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Old 08-14-2019, 05:03 PM   #1
JTRichardson
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Default Paid off one of my student loans...

Finally got one of them knocked out!

A few months ago I read an article (I think it was based on a version of a Dave Ramsey plan) about doing "snowball payments" -- where you attack your smallest loan first.

Once you pay that loan off take all the money you were throwing at it and apply that plus your current payments on your next smallest loan. Rinse and repeat

It's not a huge thing, but the feeling of knowing that the debt is paid sure is nice.

On to the next one!
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Old 08-14-2019, 05:18 PM   #2
stickfigure
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Way to go. Keep it up.
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Old 08-14-2019, 05:39 PM   #3
twosixteens
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Way to go
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Old 08-14-2019, 05:50 PM   #4
Shurshot
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Congratulations! It must feel good.


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Old 08-14-2019, 05:51 PM   #5
91cavgt
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It took me 12 years to pay mine off. It is an incredible feeling when the next month rolls around and you don’t have that bill hanging over your head!
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Old 08-14-2019, 06:09 PM   #6
bowhunt3
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Awesome
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Old 08-14-2019, 06:14 PM   #7
DeerGeek
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The “snowball” method works.... great feeling getting debt free.

Keep it up and congrats!
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Old 08-14-2019, 07:19 PM   #8
NannySlayer
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Way to go. Want to start paying on mine?


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Old 08-14-2019, 07:31 PM   #9
AlaskaFlyerFan
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Nice. It is a good feeling. It's probably the only good thing my ex-wife ever did was to pay off my student loans. It took several years but she kept after it.
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Old 08-14-2019, 07:42 PM   #10
Jon B
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Keep it rolling. You won't miss it.
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Old 08-14-2019, 08:20 PM   #11
louieagarcia
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Good job Jake! Keep at it bud
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Old 08-14-2019, 08:21 PM   #12
cephus15
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Nice
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Old 08-14-2019, 09:18 PM   #13
brysdad
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I think we’ll be paying on my wife’s until my oldest starts college.
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Old 08-14-2019, 09:40 PM   #14
Acameron52
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Keep it up!
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Old 08-15-2019, 07:44 AM   #15
smokeless
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Good job. My son did the same and paid off his and his wife’s loans.
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Old 08-15-2019, 03:10 PM   #16
JTRichardson
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Thanks for the positivity gents - I’ve been paying since 2015 but just now getting serious about reducing debt. Plan on getting married within the next year and want to buy a house eventually, the lack of available play money now may kind of be lame, but hoping it pays itself back in the future
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Old 08-15-2019, 03:15 PM   #17
solocam_aggie
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You didnt want to wait to see if Bernie would pay them all off if elected

Congrats man. Im actually making my final payment tomorrow on mine. Both mine and my wife's completely paid off. Going to feel amazing.
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Old 08-15-2019, 03:17 PM   #18
Stickslinger92
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Awesome man! My wife and I are doing the same thing! It's a great feeling when you get them knocked out.
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Old 08-15-2019, 03:26 PM   #19
stickemhard3
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Awesome job! Not a better feeling financially than paying those darn things off.

I would recommend looking at interest rates as well. Paying off the small ones are great for opening revenue stream short term but once you free up some money and provide breathing room, then tackle the high interest loans. I had 8 different school loans due to a bank liquidating and I tackled my highest monthly payment loan first, then hit the highest interest loan, and finally steam rolled the remaining loans smallest to largest total amount.
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Old 08-15-2019, 03:26 PM   #20
ArcheryAddict
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It wasn't a school loan, but while overseas in Japan, I did the same thing with the loans I had (along with getting a part-time job with MWR) and came back to the states doing it for one year in Lejeune and at the end of the roughly 1 year and 9 months or so of doing it I left the military with only 1 loan left to pay.

Of course the overall pay and debt were much smaller than now as an older adult, and probably need to start doing it again to prepare for retirement in 15 years or so, but it definitely worked!
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