It’s the end of the month, which means it’s time to check up on how I did on paying off my student loans this month. Earlier this month, I set out my plan to pay them off… by my 30th birthday! Let’s see how this month played out…
- Starting Balance: $41,868.53 (Nov 1 ,2012)
- End Balance: $41,181.90 (Nov 30,2012)
- Paid Towards Loans: $830.97
- Interest Paid: $190.34
- Principle Paid: $640.63
Goals I’m on track with my goals… I paid extra towards Loan 1-08 which I want to pay off first (smallest loan and highest interest rate). It went from $1550 to $1255 this month.
What I Learned By having to write down everything in a spreadsheet, I noticed the ridiculous $ that goes to interest. $190 of what I paid didn’t even go towards my loans. Such crap! I think I can put a hold on my VSAC loans because they have low interest rates and don’t have a minimum payment due til 2014. Instead of putting $40 a week into those($160/mo.), I’ll put $40 once a month and check how it affects what I pay in interest. I’ll put the other $120 into the 1-08 loan.
Sallie Mae is a pain in the butt to deal with. I already knew this, but it was just reinforced more this month. I mailed in my extra $300 payment (because there is no option online to pay more than the minimum due), along with a formal letter instructing them to pay it towards loan 1-08. And I sent a copy of my marriage license to change my name (also can’t do that online). They processed the payment to ALL the loans and interest. I emailed to correct it… which they finally did. But then they claimed they never got the marriage license… ugh!!! They just love making it harder to pay these things off, don’t they!?
- $400 extra to Loan 1-08
- $40/mo. to VSAC Loans
- $500 extra to Loan 1-08 (from work holiday bonus)
How are you paying off student loans and other debt? Please share your tips and tricks…