Here we go again… It was almost three weeks ago (18 days to be exact) when I announced that my student loan debt dropped from $90 thousand to $89 thousand. Well, another great announcement – I’m now down to $88 thousand (yippee!). Oh, and notice the new student loan debt image that I made to slap on to these posts from now on (double yippee!).
And so here we are again with another “my student loan debt recently dropped” entry on my blog. I like these entries because each new one that I post on the blog is one step closer that I come to financial freedom. Why use the term financial freedom? That’s easy – I’m essentially bound by these student loans until they become manageable. Let me give you some brief numbers to show you why…
Today is the 98th day of 2010. To date in 2010, I’ve spent about $9,800 on my student loan debt (by an odd coincidence, this example works perfectly). In others words, for each day in 2010 I’ve paid $100 in student loan debt… which has totaled nearly $10,000 since January 1st. Consider that for a moment. I’ll wait.
That’s pretty disgusting, don’t you think? Sure, I overpay my student loans so that I can eliminate them quicker, but imagine if your bank account was depleted by $100 per day to pay for something that you can’t tangibly see, touch, or feel. Believe me on this – it would drive you crazy.
But my days are not filled dwelling on the annoyance of student loan debt. Nope. Instead, if I’m not actively earning more funds at my day job, through my website company, or via my teaching gigs, then I’m trying to find new ways to earn funds to continue paying down these student loans. The bad news is that it is a physically and mentally exhausting practice. The good news is that the student loan debt is (slowly) melting away. The better news is that once the student loan debt is manageable, I’ll be able to restructure my budget to begin achieving other financial goals. The best news is that once the student loans are paid off completely, I should be in a situation where a good deal of money is rolling in due to this structure that I’ve set up for myself.
It’s all in the planning, you know? Let’s hope for another one of these entries very soon!
In May 2006, I graduated from Rutgers University with a Masters Degree and $120,720 in student loan debt. I currently owe $88 thousand, which breaks down to $33 thousand owed to the New Jersey Higher Education Student Assistance Authority and $55 thousand owed to the United States Department of Education. Follow my student loan repayment story on JerseySmarts.com.