Announcement

Collapse
No announcement yet.

*Official student loan pay off thread*

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • mainah
    replied
    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.

    Leave a comment:


  • Lordosis
    replied
    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.

    Leave a comment:


  • mianesmd
    replied
    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!

    Leave a comment:


  • CordMcNally
    replied
    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!

    Leave a comment:


  • 8arclay
    replied
    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

    Leave a comment:


  • footguy2
    replied
    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.

    Leave a comment:


  • Brains428
    replied
    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.

    Leave a comment:


  • CountryNeurorad
    replied
    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!

    Leave a comment:


  • Dreamgiver
    replied
    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.

    Leave a comment:


  • fatlittlepig
    replied




    Paid off ~35K during training…  just paid off the remaining 140K during our first 9 months as attendings!

    i’m a very part time pediatrician, husband pulm/CC.  consolidated to a private lender (SOFI) sometime during residency once we realized a full time job wasn’t realistic for me.  lived like residents once we made the transition to attendings.  ever since we got out of med school every christmas check, bonus or moonlighting check went to the loan.  still spent money on some things we care about ( ex. the occasional date night, airfare to visit family).  i think the best thing we did was avoid the doctor house – we are renting and our cost of living barely changed at all despite the fact that our income increased 5+ fold.  and now we have zero debt and just booked a swanky deer valley ski trip this winter with our kids…  paid for with cash!

     
    Click to expand...


    Nice job U get a pat on the back from Fatlittlepig

    Leave a comment:


  • Zaphod
    replied










    They’re finally gone. I thought I’d never get to contribute to this thread…

     

    Husband and wife DDS, 2011 and 2013 grad with combined $550k-ish in SL

    It will be a strange feeling to see our paychecks stay in our checking account, when we’ve been stroking $8-10k/month for the last 6+ years.

    Regardless of how the loan forgiveness plays out, it feels ************************ good to have this monkey off our back.

    Time to splurge on a good bottle of whiskey and then get to work on getting our NW above $0….
    Click to expand…


    Let us know what you choose.  I think the best value is Bulleit Rye, but I wouldn’t fault you for going with something higher end as this is a cause for celebration!
    Click to expand…


    I agree, I really enjoy Bulleit in an old fashioned. I have a bottle of Blanton’s and a bottle of EH Taylor 4 Grain I’ve been waiting to crack open. So one, or both of those will probably be the choice.
    Click to expand...


    High West Rendevous Rye, or the Double Rye which is great bang for the buck.

     

    Leave a comment:


  • saildawg
    replied










    They’re finally gone. I thought I’d never get to contribute to this thread…

     

    Husband and wife DDS, 2011 and 2013 grad with combined $550k-ish in SL

    It will be a strange feeling to see our paychecks stay in our checking account, when we’ve been stroking $8-10k/month for the last 6+ years.

    Regardless of how the loan forgiveness plays out, it feels ************************ good to have this monkey off our back.

    Time to splurge on a good bottle of whiskey and then get to work on getting our NW above $0….
    Click to expand…


    Let us know what you choose.  I think the best value is Bulleit Rye, but I wouldn’t fault you for going with something higher end as this is a cause for celebration!
    Click to expand…


    I agree, I really enjoy Bulleit in an old fashioned. I have a bottle of Blanton’s and a bottle of EH Taylor 4 Grain I’ve been waiting to crack open. So one, or both of those will probably be the choice.
    Click to expand...


    I agree this is my perfect old fashioned recipe

    2 oz Bulleit Rye

    1 bar spoon maple syrup

    2 dashes bitters

    Stir to dilute with ice, strain/pour over large rock, garnish/rim the glass with orange swath

     

    Leave a comment:


  • rbc001
    replied
    Paid off ~35K during training...  just paid off the remaining 140K during our first 9 months as attendings!

    i'm a very part time pediatrician, husband pulm/CC.  consolidated to a private lender (SOFI) sometime during residency once we realized a full time job wasn't realistic for me.  lived like residents once we made the transition to attendings.  ever since we got out of med school every christmas check, bonus or moonlighting check went to the loan.  still spent money on some things we care about ( ex. the occasional date night, airfare to visit family).  i think the best thing we did was avoid the doctor house - we are renting and our cost of living barely changed at all despite the fact that our income increased 5+ fold.  and now we have zero debt and just booked a swanky deer valley ski trip this winter with our kids...  paid for with cash!

     

    Leave a comment:


  • fatlittlepig
    replied




    They’re finally gone. I thought I’d never get to contribute to this thread…

     

    Husband and wife DDS, 2011 and 2013 grad with combined $550k-ish in SL

    It will be a strange feeling to see our paychecks stay in our checking account, when we’ve been stroking $8-10k/month for the last 6+ years.

    Regardless of how the loan forgiveness plays out, it feels ************************ good to have this monkey off our back.

    Time to splurge on a good bottle of whiskey and then get to work on getting our NW above $0…. ?
    Click to expand...


    Good job. If you are smart you will continue and start paying yourself that 8-10K a month and invest it.

    Leave a comment:


  • KCKDDS
    replied







    They’re finally gone. I thought I’d never get to contribute to this thread…

     

    Husband and wife DDS, 2011 and 2013 grad with combined $550k-ish in SL

    It will be a strange feeling to see our paychecks stay in our checking account, when we’ve been stroking $8-10k/month for the last 6+ years.

    Regardless of how the loan forgiveness plays out, it feels ************************ good to have this monkey off our back.

    Time to splurge on a good bottle of whiskey and then get to work on getting our NW above $0….
    Click to expand…


    Let us know what you choose.  I think the best value is Bulleit Rye, but I wouldn’t fault you for going with something higher end as this is a cause for celebration!
    Click to expand...


    I agree, I really enjoy Bulleit in an old fashioned. I have a bottle of Blanton's and a bottle of EH Taylor 4 Grain I've been waiting to crack open. So one, or both of those will probably be the choice.

    Leave a comment:

Working...
X