Tuesday, November 17, 2015

The Student Loan is in the $6,000s!!!

Oh my goodness!!! I put a $1,564 payment on my student loan (this was my $1,529 budgeted payment and $35 leftover from the last budget period).  I currently owe $6,464 on the loan (with interest calculated through the end of the month).   With this payment I have paid $17,651.22 on my student loan this year! I don't have a payment due until September 16, 2022. It's a great feeling to know that if tough times emerge, I would not have to make a payment on the loan for almost 7 years.  However, believe me, I would be trying to find every way to scrape together some money so that the interest would not compound! 

If I had only paid the minimum payments on this loan, I would be paying on it until 2030.  As it stands, if I only paid the minimum payments on this loan (from here on out)- it would still take me, approximately, 4 years to pay off the loan. That would put my at paying off the loan in 2019!! There is no way I can pay on this loan for 4 more years.

 I am honestly overjoyed to see this balance drop into the $6,000s.  I wish I could get it down lower, but in the $6,000s is fantastic.  I should be able to pay this down into the $5,000s before the end of the year!

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