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Posts tagged with: Student Loans

Increasing Minimum Payments

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My student loans are on income-based repayment (just entering my 3rd year; the final year where my subsidized loans are still eligible for interest forgiveness).

One of the stipulations of IBR is that I have to re-apply every year. The re-application deadline for me falls in August. Its probably not surprising that, due to my increased income, my minimum payments are going up.

At first when I saw the email which notified me of the increasing minimum payments, I was bummed. “Dang it, that sucks” I thought.

But then it hit me – I’m paying like 10x the minimum payments right now (this is definitely hyperbole, but I still pay WAY over my minimums). So the tiny increase in minimum payments (I think it increased about $40/month) does not even come close to affecting me. After the realization, I laughed a little to myself.

Obviously no one likes when minimum payments increase. Thats what sucks so bad about adjustable rate mortgages! But at this stage in our debt payoff game, we’re focusing on the student loan payments. If we were still paying minimums on them in order to put more money toward a different loan, then this change might affect us. But given the massive sized student loan payments that we make, it literally doesn’t make an iota of difference to me if the payments increased $5 or $50. Who cares?! I pay way over the minimum anyway. I’m ready for them to be GONE!!!

Also, as just a random tidbit, when we first met with our mortgage broker with all our documents, he made a comment along the lines of “wow, I’ve never seen anyone with this much student loan debt!” I kind of chuckled (ummm…have you never done a mortgage for a doctor before??).  But not just because I was genuinely surprised by his inexperience with large student loan debts….I also chuckled because had I visited him 2 years ago, we would have been carting around an additional $50,000+ of miscellaneous debts, too! We’re in much better shape now than we were then! But, yes. I have a disgusting amount of student loan debt. Can’t wait to kick it all to the curb!!!

Just for fun – what are your minimum payments on your student loan debt? My Navient loan minimum payments are about $600/month. A ton of money, for sure. But when I’m paying thousands per month on the loans, a $40 increase doesn’t make a big difference.

 


Everyday I’m Hustlin’

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Logged into my email today to see this little guy smiling back at me:

Screen Shot 2016-08-26 at 10.32.08 AM

Sure doesn’t get old to see these “loan payoff” emails! I’m now officially down to 7 Navient loans (out of what 12). To be fair, I’d paid off this loan prior to last month’s debt update, but it took until the next billing cycle (now) for them to acknowledge that the loan was, indeed, paid in full.

Anywho…..pretty exciting stuff! Still lots of big loans ahead, but it’s a nice little pat on the back, indeed!

Lots (and lots!) going on in life right now! We’ve been house-hunting twice (no offers yet). We have lots of work/social functions (Last weekend was an “early faculty” happy hour. Tonight is a departmental social function). Next week we’re going back to Texas as a family. Originally hubs was going to go on his own (to spread his grandfather’s ashes with his mom), but it’s Labor Day and the kids have 2 days off of school anyway so we decided to just all go back together. I’m going to be doing various dad-related duties while in town, including:  1. going to social security office with him so I can get official permission to talk to them since they don’t recognize power of attorney, 2. meeting with a financial advisor to better invest my dad’s money, 3. meeting with a realtor to sell the Texas house.

I’m a teeny bit bitter that a chunk of my trip is going to be monopolized with dad-related stuff when I have two siblings who live in the same city that are perfectly capable of doing the things I’ll be doing. But such is life. There are ebbs and flows. Sometimes my sister picks up more of the “dad slack” and sometimes it falls on me. It’s already a huge relief for his Utah property to be sold and, although we’d originally talked about renting the Texas house, no one has stepped up to take control and my #1 stipulation is that I don’t want to deal with it. Since the duties have fallen to me anyway, I’m going to handle it how I want….which is to get rid of the property so I don’t have to deal with it. We have other (more personal) reasons why we want to get rid of the property instead of renting it, too. Mainly that, due to my dad’s disease, he has a tendency to f*ck stuff up and I just have a gut feeling that if we were to try to keep and rent the property, he’d find a way to mess it up. Might just show up at the front door (illegally) and demand something of the tenants. Or might cause an altercation with the property management company. Who knows? To limit liabilities (and make my life easier), the place just has to go.

So that’s what I’ll be doing the Friday before Labor Day (the only business day that I’ll be in town). Hoping I can get that drama out of the way and enjoy the rest of the long weekend doing low-key and cheap or free activities with the family.

Do you usually travel for Labor Day? We typically don’t, but it’s just worked out that way this time. 

What’s the last debt you paid off in full? Every new Navient loan that I pay off feels like a major triumph. Sooooo over that company! I swear! Once our house situation is squared away I plan to refinance my student loans through another company so I can get a reduced interest rate (and just not have to deal with Navient anymore).


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