Less than 24 hours later the $60,000 was applied to both of our great lakes loans. Sayonara crappy loan company charging us 7.2%! Hello, extra $466.66 a month!Ahh... how wonderful it is to have our first student loan paid off. Now we can really start up the debt snowball. First order of business, is to put all extra money into our tax bill until it has been paid off. After that short challenge, we will begin putting $466.66 + $250 = $716.66 onto our credit card every month. We will also be putting any additional money made through bonuses, extra jobs, selling stuff and hopefully have it paid off by September.
If all goes well and we accomplish this, with my 3rd quarter bonus (depending on what tier we hit) we will be able to put a minimum of $5,700 into another loan. Just like losing weight we need some small wins to keep us going!
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