You guys, you guys, you guys, you guys, you guys.
I’ve talked about student loans here before and I’ve certainly come a looooong way since this post from three years ago.
When we got married, we decided to pay off our student loans as quickly as possible. Some people talk about the Dave Ramsey plan but really, it’s common sense. After we built a solid emergency savings fund, we decided that all of our extra money (tax refunds, bonuses at work, wedding money, birthday money, etc. etc.) go straight to loans in addition to the money we were saving each month after bills. And as a result of that, we were able to pay off one of my student loans…the one with a 7.9% interest rate (ALWAYS pay off the highest interest rate loan first) in 10 months*. TEN MONTHS. And we’re damn proud of ourselves. So I’m
shouting it from the rooftops…blogging about it.
Just another year or two until our epic Student Loan Payoff Party and you’re all invited.
*I should clarify. Obviously, as soon as I graduated, I started making the minimum payments on this loan. But after we got married and joined our finances, we decided to make student loans a priority and we were able to pay off the remaining amount in ten months. Hooray!