January 2021 – Student Loan Balance(s) Update

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!

AccountDebtMin. PaymentInterest Rate
Private Student Loan 1$0.00$110.460.000%
Private Student Loan 3-$10,666.59$153.826.650%
Private Student Loan 4-$9,997.13$245.403.750%
Private Student Loan 2-$7,235.81$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-$4,072.17$60.418.000%
University Student Loan 2-$3,162.45$42.435.000%
University Student Loan 3-$620.48$30.008.000%
University Student Loan 4-$425.05$30.008.000%
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.

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