There was some success this month…woot! I think I am going to get even more intimate and start sharing my budget…that post will happen later today. For now…
Here are the numbers:
February 2020 – Student Loan Balance(s): -$127,263.60
March 2020 – Student Loan Balance(s): -$126,657.92
Yes…interest STILL sucks. My minimum payment is $1031.17. But I paid an additional $1100.00 on Private Student Loan 1 courtesy of my federal tax refund…so really, I paid $2,231.17 this month in loan payments for a principal reduction of $605.68 which means I paid $1,625.49 in interest. *figuratively dies*
Actually, it was probably a bit more since some of that reduction comes from my car lease payments for which the interest is not accruing resulting in mostly principal payments.
I know that almost all of that results from the fact that I have $75,000.00 in federal student loans that are just sitting there collecting interest. Ugh. But right now, those loans being in deferment is allowing me to make the bigger payments on Private Loan 1 which I need to chuck before the balance transfer ends.
Ugh. I really need to get this interest under control.
Despite the awful math, February was the first month where I actually stayed on my strict budget which allowed me to make another $1000.00 payment today (March 1st) that will be reflected on my April 1st update. More on that later today.
2 thoughts on “March 2020 – Student Loan Balance(s) Update”
Hey! I'm sorry, I see I missed commenting last month. I'm glad you saw some progress, even though I hear you, interest is the worst. It's especially bad at the beginning of the journey, too, which is kind of psychologically disheartening. I'm really glad you're in the game though, and congrats on using the tax refund to make a bit more headway too.
Hey!!! No worries. I think you are the only person who reads my blog (okay…there are like 9 other views but some might be bots lol). Thanks, I'm trying not to get too discouraged and then get swallowed up by guilt and regret. Awe, thank you. Genuinely, your kind comments and the fact that at least one person expects me to follow through is really helpful.