Howdy Debt Cowboys! It's time for my monthly student loan debt roundup! Nearly $700 worth of debt was cleared in September of 2009 from my rather large and scary student loan debt. The total is not as much as it was in August, which is odd since I paid the same amount on all of the loans that I usually pay....AND Aunt Sallie Mae told me signing up for automatic bill pay would mean I paid more of the principal.
Anyone have an expensive Math degree and think they can solve the riddle? Compare this post to last months and tell my why the Stafford loan principal didn't go down as much. August may have been a weird fluke I guess since July's total show the Stafford loans going down the same amount and I hadn't started automatic bill pay before that.
So that's where I stand right now, just chugging away with my expensive brain.
4 comments:
Your payment in August was probably closer to your July payment than the September one was to August - therefore less interested and more principle in Aug.
I'm not sure if that could be why as the payments are automatically posted on the 17th of each month and July and August both have 31 days. Hmm.
Has the interest rate on your student loans adjusted?
The other thing it could be is if you checked your loan balance on a different day (e.g., you checked it on the 25th instead of the 20th, or something like that).
Try reading the Dept of Ed's website for more info:
http://studentaid.ed.gov/students/publications/repaying_loans/2009-2010/repay2.htm
Nice post, thanks for sharing
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