Comments on: Student Loan Payoff

By: Mike

Mike — Fri, 09 Mar 2007 02:37:54 +0000

Jessica, thanks so much for sharing. I was in the exact same boat. If you let those student loans hang around for too long they feel like part of the family. (a bad relative maybe). So good to hear you are just about there. Such a great feeling isn’t it.

By: Jessica

Jessica — Thu, 08 Mar 2007 20:52:15 +0000

PS sorry, quick ammendment to the above: of my 2 student loans, after being serious about it for 1 year, 1 is 100% paid off as of Dec 2006. For second loan, it will be finished in a few months time. I share this just to mention in part that if I had been over-paying those loan minimums from the beginning, I would have actually been able to resolve the loans a few years back. And not have wasted all that money on interest, etc.

By: Jessica

Jessica — Thu, 08 Mar 2007 20:48:52 +0000

thanks for this write up. i found it while websurfing. i am 29 yrs old, and have also been in the trap of paying @$200 on my Student loans for what seems like forver, without ever really seeing the principal move. that is until last year, when i started overpaying the minimum due and the balance began to (finally) drop. almost all of my friends were telling me i was crazy to be in such a “rush” to pay back the govt loans, saying the rates were low, there is no need to get rid of it, could invest my money elsewehere, etc. but i just wanted to be rid myself of the burden if you will. and it will just be one less drain on my income every month. so thanks for your affirmation that this was the right thing to do, sometimes even where our inner voices know what is best, it’s still nice to hear someone else say it.