Pay What You Owe

Yesterday, while inattentively re-watching the Top Gear Vietnam special, I sorted through some old papers.  Since I’m staying in my parent’s guest room for the foreseeable future I don’t have a desk.  So my papers are in one of the dresser drawers along with my BA degree, still in the cardboard tube.  I found the original “congratulations on graduating, now you’re gonna pay what you owe” letters from the various banks and government entities I’ve taken student loans from.  It was good to see how the original estimated payback compared to my current projections.

My private loans from Wells Fargo varied a bit, but the longest term was 25 years.  So I would theoretically have that paid in 2036.  The government ones were all on a ten year plan which would be completed in 2021.  I use mint to keep track of most of my finances, so I adjusted my actual loan-payoff projection.  I’m currently paying %60 of my net income toward student loans because I’m in a bit of a hurry to get on with my life.

Even though there’s still $46,000 to go, at this rate, I should be finished sometime in mid 2016.  Three years from now.  Three years is entirely too far away in my opinion, but it’s nice to realize that the end is much closer than even I had estimated.  It’s been about two years thus far, so five years total to be completely out of debt is not that bad.

I find that I whine a lot about how I have bills to pay.  But looking over how long this was supposed to take and how I’m (hopefully) going to get it done in a fraction of that time was encouraging.  The light at the end of the tunnel is a bit closer, albeit still out of reach.  Now I just need to make sure I can at least maintain this payment rate.  Or I’ll feel like a bit of an idiot.

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Pay What You Owe