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Just hit send on my very last student loan payment!! I'm now officially debt free and can concentrate all my extra inome on saving for a future house! Feels good to get it all paid off early (graduated with about $31k in loans, paid everything off in a little over 5 years). WOOOOO!
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Congratulations! One of the best feelings I had was paying off my student loan last year.
Good job!
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Awesome!!Comment
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Congrats!
Student loans are a pain. I know.
What are your plans for the "extra" money that you now have?BrianComment
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That's great! I loved sending my last student loan payment. I paid off $102,000 in 12 years, 13 years ahead of the payment schedule. Enjoy having that extra money every month.Steve
* Despite the high cost of living, it remains very popular.
* Why should I pay for my daughter's education when she already knows everything?
* There are no shortcuts to anywhere worth going.Comment
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Good on you! Paying off SL $31.k in slightly over 5 yrs is a remarkable achievement. Feel proud, you're way ahead of your peers.Comment
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That is very impressive!
Congratulations, and celebrate in style (without getting into debt...)
Click here to download your FREE report:'The Absolute Beginner's Guide To Money Management'Comment
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B-Originally posted by bjl584 View Post
I used to save half and put the other half toward loans (the savings was a combination of building my EF and then building a future house downpayment fund).
Now that all the loans are paid off I just intend to keep tossing a ton of money into an online savings account (smarty pig is still at 1%) in the hopes that I can buy a house in the next year or 2. I also tossed $18k of my current savings into some CDs since PenFed was offering a great deal on interest rates at the beginning of the year. I figured if I don't buy a house as soon as I want, I can take advantage of the higher interest. If I buy and have to withdrawal the money early, the penalty is low enough that at worst it would have been like leaving my money in the smartypig account at 1%.
Ideally, I'd like to up my retirement contributions (I'm putting away 10% in my TSP (5% Roth, 5% regular) and maxing out a Roth IRA, so total it's about 15% of my income + 4% TSP matching)... but I'd like to wait until I have have that downpayment fund built up more before I do that.
I'll admit that I was lucky enough to have a job that offers a student loan repayment program that contributed $10-11K (after taxes taken out) toward the debt, otherwise I'd still be sitting here tossing extra money at those stupid loans!Comment
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