Happy New Year!
My only wish for this new year (I know wishes aren’t a thing) is that 2021 is just…better.
With that said, I am feeling extremely motivated and ready to get-it. To the numbers!
| Account | Debt | Min. Payment | Interest Rate |
| Private Student Loan 1 | $0.00 | $110.46 | 0.000% |
| Private Student Loan 3 | -$10,666.59 | $153.82 | 6.650% |
| Private Student Loan 4 | -$9,997.13 | $245.40 | 3.750% |
| Private Student Loan 2 | -$7,235.81 | $93.30 | 5.150% |
| 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 | -$4,072.17 | $60.41 | 8.000% |
| University Student Loan 2 | -$3,162.45 | $42.43 | 5.000% |
| University Student Loan 3 | -$620.48 | $30.00 | 8.000% |
| University Student Loan 4 | -$425.05 | $30.00 | 8.000% |
| Total | -$111,621.55 | $765.82 |
December 2020 – Student Loan Balance(s): -$112,707.46
January 2021 – Student Loan Balance(s): -$111,621.55
Total Payments: $1,258.51
Net Difference: $1,085.91
It feels really good to be back to making more aggressive debt repayments and seeing my balance meaningfully decrease as a result of my efforts.
If you read my 2020 Financial Review then these numbers aren’t a surprise to you. While writing that post, I realized that looking at the net difference, and not the total payments made, only tells part of the story. Beginning this year, I will record both the total amount I put towards my student loan debt each month and the net difference in my student loan balances.
Student Loan Target Update
With my “debt snowball-avalance-made-up-ish-but-focused” I am currently targeting Private Student Loan 3 (PSL3). I began targeting PSL 3 in December 2020, after a pause in aggressive debt repayment to establish a three month emergency fund.
December 2020 – PSL3 Balance: -$11,355.00
January 2021 – PSL3 Balance: -$10,666.59
I am pretty excited about the progress I made on this loan in December given that my regular monthly paycheck went towards completing my emergency fund. I know it’s going to take some hustle but I would really like to have this loan paid off by the end of June.
Ms. Afro Penny 