July 2012 Student Loan Debt Updates

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But Tiffany, it’s October, why are you doing the July update now?

Well, dear reader, this was a busy busy summer. And I wanted to get these numbers down before Sallie Mae updates my monthly payment amount after my October payment.

So I’ve continued my trend of paying as much as I possibly can each month, though I took a dip in available income because my pet rabbit had a medical emergency that required hospitalization and ended up costing a pretty penny in vet bills over most of the summer. He’s a-ok now and I have no problem paying whatever it takes to keep my pets healthy and happy, but that did set me back a bit in how much money I could pay towards my loans.

However, since then I’ve started working on a few side projects in hopes of bringing in some extra income to help me with paying down my debt, so hopefully that will give me a big boost for my numbers.

In April, Sallie Mae dropped my monthly payment to $973.17. Between April and July I paid $820.78 extra on my loans, including $15.78 from Upromise.

My new monthly payment is: $962.77

That’s only a drop of $10.40, but I’ll take it.

Last time I talked about how my billing is a bit screwed up because I paid so much extra that Sallie Mae advanced my due date. Well I talked to customer service about it and they basically told me there’s nothing they can do to fix that so it shows the amount due normally. It will just keep saying $0 due unless I just don’t make a payment for a month–which I’m definitely not going to do!

So I’ll just deal with it and keep making the payments.

Here’s the stats (all for where I was in July):
Total Sallie Mae Debt: $85,258.80
Months of Payment Left: 147
Original Monthly Payment: $1,024.70
Current Monthly Payment: $962.77
Total Pre-Payment Savings: $9,234.35


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