May 9, 2009

Tackling my Debt

Well, I am finally finished the semester!! I turned in all my papers, computed my students' grades, packed up and left my apartment, and moved home for the summer. Now that the semester is over and I don't have to stress about school for awhile, I thought I'd come up with a new financial goal.

When I graduated from undergrad, I had about $17,000 debt in student loans. By now that’s down to closer to $16,000 (in two years… oy), but by the end of the next school year I want to pay my student loan down to $14,500. This means I have about $1,500 to go in one year, which is basically what I’ve done with the previous two year’s work. It might be a bit difficult, but this doesn't seem like an impossible goal.

How will I do it? Right now I send in $150 each month, and about half of each payment goes to the principal and half to the interest. So, if I multiply $75 by 12, that’s $900 in one year. Then I only need to scrape up an extra $600 over the course of a whole year! Considering I have a large summer stipend coming my way soon, I think this is completely do-able. Maybe I'll even be able to pay off a little more!!


Canadian Saver said...

Congratulations on your hard work this semester! Enjoy your time off :-)