It’s been nearly a week since my last update on JerseySmarts.com and the reason for that is because, well, I didn’t have anything compelling to write about! Also, I’ve been swamped at the office which is actually turning out to be a good thing since I’m getting a lot of work completed before I head off to Boston for a few days at the end of the month. All of that aside, when I’m in doubt about what to write for JerseySmarts.com, I just check where my student loan debt sits because, usually, there is a good story to tell.
And there is another good story to tell today.
We're at $80 thousand and counting
As of a few days ago, my total outstanding student loan debt reached $80 thousand. Like I’ve said over and over again in my recent entries on student loan debt, this is a big accomplishment! What makes me even happier is that while I still owe the United States Department of Education some $55 thousand, I’ve reduced my New Jersey Higher Education Student Assistance Authority (NJHESAA) debt down to about $25 thousand. For perspective’s sake, I started 2010 owing NJHESAA about $42 thousand.
So I’m just chopping away at them piece by piece. And, according to my projections, I could eliminate this debt early in 2011. Of course, that depends on a lot of different things falling into place as well as me not being able to generate any additional income (and thus be able to repay more of this loan) before 2010 ends.
What I am most pleased with regarding my NJHESAA debt is that this year I’ve only paid about $1,200 in interest costs. I’m not sure what I paid to NJHESAA in interest last year, but I’m sure it was multiple thousands of dollars. Now, I’m not sure how the rest of my calendar year is going to shake out or the exact dates that my future planned payments are going to be processed, but there is a chance that I’ll only pay this company another $600 in interest before 2010 is over. Capping the interest paid on this loan to less than $2 thousand in a single year is monumental. Huge!
Anyway, if you’re going out today or this week, then be sure to have a drink for me to help celebrate this accomplishment! It’s funny… when I graduated from Rutgers with six figures of student loan debt, I thought that the situation was unmanageable and too out of control for me to ever be in control. However, here we are today at yet another milestone and not only do I feel in control, but I feel in more and more control with everyday that passes. 🙂
In May 2006, I graduated from Rutgers University with a Masters Degree and $120,720 in student loan debt. I currently owe $80 thousand, which breaks down to $25 thousand owed to the New Jersey Higher Education Student Assistance Authority and $55 thousand owed to the United States Department of Education. Follow my student loan repayment story on JerseySmarts.com.
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