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ENW March 1, 2019: -$4,000

As of two minutes ago, Mint thinks my net work is $33,182.19. At the beginning of February, it said it was $31,654.51. This is embarrassing, but while I check that number basically constantly, this is the first time I’ve done a month-to-month comparison. Up by $1500!

What Mint doesn’t know: I have about $30K in my husband’s retirement account, and I owe about $25K or so in home improvement loans, $7K in (cough cough I’m so ashamed) no-interest credit card debt, $2K in brain surgery debt, and $400 or so on the lawn mower. Oh and I just added some debt that I promised I wouldn’t do, because my computer is dead dead dead. So, let’s say $37K.

Last month, I discounted our $100K in student loans, but I’m not going to do that now, because I decided that’s not fair. By all accounts, they should be forgiven in about 4 years (and I have recertified my payments for the last 6 years), but that’s kind of like saying “I also want to pay off my mortgage in 12 years, so that doesn’t count.”

So…last month I said I was at $94K, this month I think I’m at -$4,000. I haven’t lost $98,000, but it looks like it. Numbers are fun!

P.S. I’m still not worried because those loans totally don’t count.

3 thoughts on “ENW March 1, 2019: -$4,000”

  1. Not to sound critical but are you sure the student loans will be forgiven? I’ve read that less than 1% of the student loan borrowers that have applied for forgiveness actually were approved and over 99% were rejected.

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    1. Can’t be sure – but I’ve read a lot about this, and I’m taking the steps that I can. The early denial rates seem to be in part because that first round of people had literally only made 120 payments since the start of the program – they were the very first people who were in qualifying jobs once the program started – so even having one month off would screw it up. I’ve read (and all I can do is read) that the reason the majority of the applications were denied was because the program is confusing and since this is the very first time people could be forgiven, there’s a lot of applications that didn’t cross all their t’s and dot all their i’s. Not having the correct type of loan, trying to pre-pay (which screws it all up), not working at the right kind of company, etc.

      I believe (perhaps naively) that this is going to look quite a bit different in a year or two, when the kinks get worked out. It might just be that for a lot of people, it takes 140 payments to get the “120 qualifying payments” (I could imagine a situation where I would apply in 2021, rather than 2023, because I started my job in 2011…but I didn’t consolidate to the right kind of loan until 2013).

      The only thing that I can do to mitigate that is to have my employment certified every year, which I do. On my loan papers now, it tells me that I have already made 60 qualifying payments (and I’ll re-certify soon, to get that number to 72). The government has already told me that half of my payments count toward the 120.

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