Reply to If you had student loans, how long did it take to pay them off?

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Reply to "If you had student loans, how long did it take to pay them off?"

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[quote=Anonymous][quote=Anonymous]Before I met my husband, I had 75k in debt from grad school. Since I was on my own and never expected anyone to support me financially, I lived extremely frugally and worked extra jobs on the side for a handful of years. I ended up saving about $60k. I kept the money in my account a few years after meeting my husband and after we felt secure in a few other areas (paying for daycare etc), I made a huge dump payment. My loan payment of $300 per month went from around 50% going to interest to about $25 per month. I'm considered paid ahead for about 10 years. While I'd love the loan to be gone, the monthly interest is now low enough on the remaining balance that I feel comfortable with going back to regular payments and perhaps paying ahead again when the kids are out of daycare.[/quote]

Did you make sure that lump sum payment went all toward principal. A friend did the same thing and did not call in to specify that the payment should go to principal. What a shocker there for her once she pulled up from the roses and looked at her SL account. [/quote]

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