!

Fabulously Broke said...

It must be such a relief to get it under $3k :) Good job!

Money Minder said...

Good Job! Congratulations on your success

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