Student Loan Progress – August 2013

After making my student loan payments for August I am definitely feeling more confident about my current status with FedLoan Servicing, even though there are past issues that still need to be resolved. I manually entered all of my loan amounts when making the payments this month and I made sure that my paid ahead status would be removed for this payment as well. I wanted all the extra money to go towards the principal and it seems like that has worked. I continue to put the bulk of my money towards my private loans, so let’s see how that went this month.

Loan  Loan Amount   Change  Interest Rate
Private 1  $        22,634.05  $          (1,851.32) 7.92%
Private 2  $        19,845.23  $              (74.26) 7.92%
Private 3  $                       –  $                       – 7.92%
Private 4  $          3,476.00  $              (30.12) 7.35%
Gov 1  $          3,739.63  $              (33.41) 3.40%
Gov 2  $          3,285.00  $              (24.66) 6.80%
Gov 3  $          5,161.96  $              (38.85) 4.50%
Gov 4  $          1,982.62  $              (27.65) 6.80%
Gov 5  $          5,238.45  $              (32.39) 5.60%
Gov 6  $          2,097.12  $              (31.92) 6.80%
Gov 7  $          4,289.37  $              (23.10) 6.00%
Gov 8  $          3,297.95  $              (24.58) 6.80%
Total  $        75,047.38  $        (2,192.26)

As you can see from the above table, I think I was able to make really great progress this month. I was able to decrease every single government loan this month, and see exactly how much each loan went down. I would have liked to put a little bit more towards the higher interest loans on that side compared to lower interest loans but I was playing it safe for this month. I also believe the way my minimum payments are set up it might a little difficult to do that in some cases.

I’m continuing with my plan of putting as much money as possible towards Private Loan 1 as well as slowing chipping away at the other two loans. I put $2,500 in total towards my loans this month, so even though I spent in slight excess of my total budget in July by about $250 I felt confident doing extra this month. I came in very under budget in May and June so I’m making up for that here.

I figure if I continue to make payments around this rate I should be able to pay off Private Loan 1 in about a year. That does sound like a long time – but my debt will actually be under $50,000 by then! I also think that once that happens things will start to happen quickly with my other loans and I will see some real visible progress. Right now I have to just keep slowing chipping away in my head – knowing that the big moral “victories” will come eventually.

Photo Credit: kenteegardin via photopin cc

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