In 2019, I graduated from Pacific Northwest College of Art with my Master's in Print Media. I began an application when I was at a dead end applying for jobs, and finished said application after meeting with the head of the program and viewing the Print Media studios. Although the social dynamic of our cohort turned less than ideal at the end of the first year, I can say without a doubt that I am glad that I received my Master's degree.
One major lingering fact is that I have a mountain of student loan debt that I owe, and will be paying back for many, many years to come.
It is daunting.
I owe (a surprisingly even) $86,000.
$86k.
I think people should be more open about money in general, and so I want to track how and by how much I pay down my student loan debt. Part of what I am putting time and energy into Making Space Studio is so I can get out from under this debt.
What makes me the most uncomfortable is the interest. I have 4 loan groups (one per semester), with interest rates ranging from 6% to 7.6%. Each time I make a payment, I plan on putting a minimum amount towards the lowest three, and a larger chunk towards the loan with the highest interest rate. This is what I was doing before the pandemic, and it tingles my need to pay down all, and gamifies paying down the highest interest loan.
It is November 18th, 2022. The student loan debt forgiveness plan has been blocked as of now. If it passes, my debt should be reduced by $20,000 because I received Pell grants while in undergrad.
$66,000 is still a lot of money. Slightly less daunting, but still daunting none the less.
But that isn't true yet. I currently owe $86,000.
Each time I make a payment – or perhaps once a month once payments are due again – I'll keep track of how I'm paying it down.
Do you have student loan debt? How are you paying it off? Let me know in the comments below!
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