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New financial plan. Operation: pay down student loans

Posted by on Jun. 30, 2012 at 6:32 PM
  • 3 Replies

Officially now that we refinanced our mortgage, my dh's HIGH student loans are now the highest interest rate we pay.

I just realized this the other day...

So starting this month, I am going to start putting any available dollars into his student loans.

It will probably take 4-6 years, but we could just get rid of that sucker!!!!! (Instead of the 20 years we are slated to pay them!)

Then I can take that amount we were paying towards loans and start putting it towards the mortgage.

It feels good to have a plan.  His gruesome loans are very high - in $$ and interest rate - and it feels good to have a light at the end of the long tunnel instead of just feeling dread when I think about it.

After ds2 is done with pre-k next year, I can add in the pre-k costs we WERE paying towards student loans - that will really help kick it into high gear!

by on Jun. 30, 2012 at 6:32 PM
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Replies (1-3):
EireLass
by Silver Member on Jun. 30, 2012 at 7:57 PM
1 mom liked this

Good plan! My daughter has $2k left on hers but it's very low interest. My son paid off his, then got married and took on his wife's $70k!! YIKES. But like you....they're planners.

Kris_PBG
by Representative on Jun. 30, 2012 at 9:15 PM

Thanks!  I have some student loans too, but they are 1/5 of dh's loans - and the interest rate is SUPER low - so those are very low priority for now! 

Quoting EireLass:

Good plan! My daughter has $2k left on hers but it's very low interest. My son paid off his, then got married and took on his wife's $70k!! YIKES. But like you....they're planners.


Kmakksmom
by Stefanie on Jul. 1, 2012 at 3:46 AM
1 mom liked this

Sounds like a wonderful idea!  Good Luck :)

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