April 2012 Student Loan Debt Update


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.