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*Official student loan pay off thread*

Home Student Loan Management *Official student loan pay off thread*

  • Avatar Drmaseofbase
    Participant
    Status: Physician, Other Professional, Small Business Owner
    Posts: 5
    Joined: 09/20/2017
    Splash Refinancing Bonus

    Paid off the last $5000 of $200,000 today.

    CordMcNally CordMcNally
    Participant
    Status: Physician
    Posts: 3074
    Joined: 01/03/2017

    Paid off the last $5000 of $200,000 today.

    Click to expand…

    Congratulations! Make sure you celebrate such a great accomplishment!

    “But investing isn’t about beating others at their game. It’s about controlling yourself at your own game.”
    ― Benjamin Graham, The Intelligent Investor

    #138898 Reply
    Liked by Firefly, adventure
    Avatar saildawg
    Participant
    Status: Physician
    Posts: 343
    Joined: 01/24/2016

    Paid off the last $5000 of $200,000 today.

    Click to expand…

    Great job, what was the time frame?

    #138899 Reply
    Avatar Drmaseofbase
    Participant
    Status: Physician, Other Professional, Small Business Owner
    Posts: 5
    Joined: 09/20/2017

    Thank you!

     

    2008-June 2017: $50k

    June 2017-present: $150k

    #138911 Reply
    The White Coat Investor The White Coat Investor
    Keymaster
    Status: Physician
    Posts: 4656
    Joined: 05/13/2011

    Thank you!

     

    2008-June 2017: $50k

    June 2017-present: $150k

    Click to expand…

    Amazing what happens with some focus eh?

    Site/Forum Owner, Emergency Physician, Blogger, and author of The White Coat Investor: A Doctor's Guide to Personal Finance and Investing
    Helping Those Who Wear The White Coat Get A "Fair Shake" on Wall Street since 2011

    #138962 Reply
    Avatar HandFellow
    Participant
    Status: Physician
    Posts: 222
    Joined: 01/18/2016

    Finally did it.

    Graduated fellowship 2 years ago with 110k in student loans.  I refinanced in fellowship to a variable rate from 6.8 to like 4 or something.  My contract included  1250 a month to student loans for 2 years, provided there was still a student loan balance.  Well, their final payment went through this month so i finished the job and sent them 11k.

    done and done

    Avatar saildawg
    Participant
    Status: Physician
    Posts: 343
    Joined: 01/24/2016

    Finally did it.

    Graduated fellowship 2 years ago with 110k in student loans.  I refinanced in fellowship to a variable rate from 6.8 to like 4 or something.  My contract included  1250 a month to student loans for 2 years, provided there was still a student loan balance.  Well, their final payment went through this month so i finished the job and sent them 11k.

    done and done

    Click to expand…

    Its nice when a plan comes together and is carried out to completion, congrats!

    #142361 Reply
    Avatar hightower
    Participant
    Status: Physician
    Posts: 1501
    Joined: 12/07/2016

    This is my favorite thread.  Great work to all.  Keep the success stories coming!

    #142395 Reply
    Avatar PNWskindoc
    Participant
    Status: Physician
    Posts: 99
    Joined: 01/10/2016

    Strong work! Can’t wait to be in your position in 6 months!

    #142421 Reply
    Avatar RandomDoc
    Participant
    Status: Physician
    Posts: 47
    Joined: 06/04/2016

    @handfellow: job well done . I’m looking forward to adding my name to this list in a year or so

    #142432 Reply
    DMFA DMFA
    Moderator
    Status: Physician
    Posts: 2136
    Joined: 06/24/2016

    …will this help my credit score by keeping the average age of open accounts longer, or should I just pay that last dollar on each and let the 12-16 year-old accounts close?  BTW those rates were literally 1.9% a year or so ago, which is the last time I logged into Navient.

    "I like money." - Frito Pendejo (Idiocracy)

    [Not a financial professional (yet), lawyer, or employee of The White Coat Investor]

    #142649 Reply
    Avatar Dicast
    Participant
    Status: Physician
    Posts: 415
    Joined: 01/09/2016

     

    …will this help my credit score by keeping the average age of open accounts longer, or should I just pay that last dollar on each and let the 12-16 year-old accounts close?  BTW those rates were literally 1.9% a year or so ago, which is the last time I logged into Navient.

    Click to expand…

    I don’t think my credit score changed at all when I finished off my student loans. Not as long of a history. Are you planning to use your credit score for something?

    Just pay them off.

    Get outside of your bubble.

    #142651 Reply
    CordMcNally CordMcNally
    Participant
    Status: Physician
    Posts: 3074
    Joined: 01/03/2017

    …will this help my credit score by keeping the average age of open accounts longer, or should I just pay that last dollar on each and let the 12-16 year-old accounts close?  BTW those rates were literally 1.9% a year or so ago, which is the last time I logged into Navient.

    Click to expand…

    I don’t know if the duration of an installment plan has any affect on your credit score or not. Either way, not enough to make a big difference.

    “But investing isn’t about beating others at their game. It’s about controlling yourself at your own game.”
    ― Benjamin Graham, The Intelligent Investor

    #143006 Reply
    DMFA DMFA
    Moderator
    Status: Physician
    Posts: 2136
    Joined: 06/24/2016

    Yeah, I think installment debt might be excepted from the “age of accounts” calculation.  At any rate, I owe $7.  I’ll just skip my next lunch and pay it.  I just thought it’d be a funny screenshot tbh.

    "I like money." - Frito Pendejo (Idiocracy)

    [Not a financial professional (yet), lawyer, or employee of The White Coat Investor]

    #143028 Reply
    Avatar ChristopherMD20
    Participant
    Status: Physician
    Posts: 195
    Joined: 10/31/2017

    Finished Med School in 2013 with ~$200k in student loans

    Finished Fellowship June 2018

    Started Attending Job August 2018

    TODAY IS THE DAY. Payments submitted just waiting for them to officially clear. No debt except the mortgage. It feels good. Could not have done it without my wife (pharmacist)!

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