Wednesday, April 27, 2011

Today is the Day!!

I will kiss Student Loan #2 goodbye!

This loan is particularly "special."  This is the last loan from my Bachelor's Degree (how pathetic am I.....).  But more importantly, it is the last loan that was co-signed by my parents from college.  Technically speaking, the loan is in my father's name, but I am the co-borrower.

My parents have never paid anything on this loan.  It was in deferment until I graduated (in 1996.....again.....how pathetic).  I started paying it back 6 months or so after I graduated.  The amount has never changed.  It has always been $58.98 per month.  The problem with that amount was that as a youth....I didn't realize the POWER of interest!!!!  I just kept paying my $60 a month.  I had other student loans at the time, and I was paying those as well.  But my income didn't really support paying DOWN debt, nor did I really understand the slippery slope I was on.

By the time I realized how important it was to get rid of debt, other debts became more important.  So I continued to pay the minimum on this loan.  I have now paid more in interest on the loan than the original principal balance.  So yes, my bloggy peeps......this loan cost me DOUBLE it's original value.

So this afternoon, after I get home from work....I will call the dear sweet people at the loan company and kick this loan to the curb.

Goodbye loan....wish I could say I was nice knowing ya....but I can't.  You have cost me over $5,000 in interest.  UGH.  Good riddens!!!!!!

UPDATE:  IT IS GONE!!!!!!  SO LONG SUCKA!

14 comments:

  1. Congratulations on paying it off. Another one bites the dust.

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  2. Congrats.

    Over the last few days, you have had some really positive posts. Lets hope this is the start of some real good things for you

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  3. Congrats on kicking another debt to the curb! And just so you know, I don't think your academic accomplishments are pathetic at all. Give yourself some credit, woman! And celebrate all you've learned since then, too!
    ~Kari

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  4. Thanks all! I will update when it is OFFICIAL.

    @Kari - I am proud of my academic accomplishments. I was 20 when I got my B.S. in Psychology, and 27 (by 2 weeks :) )when I got my M.Ed. in Elementary Education. I am just not proud that it taking me so long to pay for it all.

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  5. Ouch. that's painful interest but a great learning lesson. I am so glad you are able to check this off your list today. what an adrenaline rush.

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  6. I too had a student loan that was in deferment I think for ten years? It was for $2500.00. It took me so long to pay off. I like you just didn't understand the value of paying it off and I also did not have the means or so I thought. But even though this cost you twice as much they will never take that education away from you. How do you think you became the fabulous person your are today? That original $5000.00 loan helped!

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  7. Congratulations!!! another one bites the dust!!

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  8. Wow! Congrats!!! I cant wait to pay my student loans! Im slightly jealous =)

    Ill do a happy dance for ya!

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  9. Just remember everyone.....I still have 28K left to go! It is just this one little loan that is done.

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  10. Congrats! :)

    So who is next, Mysti? The car loan?

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  11. You did it you did it you did it! Winner, winner, chicken dinner! VERY PROUD OF YOU!

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  12. Just saw this post today. Congrats! I know you are so very excited and relieved to have this thing gone!

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