As of today, I'm 100% debt free! And will be that way until we get a mortgage later this year. It feels good!
I had been making regular payments - twice the minimum, but it still would have taken several more years to pay off my two student loans.
We have decided to get an FHA or, more likely a VA home loan (James was in the Marines), meaning that we don't have to use much of our savings for a large down payment on a house. So I just paid my loans off to be done with it and avoid paying more interest.
We have decided to get an FHA or, more likely a VA home loan (James was in the Marines), meaning that we don't have to use much of our savings for a large down payment on a house. So I just paid my loans off to be done with it and avoid paying more interest.
That's two less bills every month (that I can put back into savings)... yay!
See my list of 100 goals to accomplish by my 30th birthday here.
7 comments:
Congrats! That is soooo exciting!!!! And must feel like such a relief.
yay!! Good for you, I bet that feels soooo good
That must be an amazing feeling! You're awesome Suz!
saweeeeet! That's exciting. I had been debt free before buying the house. This load will take a while to pay off :)
Good for you! Congrats!
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Can Student Loans Now Be Discharged In Bankruptcy?
Student Loans & Bankruptcy: Overview
First, a quick overview. As many borrowers struggle to repay ballooning student loan debt, bankruptcy is one option that gets floated.
According to Make Lemonade, there are more than 44 million borrowers who collectively owe $1.5 trillion in student loan debt in the U.S. The average student in the Class of 2016 has $37,172 in student loan debt.
Student loans are now the second highest consumer debt category – behind mortgages, but ahead of credit card debt.
Unlike other consumer debt such as credit card and mortgage debt, however, student loans traditionally cannot be discharged in bankruptcy.
How Do You Discharge Student Loans In Bankruptcy?
In order to have a student loan discharged through bankruptcy, an Adversary Proceeding (a lawsuit within bankruptcy court) must be filed, where a debtor claims that paying the student loan would create an undue hardship for the debtor.
Were Student Loans Every Dischargeable In Bankruptcy?
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