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Goal of paying off Student Loan by age 30

October 4th, 2008 at 02:38 am

So I have this goal of paying off my last student loan by age 30. My 30th birthday is April 27th. And if I work really, really, really hard, it just might happen.

Currently, I pay an extra $263.00 to the student loan each month. I have a plan for coming up with the rest of the funds for doing this.

Its seemed like I could easily pay off the loan by the end of 2009, but I would miss my birthday. However, I made a VERY detailed spreadsheet and I can do it by...

1. Trimming other budget catagories and putting the extra funds to the loan.

2. Lowering my 401k percentage TEMPORARILY (but still making the company match) to add an additional 45.00 per paycheck in take-home pay.

3. Trimming my Christmas budget by $159.00 to put towards the student loan.

4. I have 3 months of the year where I don't have a $125.00 car insurance payment. Those 3 months (Feb, Mar & April) will go to the loan.

5. I have an annual inheritance that I should receive in March. $475.00

6. Taking funds from my vacation, house and When-I-Make-My-Weight-Goal clothing budgets $300.00. None of these catagories are needs, just wants.

7. Cashing out savings bonds that my parents had given me. $1144.92.

8. Selling an extra wireless internet setup and my TI-83 calculator. Expected $45.00

All of this should get me within $35.00 of my goal. I just need to stick to the budget and come up with the additional $35.00.

Knowing its that obtainable, I will work hard to get it done. Anything I can do to keep this goal!!!

Posted in goals, budgeting, Student Loan | 8 Comments »

8 Responses to “Goal of paying off Student Loan by age 30”

  1. thriftorama Says:
    October 4th, 2008 at 02:51 am 1223088717
    1223088717

    That's awesome. It feels good to ditch student loans. I have paid mine down from 40k to 14 k in the past 6 years and I am so ready for it to be down to zero. I'm trying to come up with an extra 1k to pay on them by the end of the year.

  2. scfr Says:
    October 4th, 2008 at 01:44 pm 1223127860
    1223127860

    Great plan!

  3. mom-sense Says:
    October 4th, 2008 at 06:40 pm 1223145605
    1223145605


    Wow! Great plan! You can do it!

  4. Amber Says:
    October 4th, 2008 at 11:09 pm 1223161785
    1223161785

    Good for you, I know you'll do it

  5. fern Says:
    October 5th, 2008 at 03:26 pm 1223220385
    1223220385

    I love your methodicial and ambitious plans for paying off the loan (sounds like me). But let me ask you this, just to double-check: what's the rate of your student loan vs. your mortgage? Don't federal student loans have fairly low rates?

  6. HouseHopeful Says:
    October 5th, 2008 at 06:24 pm 1223231067
    1223231067

    Fern,

    I thought your question was great! I actually responded in its own post because I wanted to share the answer with everyone. Hope you don't mind!

  7. creditcardfree Says:
    October 5th, 2008 at 09:56 pm 1223243785
    1223243785

    Excellent plan...between survey's, turning in aluminum cans, interest on any savings acct, saving loose change, and using coupons, you will probably come up with that extra $30, too. Also, look for things to sell on ebay!!

    Paying off our student loans early in life was one of the best things we ever did to get on the right path financially. Best wishes!

  8. Thomas Mercadante Says:
    June 25th, 2009 at 06:48 pm 1245955728
    1245955728

    Upon graduating at the age of 21 I had 32000 in student loans. Today I am 22 years old and have been working for 8 months exactly. Living with my parents, father pays gas and insurance on my car. I have paid off 26000 worth of debt in 8 months. I will be done with this loan 2-3 months b4 my 23rd birthday. Thats what you call really giving it to the banks and loan corporations......they must hate people like me, who put a cap on my desires to move out, by a new car, spend money upon graduation and instead live life like a monk until I pay off my loan!!!!!!

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