Boom

Take that Student loan! Getting closer to the finish line. No congratulations until It’s really gone.  Paid more than I have in my entire life this month.

A bunch of coworkers or friends are doing vacations but I’m staying the course. They didn’t have this weight on them for 15 years.

$3,464 is a wonderful number though.

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Month 50 -Navient $7,499, NMAC – $30,691, Retirement – $16,149

Month 50 – This is an interesting month. My Roth IRA transfer is still in progress. I have however made some really good progress getting the student loan down otherwise. Currently the balance is down 41% from the $12,845 balance in January.

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Navient: 7,499
NMAC – $30,691
Credit Card: $700
Total Debt: $38,890

401k: $16,149
Roth IRA: $25 (rebuilding this back up slowly for now)

As I mentioned in the Nuclear Option post, I’m shifting some gears to get this debt paid off faster. Don’t have too many other tricks up my sleeve near term other than to keep chipping away. It’s almost 1:30am so time to get some sleep.

The Nuclear Option

I mulled this over for a week and decided to pull the trigger. I pulled money from my retirement account for the student loan. Mathematically it may not make the most sense, but…

$3452.04 is in one Roth IRA act at Betterment. It has basically been flat for a year (down slightly under 1%). $585 is in another Roth IRA acct. It was invested in a single company, that company’s stock is down slightly vs when I originally purchased. Trading fees and my strategy to purchasing were not very intelligent. I sold 6 shares and originally bought them in a series of 3 2 share purchases…

That leaves about $4k left to go toward the student loans once I process payments with no tax implications.

My current student loan balance as of 6/3/16 is $7,948. $4k of that is 50%. That lowers my balance to $3,948 and allows me to still get the loan paid off this year.

Why? I’ve had these loans since 2001. Almost 15 years ago. So much debt fatigue… 7 jobs, 2 states, a 10 year high school reunionI didn’t go to and god knows how many dates…

But what about your retirement? I still plan to contribute 6% of my gross to my 401k at work, company matches 3% and I get 2% back annually. So that’s effectively 11%