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Student Loan Update

September 15th, 2023 at 12:19 pm

Today’s student loan  balance is $32,111.59, of that $24.16 is interest accumulated since 9/11.

 

Today I’m paying $254.59, $24.16 will go towards the interest as of today; however,  I added an extra $12.04 which should cover the next few days of interest.

 

 Hopefully the new balance  will be $31,857 by time the payment post, which I'm anticipating Monday🙏🏾🙏🏾🙏🏾. 

While paying today I noticed a box that read "don't push my payment forward though I have no payment due."  I've never seen that before, when I clicked on the link, nothing appeared. I'm assuming that when you make extra payments your original due date is pushed forward. This could be why my payment is showing due in November vs October, however there is no statement for October, strange. 

 

Well I know I’m going to drive myself nuts trying to keep up with the interest. So I’ve decided that every pay period, which is twice a month, I’ll just pay the interest, about $90, and when my payment is due, I'll just pay that. 

 

At the end of the month my side gig pays me, I’m unsure if this gig will continue, either way I’ll have an extra $500 to throw at the loan 

 

I really wished the pause would have continued however I understand that things needed to end. I also wish Congress would do something about this reverse amortization, interest is killing us. 

I am always amazed at the folks who are against student loan forgiveness, it's ridiculous that you make regular payments for 10+ years, based on income in many cases and your loan balloon's out of control, these very people have no problem with congress men and women having their PPP loans forgiven, or auto and airline industries being bailed out.

It’s shameful that these loans do not have the same standard consumer protections as other loans

 

Either way we have a right to our feelings. 

 

Posted in Debt | 4 Comments »

4 Responses to “Student Loan Update ”

  1. Lots of ideas Says:
    September 15th, 2023 at 08:29 pm 1694806169
    1694806169

    Amber, you know that under the current program, reverse amortization is ended, right?
    All unpaid interest for people on Income Based Repsyment is forgiven immediately if the calculated payment is made on time and doesn’t cover the interest due.

    Not to be political, but the only way Congress is going to do anything positive about student loans is if Democrats get elected. There are some great people running in Florida if you want to share your talents and energy with them!

  2. Honey Says:
    September 16th, 2023 at 03:42 am 1694832161
    1694832161

    I have a balance of 121k - the original was 70k. I too wish the pause button went on longer. Lol. The daily compounding interest is killing me! That’s what they should have stopped. My payment was $614 before the pause. Somehow it’s now $976 for 8 payments, the. $1100. Can’t get anyone to pick up the phone to see what the heck!

  3. Trying to get ahead Says:
    September 17th, 2023 at 02:33 pm 1694957609
    1694957609

    Amber, have you looked into refinancing the student loan to a regular loan or perhaps finding a zero interest introductory credit card with points (points aren't necessary) with a large enough limit to completely cover the S.L.? On the bank loan, the interest may be a little bit more or less but it's amortization schedule is different. Perhaps visit your bank and ask questions.

  4. Amber Says:
    September 24th, 2023 at 11:49 pm 1695595779
    1695595779

    @Honey I’ve heard and read that it’s been a challenge for borrowers to reach the loan providers, NPR had an entire segment on the topic. My loan monthly payment jumped as well.

    @Trying to Get Ahead, I haven’t looked at refinancing

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