Student Loan Resolutions for 2015

by Sarah on February 17, 2015

It is 2015, which means it’s time for some new resolutions. Last year, I vowed to continue my student loan pay off rate of $40k (which we successfully accomplished). I also vowed to pay off our loan with the highest interest rate (which we did) by June 2014 (which was a little ambitious). While we eventually reached our resolution, we did not make it in the anticipated time due to our choice to be on the Income Based Repayment plan.

This year is a whole new ballgame. This year we are debating about buying a house. We are not worried about our credit score or debt to income ratio, but we are worried about the down payment.

I have been saving for years, so we have a pretty chunk of change in the bank. We just need a little bit more money. This is when Income Based Repayment comes to our favor, as I learned last year. Since we aggressively over pay our student loans based on interest rate, we have a few months this spring to save those aggressive payments (learn more about why here). The trick is how do we save those payments and still pay off $40k of student debt in 2015?

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