This update contains no surprises if you read the post where I delighted in making it below $80,000.00 in student loan debt but there is a bit of additional insight. To the numbers…
July 1, 2019 – Student Loan Balance(s): -$128,663.26
March 1, 2022 – Student Loan Balance: -$86,645.29
April 1, 2022 – Student Loan Balance: -$79,347.41
Total Payments: $7,537.56
Net Difference: $7,297.88
Yea. March 2022 is easily my best biggest debt payoff month on record. This was made possible by my biggest single debt payment, on March 1st, of $4050.00, and followed up by an additional payment of $3,487.56 on March 14th after University B paid out my vacation leave as a result of the change in my employment status from full time to temporary. After I accepted the new role at Organization C, I knew that my vacation leave was going to be paid out by University B and I figured it would go a long way towards helping me get below $60,000.00 this year. I just figured it would happen when I departed University B at the end of June. Receiving my payout in March was a nice surprise.
That being said, it should be noted that my March 1st payment, which resulted only from my full-time income from Organization C and my part-time income from University B, was an even bigger payment than my leave payout. Because I live on last month’s income, this payment was made possible due to my extreme frugalness in February. Unfortunately, March was a very spendy month and, while I haven’t calculated it yet, I expect my April 1st debt payment, which will reflect March’s unbudgeted spending, to be quite pitiful. It won’t be minimum payment pitiful but it won’t be great. While some of this spending was planned and there is money set aside in my sinking fund for it (like plane tickets for a reunion and to see my best friend), some of it was not and reflected belt loosening that often happens after I buckle down AND reach a significant goal. While April is a month that includes a bit of travel, I am really hoping to get back on track with my spending this month so that I can maximize these last few months of part-time income from University B.