Okay, this is the post I have been dreading. The one where I have to reflect on making negligible student loan debt repayment progress because I am focused on beefing up my emergency fund to cover three months worth of expenses ($5,000.00).
Ugh. To the numbers…
| Account | Debt | Min. Payment | Interest Rate |
| Private Student Loan 1 | $0.00 | $110.46 | 0.000% |
| Private Student Loan 4 | -$10,642.35 | $245.40 | 3.750% |
| Private Student Loan 3 | -$11,536.88 | $153.82 | 6.670% |
| Private Student Loan 2 | -$7,420.84 | $93.30 | 5.400% |
| Federal Student Loan 1 | -$21,440.37 | $0.00 | 6.800% |
| Federal Student Loan 2 | -$13,946.84 | $0.00 | 5.310% |
| Federal Student Loan 3 | -$11,184.47 | $0.00 | 6.800% |
| Federal Student Loan 4 | -$7,748.09 | $0.00 | 4.450% |
| Federal Student Loan 5 | -$5,561.12 | $0.00 | 4.450% |
| Federal Student Loan 6 | -$3,147.30 | $0.00 | 5.600% |
| Federal Student Loan 7 | -$2,863.10 | $0.00 | 4.660% |
| Federal Student Loan 8 | -$2,457.12 | $0.00 | 6.800% |
| Federal Student Loan 9 | -$2,307.18 | $0.00 | 6.800% |
| Federal Student Loan 10 | -$2,003.02 | $0.00 | 5.600% |
| Federal Student Loan 11 | -$1,639.01 | $0.00 | 6.800% |
| Federal Student Loan 12 | -$1,144.25 | $0.00 | 5.600% |
| University Student Loan 1 | -$4,171.83 | $60.41 | 8.000% |
| University Student Loan 2 | -$3,250.02 | $42.43 | 5.000% |
| University Student Loan 3 | -$697.64 | $30.00 | 8.000% |
| University Student Loan 4 | -$506.08 | $30.00 | 8.000% |
| Total | -$113,667.51 | $765.82 |
September 2020 – Student Loan Balance(s): -$114,144.74
October 2020 – Student Loan Balance(s): -$113,667.51
Difference: $477.23
So…yea. That does not inspire the warm and fuzzy feelings I had on September 1st after having my second largest debt payoff month to date. To be fair, it could be a lot worse. I am very fortunate to be taking this savings respite from debt repayment during the continued interest rate abatement for federal student loans. Were that not the case, there is a very real chance I could have seen my overall student loan balance grow this month. *shudders*
There really isn’t much else to say this month about my student loan debt repayment. However, on the heels of a meaningful change in income, questions about savings, and some reflection on my blog, I’ve decided I probably need to share my budget again. 😨 That will happen…tomorrow.
Ms. Afro Penny 
I know exactly how you feel! I always feel guilty when I’m not contributing as much as I think I should to my debt payments, even when I know I’m actually saving up the money and not just spending it on frivolous things.
What makes me feel better is knowing that no matter what, I can always use the money that I’ve saved up to pay the debt but I’ll never be able to get back the money I already spent on debt repayment back to my savings account.
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Thanks Avery… “What makes me feel better is knowing that no matter what, I can always use the money that I’ve saved up to pay the debt but I’ll never be able to get back the money I already spent on debt repayment back to my savings account.” THIS. This is all that really needs to be said.
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I remember when Stephanie and I sat down and talked about how much emergency fund we *really* needed when we mostly just wanted to throw every single penny at student loans. I think, especially given the uncertainty of the covid economy, your $5,000 goal is a prudent choice. Having an emergency fund isn’t that exciting, but NOT having one is both terrifying and risky. And like Avery said, you can always decide to throw it at debt later if something changes.
Thanks for sharing so freely as you chip away and re-invent your financial future. You can do this!
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Hello Mike! There isn’t a site/blog linked to your name/comment, but I believe you are Mike (and Stephanie) from SixFiguresUnder? If so, thank you and Stephanie for sharing so freely about your own journey. I followed SixFiguresUnder from the beginning when your income was more modest and you had a huge goal; and, it was one of the reasons I felt a bit more comfortable sharing about my own big goal even though I have a modest income.
As to the emergency fund…having a blog, and getting encouragement from others to do the prudent thing, which often isn’t the “fun” thing, has been really helpful.
Thank you for the encouragement and the inspiration.
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