Paid of our LAST student loan today!!!

[Abbeys_mom]

Huge congrats!!!

We are thisclose to paying off mine, then tackling DH's. As for the car loans, we found the snowball effect to really work for us. We cleaned up about $50k last year using this method, and will wipe out DH's $44k in SLs this year. Then the house, then FREEDOM! (yes, we are Dave Ramsey fans). DH's salary goes on debt, we live on mine.

So, attack the next smallest balance, free up that cash flow, then throw all that on your next debt. But first, make sure you have a $1k emergency fund.

 

[Woth2982]

Congrats! My school loans are $1100 a month (yes $400 more than my parents mortgage). However I am about to write the check for my last car payment! I am so excited for that! God willing my school loans will be paid off this year. I found some abandoned property of my grandfathers which will cover the balance if I get the money! Can't imagine what I will do with an extra $1100 a month!

 

[SaraJayne]

Yay congrats!

I was so happy when I wrote the last check to pay off my student loan balance!

 

[Natalie's Mommy]

for everyone that asked, both loans are about the same (within a few hundred) as are the interest rates. i pay more a month on my SUV because it was a more expensive car.

Congrats!

I don't know what college you went to, but did you find the loans were worth it?
I have 2 DD, one in college and the other starting in September both in State universities because of the cost. I don't want to see them graduate with huge debt. My older DD loves her college so it has worked out for her -so far.
Plus with graduate school becoming more common they may have loans for that.

i went to state school, my husband went to private college. it was worth it for him because of the job field he was entering (engineering). The only BAD thing about the student loans was he let his financially unresponsible mother find and take out the loans in his name. when he graduated we were paying over $600 a month in student loans because none of them were able to be combined, some had varyable interest rates and some were just downright stupid. She should have taught him to save his money from working his summer job to pay for some of this so he wouldn't have needed as many (one loan was for all of his books....really....) but that is opening up a whole other can of worms.

Congrats on paying off the student loan! That must feel great!!

Weren't you thinking of buying a new, bigger SUV? Or am I thinking of someone else? Did you decide not to do that?

Maggie

that was me. we decided to hold off on that for as long as possible and i'm just going to put my oldest in the front seat is i absolutly HAVE TO drive somewhere with all 4 of them. I dont wanna be stuck with a huge gas guzzling SUV if i don't need one so we are gonna see how things go and go from there.

 

[arthur06]

Congrats on the last payment.

I am still a couple of years away from paying mine off, but look forward to the day that it happens. Congrats again.

 

[Natalie's Mommy]

thank you! this was almost 9 years in the making, the last 7 or so being hard core mission pay off student loan.

 

[aprilgail2]

Half into savings and half into your kids college fund so they will have a little less to pay off when they become adults!