Wednesday, July 31, 2013

debt snowball, part 2

Now that I've made the last payment on my undergrad loans (WOO HOO!), it's time to look at the second portion of my debt snowball.

My grad school loans are separated by when they were disbursed, since I didn't consolidate them. This provides me with a good opportunity to do some debt snowball action. Here are my balances as of today:

 
I have 3 "loans" under $1000, so I'll work on those first. What's awesome about this particular loan servicer is that I'm able to not only pay each of those loans in full, but I'm able to put a certain amount toward a particular loan. That will really help me do the whole debt snowball thing, since I'll be able to treat them all as separate, smaller loans. I'm really excited about beginning this portion of my journey. I'm especially excited to have the ability to get some quick wins under my belt, since my undergrad loan was significantly larger than these small loans and took much longer to pay off.

Now I just need to wait until the next payday so I can make my payment!! :)

[EDIT: Just as a side note, how much do I love Step 4 of these payoff instructions?]

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