Sunday, March 11, 2012

Free At Last!

Dr. Mad Scientist and I have been married now for 12 years.

One of the "presents" his mother gave us a month after we were married was taking over the re-payments on his federal student loans.

Now Dr. Mad Scientist was pretty smart. He managed to get in-state tuition to attend Colorado State University because his biological father lived in Colorado at the time. He also picked a PhD program that paid HIM (granted a pittance) to go to school and get his "Dr." title. The only downfall with going with a program like that is if you happen to discover a cure for cancer while a graduate student, the school gets the financial profits. You get jack.

But we figured we'd take the risk in not winning the pharmacological lottery!

So his student loans weren't exorbitant when his mother turned them over to us. But for a young set of 21 year olds--one going to grad school and one starting out a "career" in the real world, it was a lot.

When he quit his job at Mt. Sinai to go back to school to get his teaching certificate (and right about the time we had Moochie) we took two steps back and took out $5000 in loans to help get us through the year it took him to get his teaching certificate.

Again, he was smart though and signed up for a program that made him sign over his soul to teach in Newark or an urban school district for three years in exchange for most of his tuition to get his certificate being waived. (Only a little over a year left of his indentured servitude and our obligation to live in New Jersey!).

The $5000 was to cover the missing income and basically daycare for Mr. Mooch and Chunky.

However, a few days ago we received our federal tax refund.

And just like last year, I took some of the refund and put it towards what was left on his student loans.

But this time--the balance left was low enough and the refund was large enough, so that we were able to meet our goal of paying this off before Baby Bez 3.0 was born.


Everything stuffed in that head of his is now 100% paid for!!!


And now? We are 100% debt-freakin'-free! No car loans, no home loans, no student loans.

But of course this is just in time to add another family member to the fold--ha ha!

I joke, although I'm kind of serious, that when it comes time to retire, I'm going to retire 10 years earlier than Dr. Mad Scientist so that he can support MY butt as I do something. Seeing as I supported his butt for a good 10 years while he collected these degrees and certificate, I think it's only fair, right?

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Anonymous Sarah said...

Woo-hoo! There is nothing as liberating as knowing you're no longer in debt. Congratulations! And i don't think you could have cut it much closer to 3.0 arriving on the scene, you may now give birth any time :-)

10:34 AM  
Blogger Tactless Wonder said...

100% Agree! And super congratulations! When I paid off my last loan and realized that was it, all money coming in got to stay (well, minus rent + living expenses), it was mind boggling! Although, and this is a trick I learned from my mom. I keep paying myself that same loan amount, different account and everything. It is my visit parents/vacation/emergency fund. It's been a life saver. And possibly the only way I'll be able to afford to see New Zealand (new goal.)

12:19 PM  
Anonymous Anonymous said...

Yay! With all that info in his head, does it still fit on a regular pillow?

Do what Tactless Wonder says keep paying yourself that money into a savings account for something you really want or are going to need.

Love, Mom

1:28 PM  
Blogger Kaye said...

That extra $300 will go to BB3.0's daycare & The Escape NJ Fund!!

3:33 PM  
Blogger Laura said...

This comment has been removed by the author.

3:43 PM  
Blogger Laura said...

That is truly awesome, especially given how young you guys are, and given your kids still being young, too! I wish I could say the same, about being debt free. I'll probably still be paying off my student loans long after I retire. : (

3:44 PM  
Blogger Discoknits said...

Congratulations, that is awesome :0)

7:34 PM  
Blogger Zonda said...

Congratulations! Perfect timing too with Bez 3.0 coming :)

Sadly, hubby's Master's degree will be a few more years to go. :(

9:57 PM  
Blogger T. Budnik said...

Congrats! Doesn't it feel good? (Of course, I only know how it feels to pay off a BA...I still have "grad" school to pay off.)

Live it up! And 10 extra years of retirement is worth it! haha!

6:19 AM  
Blogger Donna Lee said...

Since Peter Kevin got his bachelors degree only a few years ago, we'll be paying it off until we're 80 or so. But it's worth it. I cringe inside when he says he wants a Masters degree.

But, in 4 more years the house will be paid for! I can see the balance go down each month and that makes me happy

7:11 AM  
Blogger knottygnome said...

congratulations! what a wonderful accomplishment.

7:39 AM  
Anonymous Rosi G. said...

Congrats to Dr. MS!!!!! FANTASTIC news that you're debt free. I have 3 more car payments and I'm done...with that....for now. LOL

When do you go on lay-at-home-doing-nothing-but-feeding-baby-3.0-and-cleaning-butt leave?

1:00 PM  
Blogger Ina said...

Free at last! Congratulations!

3:30 PM  
Anonymous dkswife said...

Great accomplishment!

11:16 AM  
Blogger Jo said...

Way more than fair!

7:53 PM  

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