School Debt Update 2

December and January were rough months financially. We took an unexpected trip to Hawaii (using air miles, old connections, and rental car miles) and had a major wedding for close friends. Despite a few budget categories being in the red, sometimes planned and controlled budget creep is okay. It reminds us not to take life too seriously and to enjoy our time together. With that said, I want to report on how the financial landscape has changed since November 20th:

Current Remaining 
1. Private Loan Program - 12,297 remaining @ 2.98 $12,197 remaining @ 3.01%
2. Federal Loan - $10,461 remaining @ 4.23% $7,769 remaining @ 4.23% 
3. Federal Loan - $9,697 remaining @ 0% (deferment for school - 6% after deferment)
5. Private Loan - $7,376 remaining @ 6.55%

Total Remaining from Original = $32,456 $29,664

Total Principal Repaid in Last 60 Days: $2,792

As our goal is to repay our loans prior to my 30th birthday (November 27), I also want to outline the monthly repayment that will need to take place. Note that I reduced the estimated principal payment based on my estimated tax refund that will be received Feb 2015.

Total Remaining from Original = $32,456 $29,664
Less: Tax Refund (Expected Feb): ($3,000)
Total Expected Remaining Principal: 26,664
Remaining Months: 10 (Feb - Nov)
Principal Payment/Month: 2,666

As you can tell, it will be a tough road to repay the loans prior to my birthday. However, we will be able to put more money into the school payments as Sarah's grad school costs start to taper off in the next few months. Along with anticipated windfall from work, I am hopeful that we can eliminate the bondage by the end of November.