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Home > Am I the Only One Preparing for Student Loans

Am I the Only One Preparing for Student Loans

August 12th, 2023 at 12:23 pm

I’ve been sharing with others that the interest on student loans, and repayments are scheduled to start back up with interest accruing first in September, followed by the  first payment due in October. 

 

Though I can only worry about myself ( I haven’t stopped paying), I’m still anxious about this happening. I’m scared, anxious and  nervous and I don’t know why. Maybe because no one is talking about it. I’m in different financial groups, follow financial gurus and nothing.  It’s almost as if no one is expecting this to start, strange. 

 

 I recently paid $96 dollars to round things to an even number, I hate odd numbers on any of my debts, don’t  ask me why. 

 

In preparation for repayment , I signed up for auto pay which saves me a very small amount on interest. I have to remember not to make any payments next month (September).  The reason why is that my first payment of $318.68 is scheduled to hit on October 15th. Since I get paid bi-monthly, (for a while I would pay $160 a pay date for a total of $320 for the month), I want to make sure the funds are available when payments starts. 

 

 If I skip the September monthly payment that I normally make, the funds are surely to be available on the 15th of October. 

 

I can surely make extra payments, and I want to, I just need to figure out how much and when. I’ll be reviewing my budget. 

Posted in Debt, Budget | 3 Comments »

3 Responses to “Am I the Only One Preparing for Student Loans ”

  1. Lots of ideas Says:
    August 12th, 2023 at 03:04 pm 1691852673
    1691852673

    Amber the good part of the revised payment plan is that for people whose calculated payment is less than the interest, the excess interest is automatically forgiven. The loan amount will never go above what the amount it is right now - or the borrowed amount for future borrowers. Also, as long as the amount due is paid each month - even when it is zero - the month will still count towards loan forgiveness after 10/20 years of consistent payments.

    It is IMO a shame that SCOTUS struck down the forgiveness, But the revised program is at least not the nightmare trap you got caught in. I’m sure that if you look back, you paid more than $400 per month towards your loan. You’ve got this.

  2. Amber Says:
    August 12th, 2023 at 05:43 pm 1691862218
    1691862218

    Thanks Lots of Ideas, I’m so confused with what’s happening. I had no idea about the calculated payments.

  3. terri77 Says:
    August 13th, 2023 at 10:18 pm 1691965109
    1691965109

    I hope you’re not the only one preparing for student loan payments starting up again, because it will be here before you know it!

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