As you see, it is a boring day here in Atlanta. The whole city shuts down when we get a little snow and ice, so I will not be going anywhere. With this being the case, I thought I would write another post.
When I am bored, I try to find things to do, which is probably not a good thing. So, I logged into our student loans yesterday and found one that was nagging me with a measly $300 balance left on it. It is a loan we are currently spending $50 a month on, so I decided I would go ahead and pay it off. I don't think we really have $300 at the moment, but I got so annoyed thinking about how small of a balance it was, and how it was not paid off. So, I decided I would just pay it off. I think we will be ok, but the peace of mind about it is worth it to me. I will update the debt totals tomorrow once the payment is processed.
Now, we are going to start knocking down a $4,200 loan. I would like to have this paid off by July. We have some summer money coming in, so I definitely think it is doable. That will free up another $40 a month. Once that one is gone, we will have just under $4,000 left on my wife's balance. It has been a tough road to get her balances down, but has definitely been worth it. Once they are gone, that is $350 a month back in our pockets. That will be our vacation money next summer.
Once her loans are gone, we will start to pay mine slowly. We will be eligible for the $17,500 loan forgiveness for teachers in Title 1 schools in 2 years. I currently have just under $34,500 left on them, but of that balance, I will only need to pay another $17,000 to get them at the forgiveness limit. So, we will pay slowly and make sure we do not pay more money than we have to. I have heard some people say this is not the easiest process to go through. If anyone has any experience with it, I would love to hear your story. Feel free to drop a comment.
Anyway, if this storm is in your area, I hope you all are safe and warm.
Just wondering... peace of mind of having it paid off, where there was no urgency, vs not really knowing if you can cover for it??? I would really have made sure I could pay it, especially if there's no urgent need for it and you didn't have the money readily available... I have enough money to pay all of my remaining debts between my EF and other savings goals, but that's money set aside for other things. Temptation is big and there, but it won't cost me much to just be patient and wait it out.
ReplyDeleteI've heard about the loan forgiveness, and have had to research schools for a teacher friend to make sure he's applying to Title 1 schools... which isnt hard in his area. That'll be a great break from you guys, for sure!
I was pretty meticulous with our money. I thought we could cover it and still have a few hundred bucks left over. We haven't touched our savings for our debt at all. You're right, the temptation is definitely there, but we have that money marked for other purposes.
DeleteGood for your friend! I hope he gets a job at a Title 1 school so he can take advantage of that forgiveness. It sure is nice.
THATS A GOOD BLOG. KEEP UPDATING MORE.
ReplyDeleteSnow Day Blues