Month 15 Update – 38878.85

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Paid nearly a $1000 down in a month. Percentage-wise only about 2.5%, but it’s better than the 452 I typically pay. It’s been a struggle not going to lie. I feel like the debt is the equivalent to modern-day slavery. Instead of a race of people oppressing us by denying what are now considered basic inalienable rights…as long as I have this debt I’m missing out on opportunities to invest and build up my overall net worth.

Still under $39k is progress. I keep the original amount in the name of this blog for the very reason of reminding me how far I’ve come. On the principal amount I had about $1800 of interest last year. It may not sound like a not, but if you’re looking at 5400 worth of payments in a year roughly, the interest at this stage is about a 33% of that. Then with Income-Based Repayment all that interest for the last year got rolled back into the principal amount. So it’s like a vicious never-ending cycle.

Still on track to pay the $600/mo I’ve been paying and more as my budget allows. That still puts me close to 6 years (age 36) before it’s paid off. I’m not going down without a fight on this goal of being  out at 32 though. Fight, fight, fight! 😉

 

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One thought on “Month 15 Update – 38878.85

  1. congrats. although every month may feel like only a dent in the overall debt, it’s still better than paying the minimum. Good luck and keep it up!

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