Not too terribly long ago I consolidated all of my various student loans into one payment through Sallie Mae. Later Sallie sold me out to her alter ego, Navient. A few months ago, I did a status check on the 5 consolidated loans via Navient’s website and found that 4 of them would be paid off in 3 years (at my current payment). I was pretty happy with that. The 5th loan is a horse of a different color though. They have it set up on a 25 year loan, which considering that I began paying on it in 2010 means I have an eternity left to go. That’s not acceptable.
Yesterday, I took a second look at my loan details and realized that there’s absolutely no reason that I can’t have all of them paid off in 3 years. At lunch yesterday, I discussed my new plan with Angie and she was in complete agreement. We’d attack the little loans, knocking them off one by one, until we could focus our entire effort on the big guy.
So today, I wrote a check to pay off my smallest loan. By living below our means, we had enough in savings to do this without negatively effecting our emergency fund. In November, we’ll have saved up enough again to pay off the next smallest loan. I have to say…it feels incredible!