› Forums › The Savings Spot › Does anyone have a good tactic to paying off that loan?
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Wondering if I am on the right track…
Currently my outstanding debt include;
Personal loan: $9,973.41
Car Loan: $17,004
Student Loan: $100,403 (this number really makes me want to puke)
I have paid off two other student loans in the past 2 years and I am really working on hard on paying off my personal and car loan.
I am currently not having to pay on my student loan which is allowing me to pay down the other bills. I am hoping to snowball my money and pay off my personal loan in about 5 months and then roll that money over into my car and shoot for having that paid off in the 6 months following the personal loan.
That will free up a lot of money when it comes time to paying on my student loan again.
Does anyone have a good tactic to paying off that loan? It has been a cloud over my head since 2009 but I have always had the mindset that I’ll always be in student loan debt so whatever….. mindset shift BIG time… I want that thing out of my life.
I just recently started doing cash envelops in my life too which is an eye opener about where my money is going.
I want to see a light at the end of that student loan tunnel but it is so hard with such a large number.Molly
I guess my personal experience even though you don’t have to pay on student loans. I would still pay atleast the minimum amount. I had option to not pay on mine when they stopped all that because of covid. I am greatful I did keep paying though because I got it paid off sooner. But you have to do whatever you feel comfortable with Sara
I think your plan is great. Do a bit at a time. After you’ve oId off your other debt, throw what you can at it.
Set smaller goals than the total. No, you can’t pay off $100k in a year but can you do $5k?
It’s a lot, but you’re doing great and can absolutely do this.Vicky
I have $60k in Student Loans and I started paying it last month. Every time I get pay I put $50 aside and make a whole payment of $200 at least even when I don’t have to pay it either.Theresa
Yes, that student loan amount is huge, I see a few option:
1. Get a 2nd job, 1 day a week at 12 and hour 8 hours is an extra 350is a month straight to it, if you can find more time even better.
2. Pay as much as you can as often as you can. Remember interest accrues daily so if you pay weekly you are decreasing your balance weekly so there is a smaller principal to accrue on. Just watch your account and make sure your min due is always satisfied.
3. If you get an increase in pay, 25% to retirement, 25% to savings, 30% increase to student loans, and 20% to celebrate you!
4. Create a loan calculator in excel, there are templates out there, Iput your balance in there and play with it and watch your balance decrease.
You are on the right track with the right. Indest and plan. A little bit longer and it will be resolved!
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