Monday, March 10, 2008

UGH !!

STUDENT LOAN DEBT

Are any of you still paying off student loans from the 90's. I have a student loan from 1998 that I am still paying. Actually, I did not start paying it until once I was finished with school- well, then I took a couple of deferments so I only started paying it about 3 years ago. Another WONDERFUL (sarcastic) perk is that my monthly payment is only $25.00. While I am thrilled that I am not bound to make larger payments, at this rate it will take me a little over 7 years to get it paid off. I would like to pay more to this nagging pesky little monthly bill, but the reality is that the interest rate for my student loan is incredibly low and it makes no sense to pay it off before I pay off my high interest credit cards.

Total from cashcrate so far (just since Saturday) is (drum-roll please) $41.13....

Also, I am going through my closet to get rid of clothes that I just don't wear anymore... I am going to list them on ebay. Hopefully this will generate some additional income... A little extra cash wil help, especially at the pump... I don't want to have to take out a loan for my next fill-up...

2 comments:

Sandy said...

That's such a low payment!
How'd you get lucky enough for that?
Once I graduate my payments will be around $200/month.

Paying off debt said...

I really am not sure how it happened. I had the loan with one goverment financial aid branch and deferred my note a few times, then once I started paying it back it was set at $50.00/month, but about 2 years into repying it, another branch of financial aid decided you could move your loan to them at a lower rate. I did that and they sent me notice that my monthly payments would be $25/month. I am not sure if they are that low because my total loan was only around $2500.00 or if it is because the loan was through the government financial aid or what. They make more money off of my by my having such a low payment. I end up paying about $100/year in interest to them, so only about 2/3 of my payment actually goes to pay down the principle.

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