Saturday, December 20, 2014
Student Loan Payoff
I went to school for 8 years, including every Summer semester except for 1, which means I spent a lot of money on education. This is a good thing and has been a great payout. When we were in our undergrad my parents helped pay for our school, sharing the costs. When it came to grad school however we were on our own when it came to tuition and books. So the last 2 years of my schooling I had to take out student loans. Grad school isn't cheap, but thankfully I was able to get half of my first year of tuition paid for, because I worked for the university. After working for 5 years full time, 9000 of the approximately 36,000 was forgiven. For nearly 10 years I've been paying 250 a month and last year I increased it to 400 a month. I'm happy to report this week I paid the remaining 1510 of those student loans! What a relief it is. Gratefully I only was locked into .0625 percent of interest unlike the 8 percent that people are paying these days. I feel very fortunate that I didn't come out of school with 100,000 in student loans like many I know. So now I have an extra few hundred dollars a month to put into a new car fund or my travel fund!