how fast are you paying down your student loans?

[wisdomteeth]

Hi guys, I graduated 2006, I have been very focused on paying down my student loans, I just wondering what everybody else is doing. Am I paying too slow or too fast? Appreciate your thoughts.

class of: 2006
original loan amount : 220000
current balance: 75000 at 3% + 32000 at 0 % (owe to parents)= 107000

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[senpai]

Hi guys, I graduated 2006, I have been very focused on paying down my student loans, I just wondering what everybody else is doing. Am I paying too slow or too fast? Appreciate your thoughts.

class of: 2006
original loan amount : 220000
current balance: 75000 at 3% + 32000 at 0 % (owe to parents)= 107000

I think most shoot for around 10 yrs so looks as though you are right on track.

 

[Streetwolf]

I have around the same amount of loans so that got me interested. About how much were you paying off per month the first year and how much are you paying off per month now, if you don't mind? One of my loans I couldn't push off the repayment so I'm shelling out $200/month at the moment. Come November/December all my loans come out of grace. I COULD put them in forbearance for up to a year, which I may do since I'm still in residency. If not, I'm guessing it's going to end up being somewhere around $1500-$2000/month for the 30 year plan. Hopefully I start moonlighting soon because I don't think I can do that on a resident's salary haha.

 

[wisdomteeth]

I have around the same amount of loans so that got me interested. About how much were you paying off per month the first year and how much are you paying off per month now, if you don't mind? One of my loans I couldn't push off the repayment so I'm shelling out $200/month at the moment. Come November/December all my loans come out of grace. I COULD put them in forbearance for up to a year, which I may do since I'm still in residency. If not, I'm guessing it's going to end up being somewhere around $1500-$2000/month for the 30 year plan. Hopefully I start moonlighting soon because I don't think I can do that on a resident's salary haha.

When I first got out of DS, I did one year of GPR, I was paying the minimum amount on the consolidated loan only, around 650 a month. My other loans kicked in toward the end of my residency, my minimum monthly was 1200. Currently I am paying about 3000-5000 a month, depend on our other needs. I am lucky that my parents paid off one of my smaller loan, I am paying them back without interest, so I was able to pay it down quicker.

If you have the same amount, your monthly should be around 1200-1500, depend on the interest. 2000 seems a little high. Moonlighting is a good idea. One of my co-resident was working 3 nights a week after work. Also give you a head start on private practice. Hope it helps, good luck.

P.S. Try not to put them in forbearance, interest adds up. If you live in an expensive area, then try your best to cut down on expense. At least make the interest payment on your loans.

 

[pacificNW]

I owe 240k. Payments coming due in January, at 2-3k / month. I'll pay down as much as possible, but it's going to be a "long hard slog."