So I signed up for this online app called
ReadyForZero. I generally shy away from these sites that link your accounts, but I figured it was no harm with just my student loan account. It's a nice looking app, and much better to work with than the one I downloaded to my phone for debt reduction, and I don't have to put the info in. That's always nice.I think it'll help keep me on track, and at least be able to visualize my situation. As it stands, if I use the debt avalanche method (tackling the highest interest rates first), I'll pay off all of my debt in 9 years and 3 months. That doesn't include the loans I have from two other companies, but that's the biggest chunk of my debt for sure. I'm really hoping to do better than that and have all of my debt paid off in 6 or so years. We'll see if that happens. I have faith.
Of course, I'm starting with the Ramsey method, and tackling my smallest loan first. Then I think I'll go for the one that is my biggest interest rate - which happens to be my biggest loan at $12,586. I think my next short(ish) term goal will be to pay that loan off by the end of 2013. It seems rather lofty, but I have a feeling I can make it work one way or another. The only downside is that I'll have to pay minimums on the others once I get out of deferment upon graduating in May. So I really have to pay as much as I can before May. Hopefully it'll be a good tax season for me! That will certainly help. As well as the $1,000 in scholarship money I have coming my way January. Just have to keep working hard and spending as little as I can.
I put a $300 payment toward the current goal, knocking my balance to $399.72. There's no doubt in my mind that I'll be able to clear that balance this month-- meaning that I'll have met my goal a whole month early. Very exciting for me
Then it's on to that $12k beauty. Feeling the progress!
November 9th, 2012 at 10:18 pm 1352499539
November 9th, 2012 at 11:53 pm 1352505235
November 12th, 2012 at 12:23 am 1352679807
Jerry