Paying Down My Student Loans

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jerjones
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Joined: Fri May 22, 2020 9:12 am

Paying Down My Student Loans

Post by jerjones » Fri May 22, 2020 9:27 am

I say around January of this year I began to pay down my student loans. Now this was before covid ramped up and things started to shut down obviously. My original method of paying down my loans were to make the minimum payment...little did I know it was a big mistake. I was digging a deeper hole for myself because of interest. However, all interest is waived now due to covid. Therefore, my entire payment will go towards the balance (yay!).

But yesterday I came across this YouTube video on my feed and it basically gives a review on how to take control of my finances using excel spreadsheets. I suck at excel. But...I've been playing around with this sheet and I must say it's pretty damn cool. Feel free to check out the video if you like>>> https://youtu.be/S8gtYK6L3oQ

Ultimately, my goal is wipe out ALLLLL student loan debt before this covid thing is over AND before the activate student loan interest rates again. As of now, my total amount of student loans are $13,552.08. Technically it's a little lower now because I made a $612 payment yesterday. And today I get paid. So, I will make another payment today of $400 instead. All in all...I think those spreadsheets listed in the youtube video above (and on the site) will help motivate me to stay on track. I feel confident in paying off a lot of debts. Just wanted to share with you guys.

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LadyGeek
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Re: Paying Down My Student Loans

Post by LadyGeek » Fri May 22, 2020 10:50 am

Welcome! That's great that the spreadsheet has motivated you. You can find spreadsheets which do that for free on the internet. But if it saves you the hassle of building one yourself, that's fine.

The harder part is to stick with your budget. Have you looked at free mobile apps, such as Mint?

Want to know how to calculate how much your student loans are costing you interest? How about a mortgage? Which CD is the better investment? They all follow the same math. It's called the Time Value of Money and is built into every spreadsheet.

The wiki shows you how. See: Comparing investments

Investing is a life-long skill worth learning. Spend some time now to learn these basic concepts. The knowledge gained now will pay you back many times over.
Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.

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