It’s time for another student loan update! Let’s look at the cycle between April and May. We’ll go over my remaining loan account at EdFinancial, how much I paid off, how many weeks left to go and my final thoughts on this loan.
EdFinancial
In my last update, I fully paid off Group C in EdFinancial with an additional payment of more than $900. This was extra from my tax money, and it was put to good use here.
I was also able to make some small extra payment to the next account, Group A, which had a balance of $5,298.91.
Take a look at my payments for this cycle:
As you can see on my screenshot, there are some cancelled transactions. But don’t worry since those were scheduled payments for Group C, which was paid off early.
I noticed that I had some extra money in my checking account that I can spare, so I decided to add $275 on May 9th’s payment. From April 11 to May 9, I made a total payment of $1,400 to Group A.
Since I was on a mission to get rid of my student loans, it was appropriate for me to use some funds to really push this amount to zero. However, I didn’t go all in on paying it off at the moment because some opportunities in the stock and crypto markets came up.
Instead of using the funds for my student loans, I used it to buy in on crypto, especially with the crash. It was just too good to let go. I’d rather use the money right now for this scenario.
With $1,400 paid last month, Group A has been reduced to $3,898.91.
Weeks Left to Payoff
Based on this calculation, I have 18 weeks left to pay off Group A. And 18 weeks is roughly 4.5 months, which falls on September 20. This is one week earlier than the estimate I had in my previous student loan update, and this really makes me happy. That extra $275 payment reduced my timeline by one week and them some.
Final Thoughts
The balance as of May 17, 2022 for my student loan is $3,898.91!
This amount will only take me 18 weeks to get rid off and I’m so excited that went below the $4,000 mark. Looking at my numbers, every month, I will be hitting 4-digit thresholds since I pay more than $1000 every month. So that checks out.
One thing I’m really looking forward this month is really focusing on building my passive income streams which includes affiliate marketing stuff, dividend stocks and crypto.
The main reason for that is because I want to use a portion of those streams as payment for my student loans. Even if I pay off my loan faster than I could set up my passive income streams, that’s still okay because now I have a money making machine that I can rely on.
Once this account is fully paid off, you can expect me to break down my strategies and tips on how I achieved this.