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Paid Extra on the Student Loan

July 14th, 2020 at 03:14 am

I’m so close to paying off one of my student loans I can taste it.

I decided to take half of the money I saved for my bedroom set and throw it at the student loans. That leaves me with about $1,000 to go before I start tackling the principal and it feels great.

I don’t know why but I feel like God wants me to get rid of this sucker. Yes the bedroom set is falling apart but if I can get used I’ll be fine. Plus I can wait a little bit.

Wednesday my taxes hit and I’ll be paying $200 on them.

3 Responses to “Paid Extra on the Student Loan ”

  1. Creditcardfree Says:

    Yay, less debt!

  2. Lots of Ideas Says:

    Just wanted to say how smart you are for ending up paying a little in taxes instead of giving the government a big loan and getting a big refund! I have a few ‘pet peeves’ about how the government/financial system mistreat people who don’t have a lot of money. The biggest is that they have the ‘little guy’ so afraid of owing taxes that they scam them into way over paying. Meanwhile, those people have debt that just sucks them for interest payments - while the government borrows for free...

    One of my other ones is what you are facing - the student loan scam where they tell people they can pay based on what they earn, never telling them that their debt will increase every month because the payment is too low to cover the interest. My loans - from the 1970s which looked insurmountable but would be nothing today, - were pre computer, and I got paper statements that broke out the principal and interest amounts. So I could see the progress I was making as the balance went down and so did the amount of interest I paid. Now, that information is all buried behind direct withdrawal and computer accessible information. And I think, because it was different for many parents than now, they didn’t know to warn their kids about the scam.

    I am glad you are on to it now and committed to getting out from under that burden. I warn all the young people in my life - get a second job if you have to, get rid of your loans while you are young. I say ‘if you are bartending on a weekend night, you can still have fun at the bar. But you are paying off debt while others are racking it up.’ (Good pre pandemic advice anyway...will be good again!)

    Keep on trucking - you are doing great!

  3. creditcardfree Says:

    Well said Lots of Ideas!

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