I got paid this week and I made my very first payment on my student loan. The repayment period doesn’t start until June, but watching the interest rise so quickly every month is absolutely killing me now that I’m aware of it. Here are the basics:
My student loans have a principal of $29,750.00
Accrued interest up until today has been an amount of $967.63.
The total amount of my student loan debt was $30,717.63.
Oh my! It’s such a big red bar, isn’t it? But can you see that little sliver of barely green color on the far left? That’s the result of my modest $50 payment. According to the formulas that I put into MS Excel, that green slice is 0.16% of my total current debt.
I swear, in the last three months I’ve learned more about personal finance than in any of my required classes at school. And it was all motivated by my impending student loan reality. Which is no longer pending. It’s here. Oh, I feel ill….
(Thus concludes the melodrama surrounding my first debt repayment.)