pay off my student loans

I’ve been keeping up with interest rates really well, and have even managed to pay off some of the principle. Luckily, I only have to worry about the Stafford loans as I took out no private loans. I hope to get this done in only a few years, in an effort to keep my credit score pristine.

I have no regrets of getting a college education. As the first person in my family to do so, I can say it was one of the best experiences in my life. However, now I have lots of debt and want to pay it off so I can focus on other things.

I can’t believe it’s been a year+ since I wrote that entry. I still haven’t paid off my credit cards, but am taking steps to hopefully pay them off within 6 months. One is on an ongoing 5.99% APR as long as I pay the bill on time, and I recently got a rewards Visa and transfered my other balance onto that card, where I have 0% APR for 6 months.

Here is where I stand on my 3 loans-
SAF (Federal): $60,511
Gate: $10,028
Key Bank: $11,848

Total: $82,523

Total in Aug 08: $87,337

Difference: -$4,817

Well..not as much as I’d hoped but not too bad. It means that roughly only half of what I pay on my loans actually brings down the balance, the rest must pay interest. sigh

Well since I last wrote an entry I am now at 6,442.90. Down 1,210 in about 2 years.. not bad but not great.. can’t wait til I finally have this debt gone!

Save 150 dollars monthly.
Earn 200 dollars monthly
Earn 1000 dollars during holiday
Be a thrifty person

Work part time during holiday and save
Pack food from home, do not eat out
Have a budget and stick to it diligently
Work part time during school term
Go out less if those going out costs money
Spend less less and less
Always know exactly how much I have in my wallet
Print stuff at home asap
Do not buy stationery unnecessarily
Collect things
Sell stuff on ebay
Learn new skills and free lance
Spend my time productively

I should mention that my student loan debt started at around $40,500 back in 2003 but now I’m down to $30,800 and change!

This isn’t a number I am obsessed with making $0 anytime very soon, but it would be good to see it in the 20s, even if it’s $29,999 … LOL.

Maybe I will give it ten years to pay down to $0. Luckily the interest is low, about 2%!

I just started my second year of college, and somehow even with my scholarships I’m already more than $14,000 in debt. I’d like to be able to pay that off before I spend money on anything else, but I also want to be a landlady when I grow up, and get married and have a kid before I’m 30. I’m pretty sure I’m going to be in debt forever. Why isn’t it possible to go to college AFTER you get money? :C

I’m so tired of reading articles saying our student debt is our fault and we choose to take out a loan. Well we are told that a college education is the best way to go. You start off college thinking it’s a step toward your future. You sign up feeling you can pay back some loans as they tell you you can once you get your degree. Then as you see how much you have taken out halfway what can you do? Stop going to school? then you would waste thousands of dollars and time. They wave in your face that you can not continue and reach your dream unless you take out a loan. So you keep taking more out. Once you get your degree you expect to get a better paying job and get more interviews. But you don’t. No one can afford to higher you or you don’t have enough experience. People can’t blame us for chasing a dream.

And the funny thing is:
some employers wont higher you if you have bad credit
and they can garnish your wages making it hard to survive life

So whats the sense in that? Take out loans to get a degree>>Get a degree to get a better job >>cant get a good paying job >> can’t pay student loans>> student loans take away a chance for you to have a better life.

But hey, I’m just ranting.