January 2012 Student Loan Debt Update


Yes, it’s technically February, but this my first chance to sit down and write this post.

January was the next month for Sallie Mae to reevaluate my monthly payment based off the extra payments I make on my student loan each month. Back in October, Sallie Mae dropped my monthly payment to $996.97. I paid an extra $1260 since then. Here’s what it is now:

$982.89–that’s a drop of $14.08. That’s my largest drop ever! Over the next 154 months of payments, that will save me $2,168.32. I like those numbers!

To make these posts more structured and consistent, lets do some debt stats:
Total Sallie Mae Debt: $90,276.28
Months of Payment Left: 154
Original Monthly Payment: $1024.70
Current Monthly Payment: $982.89
Total Pre-Payment Savings: $6,247.55

I am super excited for the next drop in April–my federal tax refund is on it’s way to me and most of it is going as an extra payment to Sallie Mae. I’m hoping for a big drop.