Coming Clean About My Student Loans

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
  • Couponing
  • 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!

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8 thoughts on “Coming Clean About My Student Loans

  1. Oh no… this really scares me! I’ll be graduating college in May, so I’ll be paying off a lot of loans too. Good luck!

  2. Oh my. I wish you all the luck in the world with that! I’m planning on going to Moore College of Art and Design in Philly, sometime in the future. Any chance you know how it is there?

  3. Pingback: Broke Girls Make Resolutions: Alex | Broke Girls Go Out

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