ACCC’s Client Login allows current clients to access their program information, including the due date, program benefits, and other documents.

Select a Client Login below based on the service that you are currently enrolled in:

Debt Management Program

Client Login

Bankruptcy

Pre-Bankruptcy Client

Post-Bankruptcy Client

Not yet a client, but looking to get started?

ACCC offers debt relief options to individuals and families that are suffering from stress related to credit card debt by providing effective credit counseling, helping to consolidate debt, and advising on debt management.

Get Started

Wait!

You are now leaving the Consumer Credit website and are going to a website that is not operated by ACCC. We are not responsible for the content or availability of linked sites.

Are you sure you want to leave?

No, return me to the previous page.

Yes

March Budget Example- Student Loan Debt

march budget exampleAfter a very successful month, March brings another new challenge: student loan debt. Can our couple eliminate this next debt? How long will it take? Find out how to use a budget to eliminate student loans in the March budget example.

Review of the February Budget

February was a very successful month for our couple. They had savings for the unexpected cost of snow tires and eliminated credit card debt. Some of their new financial goals include eliminating student loan debt and saving for their vacation again in the near future. However, they first want to make a plan to eliminate all their remaining student loan debt. Find out more in our March budget example.

March Budget Example- Paying Off Student Loan Debt

Our couple is feeling very encouraged following the elimination of their credit card debt. Now it’s time to tackle student education loans.

Luckily, our couple has been paying a little extra each month over the minimum payment. So adjusting that number even higher won’t seem so tough. The remaining student loan balance is around $10,000 with a 5% interest rate. How long will it take if they pay $500 instead of the current amount of $425?

Adding an extra $175 to the payment, it will take about a year and a half.

However, combining the current student loan payment with the money from the old credit card payment gives a total of $875. Using this Debt Payoff Calculator, it came out to 12 months. Making such a large payment will definitely shave many months off the timeline.

Finally, renter’s insurance premium and the Internet/cable went back to normal. The new monthly amount for the insurance is $20 per month and $125 for the Internet/cable.

INCOME

  • Salary 1: $2,700
  • Salary 2: $2,100

TOTAL= $4,800

MONTHLY LIVING EXPENSES

  • Groceries: $600
  • Household Items: $50
  • Clothing: $100
  • Cellphones (2 phones): $100
  • Internet & Cable: $125 (back to normal)
  • Rent: $1,100
  • Electric: $120
  • Gas: $60
  • Trash: $10
  • Auto Maintenance: $40
  • Auto Insurance (2 cars): $175
  • Health & Dental Insurance: $350
  • Renter’s Insurance: $20 (increase)
  • Entertainment: $50 (back to normal)
  • Netflix/Hulu: $20
  • Gym Membership: $60
  • Student Loan Payment: $875 (increase)
  • Auto Loan Payment: $175
  • Vacation Fund: $0
  • Pet Care: $75
  • Savings & Investments: $695
  • TOTAL: -$4,800

Hopefully, March will be a great month financially. Our couple has a plan for student debt relief. As a result, they can focus on retirement and other big financial goals that build wealth.

Thanks for reviewing the March budget example. Tune in next time for April!

ABOUT AUTHOR / Michelle

Michelle is a regular contributor to Talking Cents. She has taken several financial courses on debt management and is ready to circulate what she has learned from them as well as lessons from her own life- family to DIY projects to student loan debt.

View all author posts →

Dev Tool:

Request: blog/march-budget-example-student-loan-debt
Matched Rewrite Rule: blog/([^/]+)/?$
Matched Rewrite Query: post_type=post&name=march-budget-example-student-loan-debt
Loaded Template: single.php