December 2020 – Student Loan Balance(s) Update

To the numbers!

AccountDebtMin. PaymentInterest Rate
Private Student Loan 1$0.00$110.460.000%
Private Student Loan 3-$11,355.00$153.826.650%
Private Student Loan 4-$10,215.87$245.403.750%
Private Student Loan 2-$7,298.74$93.305.150%
Federal Student Loan 1-$21,440.37$0.006.800%
Federal Student Loan 2-$13,946.84$0.005.310%
Federal Student Loan 3-$11,184.47$0.006.800%
Federal Student Loan 4-$7,748.09$0.004.450%
Federal Student Loan 5-$5,561.12$0.004.450%
Federal Student Loan 6-$3,147.30$0.005.600%
Federal Student Loan 7-$2,863.10$0.004.660%
Federal Student Loan 8-$2,457.12$0.006.800%
Federal Student Loan 9-$2,307.18$0.006.800%
Federal Student Loan 10-$2,003.02$0.005.600%
Federal Student Loan 11-$1,639.01$0.006.800%
Federal Student Loan 12-$1,144.25$0.005.600%
University Student Loan 1-$4,105.61$60.418.000%
University Student Loan 2-$3,191.76$42.435.000%
University Student Loan 3-$646.37$30.008.000%
University Student Loan 4-$452.24$30.008.000%

November 2020 – Student Loan Balance(s): -$113,191.59

December 2020 – Student Loan Balance(s): -$112,707.46

Difference: $484.13

Okay, that exclamation point might have been a bit misleading and suggested that the numbers would be more exciting than they are. There isn’t really much to see here beyond the slow roll over from -$113,XXX.XX to -$112,XXX.XX. But that changes this week, because…

I reached my three (3) month emergency fund goal of $5,000.00!

While it doesn’t really compare to the elation of paying off a debt, it does feel pretty good. This is actually the most money I have ever had set aside, as an adult, that wasn’t earmarked for some future purpose.

I am beyond thrilled to return to aggressive debt repayment this Friday. Lately, I have been tired (and sick) and shuffling off to my part time job each evening has required a lot of discipline. There were definitely moments where I wondered, “Why am I doing this?” I think it will be much easier to stay motivated now that I know, every two weeks, I will be able to throw a bit more cash at my balance and begin to see it meaningfully decrease.

On Friday, I will share the results of the poll where I asked the pennyfolk (it’s how I refer to you all in conversations with myself) which student loan I should payoff next, and I will make my first non-minimum debt payment in three months!

4 thoughts on “December 2020 – Student Loan Balance(s) Update

  1. Yayyy congrats on reaching your emergency fund goal! I’m sure you’ll sleep more peacefully at night 🙂

    Excited for you to get back to paying off the debt just in time for the new year!

    Liked by 1 person

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