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*Official student loan pay off thread*

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  • Codfish
    Now the real problem. What are you going to do with $215k new free cash flow? Starts next month. That is bumping $18k/mo. Keep using that shovel. Might need to catch up on retirement savings, but strong work regardless.

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    • Originally posted by Tim View Post
      Codfish
      Now the real problem. What are you going to do with $215k new free cash flow? Starts next month. That is bumping $18k/mo. Keep using that shovel. Might need to catch up on retirement savings, but strong work regardless.
      Still renting and definitely behind on retirement. I’ll be closer to the 5 year side of living like a resident for 2-5 years. While paying that loan amount, I couldn’t justify retirement saving beyond my 401k and BDR. Not the choice everyone would make, but it worked for me. Taxable starts next month!

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      • Originally posted by Codfish View Post

        Still renting and definitely behind on retirement. I’ll be closer to the 5 year side of living like a resident for 2-5 years. While paying that loan amount, I couldn’t justify retirement saving beyond my 401k and BDR. Not the choice everyone would make, but it worked for me. Taxable starts next month!
        That is the nice thing about taxable retirement bucket, no rules to follow, catchup on your own timeline.

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        • Originally posted by Codfish View Post
          Finally paid off my student loans this week. I graduated undergrad debt free, but unfortunately attended an extremely expensive private med school. Original principal was 337K, and total payment amount was 506K (169K interest!) When I took out my loans, the Stafford interest rate was 6.8% and Grad Plus was 8.5%. Crazy. Graduated training in the summer of 2018 and refinanced 455K in October, 2018. Knocked out 466K (with interest) in 26 months.

          I distinctly remember our dean, during orientation, telling us not to worry about the cost of attendance. He literally said we would all be rich doctors and would have no problem paying our loans back. What a joke. In bold letters I wrote "max amount of federal loan $$$" on the top of my loan application. It was monopoly money for 10 years of training. I was fortunate to find WCI in 2018, and it changed my life. No doubt I'd still be on PSLF and living beyond my means had I not found inspiration in this community. Thank you all!
          That is quite the shovel. Bravo!

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          • I feel like I have been waiting to post here for so long.

            Started out with 177K after finishing med school. Tried to keep up with the interest during residency / fellowship but ended up around 185 after fellowship. Finished my last payment this month (31 months total), as well as 10% on a house and a new truck paid off in full. So happy to have this taken care of and thanks to this community for giving some lessons to follow along the way toward our goals! If only corona hadn't delayed our plans by a few months....

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            • Have been waiting to post in this thread.

              Just made the last payment on my student loans. $425K. Started paying in August 2019. Took about 18 months. Every single extra dollar went to student debt. Huge relief.

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              • congrats to both of you!

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                • Originally posted by Medstud21 View Post
                  Have been waiting to post in this thread.

                  Just made the last payment on my student loans. $425K. Started paying in August 2019. Took about 18 months. Every single extra dollar went to student debt. Huge relief.
                  Woah congrats! Wonder what the longest someone has held their debt? Wife is still paying the minimum on 120k on year 20. I think she's under 10k left. Smaller than some of our cc bills which she pays off in full. Whatever, I don't ask anymore.

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                  • Originally posted by Medstud21 View Post
                    Have been waiting to post in this thread.

                    Just made the last payment on my student loans. $425K. Started paying in August 2019. Took about 18 months. Every single extra dollar went to student debt. Huge relief.
                    you really R a stud.

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                    • Originally posted by burritos View Post

                      Woah congrats! Wonder what the longest someone has held their debt? Wife is still paying the minimum on 120k on year 20. I think she's under 10k left. Smaller than some of our cc bills which she pays off in full. Whatever, I don't ask anymore.
                      That's playing it safe!

                      Congrats to the most recent posters. Both great accomplishments.

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                      • Today I made my last payment! Been waiting to post this!

                        2010 - graduated med school 280k debt
                        ​​​2010 - 2015 - IBR through training. Also inherited my wife's graduate school loans 140k
                        2016 - 420k in student debt. First job out of fellowship. Refinanced loan since I went private and wouldn't qualify for federal forgiveness.
                        2018 - paid off wife's loan first for the psychological benefits. With about 260k left with mine
                        March 3, 2021 - done!

                        It feels so good to get that burden off the shoulders. To those of you who are in the midst of repaying or getting started, keep at it and stay motivated!

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