Day 11 | $24,666 paid | $66,051 till freedom
Please give me a moment; I think I’m still in shock.
I just paid $24,666.06 to close out my CitiAssist Loan and subsidized HBS loan.
Combined, the two loans started out at $25,000, payable over 15 years at a monthly payment of $186. I’ve been making payments for over 21 months, but managed to chip away at only $334 of principal during that time. If I had gone full-term with the loans, I would have paid $8,480 in interest.
That leaves me with the following balance sheet:
- Cash: $6,300
- Vehicles: $22,300
- 401k: $37,500
- House: $0 (I owe less than its value, but realtor fees would erase any potential profits from the sale)
Total Assets: $66,100
- Student loans: $66,051
- Credit card balance: $1,600 (to pay off at end of month)
Total Liabilities: $67,000
Net worth: ($900)
Paying off the $25k was easy–I used money that was just sitting around. The remaining $65k is going to be the challenge, as my liquid assets are basically depleted. Tonight I have pedi-cab training at 9 PM, and hopefully the roommate interview is still on for 7:30 PM–she still hasn’t confirmed.
I don’t think it’s hit me yet that my life savings of $30k are almost completely wiped out.