There shall be no amnesty in this war against the Student Loan Debt!!!
*insert heroic music*
Where was I?
Okay so here’s the thing, I borrowed $25,000 to pay for two years of undergrad and I now have to pay it back. I mean I could do like some people and never pay it, but a) I have a conscious and would be way too paranoid that the bailiffs would show up in the middle of the night, b) I have sureties and if I don’t pay they have to pay and c) I’m SUPPOSED to pay it back.
My interest rate is a variable 4% which I take to mean it can either go up or down, but let’s be real, it’s not going down but it may go up.
My grace period ends June 30 2013 at which time I should have accumulated approximately $1,000 in interest.
My minimum payment is $236.00 a month.
There’s a pesky insurance fee attached to my loan which doesn’t affect my principal but does increase the amount I owe.
One cool fact: I’ve been paying back my loan since February and so far I’ve managed to bring my balance down to 22,744.14 (it started at $25,869.69)
One important fact: I’m not a super ninja, so I don’t expect to pay my loans back in under two years. I like what little sanity I have left, thank you very much.
The strategy: Pay a minimum $720 a month
- Get my balance down to $22,168 by May 31st