Saturday, May 31, 2008

Money On My Mind

As I was entering in my monthly update into my Networth IQ profile, I checked my two student loan balances. My largest student loan, which is a private one through Sallie Mae is slowly creeping down which is a good thing. But I looked at my repayment plan and realized if I just pay the minimum amount every month for the duration of the loan, I will be paying almost twice as much! Crazy! And definitely not happening! So this is even more incentive for me to pay off my credit cards so I can focus on paying off my student loans faster. I think it is feasible to have them paid off by the time I turn 30 if I step it up and pay more than the minimum starting in 2009. It also makes me realize that I don’t want any more student loans. Even if I have to take one class at a time and pay out of pocket, I will not take out loans to go to graduate school. It is simply not an option. The only debt I plan to have after age 30 is my mortgage because I plan to be a homeowner by then. My student loans were worth the investment in my future, but I don't want to have them forever.

How long do you think it will take you to pay off your student loans if you have them?