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*Official student loan pay off thread*

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

  • fatlittlepig fatlittlepig 
    Participant
    Status: Physician
    Posts: 1195
    Joined: 01/26/2017

    ^’liked’ my own post by mistake – sorry :/ . Can’t undo!

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    you are a mad dog

    fatlittlepig

    #158425 Reply
    Avatar Firefly 
    Participant
    Status: Physician
    Posts: 41
    Joined: 07/31/2018

    ^’liked’ my own post by mistake – sorry :/ . Can’t undo!

    you are a mad dog

    fatlittlepig

     

    That’s a great story, akmd! You are now a fatlittlemaddog

    #158435 Reply
    childay childay 
    Participant
    Status: Physician
    Posts: 1013
    Joined: 01/09/2016

    Paid the last of ours off yesterday.  Dual doc household ~4 years out.  Had refinanced the high-interest loans and paid those off several years ago now.

    I had thought I was smart not paying off the relatively low amount of loans left with <2% interest.  Alas I realized yesterday that not all of them were fixed rate and had gone up to 4% which prompted the payoff..

    #159138 Reply
    Avatar Allixi 
    Participant
    Status: Physician
    Posts: 110
    Joined: 03/16/2016

    Paid off on 9/26/2018:

    Starting balance: ~210K

    2.5 years after finishing residency

    Refinanced twice – once with DRB, once with Sofi. Majority of the loan was paid off as 5-year, variable rate starting at ~2.2%

     

    I contributed to 403b and 2x backdoor Roth IRAs during this time.

    Now that the loan’s done, will start saving in 457 and taxable – bit of a learning curve thus far.

    #163446 Reply
    Avatar saildawg 
    Participant
    Status: Physician
    Posts: 335
    Joined: 01/24/2016

    Paid off on 9/26/2018:

    Starting balance: ~210K

    2.5 years after finishing residency

    Refinanced twice – once with DRB, once with Sofi. Majority of the loan was paid off as 5-year, variable rate starting at ~2.2%

     

    I contributed to 403b and 2x backdoor Roth IRAs during this time.

    Now that the loan’s done, will start saving in 457 and taxable – bit of a learning curve thus far.

    Click to expand…

    Great job, the lessons you learned will be very valuable to you in the future.

    #163450 Reply
    Avatar hightower 
    Participant
    Status: Physician
    Posts: 1485
    Joined: 12/07/2016

    Congrats!! I hope you planned a little celebration for yourself. That’s a great accomplishment

    #163569 Reply
    eyecandy eyecandy 
    Participant
    Status: Physician
    Posts: 25
    Joined: 10/01/2018

    It’s now been 6 months since I paid off the student loans.  😀

    My Goal – pay off within 10 years of med school graduation, May 2008.

    Residency/Fellowship – both VHCOL cities. No payments made for 3 of my 5 years of training, the other 2 years I made minimal payments. I rationalized that my happiness level was more important, allowing me to travel and reward myself during those 5 long years.  Was the right decision for me, as I went on some of the most incredible (yet frugal) vacations of my life.

    Starting balance: 173K that I allowed to balloon to 224K. Had a freak out early in fellowship when it hit over 220K and that’s when I earnestly began my loan pay-down.

    Introduced to MMM in 2015. Started sending 60% of my post-tax dollars to the loans. Mid-2016 moved from my VHCOL city where I had spent 2 years being outbid on 6 homes. I decided to take advantage of geographic arbitrage and obliterate the loans asap. Bought a home in 2017 and my final loan check was May 2018.

    6 months later it’s nice to see those automatic deductions going into my taxable/net worth!

    Nice reminder, I recently had dinner with old co-residents/fellows and I explained why I moved/using extra $ to kill my loans. They were impressed, having finished 2 years before me and were still paying off their loans.

    Discovered WCI 2018. Woohoo!

    #163570 Reply
    Avatar Laeno 
    Participant
    Status: Physician
    Posts: 43
    Joined: 05/30/2016

    Paid off my loans in August of this year.  $245k, graduated in 2016.  Also with $60k of my wife’s high interest paid first.  Refinanced down to a variable that started sub 3 (from 6.8%).

    Followed that up with finishing off my wife’s nursing school loans (another $40k on top of that first $60k) by early October.  Ducked into our emergency fund to knock that out, but it’s coming back pretty quickly after that.

     

    My biggest change since then?  I am SO much more of a spendthrift.  It’s slowing down, but we planned a family vacation (that we’re gonna pay the bulk of–want to spend more time with people, especially after my father passed unexpectedly at the start of this year), bought some (good) football tickets, and have started looking at a big upgrade for my car, that I’ve been driving since med school.

    #163620 Reply
    Avatar Peds 
    Moderator
    Status: Physician
    Posts: 4434
    Joined: 01/08/2016
    , bought some (good) football tickets

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    what team?

    a big upgrade for my car,

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    how bout medium?

     

    also congrats.

    #163643 Reply
    Avatar Laeno 
    Participant
    Status: Physician
    Posts: 43
    Joined: 05/30/2016

    Saints at Cowboys!  Never been to an NFL game, now live in Texas, and grew up a Saints fan.

     

    As for the car, I don’t think I’m going too big.  I’ll have driven my Altima for 11 years or so before its replaced.  Debating some different options, thought of spending $20-25k.  Something gently used if I go luxury sedan.  Debated a Jeep Wrangler, but I don’t think it’d be that practical.  Maybe in a few years, I’ll get a project jeep.

    #163850 Reply
    Avatar Tim 
    Participant
    Status: Accountant
    Posts: 3059
    Joined: 09/18/2018
    As for the car, I don’t I’m going too big

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    Check out driversselect.com in Grand Prairie off of I-20. Shop online and see if anything you want is there. If you don’t, wait a week. They sell a ton of cars.  Their business model it to buy primarily lease vehicles at auction at a low price and sell the car with minimal profit.  They make their money (including salesman) on the add-on’s like financing, extended warranty etc.

    Car will have some factory warranty remaining, carfax, no wrecks, pretty low mileage. If you see something you like, be prepared to buy it if you go see it. Prices are fixed, no negotiation. The only way they hold it is with a $500 non-refundable deposit (you could use it on a different car). Once you pay, you are on the manufacturers warranty. It’s not to stick you, it’s their business model. Write them a check and you have a car to drive home.

    #163852 Reply
    Liked by Laeno
    Avatar Laeno 
    Participant
    Status: Physician
    Posts: 43
    Joined: 05/30/2016
    As for the car, I don’t I’m going too big 

    Click to expand…

    Check out driversselect.com in Grand Prairie off of I-20. Shop online and see if anything you want is there. If you don’t, wait a week. They sell a ton of cars.  Their business model it to buy primarily lease vehicles at auction at a low price and sell the car with minimal profit.  They make their money (including salesman) on the add-on’s like financing, extended warranty etc.

    Car will have some factory warranty remaining, carfax, no wrecks, pretty low mileage. If you see something you like, be prepared to buy it if you go see it. Prices are fixed, no negotiation. The only way they hold it is with a $500 non-refundable deposit (you could use it on a different car). Once you pay, you are on the manufacturers warranty. It’s not to stick you, it’s their business model. Write them a check and you have a car to drive home.

    Click to expand…

    Thanks!  I think we’d looked at their site for my wife a couple years ago, but I’ll definitely keep an eye out this time.  Going to take my time shopping.

    #163853 Reply
    Avatar jayzsurgery 
    Participant
    Status: Physician
    Posts: 11
    Joined: 03/14/2017
    Splash Refinancing Bonus

    Overdue late entry…

    Started practice 3 years go, spent first 2 years pretending that the REPAYE payments of $2000/mo on $512,000 of loan principal at 7.75% would magically go away before I sought the advice of the WCI community and got serious.

    • March 18, 2017:  refinanced $512,939.34 from FedLoan to SoFi 7 year variable rate @ 2.75% with plans to pay off student loans by 40th birthday (2024)
    • March 2017-January 2018:  aggressively went “shopping for student loans” with every paycheck, quarterly bonus, call pay, survey honorarium, etc.
    • January 31, 2018:  made final $44,743.33 remaining balance payment, bringing student loan balance to $0.00 exactly 10 months and 14 days from the time I refinanced and “got serious” about my student loan problem following some sobering advice from WCI community

    I have the first ($512,939.34) and last ($0.00) statements framed in my closet and smile every morning when I’m getting ready for work  😉 .

    Thanks for all of the invaluable advice!!

    Avatar Firefly 
    Participant
    Status: Physician
    Posts: 41
    Joined: 07/31/2018

    Whoa that is an epic feat! Congrats!! What are you planning for celebration?

    #164440 Reply
    CordMcNally CordMcNally 
    Participant
    Status: Physician
    Posts: 2844
    Joined: 01/03/2017

    Did you win the lottery during that time frame?! Nicely done!

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

    #164443 Reply

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