Between September 1st and the 4th my student loan interest has accumulated $18.15 in interest. That’s about $4.53 a day, or about $135.00 month. I’m not sure if this is right since Monday was a holiday. It’s ridiculous how the interest works on these loans, but here we are.
I’m thankful for the three year freeze, and am thankful that I was able to pay off two loans, I can’t imagine much my loan would grow had I not done this. Not many people were able to take advantage of the freeze and pay towards their loan.
I pray that I can get things under control. My goal is to pay the interest accrued at the end of each week, in attempt to make things manageable. I can’t think of any other way.
Let me know if you have any ideas.
Other non financial news, after three years I contracted COVID from an infected colleague who traveled while feeling not well. I feel much better but I'm still a little down. SMH
September 5th, 2023 at 08:52 pm 1693943571
This might be the time to get really serious about reducing the principal because each time you do, that will send more of your monthly payment to principal.
But…
Do you have an estimated forgiveness date?
If so, did you do the math to see whether just making the minimum payments until you reach that date is smarter in the long run than paying off in full?
I am so glad for the good decisions you made to keep paying this down.
I’m also glad that the current program seems to make it easier for people to see what is happening - you can view the interest and principal without jumping through hoops.
September 5th, 2023 at 09:58 pm 1693947526
I’ll keep sending extra payments, and tighten up the budget to try and get this thing paid off.
I wish there had been more discussion and legislation around how quickly interest accumulates.