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First loan paid in full

September 15th, 2017 at 03:09 am

At the end of August I had just enough left over in the budget to pay the final $511 on my high interest loan, which is now paid in full. In total I paid about $15,000 for this loan including principle and interest.

This was a minor amount in the grand scheme of my student loans, but it feels good to kill my highest interest rate of 7.65%. At some point in the future I hope to refinance, but currently need to stay in IBR to have realistic payments for my salary.

My next mini goal is to boost my Roth IRA contributions for the year (currently have been budgeting $100/month for this while paying down that loan). I don't receive any type of employer retirement contribution, although they do offer to let you automatically divert an unmatched % of your salary to a high fee non-Vanguard 401K retirement vehicle. Thanks but no thanks!

Has anyone heard from Ima Saver?

Posted in Debt, Retirement | 5 Comments »

5 Responses to “First loan paid in full”

  1. creditcardfree Says:
    September 15th, 2017 at 10:05 am 1505469959
    1505469959

    Congratulations on your loan payoff!! Keep up the great work.

    No word from Ima Saver.

  2. snafu Says:
    September 15th, 2017 at 03:30 pm 1505489451
    1505489451

    Kudos to you having paid off the highest interest of the student loans. I think you saved yourself a huge amount of interest that would have accrued had you elected to keep paying only the minimum. It's such a joy to cheer your successes

    What is the plan going forward for the increased sum to ROTH?

  3. greenleaf Says:
    September 15th, 2017 at 03:57 pm 1505491035
    1505491035

    Snafu, thanks for the good wishes! The plan for the Roth is the same as I used for the loan payoff- try to be as frugal as possible during each month, then send the unspent money in each budget category to the Roth at the end of the month.

  4. Amber Says:
    September 16th, 2017 at 01:30 am 1505525442
    1505525442

    Congratulations on paying off that loan!

  5. rob62521 Says:
    September 17th, 2017 at 07:38 pm 1505677095
    1505677095

    Way to go on paying off that loan!

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