Friday, 14 June 2013

My Student Debt Repayment Goals

My Student Debt Repayment Goals and Deadlines:

I want to be debt free by my 26th birthday, which is in Feb 2015. That's about 20 months away. This is an  ambitious goal because I owe a whopping $33,123.73 at this point. Over the 20 months, I'm expecting the total interest to be around $2000. 

$20,000: $1000 (roughly 26% of my monthly income) x 20 months
$3000: The amount of OSOG (Ontario Student Opportunities Grant) I'm expecting in the fall
$3500: Approximate amount of moving expenses reimbursement I'm expecting in October
$7000: I have racked up a lot of tuition tax credits over 6 years, so I'm expecting a Monster tax return in 2013 of at least this amount

Total: $33500 + any extra income I can come up with.
I think it is doable, I'm gonna tackle my debt under $20,000 by the end of 2013. Wish me luck!

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