JerseySmarts.com

Greek State of Mind
  • Home
  • Start
  • Money
  • Student Loans
  • College & Greek Life
  • Media Reviews
  • Funny People
    • Facebook
    • Instagram
    • Twitter
You are here: Home / Money, Jobs, & Finances / The Very Definition of Being So Close And Yet So Far Away!

The Very Definition of Being So Close And Yet So Far Away!

April 4, 2013 by Joe Leave a Comment

Long-time readers of my blog know that I usually post a monthly update on my student loan repayment progress. The last such update was posted back in January and it was pretty well-received by the readers. Thanks for that, everyone! Since January, I haven’t posted any updates about my repayment progress. There’s a good reason for the lack of updates, though: there hasn’t been much progress since January. Shocking for a guy who has managed to repay so much in such a short period of time, right? Well, here’s the story…

I've paid SO much more than this in student loans over the last six and a half years!

I’ve paid SO much more than this in student loans over the last six and a half years!

Sometime towards the end of January/early February, my roommate told me that he finally received a call back for a job that he’s been waiting to hear from for several years. He said that if he passed the different qualification rounds (he did and there was never a question on whether he would) and the agency offered him a position (which was and remains likely), then he would have to move out at some point in the middle of May.

Just like any sane person, I reacted to this news by weighing my future housing options. Through this process, I realized very quickly that my options for selecting a living situation in 2013 are much different than they were 5 or 10 years ago. Today, I don’t really need a roommate to pay for the too-high rent required for the three bedroom, two and a half bath townhouse that I currently live in. However, only having to pay half of the rent and half of the utilities obviously makes my financial life easier and I can’t complain about the roommates that I’ve had over the years – they’ve all been great with paying their share of the costs. And they’ve been good guys, too.

However, I’ve gotten a bit older and what I’ll accept for living space today is different than what I would have accepted 5 or 10 years ago. For example, I could very easily continue life as a renter and move into a less expensive condo or apartment that is much closer to the beaches and the bars that I go to (on those rare occasions when I actually go out to the beach or bar). But not only would continuing to be a single renter be a poor use of my income, living in those areas is not really where I want to be at this point in my life. Granted, “those areas” are only minutes from where I live now, but as a guy with an aggravating commute I’d rather be as close to the main highways as possible. The area that I live in right now is less than a mile from the Garden State Parkway and less than 5 minutes to other major highways in the area. It’s nice to have that type of access to main highways.

I’ve quickly gotten off topic here. The point of this entry is to provide a brief student loan update! I’m in an awkward position right now with my students loans. For the first time in years, I haven’t made any extra, excessive payments to the USED / MOHELA loan because I’ve been saving my money to buy a new home. Of course, as you might imagine there are two aggravating items that I have to report on about this situation.

First, I have $17 thousand still outstanding on my student loans. What is aggravating about the outstanding balance is that I have the entire amount (and then some) sitting in a savings account right now. Why not use the money in the savings account to pay off the balance of the loans, you ask? Simple. I’m saving those funds to buy a house. Just like the detour I had to take last year when my Honda Civic crapped out and I bought a brand new Ford Escape, I’ve been presented with a situation that requires me to change my financial goals.

Second, between principal payments and interest over the last nearly 7 years that I’ve been repaying my students loans, I’ve given private entities like NJHESAA and MOHELA and government agencies like the USED some $104 thousand in principal payments and some $35 thousand in interest payments for a combined nearly $140 thousand no longer in my possession. Just to give you a perspective on how that type of repayment has had a lasting, real impact on my life – the $140 thousand from the repayment could have easily combined with the $17 thousand that I’m sitting on to allow me to buy the condo that I’m considering purchasing – with absolutely no mortgage.

No mortgage.

NO.

MORTGAGE.

Of course, that’s not the situation that I’m in and that’s not the way my financial life has progressed. And I’m not mad… Am I aggravated about it all sometimes? Yes. But definitely not mad. In fact, I’m grateful that I’ve been able to position myself such that I can buy a home at 32 years old when there are so many people in my generation that just aren’t able to do so yet. And the path that I’ve taken to get here will allow me to decorate the walls in my soon-to-exist-home-office with various degrees and professional commendations. Not such a bad outcome, really. Does buying a home mean that my plan to retire my student loan debt by this summer is going to change? Yes. Unfortunately, I’m going to have to push that repayment plan out a little bit longer. But pushing the repayment plan out a little bit longer because I’m buying a home isn’t so bad!

So instead of reading about how I retired my student loan debt in the summer of 2013 you’re probably going to have to wait a few extra months – possibly a full year – to read that update. In any event… stay tuned!

Filed Under: Money, Jobs, & Finances, Student Loans Tagged With: Garden State, MOHELA, Monmouth County, Rent, Student Loans, USED

Tweets by @JVince81

Recent Posts

August 1, 2019 - Book Review: Dreyer’s English
June 8, 2019 - Book Review: Social Excellence
June 7, 2019 - A New Student Loan Update – Many Years Later
September 10, 2018 - Wise Words to Remember During Formal Recruitment Season
January 1, 2018 - Book Review: The Return of the Shadow by J. R. R. Tolkien
December 30, 2017 - Book Review: The Hidden Reality by Stephen Martino
June 1, 2017 - Why I Volunteer My Time to My Local Chapter of Sigma Pi Fraternity
June 21, 2016 - News and Updates from Sigma Pi Fraternity – Circa 1916
March 25, 2016 - Start the Weekend Right Link Series – Volume #4, Edition #3
March 19, 2016 - Start the Weekend Right Link Series – Volume #4, Edition #2

Categories

  • Book, DVD, Movie, & Media Reviews
  • College & Fraternity Life
  • Computers, Internet, & Technology
  • Entertainment
  • Funny People
  • Health Ideas & Gym Stories
  • International Politics
  • Jokes & Humor
  • Local People & Politics
  • Money, Jobs, & Finances
  • Next Iteration
  • Random Entries
  • Sports
  • Student Loans
  • Sustainable Living
  • The State of New Jersey
  • United States Politics
  • Winter & Christmas Time

Join My Mailing List

From time to time, I will send out exclusive information to mailing list subscribers only. Your e-mail address will not be sold or transferred to any third parties by joining this list.
Enter e-mail:

Check Out These Sites

  • Dr. Stephen Martino
  • Greek State of Mind
  • JoePalazzolo.com
  • Minding the Campus
  • Saint Catherine of Siena Church
  • Sigma Pi Educational Foundation
  • Winners Circle Fashion

Recent Comments

  • Trum Stir on The Latest and Greatest with My NJHESAA Loan: “Just thought you'd be interested in our family's solution for my son's defaulted NJCLASS loans. We got tired of dealing…” Jul 6, 12:10
  • Joe on Start the Weekend Right Link Series – Volume #4, Edition #2: “You're welcome, Justin. And thank you for writing such a robust article on meditation. I've found it personally helpful and…” Mar 20, 12:14
  • Justin Miller on Start the Weekend Right Link Series – Volume #4, Edition #2: “Thank you for featuring my article on meditation here.” Mar 19, 08:51
  • hassan joyo on Send A Message to President Obama NOW!: “hi mr barak obama king of u.s.a im hassan joyo from pakistan sir ineed mony for huose rent or ashool…” Jan 25, 04:49
  • Bryan Duarte on The Internet As It Exists In 2014… It Kind Of Sucks: “Hey Joe. Very relevant points made in this article. Although, I believe the advancements in internet, information, and convenience is…” Jan 10, 13:34
  • Joe on Are High School Guidance Counselors Doing Their Jobs?: “Let's see if we can wade through the ignorance. First, it is unreasonable to expect a high school student with…” Oct 24, 18:11
  • Schullo 1814 on Are High School Guidance Counselors Doing Their Jobs?: “Quick question: why was it the school's responsibility to send your application to colleges? I get the transcript part, but…” Oct 23, 20:02
  • Joe on Start the Weekend Right Link Series – Volume #2, Edition #2: “You're welcome on the link. I follow your blog on my RSS reader and I really enjoy it! And yes,…” Sep 5, 18:59

What I’m Writing About

Adjunct Professor Asbury Park Barack H. Obama Basketball Blog Book Review Business Chris Christie Christmas College Debt E-Mail Economy Education Education Reform Facebook Family Food FOX News Fraternity Governor Health JerseySmarts.com Job Losing Weight Money Monmouth County Monmouth University Movie Review New Jersey New York Times NJHESAA People Politics Republicans Rutgers University Sigma Pi Fraternity Sirius XM Student Loans Taxation The MAC USA Usable Web Solutions, LLC USED Walmart
Greek State of Mind

follow us in feedly
blog searchblogtopsites
Free Page Rank ToolSubscribe to Journal

© Usable Web Solutions, LLC | Contact | Privacy Policy