When I first started this blog I would share my debt payment progress report with you every other week. Well, I’m back. Having been otherwise debt free for about a year it is time to begin paying off my student loan. My income has reached the threshold which marks me eligible and I’m ready to say goodbye to the total as soon as possible. From now on, I will share my new debt total on a regular basis and some of the things I have done to make this happen. It will help me record my journey and it will also help me to stay motivated!
Debt Payment Progress Report 17 – my new total!
As of March 25th 2022 my new debt total is £9,812.
As you can see, my progress towards paying off my student loan is so far, tiny. I haven’t yet made any additional payments towards it, paying only the required amount taken by the Student Loans Company at the end of the financial year. I think it shows something really valuable though.
If I was to rely only on these repayments taken once a year, connected directly to my tax self assessment, it would take me a very long time to pay off my student loan. In fact, if £188 was the total each year I’d have a student loan hanging over my head for almost the rest of my life. 53 years to be exact. That just doesn’t make sense to me.
Going forward I am going to take a proactive approach towards paying my loan down. Using small earnings such as surveys and cashback I hope to make larger contributions towards my student loan, on a monthly basis if possible, and get rid of it as quickly as possible.
So far this month I’ve done almost ten pounds in surveys, but not a whole lot else. I better get some ideas together and get to work if I want that number to start moving. I’ll check back in in April to let you know how I’m getting on!