If the interest rate on my student loans was in the 1% range, I’d maybe think twice about paying them off at a much accelerated rate.
But 6.8% makes the decision easy.
And the grace period is up, which means that 6.8% is no longer just a number. It’s a monster:
“Interest never sleeps nor sickens nor dies; it never goes to the hospital; it works on Sundays and holidays; it never takes a vacation; it never visits nor travels; it takes no pleasure; it is never laid off work nor discharged from employment; it never works on reduced hours. . . . Once in debt, interest is your companion every minute of the day and night; you cannot shun it or slip away from it; you cannot dismiss it; it yields neither to entreaties, demands, or orders; and whenever you get in its way or cross its course or fail to meet its demands, it crushes you.” (J. Reuben Clark)
In all, we took out $33,500 of student loans.
In November, we paid off $11k.
This month we paid off another $6k.
And next month, we plan to pay another $8k or so.
That will leave only $8,500, which we plan to eliminate by May or June.
Getting rid of our high interest student loans is our financial priority #1. We’ve limited our spending in almost every way conceivable. From what we eat to what we buy, to what we do on the weekends, we’ve been trying not to spend money unnecessarily.
TheFieryOne and I don’t want money working against us, but FOR us. And now that the grace period is up, and that rabid, persistent thing called interest has been let out of its cage, we’re that much more dedicated to paying off these student loans asap.