How’s Our Student Loan Debt Payoff Going? – November 2013

If you’re new to Money Manifesto, in December 2012 we decided it was time to open up to you, my readers, and shared our very first debt update.

Wow, time flies. I can’t believe it has been a month already since our last debt update. I’m happy to report that we’ve had another awesome month in our quest to destroy my wife’s student loans.

Tori has been working in her new job now for about a month. It helps that her new, higher hourly rate allows us to put more money in our monthly extra debt payments.

Other than that, we’ve just been watching the interest payments shrink as we pay more principal off. It is an amazing feeling and we can finally see the end of the student loan debt quest just a little bit further down the road.

Enough talk, time to see how much student loan debt we paid off this month!

Private Student Loan 1 – 8.0% Variable  DESTROYED!

This loan was originally over $20,000 but was destroyed in the August 2013 update.

Federal Student Loan 3 – 6.8% Fixed DESTROYED!

This was a smaller loan than the first, but it too was destroyed in the August 2013 update.

Private Student Loan 2 – 5.75% Variable

The current balance on this student loan is $4,342.47. This is a decrease of $6,408.84 since the last debt update. We had another awesome month. If we can keep this up the debt will be gone in no time!

Private Student Loan 3 – 4.75% Variable

The current balance on this student loan is $8,082.01. This is a decrease of $23.42 since the last debt update. This loan is just stuck on minimum payments until the higher interest rate private loan has been destroyed.

Federal Student Loan 1 – 6.55% Fixed

The current balance on this student loan is $7,315.10. This is a decrease of $56.15 since the last debt update. This student loan will be the last one we vanquish in our journey to total student loan debt annihilation.

Federal Student Loan 2 – 6.55% Fixed

The current balance on this student loan is $6,872.10. This is a decrease of $53.03 since the last debt update. After the private student loans are gone, this will be the first federal student loan that we attack.

Total Balance – $26,611.68 (-$6,541.44)

Well, we’re very happy with our progress over the last couple of months. In fact, we’re so happy that we’ve made an adjustment to our plans…

New Student Loan Payoff Date Goal!

Our new goal is to have all of our student loan debt gone by the end of 2014, which is 100% possible. No doubt in my mind. If we’re lucky, we can go into the summer of 2014 with no student loan debt at all. Time will tell if things go well or if we’ll still be in debt one year from today.

Do you have any debt you’re trying to pay off? Do you have a goal for when you want it paid off by?

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About Lance Cothern

Lance Cothern, a Certified Public Accountant (CPA) licensed in the Commonwealth of Virginia, is the founder of Money Manifesto. You can read more about him here or connect with him on Facebook, Twitter, Google+ or Pinterest.


  1. Really good job with the payments. Just as you mentioned, if it all goes well, you’ll clear off this debt in no time. Best of luck 😉

  2. You are doing great! Are you using the debt snowball method where you keep paying the amounts of the paid off loans toward your other ones? It will really be fun for you to watch those balances disappear.

    • We’re not using any particular method, but we look at all of our loans and see which one has the highest risk for us (in this case, variable rate private loans) and then we pick the loan that has the highest interest rate within that category and put all of our extra payments toward that. In theory, I’d like to go with the debt avalanche (paying off the highest interest rate loans first) but sometimes there are other risks you need to take into account first, such as what would happen if interest rates went up on variable rate loans and we have to pause the aggressive payoff for some reason. I’d rather have private student loans and variable rate loans gone first.

  3. I have a feeling you’re gonna kill that debt much sooner than then end of 2014. You’ve been building up some serious momentum!

  4. This is awesome!

  5. Nice work! I can’t wait to get back to paying off our loans. We’re keeping it in a liquid E Fund for now until I get stable employment. But then we’re going to kill one of those suckers in its sleep 😉

  6. I love seeing your snowball roll! Great job!

  7. You’re doing great! Looking forward to see you get rid of all your student loand debt.

  8. This is great news!! Thanks for sharing this post, it shows that paying off student loans isn’t an impossibility. Your positive attitude toward the situation is an added plus!

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