Student Loans

30 Mar

Now that I have graduated from college, I have been thrown into the world of debt.  I suddenly have this large amount of money that at the time when I was borrowing it the small loans seemed reasonable and easy to take.  I have always struggled with saving money without having a goal – I saved for summer camp when I was young, study abroad, rent and spring break while I was in college and I only saved for that specific occasion.

I never thought ahead enough to save you know what I am going to need money from somewhere to pay all these off.  Now I am in that boat.  I am also in a position where it is the easiest for me to be saving money, as I no longer pay for books and tuition each semester (even with loans tuition is crazy!).  In fact, I am trying to save for two things at a time.  I am saving up to move to Madrid in the fall and I am saving up for all those loans that I will need to start paying back in 3 months.

Something that I am very please about was the fact that I have paid off my first student loan.  I have been working on in since September, while I was still in college but I finally made the last payment this past week.  I feel so free!  Well, almost.  I have a long way to go but it is an accomplishment that I am proud of.

I decided that instead of making just payment after payment and paying down the total bill, I am going to try to pay off one loan at a time.  So I will start with my loan to UK and pay that one off (since it is my smallest) and then I will pay off each one of my federal loans, one at a time.  I also am going to try to pay them off in three years instead of the 10 which is where my plan has me set at now!

If you want to see how many people graduate with debt in your state check out this cool map.

Map of US


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