I took a big step backwards as my last student loan disbursement came through. From here on out, I have no where to go but up. I’m graduating in May and will be able to start throwing real money at these loans. I hate my student loan debt. I borrowed and borrowed and then one day it hit me I stupid I was.
February 2014 Breakdown
CASH – Up $1,000 because I received the other half of my scholarship. Already used part of this to pay down the PLUS loan.
ROTH – When I stopped my Roth contributions a few months ago, I only paused the automatic debit for 3 months. I meant to cancel it, but forgot.
OPERS – I wanted to transfer this to to an IRA during Christmas break but I’m a lazy bum.
CIVIC – Slight decrease as usual. Car still runs great and hope to drive this for many years.
PLUS – Solid progress given my current part-time income. My plan is to reduce this as much as possible before it enters repayment. Payments are based on the loan balance when repayment begins. Lower = better.
STAFFORD – These loans are partially subsidized. Some are at 3.4%. Others are at 6.8%. I realized the other day that I should put this on one of the income based repayment plans. Why? These plans keep the minimum payment low. That frees up my income to pay down the higher 7.9% PLUS loan.
CIVIC LOAN – Slowly killing this bad boy.
PERKINS - Interest free until I graduate, just chilling for now.
Progress is slow at the moment, but will speed up quickly when I graduate and start working full time! Really just need to increase my income and the debt will start to melt away.