It’s been quiet on the blog here as the ESCAPE PLAN was in full effect!
The January update essentially was the Escape Plan being implemented! As for debt, I paid the minimums again and am down to $70,910.54 (decrease of $292.65)…keep reading folks, because I’m no longer worried at all about this small creep in student loan repayment!
So how is the Escape Plan agenda going, you ask?
Finalize the new job details and get an offer letter in writing.
- Find someone to take over our lease at the condo.
Help Mr. Bacon get relocated through his current company (they have multiple locations). Give notice at my current job… 2-4 weeks. Find a new apartment.
- Pack up, move out, and get outta here!
That’s right, blogger friends, I have a new job!!!
My previous boss in Delaware had reached out to me over Christmas break about a new office he is opening up at the University. We have always had a great relationship and he was very understanding when I left to go to DC to get more experience in our field. We would still bump into each other sometimes as Mr. Bacon is from Delaware (which is also where we met), and he would half joke about me coming back to work for him. I would half joke that I’d do it if he would pay off my student loans. But seriously, I didn’t want to move back to do the job I used to do…it had to be something different and more challenging.
As it turns out, this would exactly be the different and challenging position I would move back for! I would be in charge of my own office and be involved with some of the research projects with the University–finally a use for that master’s degree that was once completely optional in my field of choice! Now, I hesitate to use the term “dream job” as I’ve called my last 3 jobs my “dream job”, so the next thing to determine…was he serious about paying off my student loans???
We sat down on a Saturday morning, for breakfast at a diner to negotiate terms. Pretty casual as we have that kind of friendly relationship. However, he showed up in jeans and I showed up in work-casual. I was to be taken seriously! I had written down a list of everything I wanted and knew I kind of had the upper hand, as he really wanted me back as an employee. I felt prepared to negotiate LIKE A BOSS, as Mr. Bacon not only subjects me to all kinds of HGTV shows, but I also have to watch Pawn Stars.
One of his concerns was that I wouldn’t stay long-term, as my job history has been a bit all over the place (he knew my background and understood why, but still). Which was when I pulled out the BAM! “if you pay off my student loans over 5 years, I’m willing to sign a contract for that term.” We went back and forth a bit on salary, as DC rates are much higher, and in the end I got basically the same base salary (after taxes), a percentage of profit-sharing in the company, AND we agreed to $10k per year of student loan repayment over the next 5 years.
$10k per year isn’t all of the debt, but I figured I would still pay the minimums so that I could lock down the -0.25% in interest rate, and after about 5 years of me paying the minimums and the company paying $10k, I’d be close to being completely done! So that’d be me paying off $20k-ish, and the other $50k being paid by…NOT me!
I was really happy with the outcome, as I feel the cost of living in Delaware will already be $15k less. With that in mind, the additional $10k of student loan repayment, and then the profit sharing, I think I’ll be making out with essentially a $30k raise, minimum. WHOA! Turns out that last weekend Mr. Bacon bumped into my new/old boss again when he was back in the area job-hunting, and apparently I was making him sweat and stutter over the breakfast negotiation. 😉
This was my first time I felt I had the experience to back up a negotiation like this, as previously I would just accept whatever number was given to me. So…yeah! Yay! Suck that, student loans! 😀