Bye-Bye Student Loans!

It’s official! As of today, I am no longer paying for student loans!

TIME TO CELEBRATE!

Three years after graduation.

Two different jobs.

Took a cruise to Mexico.

A trip to Chicago for July 4th and SC to my alma mater.

Next up my CPA exam!

Welcome to my Randomness XIX

This whole week has been a gloomy-sky kind of week.

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But today the sun actually played peek-a-boo…

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Oh and I don’t like gloomy skies. I would rather have it bright and sunny or completely dark. None of this gray and in-between stuff; be one or the other please.

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Still no word from any interviews about second interviews or job offers; this is getting really discouraging.

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A blessing in disguise about my job though it has allowed me to pay off two student loans. I think when I get my retroactive pay from the last 2 pay periods I’ll cut the remaining loan in half.

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I’m glad I still live with my parents. I’m not planning on moving out anytime soon since I love traveling and plan to travel quite frequently.

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I must confess my posts have been nothing substantial and I must apologize…I’m finding myself withdrawing from everything and everyone. I apologize, please forgive me. I’ll do better, promise!

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Funny conversation a few nights ago….My friend, Donnie, (name changed, of course) texted me. Basically saying he was done with girls for right now and “these things get more complicated as ppl get older….”

Me: Oh yeah. My thoughts are focused on self right now and that’s not a good thing. Because I’m getting used to it and thinking about someone intruding—bad thought

Donnie:  Well you can focus on me! I’m having the issues right now haha

Me: Lol and who will you be focusing on?! Haha. I’m so against being intruded upon. I think the only relationship I’d want is long distance.

Donnie: Haha….well I’ll be long distance…wink wink. BAHAHAHAHAHAHA

End of conversation

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Danny and I were supposed to attend Longoria’s event at Grauman’s Chinese Theatre last night for her Documentary Premiere. Unfortunately, we got stuck in traffic and weren’t able to go. To console ourselves we went to Roscoe’s Chicken and Waffles.

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Yes! I know I went there last Saturday but this fried chicken is sooo gooood!

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I am picky about fried chicken… and fried chicken with waffles and syrup.. AMAZING!

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Don’t you dare comment and say ew..gross, either. We cannot be friends if you do not even try this stuff!

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The other day I went to Albertson’s to stock up on some snacks. (I keep the snacks in my car or leave them at work because my brother will eat them in a day) Anyway…as I was walking out of Albertson’s I hear someone’s car alarm go off. I reach my car and it is still going off… I’m now looking for this car…

 

Oh...that's why ....

 

 

End of story.

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Enjoy your weekend and hope you enjoyed another segment of welcome to my randomness!

My Experience with Student Loans

I paid off another student loan! One more to go. Let me share a few things I’ve learned, maybe it will help you.

Read your statement. I got my loans through Sallie Mae. It has all the information about your loan, interest rates, monthly payments, automatic withdrawal, etc. Read it! Find out how many loans you have, what are the interest rates on each, when are the due dates, etc.

Research. Find out if you can consolidate your loans-I had 3 different loans and all three had different amounts and different interest rates. There are requirements for lowering interest rates or consolidating your loans. Find out if you qualify!

Do the math. Sallie Mae conveniently worked out a payment plan to my demise. If I had paid less than $100 every month for the next 10 years, my three loans would have been paid off. Of course, they didn’t mention how much in interest I would be paying. If I tripled the amount every month for each loan I would have paid off the loan in 3 years with more of my payments being applied to the principal rather than the interest.

Pay extra. It doesn’t hurt to go on spending fasts every now and then to apply the money “saved” to your loan. You’ll feel better about yourself.

Pay attention. If you’re planning to pay extra I strongly advise you to pay 2-3 days right after you paid your monthly payment. In that way, the extra payment will be applied directly to your principal. Pay attention. Check your loans several times a month to monitor when the interest kicks in and starts accruing.

What’s your interest rate. I had three different loans. I had three different interest rates. Two were fixed rates and one was a variable rate. Read about the variable rate. What causes it to fluctuate, how to steer away from fluctuating rates, etc. Always pay off the highest interest rate first.

Use your savings. I don’t make that much money. My yield on my savings account does not exceed  my interest rate on my student loans. If you’re able to pay off a good bit of your loan with your savings DO IT! Chances are you don’t have a savings account yielding 5-6% to cover for the interest accruing on your student loan.

Make extra payments. It doesn’t hurt to make extra payments. That kicks back your due date for your monthly payments. It doesn’t mean if you made two payments in November you don’t need to pay in December. Pay in December! Only use up that extra month if you’re in an unforseen financial bind.

I enrolled in automatic withdrawal for each loan. I specifically made extra payments to the loan with the highest interest rate. I went on spending fasts-no eating out, no clothes, no buying anything-all that extra money went to the loan with the highest interest rate.

If you have any further questions-ask away. I hope I can help and hopefully these tips will work for you!