How Long To Pay Off My Loan

How Long To Pay Off My Loan – One of the best things that came out of law school was paying off my student loans faster. By doing this, I see what kind of money I can get.

When I ran out of student loans, I didn’t want to work a job that made me a lot of money to go out and depend on a student loan company. And I can rest at night knowing I’m still not paying for the card I got years ago!

How Long To Pay Off My Loan

It’s amazing that even though I knew how much student loans I had to pay, I didn’t really look at what I had.

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I thought it would be useful to go down memory lane to see this information, so a few weeks ago I requested my payment history from my student financial services companies and took a look.

Before we move on, it’s worth looking at how I ended up with these sample bags in the first place. I went to law school where I was awarded a 50% scholarship, a very smart move in my book as other options were more expensive and resulted in more debt. My goal when I entered law school was to keep my salary at a level that I felt was manageable.

Although the scholarship helped reduce my tuition fees, it still cost me a lot of tuition and living expenses during those three years.

As you can see I have 8 different accounts in different currencies. $25,000 of this loan is at 7.9%. Balance with an interest rate of 6.8%. My total law school debt is $86,500.

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I also have $552 in student loans left over from undergrad that I haven’t paid off. As a result, my student loan debt when I graduated from law school was $87,052.

Student loans are perfect for a 26-year-old starting their first job. Let’s start paying them!

I graduated law school in May 2013 and started my first job in September 2013 at a large law firm in the Midwest. Since I just graduated and got 6 months, my first student loan wasn’t due until December 2013.

I don’t remember why I did it, but I made extra payments before my loan was due. Here’s what my student finance costs look like for 2013:

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What many people forget about student loans is that the interest continues to accrue while you are in school. So when I made my first student loan payment in August 2013, it looked like this:

Oh! The $750 payment did not affect the principal amount of the loan. I’m really throwing my money away here.

Stupid, I didn’t understand the concept of capital. For those of you who don’t know what this is, it means that when you pay off your student loans, the unpaid interest during your school years is added to the principal. , a new loan is made if you do not pay interest. before entering capital letters. Remember the $750 fee you paid for one loan? Here’s what that loan looked like when it was foreclosed:

Do you see what happened? My $12,000 student loan suddenly became a $13,682 student loan! The interest rate increased during the three years I was in law school, and when the loan was paid off, the loan went into the principal! It was very bad because I had to pay the high interest and all the new interest that came with it. And it wasn’t just the debt that made a big difference. I have 3 other high equity loans which add thousands to my principal.

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I think 2014 was the first year I really started paying off my student loans. As a first year employee, I make $110,000 a year, so I have enough money to pay off my loan. All I did was to avoid the same legal trap many of my colleagues fell into.

Oh! I knew I was paying a lot on my loans, but I didn’t really know how much until I wrote them down. Here’s a nice chart showing my student finance costs in 2014:

I am coming up with the biggest payment I made in October. I had a pretty big emergency fund at the time, so I guess I decided I didn’t need all that money in the bank and put most of it into student loans.

You may also be wondering why my payments jump around and seem to vary from month to month. Many of these things have happened to me and I accidentally get overcharged when I see that my bank account is overdrawn. I wanted to avoid what I call salary complacency, so you see random curves and dips throughout the year.

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In 2015 I got a promotion and my annual salary increased to $115,000. In addition, there is a good income here. Here is what my 2015 salary looks like:

It seems that 2015 is off to a great start. I took less money out of my emergency fund to start the year, so you see a big increase at the beginning. I’m not sure why I did this, but my best guess is that I was listening to Dave Ramsey’s band and was very motivated to get that debt balance down. Anyway, the money in my emergency fund didn’t make a ton, but paying off my debt was a 6.8% return.

As you can see, my payments continued to increase in 2015. I kept overpaying as more money accumulated in my bank account.

Another important thing I did was to use my three months salary to pay the mortgage. You pay every two weeks (like most people), so twice a year, I saw three monthly payments. Since I live comfortably on only two payments a month, every time the third paycheck comes, I throw the entire third payment into student loans.

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One mistake I made when paying off my student loans was not paying them off the first year I paid them off. If you’re like me and plan to pay off your student loans quickly, there’s no reason not to wait to refinance your student loans. Refinancing means you lower your interest rate, which means you pay less interest and earn more.

I paid off my student loans three times while paying them off (many people don’t realize you can refinance your student loans as many times as you want). Below are the three companies I pay my student loans to:

If you are not sure which company to get your money back from, it is better to use a company that allows you to find multiple financing companies at once. These companies are similar to Kayak or Priceline for student loan repayment. You can search by possible rates and show you in one place.

My advice is to pay off your student loans to SoFi first – that way you get free access to all SoFi member events (remember, you can still attend these events even if you have paid for your SoFi number).

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Then refinance your student loan with Credible and choose the company that offers the lowest rate. If you do, you get all the benefits of paying SoFi back once (ie, attending all SoFi events) and getting the lowest interest rate on student loans (plus an extra $200 to use of Credible to refinance your student loans).

If you are like me, you will go crazy and withdraw all your savings and companies. That’s what I did, and even though it wasn’t necessary, I got into a lot of points.

If you’re confused about repayment, read my post about my experience with student loan repayment where I walk through what I did when I paid off my student loans. You can read this post here: My Personal Loan Course.

I started 2016 with another salary, this time $125,000 a year. Well, I have enough money to pay off these debts quickly, assuming I don’t fall into the lawyer’s trap.

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So what happened here? Why paid so little for the first 5 months and then suddenly dropped

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