I’ve been a little quiet these last few weeks. Mainly life gets in the way of any quality blogging. I’m 9 months pregnant and we are going to have our first baby in which aside from sending in my checks every month, student loans have not been priority. However I thought I would take a moment to post an update on my progress.
I posted before on the two ways you can pay off debt, the snowball method or the avalanche method. In my situation I have chosen to focus my energy on the two little guys I have for student loans which is thru Navient loan servicer. In line with the snowball method, this will eliminate some monthly payments or obligations as each is paid off starting with the lowest balances first.
My balances I have thru Navient are from 2003-2005 when I attended Washington State University where I graduated with a degree in Business Administration. I can’t believe I have carried these balances for over ten years. That goes to show you that you can keep under forbearance under the federal government for a very long time. I was also able to push aside paying them off by making interest only payments as well. While a government student loan allows for a lot of leeway, it certainly doesn’t do you any favors. After all, they will gladly take the extra interest owed to them in the end.
While I did refinance recently my large student loan balance I had with FedLoan Servicing, I purposely left these loans out of that refinance as the interest rate remained fairly low and the balances were manageable. Recall when I started this blog, I posted this:
Total balance of $14,440 in January. The balance on the first loan was somewhere around $8,500 and the balance on the second loan was around $6,000. I paid all my extra monies to that smaller loan. I finally paid off that smaller loan last month, so here’s my new snapshot:
Yes, I know I’m a long ways away from being paid off completely, but eliminating even one loan certainly feels GOOD!
While my life over the last 5 months has included being pregnant, buying a house, moving, and kitchen remodel, all while working full time, I have managed to pay off at least one of my little loans by simply sticking to the plan. I simply sent in the money I had planned and while life passed by, before I knew it one of my balances turned to zero! In other words, for all my debt chasers, set your plan and keep at it! We all get so busy with the day to day of our lives that with the blink of your eyes these balances will vanish in no time!