The Damage: So it is not exactly 100!

Before we began our  journey, it's probably helpful to look at what we are up against. After a couple weeks to get the accounts summed up. We finally got the number. And guess what folks, it is not 100.

This is the break down of all the loans that we are owing:

Private	Loan Balance	Rate
Stafford 1-01	$10,890.43	2.33%
Stafford 1-02	$9,015.87	2.33%
Stafford 1-05	$4,742.13	2.33%
Stafford 1-07	$6,694.82	2.33%
	$31,343.25
Stafford 1-03	$10,809.00	6.80%
Stafford 1-04	$15,545.95	6.80%
Stafford 1-06	$11,216.66	6.80%
Stafford 1-08	$16,808.73	6.80%
	$54,380.34
Fed
Direct Unsubsidized Loan	$3,732	2.30%
Direct Subsidized Loan	$3,976	2.30%
Direct Subsidized Loan	$2,954	2.30%
Direct Subsidized Loan	$6,248	2.30%
Direct Subsidized Loan	$3,124	2.30%
Direct Subsidized Loan	$3,124	2.30%
	$23,158
Direct Subsidized Loan	$5,757	6.80%
Direct Unsubsidized Loan	$7,921	6.80%
	$13,678
Grand total	$122,560

Yes, that is $122,560 grand total. So we are looking at about 22k more than what we estimated at the beginning. And at our rate of paying back (est. 24k per year), that means an extra year added to this journey. 

Our main goal right now is to kill of the 6.8% loans first. The total high interest rate is now $54,380.34 + $13,678 = $68,058

And we have to do it as soon as possible.

Are we a bit discouraged when facing this amount? Yes we are. But hey, we already know that it is gonna be bad. And we just have to put on our tough face and deal with it. The longer we delay it, the worse it is gonna get.

Our next step is to cut down spending, and move our funds around. We would want to make one big payment this year. The thing is, all our income and the majority of our funds are from Vietnam. Therefore, we are going to need to figure out the best way to send money back to the US to pay back these loans. At the moment it's not looking good, even the US bank account my husband has is having issue with online banking. Urg, not a good time to break down silly!

On the bright side, I got a raised after my probation period. Not a monumental amount, but it will make it a bit more comfortable for the two of us.