Loan Update

Since another month has gone by (and the fact that I need a break from writing cover letters) I decided to give a quick update on my loans.  Currently my totals are:

Undergrad Loan
     Current Balance: $17,369.99

     Monthly Auto-debit: $217.59

     Next Mandatory Payment: October 2013

What do the last two numbers mean?  The monthly auto-debit occurs every month, regardless of whether a payment is due or not.  My full explanation is here.

Technically, I don't have to pay anything in the upcoming months if I don't want to because I'm ahead on my repayment.  Since I'm paying a full monthly payment every month anyways, this date also pushes back a month.  So, that means if I keep this pace, I will have paid off my loan a full 17 months early.  Pretty neat huh?  Well, my goal is to have it paid off in the next 5 years instead, ideally in the next 3.  If I get an actual job in the next 2 months then I want to pay it off within 18 months.


Grad Loan
     Current Balance: $69,536.97

That's all the stats on that.  Why?  Because even though I called them about the mistaken deferment they did, they still haven't taken it off.  Their mistake, so I'm not wasting time calling them again about it.  So I don't have a mandatory monthly payment, though I am trying to pay the interest plus a little extra each month.  Last month I skipped doing it though because of my cat's procedure and I didn't have much money to spare.



What does this mean for Epilogical?  It means I really need to find a job in my field (that pays the amount anyone else with my degree has) so that I can get this all paid off before I'm 35.  My ultimate goal is to be done with it all by the time I'm 31 which will be in a little over 5 years.

Just for fun, the math on paying of my graduate loan (without including interest but if you're curious, it's  somewhere between $100 and $200 a month right now), in 5 years is:

$69,536.97 / 5 years = $13907.39 / year

which means:

$13907.39 / 12 months = $1,158.95 / month (beginning on my 26th birthday)

Of course, adding interest in, this amount increases but you get the general idea, it's a lot.

Is this doable?  Sure, as soon as I land a job-job it is.