I don’t smoke but I’m ready for a 🚬
I recently received an unexpected bonus and did what must me done… I just made a $10,000 student loan payment and feel sick to my stomach over it! I’ve never in my life made such a large single transaction haha!
Original balance approx $32,000
New current balance approx $11,500
Keep fighting the good fight y’all!
Posted by InfiniteLoss5632
12 Comments
Short term pain for long term peace of mind
I’m proud of you
congrats
Restored my hope
This is the way!!! Nice
That is amazing!!! Good luck, you are sooo close to freedom!!!!!
This is awesome. People would keep paying the same monthly payment to axe the debt quicker.
However, I’d say take a percentage (like 30%) of that difference between your old and new monthly payment and pay yourself and put the rest towards the rest of the loan to balance a quicker payoff while rewarding yourself for making a large lump sum payment!
In september 2022 I decided that instead of waiting for all the waffling about forgiveness happening or not I wanted the monkey off my back. 20k balance, 20k payment, hit send. It immediately felt like a weight I had for so long I had forgotten about was lifted off me. Plus for a few days I felt like a baller because the balance showed 0 but the payment hadn’t pulled from my account yet.
I feel you!
I made a 6k payment and an almost 5k payment this week (I delayed the inevitable initially and sat on the money, but realized I needed to pay this anyways so I finally pulled the plug).
Original balance ~$28,500
Current balance – $8,500
We got this!
Well done. I did same thing over the better part of a decade. Definitely worth being debt free in the end.
Congrats! I paid over $30k last year, didn’t go on any vacations or buy anything for myself which sucked but you are right, just have to bite the bullet and do it. Your future self will thank you.
Great decision!