I paid off a loan!!
With a final payment of $216.85, I paid off Graduate Loan #1. The original amount was $12,000 and since this past January I’ve managed to pay off all of it. I never thought I’d be able to come up with $12,000 in such a short time. But it just proves that my hard work and persistence to paying down my debt has paid off! Every extra penny I’ve taken in this year has gone to paying off this one loan. I’ve been “giselle-intense” as Dave Ramsey puts it, and now I’m going to keep going on the next loan.
There are a few more factors that might make it harder for me to pay off the next loan as fast. Namely, that I will be moving to my own studio apartment, which, unfortunately, costs more than living with a roommate. I can afford it, I just won’t be able to throw as much money at the next loan than I did at the one I just paid off.
But I do have to weigh my quality of life with how I spend my money, and I’ve determined that living on my own is something I’ve wanted for a while and need to do for myself. I’m still putting all of my waitressing income towards my student loans, which means I’ll still pay less interest over the long term.
Yay me and good riddance, graduate student loan # 1!!!