January 2022 – Student Loan Balance Update

If you read my 2021 Financial Review, then there isn’t much to see here. Well, that’s not exactly true… To the numbers!

July 1, 2019 – Student Loan Balance(s): -$128,663.26

December 1, 2021 – Student Loan Balance(s): $91,622.63

January 1, 2022 – Student Loan Balance: -$88,878.54

Total Payments: $3,196.74

Net Difference: $2,744.09

So the first thing to note is that soul-crushing interest is back. Okay, okay, the first thing to note is that the table is gone. With only one student loan, it seemed to make a great deal more sense to just take a screenshot of my account since it includes all of the pertinent information. The second thing to note is that soul-crushing interest is back. Also, the Biden Administration has decided to extend the student loan payment and interest forbearance on federal student loans until May 2022 despite saying that there would be no additional payment or interest rate forbearances. Obviously, I’m not at all upset about it. Ha! Lol, can you imagine? I am clearly a upset about it. Or rather, I am upset about how I timed my refinance. However, I am really happy that our lawmakers are continuing to prioritize student loan relief for millions of Americans. So, I’ll get over myself.

I’ve stated ad nauseam that December was a huge month. No need to rehash it here. With uncertainty about what my transition at University B will look like and my new job not starting until later this month, January is going to be an odd and unpredictable month in terms of income. In my 2022 Financial Goals post, I asked you all for your help in deciding how I should approach my student loan debt repayment in 2022. If you have not already voted in the attached poll, please do so expeditiously! If you are feeling a bit more chatty, leave me a comment! For now, I will focus on paying at least $2,000.00 in student loan debt payments this month…

6 thoughts on “January 2022 – Student Loan Balance Update

  1. Ugh, interest. But at least that’ll get smaller every single month? I hate interest. I’m mad I’m paying it again on my home loan even though it’s a fairly minimal amount.

    Liked by 1 person

    • Yea…by the end of this year, if I paid ~$2,000.00/month then my interest would creep down to $200.00/month which really isn’t that bad considering this loan also included PSL2 and my University Loans with their ridiculous 8% interest rates.

      I’m so glad that you mentioned your mortgage…which is attached to a home…which is attached to a blog…ahem. 🙂

      Like

  2. You’ve consoled me so many times on me missing the federal interest forbearance, just wanted to extend the same to you. 🥲 And tell you that I’m still upset and now I’m upset for you too loll

    Liked by 1 person

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