Taking Stock of My "Action Plan"

A while back (in March--Oy, is it really September already?!), I put together an action plan for my quest to eradicate my student loans.  As any good PF blogger should do, it's time to take stock of where I'm at with this list of goals as well as to re-assess my next steps.

Originally, these were the goals:

1. $20K into E-fund (target date:  July 2011)
2. Pay off Loan #3 ($1,682.98) completely (target date:  August 2011)
3. Pay off Perkins Loan ($2,000) (target date:  October 2011)
4. Pay off Loan #2 ($4,000) (target date:  December 2011)
5. Continue paying undergrad & Loan #1 during this time
6. Re-assess progress once Perkins & Loans #2 & #3 are paid off...

Here are my current updates:

1. $20K into E-fund  Moved to September 2011
2. Pay off Loan #3 completely  Paid off in July 2011
3. Pay off Perkins Loan Paid off in July 2011
4. Pay off Loan #2  Changing focus to mortgage as a portion is at a higher interest rate.  This loan will be paid off sometime in 2012.
5. Continue paying undergrad & Loan #1 during this time  Yep! 
6. Re-assess progress once Perkins & Loans #2 & #3 are paid off...  Doing that now  :)

The good news is that I paid off Loan #3 a full month early and the Perkins loan a whopping 3 months earlier than originally planned!  My E-fund currently sits at $19,100, so I'll hit my $20K goal within the first week of September (yeah, baby).  For my 2011 payoffs, I'm left with Loan #2. Unfortunately, the interest capitalized on it last month, which means it's now about $4,400.  The bright side of this is that I'm making accelerated payments and the interest rate is very low. 

Moving forward, my new focus will be using the Avalanche Debt Payoff Plan which touts paying off debts according to interest rate.  Taking stock of my current student loan interest rates, I see that none are actually higher than the first portion of my mortgage (I have a blended mortgage--outside link).

Therefore, the new (and improved) focus will be to pay off the first portion of my mortgage while still sending a bit of extra $$ to the student loans.  Considering that I sent an extra $1,300 to it in August, and I plan to do the same this month, I think I'm well on my way to meeting these goals!  Stay tuned for periodic updates....