pay off my student loan

My SL makes me angry.

$154 of the $420 payment goes to the principle.

I can’t wait to attack these w/ full force. Just want to restock the house downpayment fund 1st.

73229.28 – 422 (regular payment) – 1500 (extra payment) + 262.94 (interest)
= 71570.22

Wow! The student loan companies sure go to great lengths to make extra payments impossible.

I sent $1500 extra in today but I wanted it to go to my unsubsidized loan since I owe $10K more on that one. I called them to specify that, they told me I have to write a letter and mail it in (email doesn’t count to them). They also told me that unless I write a letter every time I make an extra payment, it will count as a “pay ahead payment”, meaning they won’t take my regular payment out of my bank account until that money has run out, so to say.

They have perfected the art of screwing over their borrowers. I will not let the paper work and extensive hold times deter me. I have already made a letter and saved it – I’ll only have to change the dates and $ amount, print, & mail.

I just figured out that for every 10 years of repayment, it costs me $20K in interest. That’s $2K of interest a year!

$73,433.10 owed

$420.44/mo min

$262.94 interest paid per month
$157.50 principle paid per month if monthly minimun paid