What Does Paying Student Loans Look Like Amidst A Pandemic

Hi readers, it’s been forever. I know. I spent 2020 reinventing myself. Or rather, discovering myself after Mr. Moriah and I split. It’s good to be back, and to be writing again. I’ve got some exciting things lined up for us this year, but I thought looking back would be a good place to start.

In 2018, I started my loan repayment journey.

In 2019, my former husband and I were in the middle of a move, so I forgot to post an update. Life happens. But here are those numbers.

We crushed the early months of 2019, before we decided to move to Texas. Then we decided to spend our money saving for a move.

We still spent over 10 percent of our payments on interest, ugh.

It was an impressive year. I’m still a bit annoyed we didn’t spend the extra $35 to top that up to $8k, but overall 2019 left us in a great spot.

And then 2020 happened.

Boy do I never want to repeat that year. I’m an aggressive loan payer offer. They stress me out, and while it might not be the smartest decision, it’s the one that gives me the most peace.

So we did. And I do.

But even the best laid plans go awry. And in 2020, boy did they go awry.

And by our, I mean about halfway through the year, our numbers turned into my numbers. The couple months without payments, I was sorting out what single finances looked like. It wasn’t a fun time.

Overall, I’m proud of how much I put towards loans. And how much I grew in 2020, even if my finances don’t reflect that.

I cannot repeat how much I hated 2020. And my financial situation reflects that. My net worth plummeted. I didn’t meet any of my goals. Ha, goals in 2020. What was I thinking?

This year, I’m trying to tackle realistic money goals.

At least until October, when the student loan forbearance ends, I’m hoping to put $50 towards my loans each month – or $600 in total for the year (if by luck, student loan forbearance is extended). Or, if they’re not, my numbers will be $1040 towards the loans. $50 the months that I could keep the rate low, and $270 when my old minimum payment kicks in.

Posted in Debt Repayment

Moriah Joy

Moriah Chace founded this site in 2018 to narrate the money journey she and her husband were on. After their divorce, she pivoted and is now tackling living well on a low income budget. She is currently the editor at Poorer than You. And she has words in Live Better, Deal Taker, and EcoFrugals. As part time barista and a full time coffee addict, she currently attends UTA for a master's in Civil Engineering and wants to change the world one high speed train at a time.

What Does Paying Student Loans Look Like Amidst A Pandemic

Moriah Joy

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