Earlier this month, I posted an entry talking about how focus, research, and action helped me figure out how to reduce my student loans quickly and efficiently. In that update, I noted that my United States Department of Education student loan sat comfortably at $37 thousand. Well, here we are just a short ten days later and I’m pleased to say that my student loans have dropped yet another $3 thousand and are now sitting very comfortably at $34 thousand.Unlike the entry from earlier this month, I don’t really have a lot of discussion or proselytizing to write about regarding this $3 thousand drop. A few of the comments that are buzzing around my head as I write this include: I’m happy about this drop; I’m pleased that my student loans are heading in the right direction; the light at the end of the repayment tunnel is getting brighter; I’m proud of the discipline that I’ve been able to display in making this happen; etc.
Sometime later this month (after Christmas) I intend to write a longer entry on the blog about some of the differences between my USED student loan as it stands at the end of 2011 versus on January 1st of 2011. There are a lot of significant differences including daily interest costing me much less today versus twelve months ago. Lots of fun data to look at – so be sure to stick around the blog through the end of the month to check out some of those fun facts!
In May 2006, I graduated from Rutgers University with a Masters Degree and $120,720 in student loan debt. Since I started repaying my student loans in July 2006, I’ve repaid a total of $61 thousand in principal to various lenders including the federal Perkins loan program, the New Jersey Higher Education Student Assistance Authority, and CitiBank. I currently owe $34 thousand in principal to the United States Department of Education’s Direct Loans program – a loan which started repayment in July 2006 with a balance of $59 thousand. To date, I’ve repaid well over $30 thousand in interest to these lenders. Follow my student loan repayment story on JerseySmarts.com.