School Debt - Update 3

Current Remaining 
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)
5. Private Loan - $7,376 remaining @ 6.55%

Total Remaining = $29,664 $24,931

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 = $29,664 $24,931
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.

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.