Buh-bye student loan....

I graduated with my BA in Education in 1999.  While I was very fortunate to have an awesome music scholarship for my first year of college and a kick-ass job as a Resident Assistant during my last three years, it was not in the cards for me to leave school debt-free.  (In the interest of full disclosure, there was a year after I gave up my music scholarship but before I became an RA that pretty much helped me understand the definition of poor, college student.)

Six months after I graduated, I started paying back my student loan.  When I looked at the amount I owed (which I now realize was NOTHING compared to what others had) and the payment schedule they had laid out, it seemed daunting to think about the fact that they wanted me to pay for 10 years.  I dutifully sent my check out each month, some months with even a few extra dollars.

Then in 2001, I started graduate school.  At the time, Joe was working at Western Oregon University and because we were married, I was able to get the discounted rate of $50 a credit plus fees.  I knew I didn't want to take on more debt so I deferred my student loan (which was completely on the up and up since I was enrolled in school) and paid for grad school as I went.

I didn't go to school full time because I was teaching full-time so it took me 4 years to finish my Master's degree.  Then, six months after that was finished, I received a new coupon book with my new payment schedule.  (Why they call it a "coupon" book I will never understand!)  I once again started to diligently pay each month.  Every month seemed like such a time drop in the bucket, but I just kept going.

Then we started paying things off....credit cards....Joe's car....my car....our 2nd mortage that we took out right after our 1st mortgage to pay back the person that loaned us our down payment (I am pretty sure that is illegal now)..Joe's student loan....  Mine was next in line.  This past January, I still had a little under $4,000 left to pay....and I decided I was determined to pay it off by the end of 2011.

I started paying anything I could extra towards it.  If I worked an extra day and got paid...it went to my loan.  If I worked for Willamette...it went to my loan.  Gift money...went to my loan.  Extra money at the end of the month...went to my loan.  I think you get the picture.

And this month, I am proud to say that my student loan is completely paid off.  I could have been paying on that for another 3 years....but I am done.  How awesome it that?