I am still working on getting rid of these student loans. Since my last update, I have paid off another student loan and reduced my LAST remaining student loan. The loan I paid off had a principle balance of $10,000 and an initial interest of 6.8%, which was reduced to 4.8% based on anticipated reductions. The numbers:
Lone loan servicer: $4,016.67.
Total remaining: $4,016.67.
Paid since last update: $7,738.38.
Paid since January 6, 2015: $89,074.53.
Just beat it. Another one gone! This loan was an unsubsidized loan with an initial balance of $12,000 and a 6.8% interest rate. The interest rate was later reduced to 4.8%.
Lone servicer: $11,755.20. Only two loans left.
Total remaining: $11,755.20.
Paid since last update: $7,989.29.
Paid since January 6, 2015: $81,335.99.
This loan was a subsidized loan with an initial balance of $8,500 at 6.8%. Ultimately, the interest rate was eventually reduced to 4.8%.
My new totals:
Loan Servicer #1: $19,744.49. (Only three loans left! These loans are all at the same, interest rate. When I first started paying these loans, the interest ranged from 6.8 to 8% but have been reduced based on various incentives below 5%.)
Loan Servicer #2: Eliminated!!!!!!!!!!!!!!!!!!!!!!!!!!!!! (Feels Goodman! :))
Loan Servicer #3: Eliminated!!!!!!!!!!!!!!!!!!!!!!!!!!!!! (Feels Goodman! :))
Total Remaining: $19,744.49
Paid off since last update: $5,518.13
Paid off since January 6, 2015: $73,346.70 (not including all the accrued paid interest since then).
I paid off my last loan serviced by ACS-Education.
This loan was a Perkins loan with an initial balance of $18,000 at 5%.
My new totals:
Loan Servicer #1: $25,262.62 (Still four loans left! These loans are all at the same, interest rate. When I first started paying these loans, the interest ranged from 6.8 to 8% but have been reduced based on various incentives below 5%.)
Loan Servicer #2: Eliminated!!!!!!!!!!!!!!!!!!!!!!!!!!!!! (Feels Goodman! :))
Loan Servicer #3: Eliminated!!!!!!!!!!!!!!!!!!!!!!!!!!!!! (Feels Goodman! :))
Total Remaining: $25,262.62
Paid off since last update: $10,338.38
Paid off since January 6, 2015: $67 828.57 (not including all the accrued paid interest since then).
The Witch Is Dead? Which old Witch? The Wicked Old Witch. I paid off my last Citibank turned Sallie Mae turned Navient loan.
This loan was a stafford unsubsidized loan at 6.3%.
My new totals:
Loan Servicer #1: $26,078.06 (Still four loans left! These loans are at my lowest student loan interest rate)
Loan Servicer #2: Eliminated!!!!!!!!!!!!!!!!!!!!!!!!!!!!! (Feels Goodman! :))
Loan Servicer #3: $9,522.94 (One loan.)
Total Remaining: $35601.00 (with interest accruing daily! or monthly, in the case of Loan Servicer #3)
Paid off since last update: $6,149.73
Paid off since January 2015: $57,490.19 (not including all the accrued interest since then)
Another loan – Eliminated! This loan was a stafford unsubsidized loan at 6.5%.
My new totals:
Loan Servicer #1: $26,488.43 (Still four loans left! These loans are at my lowest student loan interest rate)
Loan Servicer #2: $5,397.83 (Only one loan left! I am hoping that this one will be eliminated soon!)
Loan Servicer #3: $9,864.47 (One loan. Again, the interest on this one is odd. The servicer adds it on at the start of each month and provides a payoff amount good through the end of the month instead of the interest accruing daily like my other loans.)
Total Remaining: $41,750.73 (with interest accruing daily! or monthly, in the case of Loan Servicer #3)
Paid off since last update: $8,667
Paid off since January 2015: $51,340.46
I know this update is a little late and my numbers are slightly old but here is where I stand as of a couple days ago with my student loan debt:
My new totals:
Loan Servicer #1: $26,901.05 (Only four loans left! Interest accrues at a rate of $3.53 a day)
Loan Servicer #2: $13,502.22 (Only two loans left! Remember, I started with four. I think interest accrues at about $2.40ish a day. I can’t confirm right now since the site is down.)
Loan Servicer #3: $10,014.46 (One loan. This loan servicer adds the entire months interest at the start of each month. It is between $45 and $40 in accrued interest per month.)
Total Remaining: $50,417.73 (with interest accruing daily!)
Paid off since last update: $10,243.54
Paid off since January 2015: $42,673.46
So, yep, paid a loan IN FULL in March.
Yep. I paid off another loan. Like the loan I paid off in January, this loan was around $15,000. This loan had a lower interest rate (at 6.5%) but was my highest required monthly payment (at $272). It feels great to know that this beast is gone.
My new totals:
Loan Servicer #1: $27,283.66 (Only four loans left! I started with five with this servicer)
Loan Servicer #2: $23,213.78 (Only three loans left! I started with four. This grouping was held by my initial servicer who got out of the student loan business and sold them. I am on my third servicer with this group.)
Loan Servicer #3: $10,163.83 (One loan. I started with two but paid off the $2000 loan a couple of months after it entered repayment status so many years ago.)
Total Remaining: $60,661.27 (with interest accruing daily!)
Paid off since last update: $15,751.03
Paid off since January 2015: $32,429.92
Further update: Loan Servicer #2 just updated the loan status of the loan I paid off in January. Now, when I log in to my account, it says paid in full. 🙂 I still, however, have not received my paid in full letter. 😦
It has been about a month since I revealed the total amount of school loan debt that I have. I recently posted how I paid one loan off in full. This leaves me with *only* 9 loans left to knock out. My loans are spread across three services and the current balance for each is:
Servicer #1: $23,523.64 (3 loans)
Servicer #2: $42,576.08 (5 loans)
Servicer #3: $10,312.58 (1 loan)
Total: $76,412.30
Which means: I paid off $16,678.89 in the past month! It was so hard letting go of that money but it made a big impact.
$3.22. This does not seem like a large amount of money, does it? What about $99.82? That is $3.22 every day for 31 days (or, a month). It all adds up. That is what I am paying on my most expensive loan in interest this month.
Hold on. WAIT UP! Not anymore. This loan is getting paid off. Today, it had a balance of nearly $15,000. Not only was it my largest individual loan, it also had an interest rate of 8%. My servicer does not permit a payment larger than $10,000 online so I am splitting it into two payments. One payment was made earlier today and the next is being paid tomorrow. I am so happy to rid my life of this loan. This is a great start towards paying off at least $45,000 of my student loans.
andsoitgoeslikethis 