PAID OFF
I have paid off my student loan! Well, the first one anyway. The second one will likely take a little longer, what with it being 5 times as large.
Ugh, 5 times as large is pretty stinking large.
On a related note, my primary mortgage is 10% (chronologically) paid off, and my secondary is 20% paid off.
I have and 80-15-5 deal with my mortgage, I put 5% down and take a small loan to cover the extra 15% you need to have down to prevent PMI payments. You end up paying about the same amount (the second loan is a 15 year one at a slightly higher interest rate), but more of it goes to principle and what isn't going to principle is tax deductible. And by golly I shall be deducting it this year! (As opposed to last, where my deductions were greater than my income (yup that's how I racked up the big student loans).
Even better, interest on those student loans is tax deductible too.
Anyway, That's $90 a month that I can put to paying off other loans, or possibly starting a retirement account (two years after I planned to).
Ugh, 5 times as large is pretty stinking large.
On a related note, my primary mortgage is 10% (chronologically) paid off, and my secondary is 20% paid off.
I have and 80-15-5 deal with my mortgage, I put 5% down and take a small loan to cover the extra 15% you need to have down to prevent PMI payments. You end up paying about the same amount (the second loan is a 15 year one at a slightly higher interest rate), but more of it goes to principle and what isn't going to principle is tax deductible. And by golly I shall be deducting it this year! (As opposed to last, where my deductions were greater than my income (yup that's how I racked up the big student loans).
Even better, interest on those student loans is tax deductible too.
Anyway, That's $90 a month that I can put to paying off other loans, or possibly starting a retirement account (two years after I planned to).