Paid off student loan, finally!

[Bibbidi]

Congratulations I just paid mine off too last week I graduated in 2000, so it's been a long time coming. But it had such a low interest rate that we just left it along for so long.

That was kind of our problem as well--low interest rate, the monthly payments were really low, so we just let it hang around for way too long. This year I was able to get a little more teaching time at my preschool, so we have used every penny of that additional money to pay it down this year, and finally get rid of it.

Thanks for all the kind support. All we have remaining is one year on DH's car loan, the mortgage and a small bit on our HELOC, but we only pay $10 in interest a month on that bill, so we just keep chipping away, without too much concern there.

We hadn't planned on celebrating, but now I'm thinking a special dessert or something might be in order

 

[Debbie]

 

[hpfan100]

WAY TO GO!!!!

Hope my day of no loans comes soon.

25 years to pay off student loans.... that's scary and sad

 

[Mrs. Charming]

Congrats!!!

 

[bored]

Congrats on paying off the loans. It's posts like these that make me glad I went to community college and a state school and graduated with no student loans.

 

[Shelli_5]

That's wonderful! Good job.

Shelli

 

[DisneyCrazy2]

HOW long is the term to repay student loans?? When I was in college (a long time ago!) the repayment schedule was 10 years. I noticed some posters mentioned a 25 year + term.

 

[Bibbidi]

HOW long is the term to repay student loans?? When I was in college (a long time ago!) the repayment schedule was 10 years. I noticed some posters mentioned a 25 year + term.

A 25 year loan is absolutely crazy for college, yikes! I think my original loans were 15 years (graduated 1997), then I consolidated two different loans into one in 2001 after first DD was born, which then started the new loan back at 15 years again. So really it did take 14 years out of the original 15 to pay back. Looking back, we haven't been foolish with money, although we have tried to take one vacation (not crazy expensive though) every year. I suppose we could have skipped a year or two and paid it down even sooner, but I honestly wouldn't trade any of those memories for a little less time on the loan.

 

[vermontgirl]

Yay for you!!! What a relief! Great job! Now take a trip to the world!

 

[Bibbidi]

Yay for you!!! What a relief! Great job! Now take a trip to the world!

We're going in September/October!

 

[Debbie]

HOW long is the term to repay student loans?? When I was in college (a long time ago!) the repayment schedule was 10 years. I noticed some posters mentioned a 25 year + term.

My kids loans are set for 9/9½ years (with 6 months no pay back at the beginning). They can reduce them a bit to make it longer, but they are geared to be done by 10 years. They are just starting to pay them back, and at this point, the end is nowhere in sight.

 

[collegejunkie]

would anyone mind sharing how much their loans were for? 10, 15, 25 years seems like a really long time, especially since mortgages are that long

 

[Bibbidi]

would anyone mind sharing how much their loans were for? 10, 15, 25 years seems like a really long time, especially since mortgages are that long

Mine were about 28K, and I worked 2-3 jobs every semester as part of a work-study to earn extra cash to pay for books and other expenses. The school DH and I graduated from now costs $200,000 in tuition alone for a 4 year degree! Needless to say, our kids won't be going there!

 

[tink576]

The school DH and I graduated from now costs $200,000 in tuition alone for a 4 year degree!

 

[TiggerStac]

I had to look mine up... it's actually not as long as I thought. Last pymt due 11/24/2015. I graduated 5/98! CRAZY. I am in same situation, went to expensive private college, but that's how I met hubby

ETA: my total loans were just under 25k. 100k education. I have paid off my state loans, federal is what is left.

 

[collegejunkie]

is this the same for graduate school? i'm very lucky to have the mother i have who is footing the bill for my undergrad school entirely, but unless i get into the state school close to us for dental school, i'm fairly certain i'll be paying for it on my own.

 

[Sagginit]

yay for you. after putting a few extra thousand towards my loans last year i now have 1/3 paid off. i felt like a slacker but being i have only been out of school for 4 1/2 years i guess thats not so bad! i rewarded myself by taking an extra 200 i got last month and used it to have some fun on my staycation. if i were you i would be popping the bubbly or doing cartwheels.