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.

February 2021 – Student Loan Balance(s) Update

No preamble. To the numbers…

AccountDebtMin. PaymentInterest Rate
Private Student Loan 1$0.00$110.460.000%
Private Student Loan 3-$9,646.94$153.826.640%
Private Student Loan 4-$9,782.78$245.403.750%
Private Student Loan 2-$7,174.85$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-$4,038.50$60.418.000%
University Student Loan 2-$3,133.02$42.435.000%
University Student Loan 3-$594.42$30.008.000%
University Student Loan 4-$397.68$30.008.000%
Total-$110,210.06$765.82

January 2021 – Student Loan Balance(s): -$111,621.55

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

Total Payments: $1,577.31

Net Difference: $1,411.49

Not bad. It feels good to be making real progress again. (A not insignificant amount of which I owe to the continued interest rate and payment abatement on federal student loans). Obviously, recent events have changed some things for me financially. While it’s going to take a couple of weeks for all the unplanned moving costs to shake out, it is my expectation that February will still see a bump in my student loan payment.

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.

January 2021 – PSL3 Balance: -$10,666.59

February 2021 – PSL3 Balance: -$9,646.94

A net difference or more than a thousand dollars. Not bad at all. It felt really good to see this balance drop below $10,000.00. At the beginning of the year I set a goal to have this paid off in June. At the time, I had no idea how I would accomplish that goal; for the moment, it’s still seems possible.

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.

Private Student Loan 3 (PSL3)

The time has finally come…

As a result of meeting my three (3) month emergency fund goal on December 1st, today, with my first part-time job paycheck of December, I get to return to aggressive student loan repayment. I. AM. SO. EXCITED! Earlier this year I asked the readers of this blog which student loan(s) I should payoff next. The answer was pretty clear:

I am super curious as to which student loan was being referred to by the person who checked “other.” Alas, I will never know as they did not leave a comment.

With my emergency fund full, and the decision made, I will now direct all of my energies towards paying off Private Student Loan 3 (PSL3).

Balance as of 12/4/2020: -$11,207.28
Minimum Payment: $153.82

I hate this student loan for so many reasons.

1) I hate this student loan because it has terrible terms and I have no way of pausing payments or requesting forbearance should I encounter financial difficulty.
2) I hate this student loan because it has an obnoxious interest rate; as seen above, the current interest rate for this loan is at 6.65% despite a current U.S. Federal Reserve funds rate of 0.25%. At its zenith, the interest rate for this loan was 9.01% (as recent as December of 2019).
3) I hate this student loan because I have paid almost $10,000.00 in interest since it was disbursed.
4) I hate this student loan because, up until the drop in interest rates brought on by the pandemic, almost half of my minimum payment each month went towards servicing interest.
5) I hate this student loan because the balance owed has always been greater than the amount originally disbursed.
6) I hate this student loan because its balance, relative to the amount disbursed, and my debt-to-income ratio, mean that I can’t currently refinance it.

And finally, I hate this student loan for how its continued existence makes me feel about my past financial choices…and myself.

That…that felt good.

Well, today marks a turning point in my relationship with this student loan. Today, I used my entire (ha!) first part-time paycheck of the month to put $166.20 towards this student loan. While it doesn’t seem like much, and it isn’t much, this payment was significant in terms of the change it represented. For the first time since this loan has been disbursed, the balance owed is less than the original amount disbursed.

Original amount disbursed (more than ten but less than fifteen years ago): -$11,049.72
Balance before payment: -$11,207.28
Balance after payment: -$11,041.08

So…I hate this student loan because the balance owed has always been greater than the amount originally disbursed., I have, and will continue, to work my tush off until this student loan is a thing of the past. While I will discuss it a bit more in-depth when I talk about my financial goals for 2021, it is my hope to have this student loan paid off in the first half of next year.

December 2020 – Student Loan Balance(s) Update

To the numbers!

AccountDebtMin. PaymentInterest Rate
Private Student Loan 1$0.00$110.460.000%
Private Student Loan 3-$11,355.00$153.826.650%
Private Student Loan 4-$10,215.87$245.403.750%
Private Student Loan 2-$7,298.74$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-$4,105.61$60.418.000%
University Student Loan 2-$3,191.76$42.435.000%
University Student Loan 3-$646.37$30.008.000%
University Student Loan 4-$452.24$30.008.000%
Total-$112,707.46$765.82


November 2020 – Student Loan Balance(s): -$113,191.59

December 2020 – Student Loan Balance(s): -$112,707.46

Difference: $484.13

Okay, that exclamation point might have been a bit misleading and suggested that the numbers would be more exciting than they are. There isn’t really much to see here beyond the slow roll over from -$113,XXX.XX to -$112,XXX.XX. But that changes this week, because…

I reached my three (3) month emergency fund goal of $5,000.00!







While it doesn’t really compare to the elation of paying off a debt, it does feel pretty good. This is actually the most money I have ever had set aside, as an adult, that wasn’t earmarked for some future purpose.

I am beyond thrilled to return to aggressive debt repayment this Friday. Lately, I have been tired (and sick) and shuffling off to my part time job each evening has required a lot of discipline. There were definitely moments where I wondered, “Why am I doing this?” I think it will be much easier to stay motivated now that I know, every two weeks, I will be able to throw a bit more cash at my balance and begin to see it meaningfully decrease.

On Friday, I will share the results of the poll where I asked the pennyfolk (it’s how I refer to you all in conversations with myself) which student loan I should payoff next, and I will make my first non-minimum debt payment in three months!

November 2020 – Student Loan Balance(s) Update

To the numbers…

AccountDebtMin. PaymentInterest Rate
Private Student Loan 1$0.00$110.460.000%
Private Student Loan 3-$11,447.27$153.826.660%
Private Student Loan 4-$10,429.97$245.403.750%
Private Student Loan 2-$7,361.36$93.305.160%
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-$4,138.83$60.418.000%
University Student Loan 2-$3,220.95$42.435.000%
University Student Loan 3-$672.09$30.008.000%
University Student Loan 4-$479.25$30.008.000%
Total-$113,191.59


October 2020 – Student Loan Balance(s): -$113,667.51

November 2020 – Student Loan Balance(s): -$113,191.59

Difference: $475.92

Nothing to see here. I continue to make minimum payments on all of my student loans as I take a respite from accelerated debt repayment to beef up my emergency fund to $5,000.00, which I will achieve in December.

As I stated last month, the current interest rate abatement on federal student loans means this is a bit less painful than it could have been as I don’t have to watch my overall balance increase from interest accruing on my federal student loans. The other bright-note is that interest rates continue to drop, which isn’t great for saving, but it means my minimum payments go that much further each month.

On election day (cause I’ve already voted and need a distraction), I will come clean about October spending (yikes) and my November budget forecast.

October 2020 – Student Loan Balance(s) Update

Okay, this is the post I have been dreading. The one where I have to reflect on making negligible student loan debt repayment progress because I am focused on beefing up my emergency fund to cover three months worth of expenses ($5,000.00).

Ugh. To the numbers…

AccountDebtMin. PaymentInterest Rate
Private Student Loan 1$0.00$110.460.000%
Private Student Loan 4-$10,642.35$245.403.750%
Private Student Loan 3-$11,536.88$153.826.670%
Private Student Loan 2-$7,420.84$93.305.400%
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-$4,171.83$60.418.000%
University Student Loan 2-$3,250.02$42.435.000%
University Student Loan 3-$697.64$30.008.000%
University Student Loan 4-$506.08$30.008.000%
Total-$113,667.51$765.82


September 2020 – Student Loan Balance(s): -$114,144.74

October 2020 – Student Loan Balance(s): -$113,667.51

Difference: $477.23

So…yea. That does not inspire the warm and fuzzy feelings I had on September 1st after having my second largest debt payoff month to date. To be fair, it could be a lot worse. I am very fortunate to be taking this savings respite from debt repayment during the continued interest rate abatement for federal student loans. Were that not the case, there is a very real chance I could have seen my overall student loan balance grow this month. *shudders*

There really isn’t much else to say this month about my student loan debt repayment. However, on the heels of a meaningful change in income, questions about savings, and some reflection on my blog, I’ve decided I probably need to share my budget again. 😨 That will happen…tomorrow.