A goal for the new year

As the year finishes out its a good time to access where I am with my student loans and make a goal for the next year.  I’ll take the time right now to say that I have had a number of experiences in my life and I have loved and hated many things.  I hate my student debt. I hate it like a living thing, but I can’t let that hatred of it consume me; I have to let it motivate me to conquer it.  It’s a monster in my life and I want to slay it.  As such I am setting a goal for 2011 to see 10% of the total debt gone by the end of the year.  There’s no way that that is going to be an easy thing to do so I’m going to have to hustle and sacrifice, but I’m making a public commitment to say goodbye to 10% of my student debt by this day next year.

Let’s have a look at my student loan debt load as it stands.  As of right now I owe:

VSAC:             $99,105.58
US Bank:        $21,931.88
DOE:               $22,445.24
Sallie Mae:     $   6,135.97
Total Debt:   $149,618.67

Just seeing that written down makes me angry.  But in 2011 I’m going to use that anger to fight the debt and by Dec 31, 2011 I will have payed $14,961.87 or more if I am able.  What does that mean for me in the upcoming year?  Mostly it means sacrifice and a lot of hard work and commitment.  I’ve never been up against anything like this before in my life and now that I am I’m surprised to find that though I am committed, I am not afraid of it.  I’m not pessimistic or defeated.  I have a voice now and I’m going to use it.  I’m going to win this battle, I will have this debt gone by the time I’m 35 and I won’t incur any more debt in the mean time.

This will mean learning to live without some things for a while, but it also means that I have an opportunity to learn exactly how this system works, where the loopholes are and where it can be exploited.  I intend to share all my finding with you here on the blog.

So I also ask that if you know anything about dealing with this type of debt that you share what you know.  I welcome everyone to collaborate and share information about your own experiences dealing with debt.  Consider this site and open forum.

As always, any funds collected through this site will be shared with another person in the same situation to be determined one year from today.


About cookinablackhat

I cook. That is what I do. I go to work every day and cook professionally and then on my days off, I cook some more. I love everything about it. I love the chemistry, the alchemy and magic, and I want to know more.
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2 Responses to A goal for the new year

  1. Garrett says:

    Focus everything beyond the minimum loan payments on one lender. You may try to choose the lender that charges you the highest interest rate. If they’re all about the same, then try to completely pay off the lower balances. I know this seems like financial common sense, but even simple concepts like this may be hard to think of alone. Also, have you done any research into a consolidation loan? Something like that may allow you to lock in a more desirable interest rate and reset the term of the loan. This has the possibility of decreasing your minimum monthly payment, and whatever you pay beyond that should be applied directly to the principal of the loan.

    You’re absolutely right when you say that this journey will require sacrifice and hard work, but you’ll feel damn near invincible at the finish. If you’re going to be fueled on anger, though, make sure you’re not holding any of Rick’s sound equipment. j/k

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