So I am getting more of a student loan than I need. I needed some of a student loan in addition to the subsidized one in order to cover my tuition, but I'm getting some in addition.
Essentially what I'm going to be doing with the extra is paying off DH's car. Then we'll pay off one credit card in February with our tax return and it should still leave some left over to pay down our other credit card & finally pay it off in June/July.
So in a little over 6 months we should owe on only 1 car, the HELOC, and my student loan.
How that affects us monthly is, it reduces our monthly payments by $790/mo. And even when I have to start paying on my student loans in January 2010, the total I'll owe is about $28K with half of it at 1.65% and the other at 6.8%. SO I'm estimating my payments around $300 for the student loan which is my undergrad loans AND graduate loans. I don't figure thats too bad to have a Master's Degree in Accounting and only owe $28K
So right now we pay:
$435/month to DH's car
$225/month to DH's CC
$130/month to my CC
$630/month to my van
$255/month to the HELOC
Then in January 2010 around $300/mo to my student loans
All this should help us in today's economy to be less dependent on my income. My goal is to reduce our monthly expense/increase our monthly income to where we no longer have to rely on my income in case I don't have a job.
In addition to all this, in June we won't have to pay my son's preschool anymore ($375/mo) since he'll be starting kindergarten
Paying off debt by restructuring
November 23rd, 2008 at 12:15 am
November 23rd, 2008 at 12:27 am 1227400076
November 23rd, 2008 at 01:20 am 1227403226
November 23rd, 2008 at 04:18 pm 1227457104