My goal for November is to pay at least $500 towards my student loan principal.
Wednesday I made a payment of $300, of that about $92 went towards the interest. As of yesterday my new balance is $30,501.74, of that, $5.74 is interest.
I'm estimating by the time I make my next payment, of about $500 on the 30th, the interest accumulated would be about $86.10. With every payment I do see a slight decrease in interest. It's just frustrating, because I will come in just under my goal amount but oh well
I have to admit, I'm thankful for the ability to pay, so many aren't able to.
November 17th, 2023 at 03:26 pm 1700234761
Your goal is to reduce your loan balance by $500, right?
You paid $300, and that reduced the balance by $208.
If you pay the planned $500, less the interest, that will reduce the balance bt $414.
You are $124 over your goal…
You are doing great!