$24,666.06 Down

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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:

Assets

  • 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

Liabilities

  • 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.

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