Friday, September 13, 2013

09.13.13 -- loan progress

Undergrad: $0
Law School: $47,506.63

Today's payday, which means it's loan payment day!

Thanks to all the drama of last month, I've figured out a plan that will ensure I make the minimum payments on each loan while still keeping the integrity of my debt snowball plan. I moved my due date from the 28th to the 17th and turned back on Direct Debit, which means that the minimum payment will be taken out of my first paycheck, and the remainder of my monthly student loan payment can be applied toward one loan after my second paycheck of the month. [I'm sure you can only imagine how I'm geeking out with the amortization schedules for THIS plan!] What's cool is that with each small loan I pay off, my minimum monthly payment goes down. That means more money for the second payment of the month when I apply said payment to a particular loan. It's not as clean and straightforward as I would like, but c'est la vie.

Today I'm getting rid of my second <$1000 loan, which is so exciting. Because I changed my due date to the 17th, my next payment isn't technically due until October 17th (yes, I checked about 15 times). So that means that today and in 2 weeks I get to get rid of my last two small loans. So exciting!!!

Here's what the loan chart looks like now:


Happy Friday, everyone!

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