Where did the time go this Summer? That’s what I’m thinking to myself right now as I write my August student loan summary realizing that Summer has flew by this year. Here in the Northeast US it’s been a rather mild Summer compared to these past few years, and it hasn’t even hit 90 degrees here in August. Normally I think we’d have at least 5-6 days of getting to 90 degrees and at least 2-3 in a row. After the really cold Winter though, I can’t complain as the weather has been excellent on the weekends. I enjoy the heat but not the humidity, and it really hasn’t been too bad here. But let’s move on to the topic of this post now, talking about my progress on student loans for the last month of Summer.
It’s been a fun month for me, going away for the 4th of July and then again I was at the beach for an entire week just recently. I do apologize for the lack of writing, but work has been really busy and then with going away I haven’t had much time to post along with not really being on the computer on the weekends. But I was excited to write this post and my student loan payments still had to be made even though I was on vacation. One of them I was able to make before going away and the other I had scheduled to occur while on vacation, and luckily that went through without any issues which made me happy.
As we enter the first few days of Summer, unfortunately my student loan payments do not have a summer vacation like I used to get back in college. Maybe that’s a good thing though, because it keeps me on my toes and even if there was a break – I’d probably keep making the same payments anyways! The past three months I was able to completely pay off one of my student loans which was a great feeling but unfortunately for the month of June, that streak has broken. It’s by no fault of my own though, as I continued to make my standard loan payment it’s just that my last 6.8% interest loan had a higher balance than I was able to tackle this month. If things go according to plan I’ll be able to completely pay off that loan next month, but for now the focus is on June. Continue reading
This month will make three in a row (check out March and April if you missed those!) where I have completely paid off one of my government student loans, and it really is an awesome feeling. Even though they weren’t huge loans in dollar amounts, they were three of the highest interest loans and now I only have one loan left at 6.8%. That’s also three less minimum payments that I have to deal with the in the future which is always a good thing when budgeting and worrying about cash flow. There was also no bonus or tax return this month, so it was nice that I was still able to pay off that government loan even during what would be considered a normal month. I don’t foresee any extra large payments coming the rest of the year, so it will be slow and steady progress from here on out. Continue reading
Currently it is not possible, or at least not in your best interests to truly refinance any student loans given to you by the federal government. You are able to consolidate your federal loans into one simple payment, but many times this ends up worse than paying your loans off separately so be careful if you choose to go down that route! There are also several private banks and loan companies that will refinance your loans for you, but many of them will not even touch government loans to begin with. For the ones that will refinance your government loans, it’s usually not worth the small interest rate drop to lose all the protections and extra payment options that come with your government student loans. You never know what is going to happen in the future, so I would have to value those options over the money saved in most cases. Continue reading