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*Official student loan pay off thread*

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  • Just paid off our student loans today. Peaked at 260k at the end of residency exactly 3 years ago. Now our only liability is our mortgage balance (720k). Plan is to divert what we have been directing towards student loans to the mortgage and hopefully destroy it within 7 years.

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    • Last payment this month. Paid off 250k in 3.5 years

      Never thought I’d be posting this. Loan balances used to keep me up late at night during training!

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      • I had to search for this thread...

        My last payment finalized this morning. 267k in 16 months. Thanks to everyone here for sharing your experience and knowledge.

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        • about 350k total

          2015-$20,357 HH income--120k
          2016-$55,143 HH income-120-130k
          2017-$48,954 HH income--120-130k
          2018-$81,741 HH income--130--->220k--became an attending
          2019-$130,050 HH income---330--> 490k -raise as of last week

          feels incredible---age 32. baby on the way!
          Last edited by footguy2; 11-15-2019, 05:18 PM.

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          • Originally posted by Brains428 View Post
            I had to search for this thread...

            My last payment finalized this morning. 267k in 16 months. Thanks to everyone here for sharing your experience and knowledge.
            I tried to comment earlier but boards were giving be issues. This is impressive

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            • Originally posted by Brains428 View Post
              I had to search for this thread...

              My last payment finalized this morning. 267k in 16 months. Thanks to everyone here for sharing your experience and knowledge.
              You're going to be amazed at how fast you accumulate wealth if you keep those habits up!

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              • Just finalized my last payment! Around $350K in 38 months. Feels amazing. Only debt left is mortgage and wife's loans going for PSLF (forgiveness 2022 fingers crossed!), hoping to pay off in 10-12 more years while beefing up the taxable account now.

                Of course with our first baby on the way we'll have new expenses like a nanny salary and house cleaners to pay for and a 529 to contribute to now...but even with all of that it doesn't come very close to the amount we were throwing at the loans...feels good. Hopefully this is motivation for those who are starting where I did!

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                • Originally posted by alumfinancial
                  Graduated repayment allows you to pay low monthly payments for 2-4 years before they begin to gradually increase.

                  This option is helpful if you are just starting out and expect to earn more money as time goes on. However, graduated repayment will likely cost you more than standard repayment over time. This is because, under graduated repayment, your interest continues to grow on a larger unpaid portion of your loan balance for longer.
                  Can you at least pretend to join the forum before you start advertising.

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                  • It's finally my turn! When I graduated PA school in 2012, I had >160k in debt including undergrad. I started off making $70k working in rural primary care and my standard student loan payments were 40% of my take home pay. Before I got married 2 years ago, I discovered WCI and read some of his recommended personal finance books, and got way smarter about getting debt paid off. In the two years we have been married, between my student loans, his student loans, and our two vehicles, we paid off >$115k on a combined income of 137k a year. Perfect timing as our first child is due in May 2020.

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