So how much is it?

“Show me the money” – Jerry Maguire

“$100,000 is a lot of money.”  Yes, it is.  Every time I think about it I want to crawl back under my covers and just hope it goes away.  I tried that, it doesn’t work.

After thinking through this blog a bunch of times and even when we started posting I wasn’t quite sure that I could bring myself to share the amount of student loans we have.  But, it isn’t fair to have hopes of being a success story of encouragement if I couldn’t be up front with the amount.  After all that is the one piece in others success stories that was always missing.

If we were to pay the minimum amount on all the student loans over the full life of those loans we would pay $114,142.45

Okay, pick up your jaw off the floor.  We will not be paying that.

Just like any other debt when you pay down the principal you also shave off interest.  After some math if we can pay off the debt in 100 weeks we can save ourselves a significant amount of interest and start a solid savings account with $100,000.

$100,000 is still a lot of money but hopefully with hard work and perseverance it will be gone sooner than later and it will seem like a time in our distant pass.

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~ by Rachael Judd on June 15, 2010.

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