Saturday, April 12, 2014

Student Loan Payoff date (as given)

What can I say? I am liking my new "next payment date" for my student loan. I can go by not making another payment until 3/28/2016! Just for fun, I decided to play with math a little bit.

Ok, I faked the math part, but just in rough numbers, the remaining amount (ignoring a scheduled $635 payment made Friday) is accruing about $1.50 in interest every 15 days. Rounding numbers here! So let's say it is $0.10/day. From today to 3/28/16 (when my payment is due), the $1560.28 I owe today would add another $71.70 to the loan. It actually does not sound half as bad as I was expecting it.

Can't say I haven't toyed with the idea of forgoing payment for a while longer. However, I am happy to report that the whole train of thought took about 1.5 seconds to be shot down and laughed at. My last payment is next month, on 5/9 or 5/23. Reason for different dates is that I'll only owe about $130 on 5/9, and if I have the funds to do so, I may as well pay it off and be done with it instead of waiting for 5/23.

Update: My payment posted today, so maybe I should play with math again... nah. (It doesn't show the payment yet, but it updated totals)

I can't wait! It's been 5 years coming! The earlier you start with those things, the easier it becomes. I didnt start until a year later, but it still paid off to get going.


  1. I am extremely proud of you. Are you sure the same Tanner I met two years ago because I am not sure :) Did you start looking for a third job? I picked up more hours at the second job. But since I work 3/12 hour shifts at the full time I now work 7 on thursday, 7 on Friday and 8 on saturday at the second. But I start really early so its not to bad. Debt be gone right!!!

    1. I haven't started to look, and probably wont until after my surgery. I think that the only thing I could really do would be night shifts close to FT work, since I work M-F 8-5 then F 6-12am, Sat 2-11pm. Not a whole lot of room for improvement.