Today was *huge* for me. I know that I've been anticipating a huge amount of money going toward paying off my student loans... but it's always been theory and not reality... until today.
I am extremely proud of myself because I am well on my way to paying off my *entire* student loans in one year--exactly what my goal was when I began college. Two goals: Graduate with honors, and 2) Payoff those student loans within a year.
Some people might argue it's not financially smart for two reasons; 1) Establish Credit.. 2) Could invest all that money in better areas while I payoff the student loans with lower interest, but when it comes right down to it, I know that my credit is going to *stay* good by paying off this loan, that creditors can see I paid off my debt, and that the interest being capitalized *on* my loan (3-5%) is about equal to what I would capitalize on my money if it were in something like a money market or CD (the only thing I would be willing to put it into)...and even then I make less because my actual loan outweighs what I have in the bank.... so might as well payoff what I can now to save money in the longrun.
I am extremely proud of myself because it's not easy to do when I have other things I'd love to buy (a new car, clothing, etc).. and millions of people in this world don't pay their debt, so why should I?
... but when it comes right down to it:
The feeling of giving up a lot of money all at once = not fun; The feeling of almost entirely paying off student loans, forever = priceless.
Lin *
Jason
Sarah
Phil