15K to Zero by December or Bust! How I'm Zeroing 15K Worth of School Loans by the End of This Year

Me graduating from OSU back in June 2005 with my little sis.
I can't believe this June marks 10 years since I GRADUATED from college! I also am smh'ing that after 10 years, I'm still paying this school loan back! 

Late last year when I was goal setting for this year, I dreamt big. I told God/the Universe that I really want the remaining 15K balance on my school loan ZEROED by December or sooner. Yes, I want 15K gone in 1 year. I set my intentions, devised my game plan and when January 1st arrived, game time. Halfway through last year, 2014, I started paying $4 more than the minimum monthly payment of $256 to make it an even amount of $260. At the time, I was paying off my credit card debt/balances (which I successfully zeroed last December!) and that's all I could afford. In January I started adding an extra $10 on top of the $4 extra I was already doing onto my school loan, minimum monthly payment. I'm doing this to add more fire to the energy and intention I have behind the belief that I live in abundance and will pay what's left on my school loan SWIFTLY. I've been paying on it for 10 years and I say no more, want this sucker gone. This extra money on top of the minimum is my message to the Universe that I am serious about this and I intend to dead it before another 5 or 10 years has a chance to roll around! 

So last year when I decided to pay just $4 over the minimum, it's still "hurt" to give up those $4 extra at first. But I went ahead and did it anyway. My finances adjusted to accommodate the small increase. Then last December I used all of my bonus money and some of my reserve money to wipe out all my credit card balances. I'm not saying that this is the best idea for everyone but I know it was what I needed to do. Since then I quickly rebounded and got my 1K emergency fund back in place (and am now building my 6 months worth of living expenses in savings). With some more money freed up (I'm increasing my savings and) I added an extra $10 on top of that $260 payment. In February, I started to pay $14 total more than the minimum monthly payment due.

Though this isn't much, spiritually and psychologically it feels good to be able to pay more than the minimum, even if it is only $4 or $14 extra. It all makes a difference and are strides towards a quicker payoff (paying less interest overall).

Marcie bag by Chloe
Treat to myself after I pay off the remain 15K on my school loan: Marcie bag by Chloe

Deading what is left (about 15K) of this loan by the end of this year or earlier is my scary LOA desire for the year. Now obviously, I will need to do more than pay $14 above the minimum each month if I want 15K paid off by December or earlier. But paying extra is a starting point TO BUILD MOMENTUM and it is my way of putting energy towards the belief that it will happen. If you can't run, then walk until you can run. If you can't walk, then crawl until you can walk. The idea behind this is simply to start. I can't get overwhelmed by the results, gotta start with the first step and before you know it, tons of steps have lead me to the finish line. Gotta start somewhere with something. I also will be hustling my booty off to git. this. money. honey. I'm thankful that I can live off of my full time salary so I'm dedicating all my supplemental streams of income towards Wells Fargo's detonation.

My emergency fund is back in place so I will be throwing my monthly credit card payments money (a little over $100 total a month) at this as well. I also got a raise the end of last year so some of that extra money will get thrown at this and rest to keep increasing savings). So on a month with no supplemental income (which honestly, never happens), I'll be able to throw a total of $114 more than the $256 balance! It's been real and I'm thankful for being loaned that money to help fund my college education and our relationship ends in 2015. I want that monthly money for other things. This sucker is gone this year.

Have any of you paid off your school loans? What did you do to dead yours? Those of you with school loans, could you stand to pay a little more than the minimum? Give it a try even if it's just a dollar or two extra. It all counts and sends some good energy of abundance out into the universe.

Milan is a New York City based, creative writer and the founder of AGrlCanMAC. She's a self proclaimed accessories junkie who's passionate about healthy living, adventure, books, crystals, the Law of Attraction and arts & crafts. AGrlCanMAC is a resource for women of color all over the world who want to look good, radiate good and feel good at the same damn time.

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goalsandbudgets said…
Yes! You are well on your way. Small steps are better than none at all. I started by rounding up my payments to an even number then kept going until now. Currently, I pay $700-$1500 extra to my loans each month. I know, I know, "that's a mortgage", but that's my point! I'm tired of having this debt hold me back. I am ready to put it toward my goals and dreams. I am ready to stop slaving away at jobs I hate and go work somewhere I care about - without having to think about the money. I am SO ready! WE GOT THIS!!
Steph B-More said…
I don't plan on paying mine off fully. Thankfully, I qualify for the public health loan forgiveness program. I pay based on my income and at the end of 10 years, the remaining balance is forgiven (so all my payments since 2007 count toward this). I have about two years left. Granted I did Americorps and other things, so all of the checks I get for my loan, I give to them on top of the payment I had to give.
Milan said…
Pulchritudinous you truly are a BOSS! You are on a mission honey and I love it.

Steph B More what a blessing yours are forgiven after 10 year! It's boss that you still pay extra to get your balance shrinking every month.
Unknown said…
You go Milan!!! Sending you additional cosmic energy towards achieving that goal!
Pulchritudinous, now that's what I call commitment! And miss Steph B-More I love seeing people taking advantage of ALL of the great opportunities the universe throws at us so keep going!!!
I'm on a full scholarship in my neck of the woods so student loans aren't a concern for me but my financial situation might change (drastically) next year and I'm trying to set up X amount of money in savings to ease the transition if and when it comes so I'm currently working towards that. It's a ridiculous sum considering I can only do part time jobs here and there because I study full time but I'm going to make it happen through the LOA for sure!