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.