If you tuned in for my super lowkey celebration of making it under $70,000.00 in student loan debt, this post contains nothing new…but let’s take a look anyway…to the numbers…
July 1, 2019 – Student Loan Balance(s): -$128,663.26
June 1, 2022 – Student Loan Balance: -$74,672.59
July 1, 2022 – Student Loan Balance: -$69,998.37
Total Payments: $4,875.00
Net Difference: $4,674.22
I used PenFed’s payoff estimator to determine how much interest would accumulate on my loan over the course of the month, which resulted in my oddly specific payoff amount; I saw no point in announcing that I had made it under $70,000.00 in debt if interest was going to push me back over the threshold by the end of the month. So July 1st finds me still under…just barely.
Today is the day I make my large monthly payment so I will be significantly under after my payment processes. While I have returned to my PenFed account frequently over the month to find inspiration, it’s nothing like it was in the past. I fear the days of getting outrageously excited by debt repayment progress are over. Or, perhaps it is just the weight of everything else at the moment…
In other random financial news, Splash Financial and So-Fi are constantly sending me mail trying to get me to refinance my student loans. I finally checked out my “pre-approved offer” just to see what else might be out there given that I paid off $20,000.00 in debt in six months.
Yea…I’m gonna stay put.
Ms. Afro Penny 
What else is going on at the moment? Aside from world issues I mean ☺️. Good to see you and yes, the excitement is an ebb and flow type of thing…
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Ahhh…that is the question. Tomorrow, I turn in my last bit of work for University B and should, in theory, have more time for blogging. I plan on sharing a bit more soon. As always, thank you for your support. I will hop on over your blog in a minute.
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😃🥰 I find that looking at where I was helps. Also looking at what you can do with those funds or who you can help once you no longer have the debt.
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Yup! I want the freedom that comes with not having debt and being a frugal person. I can do whatever I want.
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It’s so nice to see that under-$70,000 number, still. I get that it’s less thrilling than at the beginning. I think it’s the outrageous goals that get me the most fired up. You know now that this debt will be gone very soon so maybe the challenge is not so challenging now.
Maybe sometime between now and a zero balance, you’ll find a new goal that will give you the same excitement you had when you started this journey, and it will push you to zero with a new urgency so you can start on your new goal.
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You are absolutely right…as I was writing my anniversary post, I was thinking that maybe I just need to come up with another outrageous goal… I’ve been kinda doing that with my professional life and I will share more soon…
“Maybe sometime between now and a zero balance, you’ll find a new goal that will give you the same excitement you had when you started this journey, and it will push you to zero with a new urgency so you can start on your new goal.” This…or perhaps I move up my zero balance timeline by quite a bit…
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Wow those pre-qualified rates are a joke!
I agree with Ellen. The excitement you felt at the early stages probably had a lot to do with having set a crazy goal that you didn’t know if you could accomplish. It was a challenge but now that you know you’ll get there, it loses some of its excitement.
While excitement may come and go, you have something even better now, a routine! The fact that you’ve made debt payment a part of your routine is the key to keeping the momentum going and eventually get you to that end goal!
On a lighter note, you may not be excited by this but I am! Honestly, I’m more excited about your debt progress than my own at times lol.
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Right?!?! I was like, ya’ll been hounding me…for this? I would assume that when creditors do a soft pull they can see what your current interest rate is on installment loans…maybe not. At best they could see when I took the loan out and should know given my credit profile that their current offer is not competitive. If the federal interest rate forbearance does end in August (although, the current inflation suggests that he extends it again) the $1,200 I have “lost” thus far will be worth it (the refinance last year) given what rates are at now.
“While excitement may come and go, you have something even better now, a routine!” You are absolutely right. There is a TikTok/Insta voice-over that says, “When you lose motivation, stay consistent.” I didn’t really get it because it’s usually added to exercise clips and I was like, “When I lose motivation to exercise, I usually just don’t exercise…” but I get it now.
AWE! That is such a kind thing to say. I can admit I am envious of the financial progress you have made on all fronts. You have a house, a well-paid career, AND you have paid down debt while investing. I wish I had it that together.
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