Student Loan Debt: Update #3

Happy Friday everyone! Not so happy for me, though…Yesterday right before we left work, my coworker and I were informed that we will temporarily be moving outside our office into the cubicles. UGH. I don’t want to be near the cubicle zone!! We were both afraid this would happen, but down the road – as in a month or more. They could have given us a bit more notice!

There have been talks circulating around the office about possible construction, and it looks like they will be starting tomorrow. Our company is growing, which is great, but we are definitely experiencing a lot of growing pains along the way. The sales floor is loud, and we will be in the thick of it for who knows how long. Our new office is going to be much bigger, combined with another department (our office has less than 20 employees, department means 3 people) so it should be fun! We plan on having lots of parties already. Having our own music playing would be nice, too. I guess we will have to see how it all turns out, but I have no clue how I’m going to manage in a cubicle. :(.

I am also happy to report that we’ve gone walking three times this week so far. The weather has been a little blah which has put a cramp in things, and I haven’t been feeling too well, but hopefully we will be back to walking Saturday.

Student Loan Progress

Onto the good stuff! As I alluded to in my budget post, I didn’t get to put as much toward my student loans as I would have liked. I had a one time expense of $260 with the purchase of a plane ticket and gifts for the baby shower I am attending tomorrow. I plan to change that this month, though! I am hoping that we will put less toward groceries, so I can focus more on my student loans. So far, we haven’t been food shopping since last week, and I think we will be able to make it last through next week.


Student Loan Debt Update 3


Loan One

Subsidized: $3,035.36 @ 5.35% (-$67.45)

Unsubsidized: $1,587.83 @ 6.55% (-$91.13)

Total: $4,623.19 (-$158.58)

Loan Two

Subsidized: $4,882.09 @ 4.25% (-$38.75)

Unsubsidized: $6,030.04 @ 6.55% (-$76.20)

Total: $10,912.13 (-$114.95)

GRAND TOTAL: $15,535.32 (-$273.53)

I hate interest! I’m sure everyone else does, too. $76 of my $350 went toward interest last month.

An emphasis on loan one

I am putting all my extra payments toward loan one now, as I want to kill it off as soon as possible. In the past two updates, you can see that I had more of a total payment toward loan two. I realized I need to just pay the minimum on loan two in order to do pay down loan one quicker. I know that’s kind of a “duh” thing, but I wanted to pay extra toward both in the beginning, to see both amounts go down. Obviously the bigger one is more intimidating, and it would be lovely for it to go down to four digits, but that will have to wait. I look forward to the day loan one is paid off, and I can put what I was paying toward that to loan two.

As I said in my goals post on Wednesday, I am hoping for a raise this month, and I am looking for ways to earn some extra income by possibly securing a Virtual Assistant position. Since I’m not earning what I would like in my day job, I know I need to find more income elsewhere. Any extra I may get will go straight to these loans! Depending on the size of the raise I get, I am hoping to pay at least $400 toward loan one a month. If I can do that, then hopefully it will be paid off within a year. However, opportunities are endless, and I plan to try and seize as many as possible that come my way!

Photo Credit: greeneaaron via Compfight cc



  1. Rita P @ Digital Spikes August 9, 2013 at 5:44 AM

    EM, Glad to see your determination in paying off your student loan one. Wish you all the best for this month and hope you get your desired VA job. Have a great weekend

    1. E.M. August 9, 2013 at 9:23 AM

      Thanks! Hope you have a great weekend as well!

  2. Matt Becker August 9, 2013 at 8:14 AM

    Sounds like you’re making all the right kinds of progress. Moving out of the office doesn’t sound like a lot of fun, but sometimes change can be good. Good luck with the raise and VA job.

    1. E.M. August 9, 2013 at 9:23 AM

      Thanks! I actually came in today and they had changed their minds, so we don’t have to move. Definitely made my day!

  3. Keren August 9, 2013 at 9:16 AM

    Progress is progress! Great job and good luck this month!

    1. E.M. August 9, 2013 at 9:22 AM

      Thank you!

  4. Andrew@LivingRichCheaply August 9, 2013 at 9:37 AM

    well glad to hear you didn’t have to make the move out to the cubicles. Enjoy your weekend! Hopefully the weather will be nicer…I think it’s supposed to be.

    1. E.M. August 9, 2013 at 2:38 PM

      My coworker and I were very happy about it! Sadly the sales guys got stuck in even smaller cubicles than they were in before, though. I heard Saturday morning isn’t supposed to be great, but should clear up after that. I hope so!

  5. Tara @ Streets Ahead Living August 9, 2013 at 9:48 AM

    I have double the loans as you but half of it is a grad school loan at 6.55% so I’m working on paying as much as I can to that one to get it down.

    If you pay online, does your loan allow you to pay only to a portion of a loan, like pay the minimum to both, but then pay the extra to the higher interest loan? Mine does that since my grad school loan got bought by the same company I repay my undergrad loans to. So I have to specify which loan at xx interest I want the extra money going to. Then you could pay more to the 6.55% portion if that was desirable.

    Any debt repayoff plan is great so keep it up!

    1. E.M. August 9, 2013 at 2:51 PM

      Sadly, I don’t have that option. I can only choose what to pay toward each loan. They aren’t separated by subsidized or unsubsidized. I really wish they were, or I’d pay off the entire $1k balance I have right now.

  6. Lisa E. @ Lisa Vs. The Loans August 9, 2013 at 1:29 PM

    Yay for walking more! The weather here has been pretty ugly, too, but I need to force myself to just get out there and do it!

    Good luck with finding a VA position! I’ve also been looking into becoming one, but I feel like I need to do a little more research…

    Have a great weekend!

  7. Micro August 9, 2013 at 4:47 PM

    Congrats on keeping your focus on the loans. It can be easy to let unexpected expenses derail you from paying off more. Always nice to see there are others putting their nose to the grind stone to eliminate their student debt.

    1. E.M. August 10, 2013 at 9:04 AM

      Thanks! They will definitely be my #1 priority until they’re gone.

  8. Mrs. Pop @ Planting Our Pennies August 9, 2013 at 8:44 PM

    Ugh, cube farms! I read an interview with the inventor of the cubicle once, and even he admitted in hindsight they were a terrible solution for offices.

    Here’s hoping you can avoid the tragedy of the cubes. =)

    1. E.M. August 10, 2013 at 9:05 AM

      I love when that happens – the people who invent the stuff end up regretting it, but probably come out rich so what’s it to them! Thankfully my bosses changed their minds and we get to stay in our office until the other office is complete! We were both elated.

  9. Budget and the Beach August 10, 2013 at 8:59 AM

    Fingers crossed you get the raise and find some more side income work!

    1. E.M. August 10, 2013 at 9:05 AM


  10. T. B. August 11, 2013 at 6:35 AM

    Good to see you working on those student loans! When you’re all finished paying them off, it’ll feel like a huge rock has been lifted from your chest.

    1. E.M. August 12, 2013 at 12:31 PM

      Thanks! I can’t wait for that – all that extra money will be going toward investments most likely.

  11. Holly@ClubThrifty August 11, 2013 at 9:48 AM

    Great job on all of your progress! Your balances are heading in the right direction!

    1. E.M. August 12, 2013 at 12:31 PM

      Thanks Holly! It’s taking a while but I’m sure once I am able to put more toward it it will be gone before long.

  12. Pingback: Student Loan Debt: Update #4 | Journey to Saving

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