General Goals 1) to be debt free in 3.5 years 2) save lots of money

Tuesday, November 16, 2010

Plan of Attack: Student Debt Part 2

I blogged a little while back about the size of my student debt. To recap my TD Canadatrust Student line of credit is $34, 380.00. Now my line of credit was originally only support to go to $34,000.00, but for a couple of months during the summer I did not pay my minimum payment on it. This happened because for a couple of months while I was still taking my last summer course to finish my degree I was not working. Never do as I did. Not paying your monthly minimum is a bad idea. So when it came time to catch up my first payment was $700.00. It was a real squeeze. Since I started my new full time job I have been putting in $150.00 every bi-weekly paycheque. So about $300.00 a month. As well in Ontario we get GST/ HST cheques from the government. So every one I get I will continue to put into my student debt. My goal before September 2011 is to get a significant about of the principle down. So that when October 2011 roles around and they add principle on top of the interest to my monthly payments I will hopefully not be paying $700.00 each month.

What about my National Student Loan you ask? Well I do not start making payments on it until February 2011. So until then I am focusing on my TD student loan.

Of course don't forget that I have also had several other sundry debts as well. In total $727. 41 which I have systematically reduced down to $192.80.

Focusing only on the TD line of credit at $34,380.81 and my sundry debts at $727.41, how much have I paid off since August 23, 2010?
As of the end of October 2010 I have put in $776.44 bringing by debt down to $33,604.37.
As of November 10th 2010 I have paid down $534.61 in sundry debt.

In total I have paid down $776.44 + $ 533.61= $1310.05 in debt.

So that leaves me with $34,380.81 +$776.44+ 13,058.00 -$1310.05 =$46,905.20 in debt

As of November 16th 2010 debt remaining: $46,905.20 (including OSAP debt)

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