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View Full Version : Woohoo!! Last student loan GONE!



TVRodriguez
5-9-11, 11:35am
I am so excited! This week, almost exactly fifteen years after my husband graduated from med school and 12 years after I graduated from law school, we sent in our payoff check for our last student loan.

WOOHOO!! This is a huge milestone for us.

Between the two of us, we borrowed about $315,000. There were some years (his unpaid fellowship) when the payments were deferred and interest built up (and sometimes capitalized), and there were other years (2005 and 2006, when the hot economy yielded high income for both of us) when we sent in $10,000 in a month. Since 2008, it's been more of the slow and steady payment approach. But this month, we decided we had enough in savings to make the final payoff without damaging our emergency fund (thanks to the improving economy, coupled with our tendency to stick to our regular budget and let any excess sit in savings for a bit in case of a drop in income).

So DH wrote the check this weekend, and it's going in today's mail. (This loan company requires payoffs by mail or else we'd have done it online this weekend.) I am so excited, and I can't wait to see the check hit the loan account and for the account to read "$0.00" on the website!!

Anyhow, just wanted to share. This is not the type of thing I want to post on facebook, but I want to shout it out!! So excited!!

Next comes the mortgage!!

San Onofre Guy
5-9-11, 12:45pm
That is AWESOME!!!

I hate to quote him as I don't like the religous tone he has, but to quote Dave Ramsey, go outside and yell "FREEDOM"

razz
5-9-11, 12:47pm
It is hard to share this kind of info in general company but I am really pleased for you and that you had a place to celebrate where we can also say, "Way to go!!!"

Kat
5-9-11, 1:21pm
YAY!!!!!!!!!!! Congrat! I am so excited for you! :-)

Reyes
5-9-11, 1:24pm
That must feel wonderful!

jennipurrr
5-9-11, 3:19pm
Wow how exciting to be completely done with student loans! I remember your story way back when on the old boards...you guys had more student loan debt than my DH (he had an "adventure" in a year of law school). We are still plugging away slow and steady too. We are working on the house right now since he has the remainder of his loans locked in at 1.5% interest.

TVRodriguez
5-9-11, 3:46pm
Thanks, all! We're pretty proud of ourselves and thankful as well that things have worked in our favor.


Wow how exciting to be completely done with student loans! I remember your story way back when on the old boards...you guys had more student loan debt than my DH (he had an "adventure" in a year of law school). We are still plugging away slow and steady too. We are working on the house right now since he has the remainder of his loans locked in at 1.5% interest.

jennipurrr, thanks for remembering us. I must say, that's awesome that his loans are locked in at such a low rate! Our last loan (one of DH's) was at 5.6%. Now we join you in working on the mortgage!

lhamo
5-9-11, 6:12pm
Congratulations, that is so huge! Wonderful to hear this update. We've missed you on the forums, but I guess you guys were busy :)

lhamo

fidgiegirl
5-9-11, 7:50pm
OH MY GOD!! I can't believe you paid off $315,000!!! So awesome!! It feels so so so so so so so so so so so so so good.

Congrats!!

TVRodriguez
5-9-11, 8:18pm
That is AWESOME!!!

I hate to quote him as I don't like the religous tone he has, but to quote Dave Ramsey, go outside and yell "FREEDOM"

Hahahaha. I think my neighbors might wonder at that, but that's how I feel. It feels like more life is possible.

TVRodriguez
5-9-11, 8:22pm
Congratulations, that is so huge! Wonderful to hear this update. We've missed you on the forums, but I guess you guys were busy :)

lhamo

Thanks, lhamo! Nice to be remembered. I remember you and hope you are well. Yes, we've been busy. Just had a third kid, who's 8 weeks old now. I'm enjoying my maternity leave. And I'm thrilled to be rid of these loans!

iris lily
5-9-11, 9:43pm
That is HUGE! Good news, so glad you came here to share.

Selah
5-10-11, 11:57am
Holy cow, $315,000.00 paid OFF? In FULL? How fabulous! I can't tell you congratulations enough...the word hardly fits for such a giant accomplishment! That's crazy...$315,000.00 in student loans! (Not that you were crazy to have them, but just that they can be so high in the first place!) Well done...you are now officially debt-free-except-for-the-house, and I'm sure if you can pull off paying off those loans, the mortgage won't take very long either. Congratulations once more!

bke
5-11-11, 9:11am
Congratulations! That's an impressive accomplishment!

RoseFI
5-11-11, 5:22pm
CONGRATULATIONS! !thumbsup! And don't be shy with sharing the info -- people need more inspirational stories like this (you don't need to give details.) So many people barely believe they will ever be debt-free, especially those with 3 kids. :0! I've been thinking of having a mortgage-free party here in my small community, (there is a quiet minority of us exchanging secret handshakes :cool:) to both celebrate, and to let the wider community know it's POSSIBLE!

Gizmo
5-20-11, 3:22pm
Wow, thats awesome! I thought I had a lot with $30,000 from my Accounting grad program... I've paid my down to about $14,000 now. It feels like I'm never going to pay them off, but wow, can't imagine that much debt! Probably feels like a 10,000 lb weight lifted off your chest!

I'll have to celebrate on these boards too when I finally get mine paid off.

Florence
5-20-11, 4:22pm
That is terrific!! Onward to the mortgage!!

porcelain
5-21-11, 2:33pm
Congratulations, what a wonderful feeling it must be! I love seeing success stories on here, it brings hope to everyone!

leslieann
5-21-11, 5:04pm
Hooray for you! What a great feeling that must be. I worry about my son who will be carrying 90K in debt when he finishes law school next spring but you guys did THAT, and with kids and having a life, and I am so impressed. I feel more confident that my son will manage okay...

Yay for YOU!

ejchase
5-21-11, 10:04pm
Congratulations!

redfox
5-21-11, 11:26pm
My DH's is just paid off too! Now we can pay on mine - 6 figures - ugh. Probably won't get it paid off before I retire... so enjoy your victory! And congrats.

Bugeah
5-22-11, 2:34am
Congrats!!!

TVRodriguez
5-22-11, 4:57pm
My DH's is just paid off too! Now we can pay on mine - 6 figures - ugh. Probably won't get it paid off before I retire... so enjoy your victory! And congrats.

Congratulations on paying off your DH's loans! And all the best as you work on your own. Ugh sums it up, but keep on trucking!

TVRodriguez
5-22-11, 5:03pm
CONGRATULATIONS! !thumbsup! And don't be shy with sharing the info -- people need more inspirational stories like this (you don't need to give details.) So many people barely believe they will ever be debt-free, especially those with 3 kids. :0! I've been thinking of having a mortgage-free party here in my small community, (there is a quiet minority of us exchanging secret handshakes :cool:) to both celebrate, and to let the wider community know it's POSSIBLE!

I had lunch with some friends lately, and I remembered your reply and decided to share the news with them. I didn't give details; I just said we were finally finished with our student loans after 15 years. They were all happy for us. Still haven't (and won't) share it with a wider circle, though. But I was glad to share it with some friends. So thanks! And congrats on the mortgage!!!! That's awesome.

beckyliz
6-17-11, 4:20pm
I just want to add my congrats, too. I remember paying off my student loans from law school (not NEARLY as large as yours, as I graduated from a public school in 1988), but after that I felt like I not longer HAD to use my law degree if I felt a need to change career directions, just cuz it was now paid for.

I came here to celebrate paying of DD's braces (an extra $183/mo to the cash flow), but this blows me out of the water! Congrats, you two did GREAT!!!!

catherine
6-17-11, 4:41pm
I don't mind the Dave Ramsey reference because I'm on his plan and have gone from $197k to 122k in 19 months... and INDEED, as he says, the borrower is slave to the lender (actually, I think the Bible said that first), so, I second Sanofre Guy: Let FREEEEEEDDDDDOOOOOMMMMMM ring!!!!!

Congratulations. That's fantastic!