April 2012 Student Loan Debt Update

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Yep, it’s May. I’ve been crazy busy for the past two weeks, so I’m only getting around to writing this post now. It also doesn’t help that this latest debt update is a little disappointing (and not because of anything I did).

In January Sallie Mae dropped my student loan payment to $982.89. Since then I paid an extra $2117.21 (thanks to a hefty tax refund) and received $57.99 from Upromise.

My new monthly payment is: 973.17

That’s a huge disappointment. It’s only a drop of $9.72. So what happened? This happened:

Sallie Mae advanced my payment due date by two months. This is silly because I am signed up for automated debit, so they take out a payment anyway. When they recalculated my loans and the monthly payment, they took into account two months of a $0 payment, so that number didn’t drop as much as it should have.

I have to contact Sallie Mae’s customer service and try to get them to adjust my account to reflect normal payments. It’s a pain, but doesn’t really effect things for me too much at this point.

Here’s this month’s stats:
Total Sallie Mae Debt: $87,137.80
Months of Payment Left: 150
Original Monthly Payment: $1,024.70
Current Monthly Payment: $973.17
Total Pre-Payment Savings: $7,705.55

Hopefully I can get this mess cleared up before the next payment update and have happier news to report.