What it’s all about/ New Year’s Resolution

3 Jan

I am 25 years old, I work five jobs, and I am $78,231 in debt.  Yep, you read that right.  At 25 years old, I owe almost 80k.  But before you get all “credit cards are evil & you should know better” on me, let me say this- not a cent of that is credit card debt.  I don’t use credit cards.  Rather, that impressive total is the cost of my undergrad and graduate education.

I’m not complaining here (well, maybe I am a little), because I made the choice to go to private universities and I made the choice to take on the loans.  I made those choices because I thought that furthering my education would result in a better job once I graduated.  Hang on a sec.

HA!  HA HA HA!

Ok.  So I fell for that one hook, line and sinker.  I now hold a Master’s degree from a very reputable university in a very reputable field, and a Bachelor’s degree from a small but still reputable college in another very reputable field.  I also hold five part-time jobs while those reputable degrees get left off my resume.  (True story, btw- I left my Master’s degree off my resume so I could get a job.  Twice.)

Despite this, I’m still willing to own up to my debt and do my best to pay it back.  Like I said, I took the chance on my education, and just because I didn’t end up with what I wanted doesn’t mean I don’t have to take responsibility.  So that’s what I’m doing this year.  I’m taking responsibility.

My graduate loans (totaling $66,697, and oh how I love the demonic significance in that) are currently in a holding pattern.  Apparently, I don’t make enough at my five part-time jobs (imagine that!) to be held to a minimum payment.  So, I’m going to pay $50 a month to that company to keep the interest down, and otherwise just ignore them til next year.

My undergraduate loans (totalling $11,533) are in repayment.  This means the company wants their money back, and they wanted it yesterday.  This year, they’re going to get it all back.

That’s right- my goal this year is to repay all $11,533 plus interest back by December 31st, 2012.  This means a monthly payment of roughly $961, or for those of you keeping track at home- nearly 50% of my monthly income.  Yep- this is going to be a fun year.

Each month, I’ll post how much I paid, what the new balance is, and perhaps an interesting story about why I’m $700 short that month.  Feel free to follow me- it should be a fun and increasingly desperate ride.

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