I guess it's official

"CB" (jrcb) 04/14/2019 at 23:57 • Filed to: now what?

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My student loan is paid off. Only took me three years! Which means that I can start putting that money towards a house, retirement, wedding, a Mustang, you know, adult things.

TheRealBicycleBuck > CB 04/15/2019 at 00:04

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Congratulations!

Ours won’t be paid for until we retire. We had to pay for the bulk of our education with loans. That’s three degrees for me, three for my wife, all at high fixed rates with no way to refinance.

That’s why we are adamant that our kids do well enough in high school to pay their way through college with grants,  scholarships, and work study.

The Crazy Kanuck; RIP Oppositelock > CB 04/15/2019 at 00:04

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Black jack & hookers. 

CB > TheRealBicycleBuck 04/15/2019 at 00:07

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Jesus. My girlfriend is probably going to have a hefty loan once she graduates, so yes, grants, scholarships, and working through school is advisable.

CB > The Crazy Kanuck; RIP Oppositelock 04/15/2019 at 00:07

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Probably not.

Chuckles > CB 04/15/2019 at 00:08

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Congrats. Whatever you were paying monthly on those loans, take that amount every month and put it into a savings account. Otherwise it’s really easy to start spending that money on crap you don’t need.

CB > Chuckles 04/15/2019 at 00:12

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I’m going to go see a financial adviser soon because I’m also getting a large raise and another expense will be gone at the end of May. So, an extra $200 a month  towards the car loan, which took a year off the total loan. So hopefully this is the start towards true adulting.

TheRealBicycleBuck > CB 04/15/2019 at 00:13

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If she’s the one, don’t take on the responsibility of her loans when you get married. If she divorces you or (God forbid) dies while you are married, you could end up being held responsible for her loans.  

CB > TheRealBicycleBuck 04/15/2019 at 00:13

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Yup, not happening.

Chuckles > CB 04/15/2019 at 00:14

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Good luck. Just remember that getting a raise and paying off a loan doesn't mean that you need to change your lifestyle. You were getting by on X dollars a month, so try to keep getting by on X dollars a month even though now you're earning Y dollars a month.

Future Heap Owner > CB 04/15/2019 at 00:14

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Woohoo! It feels like most people my age (I’m 29) still have a huge student debt specter haunting them, so seriously, c ongratulations & good job on getting that paid off so soon!

CB > Chuckles 04/15/2019 at 00:16

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That’s the plan. Going to try to be responsible for a while. Although I’m very  tempted for a new camera or computer, which are both one every five year purchases (at least).

CB > Future Heap Owner 04/15/2019 at 00:18

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Thanks! It wasn’t too large a loan, thankfully, but I’m glad it’s gone.

atfsgeoff > CB 04/15/2019 at 00:20

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It’s a good feeling. I’ve found recently that I get more excited when paying off a debt than I do when buying a new vehicle/gadget/toy/whatever. This is excellent because it motivates me to pay things off sooner.

Longtime Lurker > CB 04/15/2019 at 00:28

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Y ou should consider opening a TFSA if you don’t already have one even if you only you it to put your house down payment in it.

CB > Longtime Lurker 04/15/2019 at 00:29

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I’ve already got one!

Dr. Zoidberg - RIP Oppo > CB 04/15/2019 at 00:30

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Our plan was always to pay off ours as soon as possible, but life got in the way. Didn't stop of us from the whole marriage and house thing luckily. I paid off about $25,000 last year... The total balance and monthly payment would probably cause you cardiac arrest.

Chan - Mid-engine with cabin fever > CB 04/15/2019 at 00:32

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Congrats!!

CB > Dr. Zoidberg - RIP Oppo 04/15/2019 at 00:33

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I don’t even want to know what you pay for your loan. Those numbers are horrifying.

CB > Chan - Mid-engine with cabin fever 04/15/2019 at 00:33

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Thanks!

pip bip - choose Corrour > CB 04/15/2019 at 00:34

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Congrats

Well done  

Dr. Zoidberg - RIP Oppo > CB 04/15/2019 at 00:41

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I don’t recommend it — but life has no rewind button so I never allowed  it consume me.

CB > Dr. Zoidberg - RIP Oppo 04/15/2019 at 00:42

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Yeah. I figure if it can be managed, it shouldn’t be worried about (too much).

Dr. Zoidberg - RIP Oppo > CB 04/15/2019 at 00:45

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Plus if the education led to a better life and/or satisfying career, then it's worth every penny.

HFV has no HFV. But somehow has 2 motorcycles > CB 04/15/2019 at 01:05

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Took me longer than that to my off my 7k of tech school student loans. Good job! 

CB > HFV has no HFV. But somehow has 2 motorcycles 04/15/2019 at 01:06

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Thank you!

Tristan > CB 04/15/2019 at 01:19

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My wife and I had $60k in SL debt when we married. She’s so damn good with money that we had it paid off in less than 4 years. Since then, our mortgages have been our only debts, and they’re pretty unavoidable. Debt-free living is a good feeling!

AestheticsInMotion > atfsgeoff 04/15/2019 at 02:19

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This is so true. I love that good spending/saving habits can actually bring pleasure now. Certainly wasn't that way when I was younger... 

AestheticsInMotion > CB 04/15/2019 at 02:20

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Retirement, Mustang, wedding, house.

I'm placing my bet on that particular order

RallyDarkstrike - Fan of 2-cyl FIATs, Eastern Bloc & Kei cars > CB 04/15/2019 at 05:23

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Congrats!!! I paid mine off several years ago...great feeling! I still live ‘at home’ at the moment, but doing so let me put everything towards it to pay it off very quickly (4 jobs also helps...). Since then, everything has been going to necessities and a ‘house fund’, which I’ve got quite a bit saved for. :)

66P1800inpieces > TheRealBicycleBuck 04/15/2019 at 08:11

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I thought it was possible to refinance those loans?

66P1800inpieces > CB 04/15/2019 at 08:14

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Now start saving! If you save/invest at the same rate you can probably knock 10 years off retirement. It’s OppoBoggle Heads.  

TheRealBicycleBuck > 66P1800inpieces 04/15/2019 at 09:05

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You can consolidate the loans, but the interest rate is fixed and it’s a combination of the rates for all of the contributing loans. Ours are already consolidated.

66P1800inpieces > TheRealBicycleBuck 04/15/2019 at 09:31

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Well that stinks. I remember consolidating mine a number of years back, and then putting every spare cent to them. They weren’t that bad because I did a lot of my early general credits at a local community college after work, and they transferred nicely to a state school for the actual degree.

CB > RallyDarkstrike - Fan of 2-cyl FIATs, Eastern Bloc & Kei cars 04/15/2019 at 09:36

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Thanks! And good luck.

CB > 66P1800inpieces 04/15/2019 at 09:37

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Well, I can retire with pension at 75% pay at 48, so I'm not super worried, but it'll help.

66P1800inpieces > CB 04/15/2019 at 09:42

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Damn, ok, damn. Well you paid off your loans so now you get  to live large for a year, then worry about house and other stuff.  <- terrible advice but would be fun :)