August 13th, 2025 at 08:55 am
My bonus is scheduled to hit on Friday. I transferred $500 from a savings account and paid towards my student loan, trying to beat the interest game. It annoys me that it takes Nelnet days to process my payment while I’m incurring interest and yet no time for them to tack on their daily interest.
This was about a $33k-$35k student loan (2013) which had balloon to almost $90k in 2020, never missed a payment but due to my income I was on the IDR plan. 7 years and my loan went up about $55 that is a 157.14% increase. Absolutely insane.
My balance is about 22k. What helped my COVID, the pause in interest made a huge difference, I kept paying. I was able to pay off two loans and consolidate two more. Prayerfully I’ll be done by next year. I’ve taken on a second job adding about $400 more in payments.
Side note. Honest to God these pop ups are the worst. I don't know when this all started but it's absolutely INSANE! My God
Posted in
Reaching Financial Freedom,
Debt
|
7 Comments »
August 6th, 2025 at 10:02 am
Consolidating my last two student loans was the smartest move I’ve made. Even with a slightly higher interest rate, one streamlined payment lets me see real progress. My current balance is $22,546.10 (a $200 payment is still pending), and my first required payment isn’t due until December 2026. If I stay consistent, I’m praying the balance will be zero by this time next year.
I originally borrowed about $35,000, but years of capitalization—and a low income that forced me onto an income-driven plan—ballooned the debt to almost $90,000. When COVID froze interest, I doubled down. While many paused payments, I kept going and have now eliminated roughly 75 % of the balance. To God be the glory.
Higher education is pricey, and too many jobs demand degrees while paying wages that barely cover living costs. Unlike car or mortgage loans—where extra payments clearly reduce the principal—student-loan interest can feel endless. It’s astonishing that young adults can borrow six figures so easily yet struggle to make the balance budge, and discharging these loans in bankruptcy is harder than with almost any other debt. (For the record, bankruptcy isn’t an option I’d choose.)
If you’re stuck on the hamster wheel, remember: progress is possible. Keep pushing, stay consistent, and trust that time and persistence are on your side.
Side note. I hate all the new pop ups, and ads on this site, and inflation is killing me
Posted in
Reaching Financial Freedom,
Debt
|
7 Comments »