Alright Friends, it has been over a year since I gave an update on how our loan payoff is going. We have been working on paying off our loans for just over a year now, and I am happy to say things are going well! We got a HUGE bump in out ability to pay off loans--I mean, really, it was nothing short of a miracle.
As stated in previous posts, David applied for loan repayment through WA State as well as through a National program. Last summer we found out we did not get either. To say we were bummed was understatement. However, in February, David got a strange phone call. He was told that someone in the WA State loan repayment program to backed out and that he was next on the waiting list to receive the award, and would he like it? !!!!!!!!!!!!!!!!!!!!!!! Are you kidding me?! First of all--YES we will take the award. Secondly, who backs out almost 1 year into the game?!
I'll save the details of us wondering if this was a scam, would we really be getting it, and how long it took to get it all figured out. The end result is that David was awarded a loan repayment of $70,000, give in quarterly, payments spread out over two years. With the money we have received from loan repayment so far, as well as our pushing as much money as we can into the loans, we have managed to pay off almost $100,000 in 1 year. When we started we were just over $309k, now we are looking at just over $212k in debt. Still a lot, but what a big difference! Plus, next month we are due for another loan repayment payment to come in, which means we will be almost under $200k!!! And we are on track to be out of debt almost a year before our goal of our 10 year anniversary!
Hey, progress is progress. If you don't celebrate the little stuff, you won't appreciate it as much. I hope you are all doing well!
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