October 2012 Sallie Mae Student Debt Update

Share

Well, it’s 2013 already. Where did all of the time go?

It’s time (past time) for my quarterly student loan update.

Again, I’m two months behind for the debt updated for October. In July, Sallie Mae dropped my monthly loan payment to $962.77. Between July and October I paid $1420.73 extra on my loans, including $190.73 in earnings from Upromise.

My new monthly payment is: $953.67

That’s a difference of $9.10 per month. I’m still paid way ahead on my loans, which is kind of screwing up these numbers, but I’ll take any reduction I can get and I will continue to pay extra each month. I’m focusing all of my extra payments on the loan with the largest interest rate (and coincidentally the largest balance). During the last quarter I finally got it under $30K, so that in itself is a mini achievement.

Here’s the stats for October:
Total Sallie Mae Debt: $82,792.95
Months of Payment Left: 144 (12 Years)
Original Monthly Payment: $1,024.70
Current Monthly Payment: $953.67
Total Pre-Payment Savings: $10,544.75

Stay tuned for the year in review post…