Oh the pain! I never realized I am paying almost $7 per day in interest alone. Approximately $210 per month. $2,520 per year.
My Student Loans have been in deferment since Nov 2016 because I can’t afford its payment. I am looking into refinancing my student loans right now. But until my auto loan is paid off, I can’t afford to make payments on a refi. So… essentially I am paying $210 per month to hold the loan for me.
Not to mention the interest being accrued. Currently outstanding at $1,231.37.
So by November, I will owe something like approx. $2,701 in interest plus a $300+ monthly payment.
Student Loan Breakdown:
|Loan Group||APR%||Amount (as of MAR-17)||Daily Interest|
Total Daily Student Loan Interest being accrued: $6.56