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*Official student loan pay off thread*

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

  • Avatar hightower 
    Participant
    Status: Physician
    Posts: 1485
    Joined: 12/07/2016

    That’s an astonishing amount of debt to pay off in such a short time.  Congrats!

    #217872 Reply
    Liked by okayplayer
    CordMcNally CordMcNally 
    Participant
    Status: Physician
    Posts: 2860
    Joined: 01/03/2017
    I’m very happy to finally post this.

    Click to expand…

    Congratulations…job well done!

    It is very freeing to have those debts gone. I have spent most of my adult life accumulating/transferring/stressing about/paying off student loan debt.

    Click to expand…

    A lot of people underestimate this part.

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

    #217916 Reply
    Liked by AZPT, Tim, adventure
    Avatar eyebulls 
    Participant
    Status: Physician
    Posts: 5
    Joined: 06/13/2019

    “12 Years / 12 Months”

    A long time lurker, I’ve been waiting to post this for 1 year. I graduated from med school at an optimal time w/r/t loan interest rates, and chose to let it ride with minimal payments for 12 years while focusing on partnership buy-in, house acquisition, 401k, Roth, taxable brokerage, etc. All good things and worthy priorities, and I don’t regret focusing financial energy toward these investments at the beginning and through that bull market.

    Last year DW and I got angry at the debt. We ended up killing the remaining 6-figure principal over 12 months.

    Today marked the last payment. Over the course of the afternoon I’ve logged in to Edfinancial services half a dozen times simply to look at “Remaining balance: $0.00”, chuckling intermittently as I do so. Yes, the mathematics argued for letting it ride for 30 years, but simply looking at the total interest paid to date (a tidy 5-figure sum) confirms our decision. I feel more positive in my practice having freed myself from this obligation. Psychology matters.

    Thank you to WCI and this community of supporters – I love hearing your success stories and idiosyncratic viewpoints.

    Hank Hank 
    Moderator
    Status: Attorney
    Posts: 1407
    Joined: 03/27/2017

    This is my favorite thread on the WCI forum.  People pay off sometimes stunning amounts of debt in relatively short order after graduating from residency or fellowship or within a few short years (or even months!) of discovering this forum.  For every time that a post on the Whole Life Insurance thread raises my blood pressure and puts me one step closer to an early grave, I see a heartwarming story about someone who got serious and kicked student loan debt in the hinter-parts.

    If you can kill your student loans in short order, you can keep up those good habits and achieve financial independence sooner than you might think.  That leaves you in a most unusual situation: able to retire, yet willing to teach new doctors, heal patients, travel the world and see its many splendors, and not so subtly let the administrators and weenies of the world know that you are within a half-breath of telling them what FU money stands for.

    Congratulations to all of the forum members who finally have paid off their student loans. A standing O to those who don’t need to work another day in their life but have the pleasure of doing work that they enjoy anyway!

    Avatar Ds2660 
    Participant
    Status: Physician
    Posts: 55
    Joined: 11/20/2016

    My last loan payment posted today, first time I got to see the balance at $0.  I charted out a monthly payment plan about 2 years ago which had me finishing my payments this September.  Took a bunch of extra shifts over that time coupled with a pay raise from making partner, paid off $185k in the last 9 months, finishing 3 months ahead of schedule.

    Big thanks to WCI and the WCI community.  Can’t overstate how appreciative I am for the free education available here.

    Avatar uteomfs 
    Participant
    Status: Dentist
    Posts: 14
    Joined: 05/30/2019

    After 8 years of practice I finally paid mine off. For six years I made minimum payments because I believed I could earn a greater return with investing. My loans were locked in at 5.0%. Many of the years I likely did beat this, but accounting for risk, taxes, piece of  mind, etc. I finally just decided to put all extra money toward the debt and was able to knock out approximately 285K in two years. It truly is a liberating feeling. I have decided to continue with the snowball and pay off my practice loan and home loan in the next 3 years. Despite having the low interest rates on these loans, I can only imagine the increased freedom I will have from these financial burdens. There are just some things you cant put a price tag on.

    squaredroot squaredroot 
    Participant
    Status: Physician
    Posts: 24
    Joined: 07/11/2017

    I’ve been waiting a long time to finally post in this thread. Its the thread that kept us motivated to our goal to payoff our student loans in 2 years since finishing residency.

     

    Total loan amount: ~$150,000

    Loan interest: 2.55%, 7 year fixed with First Republic

    Pay off date: 6/21/2019

    Personal information: we live in a relatively HCOL area

    Living expenses: ~$6500/mos

    Misc: Maxing out 403b and backdoor Roth x 2

     

    I’m going to sound like an Oscars awards speech over here. But thanks for everyone specially in the WCI forums for keeping us focused and motivated towards our goals. It was essentially you guys and the WCI Conference that gave us that motivation to educate ourselves in our finances.

     

    Thanks to you guys, we have been able to pay it forward by helping other residents and colleagues to help payoff / refinance their student loans.

     

    As for all you guys in the journey of SL payoff, keep up the drive and motivation. It can be done as insurmountable as it may seem, you guys got this!

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    "The mass of men lead lives of quiet desperation" - HDT
    laraizcuadrada.com

    Avatar KCKDDS 
    Participant
    Status: Dentist
    Posts: 8
    Joined: 10/06/2016

    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 damn 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…. 🙂

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

    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 damn 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!

    #229523 Reply
    Liked by KCKDDS
    Avatar KCKDDS 
    Participant
    Status: Dentist
    Posts: 8
    Joined: 10/06/2016

    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 damn 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.

    #229559 Reply
    Liked by saildawg
    fatlittlepig fatlittlepig 
    Participant
    Status: Physician
    Posts: 1203
    Joined: 01/26/2017

    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 damn 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.

    #229577 Reply
    Avatar rbc001 
    Participant
    Status: Physician
    Posts: 12
    Joined: 04/09/2018

    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!

     

    #229586 Reply
    Avatar saildawg 
    Participant
    Status: Physician
    Posts: 335
    Joined: 01/24/2016

    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 damn 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

     

    #229589 Reply
    Liked by AZPT, Zaphod
    Zaphod Zaphod 
    Participant
    Status: Physician, Small Business Owner
    Posts: 6196
    Joined: 01/12/2016

    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 damn 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.

     

    #229731 Reply
    Liked by saildawg
    fatlittlepig fatlittlepig 
    Participant
    Status: Physician
    Posts: 1203
    Joined: 01/26/2017

    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

    #229736 Reply

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