Student Loan Update June 2015

Just going to jump right into this. I’m sure I am over complicating this but student loans aren’t all that simple as well. Especially between two different people! Also, fair warning that these numbers are not complete, I am missing Mr. Wanderlusts Parent Plus Loans in these figures, if I remember correctly, it will add about another 20 to 25k. No small feat by any means. Legally, we aren’t required to pay them, but it was one of the agreements between Mr. Wanderlust and his parents when they were taken out. 

Okay, so now that that is out of the way. I am trying to figure out how to track our loans. I found a few niffty websites, but they aren’t cutting it. They don’t work with the minimum payment that your loan company has issued you and so the figures don’t come out correctly. I got too frustrated by that. I did fine a really nice Excel document to use and I am using that, as well as one that I have put together. The one I found online is great, but I’m not an Excel guru and I don’t know how to continue the math down to include ALL of our student loans. 

I guess, that this is the point where it all gets complicated as well. On our loan provider websites the lump all out loans together for one payment. Which is amazing, until you decide you want to snowball your student loans and the only way to feel like you are accomplishing anything is by paying off each individual loan.

So, what is a budget maniac like me to do? Well, I started with the Excel calculator that I found online. Tried a few other things. Got frustrated. Put the topic to bed for a while, then made my own spreadsheet to use in conjunction with the one I found online. Why? Well, if I bust out each individual loan, the document I created becomes too cumbersome. As we knock out individual loans in our avalanche I can update the one I found online, easily.

Okay, so let us get into it.

Debts

This is the Excel document that I found online, via Trees Full of Money. We decided to avalanche, it saves money in the long run due to higher interests being paid off first. I’m not positive on the amount of interest saved, right now it is minuscule due to the payoff lengths. We are in grace right now, so we don’t owe anything. I am making it a priority to pay $150 a month to or first loan in the avalanche for the summer. When Mr. Wanderlust and I are back together, we will live off one pay and the other will go to student loan payments. So variable payments. If our payment plans are approved (minus Parent Plus Loan) we will be paying around $200 a month in loan payments, before the additional payments. We plan on always paying more than the minimum. Which is reflective on the next document!

Untitled

Really boring and simple. This has no calculations on it, at all. Not shown includes the Parent Plus Loans, with no information. This is what I was really looking for. It allows me to track our payoffs a little better. However, it still doesn’t show me each individual loan. I realize how burdensome that would be so I’m more than okay skipping that for now.  I do have a section (again not shown) that tracks interest as well. I’m not 100% on if I will use that as much as I want to. It will depend. I’m leaving that open for right now.

But, I will share the updates with you each month as initially planned. I’m excited to get this started!

(I do apologize if this post is a bit whack. I’m still grieving. On May 9th my Uncle passed away for complication from surgery. Two weeks later my Aunt passed away from a tragic fishing accident. The day before her funeral I said goodbye to my husband as he left for Army training. It’s been a rough month, and today was a hard day for me).

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