As you can see from the image there, I set up the final ‘Payoff Payment’ for my student loan. I’ve blurred the total amount for privacy, but DH and I agreed that the savings account could be put to better use. The payment hasn’t gone through yet, because even in this digital age, payments still have go through the bank rigamarole, so it doesn’t quite feel real just yet, but I’m guessing by next Friday, it will be done and gone. The savings account is taking a hit, but will be replenished over the next few months. Best of all, DH starts grad school next week, and it’s already paid for… no student loans!
To recap, DH and I started with about $52,000 in student loans combined in 2009. Yikes. All of that was borrowed between 2006-2009 while we both worked on second degrees, a Master of Library and Information Science (MLIS) for me, and a teaching certificate for him. I successfully landed a very nice promotion at work and DH was re-hired at a previous employer in 2009, and, based on the advice of one of DH’s aunts, we learned about Dave Ramsey and the concept of the debt snowball. We regularly made rather enormous payments toward the debt beginning in early 2010. We started with the smallest total (one of DH’s loans, I think it was about $2,000), paying off all of DH’s debt in September of 2011, and now all of mine in August 2013.
I’ll do another update next week when it’s all officially gone through, maybe it will have sunk in by then.