pay off my student loan

So, this is what I realized upon my research: I once owed 19k in student loans. My first payment began around November of ‘05. So from that point in ‘05 to now in the early ‘07, I knocked off almost 3k of debt. I probably would have knocked out more but I finished paying off one set of loans in ‘05 because the interest rates were so high.

I did the math and it will take me roughly 5 years to pay it all off if I continue to pay an extra 100 on top of the minimum. If I can swing it…I’m just going to try and double pay, which would amount to roughly 300 a pop every month. Hmmm…I’m kind of proud of myself. I also want to save money too…so this should be interesting.

Well, I can say that I managed to finish paying off part of the student loan last year. It was the loan that came directly from my school and had the highest interest rate(due to me not being able to consolodate it). Thankfully, it was also the smallest of loans that I had.

I know have a 16k plus loan to pay off. I’ve been doing the automatic draft thing for a while. This year, along with me trying to save money and hopefully get a car of my own, I will drop it to about 15k or 14k.

I will put on top of the automatic draft an extra 100 bucks. That should move it along…or perhaps just double pay it. Let the draft take it at the first of the month and when my bills are not so heavy at the second half of the month when I am getting paid, I will pay it again.

Hmm….I’m not sure what is the best way of handling this.