Student Loan Debt – Bleck, Interest and stuff.

After reading Dear Debt: A Story About Breaking up with Debt by Melanie Lockert (short read, but an indepth great read. i gave it 5 stars on goodreads)… I figured out my daily student loan interest.

See below.

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.

Debt Suuuuuucccccckkkksss!

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
A: 6.00% 3,544.85 0.58
C: 6.00% 1,658.34 0.27
D: 6.80% 3,151.63 0.59
E: 4.660% 8,620.09 1.10
F: 4.660% 9,318.79 1.19
JA: 2.125% 7,470.51 0.43
JB: 6.800% 8,296.11 1.55
JC: 6.800% 4,570.92 0.85

Total Daily Student Loan Interest being accrued: $6.56

Sad sh*t.

 

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6 thoughts on “Student Loan Debt – Bleck, Interest and stuff.

  1. I sooo agree! Debt does suck! I must say that reading the journeys of others (like you!) motivates me even more. LOVE how you break it all down. I need to do that too! Transparency…a beautiful thing.

    Liked by 1 person

    1. Transparency of my own finances gives me a headache. Ha. I was thinking about it recently, that I have carried around SL debt and other various debts for 26 years now. So its definitely more of a mental learning process for me. Especially being purposely frugal. I came from growing up poor where frugal was a part of life because it had to be. So the desire to be frugal on purpose is not seen with high regard. But then I consider, one day when I am out of debt and can learn to travel… I would be okay with being frugal all the days so I can spend more while traveling. I would be okay with that. So, this is my new outlook now to stay motivated.

      Like

    1. I have never been out of debt. Would it be weird to say that I am nervous about being out of debt? but its something I intend to get used to – being outside my comfort zone. Seriously sucks paying so much in daily interest.

      Liked by 1 person

  2. Pingback: $10,000 by November. Here’s how I am going to do it. – Stupid Debt

  3. Pingback: June 2017 Expense Report [Month 6] – Stupid Debt

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