The Break Down

Now that I’m done with my personal loan and focusing completely on tackling my Stafford Loans, I thought it might be interesting to see where I am on each individual Stafford Loan (rolled into one account and monthly payment through Great Lakes) and compare that to where I started when I graduated college in 2011.

So here it is, organized in chronological order:

Loan Date Original Amount Interest Rate Current Balance*
Aug 2008 Subsidized $3,500 6% $2,315
Aug 2009 Subsidized $4,500 5.6% $3,287
Aug 2009 Unsubsidized $2,000 6.8% $0
Aug 2010 Subsidized $5,500 4.5% $4,012
Aug 2010 Unsubsidized $2,000 6.8% $0
Aug 2011 Subsidized $1,250 3.4% $0
Aug 2011 Unsubsidized $682 6.8% $0
Total $19,432 $9,614

*Includes accrued interest.

The biggest year of loans was my sophomore year (2010-2011 school year), when I borrowed $7,500 for tuition, books and living expenses. I graduated in December of 2011, which is why the last year is so low, comparatively. The summer before that school year started, I also worked 40+ hours each week (except for a 3-week stint of mono) and saved a lot of money by living cheaply and not moving out of state for the summer like I had in previous years.

It doesn’t seem like much, does it? A thousand here, a couple thousand there. No amount is astronomical. Yet, it adds up tremendously over seven different loans and four years.

The great news is that I’m in the final stretch of this journey. To date, I’ve paid off $9,818 in Stafford loans (51%), and more than $15,000 in total (including the loan to my parents and a tiny Perkins loan that was paid off right out of school). When I look at it that way, I feel far more accomplished on this journey. I’m doing this. It’s within reach.

And, compared to when I started this process, I have a much bigger shovel to dig my way out of this hole.

That last 49% of the loans listed above will fly by as long as I can stay focused on the goal, the reason and the process to make it happen.

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