Tuesday, July 12, 2011

The incredible shrinking loan balances

My loan payments finally found their way through the internets and arrived safe and sound and promptly lowered my current debt load.   It's so nice to see that total going down!

On June 12, I owed $13,430.58 on my student loans.  Today, July 12, it's much better:

CIBC: $4,018.67
NSLSC #1: $5,990.06
NSLSC #2: $1,383.42

Total owing: $11,392.15

That's $2,038.43 I've paid off in a month.  When I break it down like that, it really makes me realize how much progress I'm making.  If I can maintain this rate of repayment, I'll have my loans paid off in five months.  That's December - three months earlier than I had originally calculated!

Making this deadline will depend on how much I accrue in overtime, as that's what's helping me along.  Even if I don't make mad O/T scratch, I'm still well on my way to paying off my loans by the time we're hoping to be house hunting. 

The other day, I got a letter in the mail from CIBC, officially informing me that my one loan was paid in full.  Forget framing my university degree - I'm framing this letter!  Woot!