Student loans….again


I sent in my first “real” student loan payment the other week and it applied to my account today. I felt such a thrill! Granted for a little over a year now, I’ve been making “payments” but it didn’t feel real as it was to get the loans out of default status.  And the one loan went into deferment so I haven’t made a payment on it.  (As much as I wanted to, the car had to come first along with a few other items that cropped up unexpectedly.  I’d much rather not make a payment on something that isn’t due yet then have to withdraw the money from our very baby emergency fund. Maybe that isn’t what other people would do but I’m okay with that.  I had to make a tough choice and went with what I thought was best for us.)

It didn’t go down by much-I only paid an extra $2.15 (roughly) as I just can’t afford to pay anymore yet.  But it was roughly 1% of my loan that I paid.  Ouch, that hurts to see small number right there in black and white but I’m still happy that I’m on my road to debt recovery. It’s slow going and sometimes I feel like I’m taking breaks (i.e. not paying more than I am and not paying on the loan that is in default) but I’m still moving forward.

Eventually we won’t have a wedding we’re paying for that takes up a lot of any “extra” money.  And, I’m proud of how we are doing it, so don’t get me wrong there.  But when we are able to concentrate on getting out of debt, I’m going to be even happier.   Eventually I can see us making double payments but that day isn’t close to being here yet.

So yes, it might be too soon for the fireworks but I’m extremely happy about this turn in events.  We’re on the right path and every little battle is worth it right now.


28 Comments on “Student loans….again”

  1. Michelle says:

    WOOHOO! I’ve only been making small payments right now. All of mine are still in deferment and aren’t collecting interest. I plan on making a big lump sum soon though.

  2. SWR says:

    Hey, every little bit makes a difference in the long run. And since you’re getting into the habit now, it’s going to be that much more natural when you do have more money to throw towards the loans!

  3. AverageJoe says:

    Sweet! Nice job on the payment. Just remember….baby steps….baby steps……

  4. It’s a start! Good for you!

  5. That is awesome! Got to start somewhere!!!

  6. debtsntaxes says:

    The big thing is that you got it out of default and are now making “real” payments. LIke everybody else said, you gotta start somewhere and I think you are on the right path, especially since you already have the mindset of paying extra on them.

  7. Since you are really into working out now, I know you are very well aware that lots of little will eventually add up to something big! You will eventually get through this, even though it feels so far away today! Trust me–I feel your pain often! Instead of looking at the percentage of the debt you just paid off and dreading making umpteen more of them, look at the fact that you didn’t just meet your goal of paying off X amount this month toward debt repayment….you paid even more! You kicked that goal’s ass! :o)

    • bogofdebt says:

      That’s true-if I lost an extra half a pound, I’d be estactic because of the sheer amount of work that went into losing it. I’ll concentrate on being able to slowly increase my “minimum” payments even if it’s not by much. Every dollar counts! Thanks!!!

  8. GOOD WORK! 1% is great — you’ll get there!

  9. John S @ Frugal Rules says:

    It has to start somewhere. Every extra amount, no matter how much, gets it paid off quicker!

  10. Rachel says:

    Every dollar counts! Yay!!

  11. Woohoo that’s awesome! Maybe some miniature fireworks are in order?

  12. […] Student loans….again […]

  13. Go You! Every month I pay about 2% of my overall debt off, so I know how you feel when you say that number seems really small. But remember, this month is 2%, next month 4% and eventually it’s going to snowball until it’s completely gone. You’ve taken the first step, you should definitely be celebrating with fireworks. 🙂

  14. It’s great to start that active process – I’m nearing the end of my student loan payments, and you’ve got to start *somewhere*, right? Congrats to you!

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