Steve and I have finally retired his undergraduate student loans. We paid off the original $55,531 balance, and interest accrued along the way, in 5 years. The original loan term was 214 months (almost 18 years).
I think we’re still a little in shock. It hasn’t quite sunk in yet. I think when next month rolls around and we’re able to bank our excess cash instead of submitting it to American Educational Services, we’ll begin to feel it.
As egotistical as it may sound, I am immensely proud of us. When our incomes rose, we did not adjust our standard of living and just kept throwing all the money we could get at the loan. In the beginning, the minimum loan payments were over $500 a month. On our meager earnings, it was a stretch. We lived in a horrible garage conversion in the Santa Cruz Mountains to keep our housing costs down. I hated it there, but I am so glad we stuck with it.
Now we can begin the business of saving for the ultimate dream: our own house.
5 comments:
Congratulations! You guys did awesome.
CONGRATULATIONS!!! You have every right to be proud of your accomplishment. After living like a student for 4 or 5 years it is really tempting to buy some luxuries when you finally graduate. You are truly uniquely self-disciplined.
And a great credit risk.
I think you have every right to be immensely proud of yourselves. That was no small change amount, and you exercised extreme self-control.
Congratulations - this is FANTASTIC ! ! ! We are very proud of you both.
Carolyn
That is amazing. I couldn't have done it.
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