1. Private Loan Program - 12,297 remaining @ 2.98 $12,031 remaining @ 3.01%
2. Federal Loan - $7,796 remaining @ 4.23% $3,204 remaining @ 4.23%
3. Federal Loan - $9,697 remaining @ 0% (deferment for school - 6% after deferment)
Total Remaining =
Total Principal Repaid in Last 60 Days: $4,733
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.
Total Remaining =
Remaining Months: 7 (May - Nov)
Principal Payment/Month: 3,562
Sarah's school payments are much less for summer semester than in previous semesters. Additionally, we will only have ~$5,000 left after summer which will be spread over several months. Overall, this will enable us to put more money towards our school debt. As of now, we have $3,100 budgeted for school payments (debt and grad school payments). For the past several months, school payments were ~$1,800 which left only $1,300 for debt. As school payments decrease, we will be able to ramp up debt payments. I have included my forecasted payments and debt payoff timeline below:
Conservative estimates result in a payoff in Feb 2016. Factoring in an assumed pay increase and bonus in 2015, I think a full payoff in 2015 is possible. Please see the graph below for an updated forecast with pay increases and bonus included.
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| Payoff with salary increase assumption |
With expected pay raise included, my conservative estimate results in a payoff of early January 2015. We will continue to be aggressive in hopes of realizing a 2015 payoff, but we rest in our overall excitement of seeing the end of the tunnel.
