A wee 6 years ago I made a decision that would alter the next 25 years of my entire life. I committed to Drexel University and it’s extreme prices that my 17 year old brain didn’t quite comprehend.
I didn’t understand that the $33,000+ tuition price tag didn’t quite end there. Didn’t understand that food and housing would be a constant added cost in additional thousands of dollars.
So I took out some loans. And some more. And have accrued over $15,000 in interest in the past 5 years.
I currently owe:
- $83,460.57 total for my private loan.
- $41,805.58 total in government loans and grants (which I didn’t know I had to pay back until they sent me bills :))
Grand Total: 125,266.15 (and I’ve been making payments for 3 months….and I put extra money towards it while I was going to school!)
And my monthly payment? $1,057.00 each and every month for the next 15-25 years of my life.
One of my 2014 goals is to pay down 12% of my loans. That would be a total of 15,031.94. Which means I need to pay an extra $2,347.94 over the course of the year or an extra $195 a month.
I think this is pretty attainable for me. I don’t want to set the bar too high and get discouraged. I do have other bills and payments to make as well.
Things I am doing to pay back my loans ASAP!
- Working 2 jobs
- Utilizing my stockpile
- Spending less! Not buying anything unless I really need it or it’s super on sale.
I’d like to start a monthly recap of what expenses I paid so I can keep myself accountable and on track!