1/25/2010

Student Loan Plan of Attack....

One of my goals for 2010 is to completely pay off my student loans.  Now that we're into the swing of things for 2010, I thought I'd review my plan to get it paid off.

The combined balances (after today's deposit) are standing at $8,007.  The Alberta loan is sitting at $5,342 and the Canada loan is sitting at $2,665.  Here's a visual of my plan:



As mentioned in my goals post, I'll need to come up with about $2,500 extra (plus a couple hundred for interest).  I haven't got a chance to do my taxes yet, but once I get my paperwork in, in a few weeks, I'll be sorting that out.  I'm hoping that I can get a solid $2,000 from taxes to put towards my student loans - otherwise... i'm going to have to figure out how to make more money.  Although April is when we get raises at work - it's hard to say what will happen this year.

It's pretty sweet that I'll get my Canada student loan paid off within a week of Jordan paying off his truck!  July will be a month for celebration!!
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7 comments:

  1. You're almost done. It'll be gone at no time at this rate. :)

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  2. Are you taking into account the interest on the loans? Also what are you doing with the money from the Canada Student loan once that is paid off in July? Currently you are placing an extra $75 every month on the Canada Student loan that I don't see you carrying over once the Canada student loan is done.

    (In case you are wondering this is the $75 from the month end payment)

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  3. It will sure feel good to get rid of that!

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  4. That looks so good! I've done the same thing with my family loan. It keeps me accountable! Good luck!! You should have a celebration in July with Jordan, and then another one in December for having it ALL paid off!!

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  5. @ The Asian Pear - thanks! It feels good to be so close!

    @ Jason - wow... I have no idea how I missed on moving my $75 from the one loan over to the other once the first gets paid off. It was my intention to do so, I just missed it on my spreadsheet! Thanks!! I didn't factor in the interest rate to the specific dollar amount - I did say that I anticipate needing another couple hundred dollars to pay the interest that will accrue - $200/12months should be about right.

    @ Mom - oh yea!!

    @ Girl - it's going to be great to celebrate!!

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  6. If you use the CNN.com debt repayment program it automatically puts in your interest and carries over that $75. ;)

    I <3 is so much.

    http://cgi.money.cnn.com/tools/debtplanner/debtplanner.jsp

    ReplyDelete

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