Tuesday, February 2, 2010

Only $5000 left on a $7500 loan

My nelnet.com payment finally went through. I now owe less than I have in savings so theoretically I could take my savings and pay off this loan. The husband doesn't want to do this. Having a sizable savings account makes my husband feel safe (and when I say sizable, I mean three months of living expenses...nothing too fancy here).

Originally I had planned to pay this loan off in six months. I see no reason why I can't pay it off in two. I can't believe that just a month ago I was crying at the kitchen table because I thought I would be in student loan debt hell forever. For some reason, knocking out this $7500 amount makes my Sallie Mae Monster seem a little less scary. Sure, I owe just over $40,000, but I can do this.

The only bad news is that my Perkins loan will come due in May. It's only $4000, and I know I should probably just bite the bullet and pay it back, but I'm hoping that once I get a long term teaching position the school division will pay it back for me. The loan is only $42 a month, and I'm going to defer it as soon as I start graduate school. I just don't really see a point in paying the $4000 back when I can get someone to pay it for me.

If I knock out this loan in March, I could probably pay down my Sallie Mae loan by half come September. I don't want to get too crazy, but it's a possibility.

1 comment:

  1. I don't blame you - I'd let someone else pay back the $4000 too1