Wednesday, December 30, 2009

Student Loan

As much as I don't want to put money numbers in my blog, I just LOVE watching the amount of my student loan go down. This is my provincial student loan only. This is just approx. 1/3 of what I owe in student loans.

It began at $13.288
They deducted $2,700, which was some kind of loan reduction that I applied for because of my insanely low income at the time.

I made my first bi-weekly payment on December 16th of $79.11.
My online banking breaks it down for me.

$60.64 was payed towards my balance, with $18.47 in interest.

December 29th - $63.20 towards balance, $15.91 in interest.

So it's incredibly nice to see that a $13,288 loan is down to $10,449.16. Not only is it nice to see the balance going down, it's nice to see the amount of interest went down $2.56, just by making one payment.

Too bad this will take me 121 months to pay back, which is basically 10 years. I just wish I could afford to make one huge lump payment every once in awhile to bring it down. My one dream in life is to have all my loans/credit card paid off so I can live off the money I'm making without owing. I can't even think about buying a car or a house with the payments I will be making when my Canada Student loan goes into repayment. It's too scary.

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