Get used to posts like this one – I’ve dropped my student loan debt by two thousand more dollars to take it from about $96 thousand down to approximately $94 thousand. These baby steps are all going to add up quicker than anyone can imagine; remember, it was only last month that I had two separate announcements about my declining student loan debt.
So, as I’ve said before on this blog – get used to reading these types of entries because I am committed to attacking one of my two outstanding student loans this year. If I can stick to the plan that I created in December, I’ll rid myself of the $39 thousand debt remaining on my NJHESAA loan in the next 18 to 24 months. And, believe it or not, time seems to be flying by these days so I could potentially be free from this loan before you even know it. That will leave me with just my USDOE loan left to repay, which I’ve opted to keep for the longer haul since the interest rate isn’t as ridiculous as the NJHESAA interest rate and since the USDOE loan will continue to provide a decent annual tax deduction. Also, the USDOE loan is on a repayment program that retires the outstanding debt after ten years of payments. I’m already a few years into that plan so I’ll re-evaluate whether I want to stick with it once my plan to eliminate the NJHESAA debt is complete.
Anyway, today is a day of celebration – another two thousand bucks is gone from the albatross around my neck!
In May 2006, I graduated from Rutgers University with a Masters Degree and $120,720 in student loan debt. I currently owe $94 thousand, which breaks down to $39 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.