Dad's Student Loan Plan

Okay...One year into paying off the credit cards and I am now going to add Dad's student loans into the mix. Here's the Plan: Pay off $177,470.01 in Dad's Student Loans in 5 years....this will be tough, but if the credit card plan goes as planned, it shouldn't be a problem. Mom also has student loans, but we aren't adding those in yet...she's still in school and it would be too depressing to see those here...

Dad's student loan debts are as follows:

1. Private Loans: $118,012.87. I'm about 270 days past due on this, but I've been making almost full payments for the past four months....not in collection yet!
2. Defaulted Federal loans: Here's the story...I defaulted on four of six loans last September and and they were sent to collection. The deal with the collection agency was that I would make monthly payments of $585 for nine years a 0% interest. The balance to date is $60,223.20.
3. Federal loans: These are the two federal loans that did not default. Balance owed: $3,279.

Total Owed: $181,515.37

Here's to a debt free life...wish us luck!