According to my 2020 student loan statement I owed $72,431.53, for some reason I thought this number was much higher. So I took a look and according to my numbers, my balance was 83,248.27, strange, I can never figure this thing out.
Anyway as of today the balance is $44,133.09. Just under two years, I’ve paid a total of $28,298.44, if I go with the $72k balance, just under half is paid.
I’m going to go back and look at my totals. My records show just over $83k was owed. Last year I know I paid over $15k and the year before I paid off one loan that was just over 8k, bringing my total paid to $22,014.76 plus if I add the interest paid on the third loan, it’s about $7k so my total should be almost $30k paid in student. I’m just estimating here. This is the issue I have, trying to figure this out either way though the numbers are going down.
I tell ya, had COVID not happened I’m certain this loan would be at at least or close to $90k. Student loans are similar to loan sharks. I’m all for paying what you borrowed; however I do believe that there needs to some significant overhaul on how these loans operate. The inability to pay on one’s principal is disgusting, the loan is guaranteed and compounding sucks.
I know COVID has negatively impacted a ton of people; however for me it was a blessing. The freeze on interest was a game changer, I’m praying someone (or more) who can make a difference has an ah ha moment and not only say but do something about this.
I’m not eligible for loan forgiveness and I’m happy for those who are and who have received it. I’m not sure why people get pissed off about this, it’s ridiculous. Yes I’m paying my loans, no I’m not eligible and no I’m not mad if loan forgiveness is afforded to others and not me. We forgive so much for so many any not for these kids. I’m just thankful I was able to pay such a significant amount, and not getting myself whined up about someone’s blessings.
I’m floored, happy, disgusted, sad etc. basically my emotions are all over the place. I want these loans gone so bad, I can scream. In the end, I’ll keep plugging away as much as I can.
January 21st, 2022 at 02:20 pm 1642774802
But what I really wanted to say was I was really concerned at the beginning that people would stop paying their loans and get burned in the long run. & that it would impact credit reports because the system is just not set up to handle this, even if payments were truly forgiven you'd still be likely to get a credit report ding if you stopped making payments. So I am glad it is working out well for you and you are taking advantage. It's nice to know that people aren't just getting more screwed over, as it generally goes with debt. (I am sure many are, but it's nice to know some are turning this into a positive).
January 21st, 2022 at 05:16 pm 1642785388
January 21st, 2022 at 06:21 pm 1642789265
January 21st, 2022 at 07:34 pm 1642793662
A million years ago when I was young and owed loans, every month I got a statement from the lender stating the principal owed, the interest owed, and the payment. The payment was always more that the interest, so the principal always went down a little, and if I paid extra, it all went to principal.
The deceptiveness of ‘income based’ payments where the payment never covered the interest due so the principal went up - with no statement, no easy access to information - that is disgustingly evil. I don’t know what the answer should be - without income based payments maybe people wouldn’t borrow so wouldn’t get educations. But maybe if the loans were fairly explained, people would act differently in the first few years out of school - live with parents, take a second job, live very frugally. But they are scammed into thinking that the payments they are making are paying off the loan.
I lived in a studio apartment for 5 years after college, in part so I could pay off my loan.
I hope that interest forbearance gets extended again so that you can get out from under. You should be so round of yourself for what you are accomplishing.