September 2021 – Student Loan Balance(s) Update

Whew, August was…a lot. I am only too happy to see the start of September. I feel like it is going to be a good month. Okay, enough of that. To the numbers…

AccountDebtDebt (7/1/19)Min. PaymentInterest Rate
Private Student Loan 1$0.00-$10,231.32$110.460.000%
Private Student Loan 3$0.00-$12,580.49$153.820.000%
Private Student Loan 4-$8,611.30-$13,280.33$45.403.625%
Private Student Loan 2-$6,726.38-$8,271.15$93.305.090%
Federal Student Loan 1-$21,440.37-$20,583.34$0.006.800%
Federal Student Loan 2-$13,946.84-$13,457.55$0.005.310%
Federal Student Loan 3-$11,184.47-$10,737.40$0.006.800%
Federal Student Loan 4-$7,748.09-$7,518.58$0.004.450%
Federal Student Loan 5-$5,561.12-$5,520.10$0.004.450%
Federal Student Loan 6-$3,147.30-$2,849.21$0.005.600%
Federal Student Loan 7-$2,863.10-$2,649.80$0.004.660%
Federal Student Loan 8-$2,457.12-$2,538.91$0.006.800%
Federal Student Loan 9-$2,307.18-$2,047.30$0.006.800%
Federal Student Loan 10-$2,003.02-$1,813.31$0.005.600%
Federal Student Loan 11-$1,639.01-$1,573.49$0.006.800%
Federal Student Loan 12-$1,144.25-$1,035.88$0.005.600%
University Student Loan 1-$3,577.70-$4,581.00$60.418.000%
University Student Loan 2-$3,090.59-$3,629.38$0.000.000%
University Student Loan 3-$380.41-$1,031.21$30.008.000%
University Student Loan 4-$185.75-$857.81$30.008.000%
Personal Student Loan $0.00-$1,875.70$312.620.000%
Total-$98,014.00-$128,663.26$836.01

August 2021 – Student Loan Balance(s): -$99,935.49

September 2021 – Student Loan Balance(s): $98,014.00

Total Payments: $2007.47

Net Difference: $1,921.49

I mean…not bad. Despite disappointments in my personal and professional life, in terms of debt repayment, August was a pretty good month. It should be noted that the debt repayment amounts above do not reflect my very, very modest bonus, which will instead be applied to my September debt payments and reflected in my October 2021 update. This is the first balance update to reflect Private Student Loan 3 being paid off so that is exciting.

Gig Income Update

Net Gig Income Goal for August: $700.00
Net Gig Income Actual for August: $563.75
Difference: $136.25
Net Gig Income Goal for September: $600.00

If you will remember, my gig income goal for August was $1,000.00. However, this was a gross income goal which didn’t really make sense for reporting purposes as all of my other income is net income. For that reason, I have updated my August goal to reflect a net income goal. (Your can learn more about how I decided how much to set aside here.) After losing a weekend to a terrible summer cold and deciding not to work this past weekend, I fell short of my goal. The amount of gig work I actually performed felt about right, and I’ve decided to shoot for just a bit more than I earned in August for September.

Again, not a bad month. Thank you so much to all of you who read, and especially those who comment, for your support in August. It was so very much appreciated.

Private Student Loan 4 (PSL4)

I’m going to be honest, I am having difficulty mustering the same level of vitriol for Private Student Loan 4 (PSL4) that I had for Private Student Loan 3 (PSL3). While I wouldn’t classify any student loan as “friendly,” PSL4 had the “friendliest” terms of my private student loans. I don’t know that I would still be planing to pay this loan off next if the Pennyfolk hadn’t voted to send it to the chopping block.

Minimum Payment: $245.40
Balance as of 7/4/2019 (blog start): -$13,280.33
Balance as of 8/1/2021: -$9,486.04
Current balance: -$9,103.61

There isn’t really much more to say… In terms of my motivation, I am looking down the road a bit and I am far more interested in getting my overall student loan balance to under $90,000.00 by December 31, 2021 than I am singularly interested in dispatching this loan. However, I will try to remain focused on short term goals, like earning an additional $1,000.00 of gig income this month, and know that if I do what I am supposed to do, this loan will be felled.

PAID IN FULL – Private Student Loan 3 (PSL3)

I have logged into my AES account, the servicer for Private Student Loan 3 (PSL3), at least eight times today. Generally, if the payment is authorized prior to 1:00PM CST on a business day, the payment begins processing by 5:30PM, and is credited to the account by 8:30PM. (Yes, I know how incredibly sad it is that I have devoted grey matter to that bit of information.) Well, today AES decided to undergo “regular site maintenance” for general “security” (yes, I’m being cheeky) which meant the balance didn’t update until 10:30PM EST. But it finally did, and it was glorious.

And that’s all she wrote folks. PSL3 is official dead and gone. Well, maybe not all there is to write…

Private Student Loan 3 Payment Recap 

This student loan was targeted for repayment after the Pennyfolk weighed in and because I hated it for so many reasons. Unlike PSL1, a little luck, a little hard work, and a little momentum were on my side and I was able to start chopping away at this student loan pretty aggressively from the start.

Minimum Payment: $153.82

-$11,207.28 – Balance on December 4, 2020 when I began targeting it for repayment.
-$10666.59 – January 1, 2021 balance
-$9646.94 – February 1, 2021 balance
-$8454.39 – March 1, 2021 balance
-$6136.07 – April 1, 2021 balance reflected a portion of my tax refund and an increase in my monthly payment as a result of the generosity of my parents letting me to stay with them, rent free, after my apartment flooded.
-$4307.78 – May 1, 2021 balance
-$2466.86 – June 1, 2021 balance
-$2325.63 – July 1, 2021 balance reflected only a minimum payment in June as a result of me needing to pay off my month long gallivanting with my best friend in May.
-$847.07 – August 1, 2021 balance reflected a return to disciplined spending in July and my foray into the world of gig apps.
$0.00 – August 2, 2021 balance; will be reflected in student loan balance update on September 1st

Within the span of one week I have celebrated making it under $100,000.00 in student loan debt AND paying off PSL3. It has been kind of amazing. When you have as much debt as I do, weeks like this are often few and far between. So I am just trying to take this moment in and enjoy it…until tomorrow when I will turn my attention to the next student loan up for aggressive repayment.

As always, THANK YOU FOR THE SUPPORT!


August 2021 – Student Loan Balance(s) Update

Abject pleading apologies. I know I’m getting this post up in the waning minutes of August 1st (for folks in the EST) but forgive me, I accepted a last minute gig and got home not too long ago.

Now, for my first student loan balance(s) update where my overall balance is below $100,000.00…TO. THE. NUMBERS!!!

AccountDebtDebt (7/1/19)Min. PaymentInterest Rate
Private Student Loan 1$0.00-$10,231.32$110.460.000%
Private Student Loan 3-$847.07-$12,580.49$153.826.590%
Private Student Loan 4-$9,486.04-$13,280.33$45.403.625%
Private Student Loan 2-$6,790.66-$8,271.15$93.305.090%
Federal Student Loan 1-$21,440.37-$20,583.34$0.006.800%
Federal Student Loan 2-$13,946.84-$13,457.55$0.005.310%
Federal Student Loan 3-$11,184.47-$10,737.40$0.006.800%
Federal Student Loan 4-$7,748.09-$7,518.58$0.004.450%
Federal Student Loan 5-$5,561.12-$5,520.10$0.004.450%
Federal Student Loan 6-$3,147.30-$2,849.21$0.005.600%
Federal Student Loan 7-$2,863.10-$2,649.80$0.004.660%
Federal Student Loan 8-$2,457.12-$2,538.91$0.006.800%
Federal Student Loan 9-$2,307.18-$2,047.30$0.006.800%
Federal Student Loan 10-$2,003.02-$1,813.31$0.005.600%
Federal Student Loan 11-$1,639.01-$1,573.49$0.006.800%
Federal Student Loan 12-$1,144.25-$1,035.88$0.005.600%
University Student Loan 1-$3,651.05-$4,581.00$60.418.000%
University Student Loan 2-$3,090.59-$3,629.38$0.000.000%
University Student Loan 3-$411.79-$1,031.21$30.008.000%
University Student Loan 4-$216.42-$857.81$30.008.000%
Personal Student Loan$0.00-$1,875.70$312.620.000%
Total-$99,935.49-$128,663.26$836.01

July 2021 – Student Loan Balance(s): -$101,626.31

August 2021 – Student Loan Balance(s): -$99,935.49

Total Payments: $1,788.62

Net Difference: $1,690.82

July was not my best month ever in terms of student loan debt payments but it will certainly be a month I remember. In addition to finally making it below $100K in student loan debt, it also feels like I’ve turned a corner in other ways…

As of July 31st, thanks to some persistence and gig income, Private Student Loan 3 is barely hanging on…more about that tomorrow.

Gig Income Goal for August: $1000.00

If you have read any of my recent posts, then you know I have joined the slightly less brave new world of gig apps and have decided to use them as a way to generate additional income, without committing to a fixed schedule. Each Friday, I will post the additional income I earned since the preceding Friday (so Friday to Thursday). I have been using the apps for about two weeks now and I really like them thus far. I feel like their is enough flexibility with scheduling for me to earn $1000.00 for the month of August without stressing myself out (this is prior to the 30% I set aside for taxes et. al. You can read more about my decision making about this amount here). I think $1000.00 is ambitious enough that I will have to push myself, but not too ambitious as to be paralyzing, AND would make a huge impact in my ability to pay off my debt.

July was a good month.

-$99,927.35: Goodbye, FOREVER, Six Figure Student Loan Debt!

Ya’ll, I almost missed it! I was so focused on chipping away at Private Student Loan 3 (PSL3), and getting that balance below $1,000.00 that I didn’t initially notice that the gig app payment I made on Monday brought me under $100,000.00 in student loan debt.

I’m going to be honest, I’m in shock right now. I don’t know how to feel. And I can’t even call anyone because I have never told anyone exactly how much student loan debt I have. I guess it will have to be a solo turnup at home this evening. I’m smiling so hard my face hurts.

While writing this, I did a cursory search of the internet to see if there were posts from other folks celebrating making it under the six-figure mark. I haven’t really found anything so I went and read an oldie but goodie from Double Debt Single Woman.

I’ll leave the long breakdown post for August 1st where my balance should be a few dollars higher, due to interest, but still below six-figures. As I get paid monthly, August 1st will also be the day to celebrate finally paying off PSL3, and moving on to the next student loan.

Until then, thank you all so much for your support throughout this journey. Because of you, I had some place to come share my excitement.

July 2021 – Student Loan Balance(s) Update

To the unexciting and decidedly ho hum numbers…

AccountDebtDebt (7/1/19)Min. PaymentInterest Rate
Private Student Loan 1$0.00-$10,231.32$110.460.000%
Private Student Loan 3-$2,325.63-$12,580.49$153.826.590%
Private Student Loan 4-$9,502.33-$13,280.33$45.403.625%
Private Student Loan 2-$6,853.77-$8,271.15$93.305.090%
Federal Student Loan 1-$21,440.37-$20,583.34$0.006.800%
Federal Student Loan 2-$13,946.84-$13,457.55$0.005.310%
Federal Student Loan 3-$11,184.47-$10,737.40$0.006.800%
Federal Student Loan 4-$7,748.09-$7,518.58$0.004.450%
Federal Student Loan 5-$5,561.12-$5,520.10$0.004.450%
Federal Student Loan 6-$3,147.30-$2,849.21$0.005.600%
Federal Student Loan 7-$2,863.10-$2,649.80$0.004.660%
Federal Student Loan 8-$2,457.12-$2,538.91$0.006.800%
Federal Student Loan 9-$2,307.18-$2,047.30$0.006.800%
Federal Student Loan 10-$2,003.02-$1,813.31$0.005.600%
Federal Student Loan 11-$1,639.01-$1,573.49$0.006.800%
Federal Student Loan 12-$1,144.25-$1,035.88$0.005.600%
University Student Loan 1-$3,723.48-$4,581.00$60.418.000%
University Student Loan 2-$3,090.59-$3,629.38$0.000.000%
University Student Loan 3-$443.14-$1,031.21$30.008.000%
University Student Loan 4-$245.50-$857.81$30.008.000%
Personal Student Loan$0.00-$1,875.70$312.620.000%
Total-$101,626.31-$128,663.26$836.01

June 2021 – Student Loan Balance(s): -$101,983.60

July 2021 – Student Loan Balance(s): -$101,626.31

Total Payments: $457.31

Net Difference: $357.29

If you read my June 2021 – Student Loan Balance(s) Update post then this pitiful update should come as no surprise. (For folks who might be reading my blog for the first time, I get paid once a month, on the 1st of the month, so my balance updates reflect payments that were made during the previous month). Because June’s discretionary income was spent paying off my expensive gallivanting with my bestie in May, I didn’t put anything towards my student loans beyond the minimum payments. Thus, this super sad update.

This post was really just to keep my honest and there really isn’t much more to say.

Private Student Loan 3 (PSL3) Update

With my July 1st payment, PSL3 is now solidly under -$1,500.00 (which will be reflected in my August student loan balance(s) update). While this student loan will absolutely be gone in August, the low balance has me feeling “itchy” and like I want to take on whatever slightly above minimum wage, part-time job is necessary to help me pay it off as soon as possible. While I talked about investing my time in more lucrative work in another post, one of the things I didn’t calculate in the “more lucrative contract work” vs. “steady part-time gig” calculation is that steady part-time gigs are less impacted by what is happening in the rest of your life. Often, part-time gigs are just a place you go, show-up, do your job, and leave. The upheaval in my life as of late has had me wishing I had a part-time gig (ideally involving manual labor) where I could go and do just that. I even went so far as to browse a couple of part-time job postings before deciding not to apply, as I will return to commuting to work on August 1st and my schedule will be less certain. Ugh.

Tomorrow is my two-year blogiversary and while I am not where I wanted to be or could be at this point, there are definitely some things worth celebrating.

June 2021 – Student Loan Balance(s) Update

The countdown to under $100,000.00 in student loans has officially begun. Hmmm, rereading that seems super sad…whatever. To the numbers!

AccountDebtDebt (7/1/19)Min. Payment
Private Student Loan 1$0.00-$10,231.32$110.46
Private Student Loan 3-$2,466.86-$12,580.49$153.82
Private Student Loan 4-$9,518.53-$13,280.33$245.40
Private Student Loan 2-$6,918.38-$8,271.15$93.30
Federal Student Loan 1-$21,440.37-$20,583.34$0.00
Federal Student Loan 2-$13,946.84-$13,457.55$0.00
Federal Student Loan 3-$11,184.47-$10,737.40$0.00
Federal Student Loan 4-$7,748.09-$7,518.58$0.00
Federal Student Loan 5-$5,561.12-$5,520.10$0.00
Federal Student Loan 6-$3,147.30-$2,849.21$0.00
Federal Student Loan 7-$2,863.10-$2,649.80$0.00
Federal Student Loan 8-$2,457.12-$2,538.91$0.00
Federal Student Loan 9-$2,307.18-$2,047.30$0.00
Federal Student Loan 10-$2,003.02-$1,813.31$0.00
Federal Student Loan 11-$1,639.01-$1,573.49$0.00
Federal Student Loan 12-$1,144.25-$1,035.88$0.00
University Student Loan 1-$3,795.02-$4,581.00$60.41
University Student Loan 2-$3,090.59-$3,629.38$0.00
University Student Loan 3-$474.47-$1,031.21$30.00
University Student Loan 4-$277.88-$857.81$30.00
Personal Student Loan$0.00-$1,875.70$312.62
Total-$101,983.60-$128,663.26$1,036.01

May 2021 – Student Loan Balance(s): -$104,040.67

June 2021 – Student Loan Balance(s): -$101,983.60

Total Payments: $2,157.31

Net Difference: $2,057.07

Not bad! Only $100.24 went to interest this month! Most of that has to do with the continuing low interest rates and the federal student loan interest and payment forbearance; and, a tiny amount has to do with my shrinking balances on loans with more egregious interest rates like Private Student Loan 3.

However, the bigger story is that I am now less than $2,000.00 away from being under $100,000.00 in student loan debt. At the moment, this is bittersweet. As I shared in my June 2021 Budget Update, I spent all of May traipsing along the eastern seaboard with my best friend. While this was a blast and something I mostly don’t regret, it’s hard not to acknowledge that the $2,426.22 in unplanned spending in May is considerably more than the $1,983.60 in additional student loan payments I could have made today to bring me under $100,000.00 in student loan debt. Ugh. That hurts. For this reason, my under $100,000.00 in student loan debt dance will have to wait until July at the earliest. (Note: As I was writing this, I realized I actually had saved more for my May trip, but that the non-emergency savings had gotten reallocated as deposits for my new houseshare).

Alright, I wanted to get this one posted before I became consumed with moving over the next few days. While this isn’t as gleeful as an update as it could have been, I still feel like I am moving in the right direction and that June will find me back on track to meeting my financial goals for the year.



May 2021 – Student Loan Balance(s) Update

I apologize for my tardiness. Between the end of classes and being out of town, this just wasn’t the priority it should have been. To the numbers…

AccountDebtDebt (7/1/19)Min. PaymentInterest Rate
Private Student Loan 1$0.00-$10,231.32$110.460.000%
Private Student Loan 3-$4,307.78-$12,580.49$153.826.620%
Private Student Loan 4-$9,535.66-$13,280.33$245.403.750%
Private Student Loan 2-$6,984.67-$8,271.15$93.305.120%
Federal Student Loan 1-$21,440.37-$20,583.34$0.006.800%
Federal Student Loan 2-$13,946.84-$13,457.55$0.005.310%
Federal Student Loan 3-$11,184.47-$10,737.40$0.006.800%
Federal Student Loan 4-$7,748.09-$7,518.58$0.004.450%
Federal Student Loan 5-$5,561.12-$5,520.10$0.004.450%
Federal Student Loan 6-$3,147.30-$2,849.21$0.005.600%
Federal Student Loan 7-$2,863.10-$2,649.80$0.004.660%
Federal Student Loan 8-$2,457.12-$2,538.91$0.006.800%
Federal Student Loan 9-$2,307.18-$2,047.30$0.006.800%
Federal Student Loan 10-$2,003.02-$1,813.31$0.005.600%
Federal Student Loan 11-$1,639.01-$1,573.49$0.006.800%
Federal Student Loan 12-$1,144.25-$1,035.88$0.005.600%
University Student Loan 1-$3,865.71-$4,581.00$60.418.000%
University Student Loan 2-$3,090.59-$3,629.38$0.000.000%
University Student Loan 3-$505.76-$1,031.21$30.008.000%
University Student Loan 4-$308.63-$857.81$30.008.000%
Personal Student Loan$0.00-$1,875.70$312.620.000%
Total-$104,040.67-$128,663.26

April 2021 – Student Loan Balance(s): -$106,077.01

May 2021 – Student Loan Balance(s): -$104,040.67

Total Payments: $2,157.31

Net Difference: $2,036.34

Not bad. Only $120.97 went to interest in April. Again, in general, that’s not great but given how large my student loan balance is, it’s definitely a win.

Last month, C suggested that I include the “original” balance amounts on my student loan report and include balances that have been paid off during my journey. It was a good idea, so I obliged. In the third column, I have decided to include the balances at the time I started this blog; I have also included the personal student loan from my best friend and Private Student Loan 1 (PSL1), which I originally removed from the table once they were paid off. While my student loan balances have been higher (and lower) at some point prior to when I started blogging, given that this was really the start of my journey here, I’ve decided the blog start balances make the most sense.

April 2021 – Student Loan Balance(s) Update

Nothing worthy of a preamble. To the numbers…

AccountDebtMin. PaymentInterest Rate
Private Student Loan 1$0.00$110.460.000%
Private Student Loan 3-$6,136.07$153.826.620%
Private Student Loan 4-$9,549.80$245.403.750%
Private Student Loan 2-$7,046.73$93.305.120%
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-$3,935.56$60.418.000%
University Student Loan 2-$3,090.59$0.000.000%
University Student Loan 3-$537.00$30.008.000%
University Student Loan 4-$339.39$30.008.000%
Total-$106,077.01$723.39

March 2021 – Student Loan Balance(s): -$108,604.18

April 2021 – Student Loan Balance(s): -$106,077.01

Total Payments: $2,657.31

Net Difference: $2,527.17

Not bad! Only $130.14 went to servicing interest this month. The combination of low interest rates, the federal student loan interest rate abatement, and temporarily living with my parents means that the interest accruing on my loans is the least it has ever been and I have the ability to make the largest payments I have ever made.

Student Loan Target Update

Four months ago, I took the advice of the Pennyfolk and began targeting Private Student Loan 3 (PSL3) for aggressive repayment. I had a list of reasons for why I hated this particular student loan, the least of which was it’s egregious 6.65% interest rate at a time when interest rates were at an all time low. Unsurprisingly, one of my 2021 Financial Goals is to payoff both PSL3 (-$10, 666.59 as of 1/1/21) AND Private Student Loan 4 (-$9,997.13 as of 1/1/21). So, three months into 2021, am I on track to meet this goal?

March 2021 – PSL3 Balance: -$8,454.39

April 2021 – PSL3 Balance: -$6,136.07

…I think I am. If you read my April 2021 Budget post, then you know I shared that given my current progress, I should have PSL3 paid off in June. However, what I didn’t notice until I began writing this post is that paying off PSL3 will also bring my overall student loan balance under $100,000.00. I. Know.

Thank you all so much for the continued support and check-ins. You have no idea how helpful it is to have a place to share the highs and lows of debt repayment.

March 2021 – Student Loan Balance(s) Update

To the numbers!

AccountDebtMin. PaymentInterest Rate
Private Student Loan 1$0.00$110.460.000%
Private Student Loan 3-$8,454.39$153.826.620%
Private Student Loan 4-$9,564.89$245.403.750%
Private Student Loan 2-$7,109.52$93.305.140%
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-$4,004.61$60.418.000%
University Student Loan 2-$3,090.59$42.430.000%
University Student Loan 3-$568.18$30.008.000%
University Student Loan 4-$370.13$30.008.000%
Total-$108,604.18$765.82

February 2021 – Student Loan Balance(s): -$110,210.06

March 2021 – Student Loan Balance(s): -$108,604.18

Total Payments: $1,739.59

Net Difference: $1,605.88

Not bad. I’ve reached a mini-milestone as I am now under $110,000.00. -$108,604.18 is still a huge student debt load, but each month it gets a bit easier to see my way out. March is going to be a decent student loan debt repayment month, and as of 1st of March, I have already put more towards PSL3 than the total amount I put towards all loans in February. Much of the huge initial payment in March comes from the fact that I am currently staying with my parents, rent free. More on that later this week.

At the moment, I am perhaps the most hopeful I have been at any part in my student loan debt repayment journey. At the beginning of the year, I set a goal of paying off both PSL3 and PSL4 by the end of the year with no real plan as to how I would accomplish this. There is now a plan. My life is incredibly busy right now and some days I am barely holding it together, but I am so incredibly hopeful.