Thursday, December 13, 2012

Our Student Loan Debt

The wife and I are both college graduates. I have a bachelor's degree in Information Systems and she has a bachelor's degree in Early Childhood Education. We both attended a public university in Houston, the third largest in Texas.

I was lucky to have my college education paid for by my parents so I don't have any student loan debt. The wife  also had some financial support from her family but had to get student loans to help with the cost. When we got married her student loan debt became mine so now I manage it for her every month. The cost of each of our degrees was around $30,000 for five years. When she graduated she owed close to $21,000.

Today we still owe Sallie Mae $14,930. We consolidated the loans back in 2005 and got a really nice interest rate of 1.88%. The monthly payment is only $121 dollars a month. I kept a low payment back when we graduated since we didn't have good jobs at the time. Now that we have a little bit more money I try to pay extra when I can.

Here are the actual numbers as of this morning:


This the only other debt that we had that I've never mentioned on our blog. Now that the credit card balance is more manageable I've decided to start tracking this debt here. This debt and the new car are the only debts that we have other than our mortgage.

HS

2 comments:

  1. That's a great interest rate. I should look into reducing mine... I have 2 main student loans (one of them is somehow broken into 4 pieces), and my interest rates vary from 3% to 6%. Would love to get something like a 1.88%!

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  2. 1.88% is really good. Who do you have the student loans with?

    ReplyDelete