My update is a little late this month. I’m finally recovered from my first ever experience with food poisoning (or possibly gastroenteritis), which was no fun at all. I blame being sick for a poor month of progress.
Original Debt (December 14, 2012): $102,645
Current Debt (14 months later): $96,710
My debt has decreased by a whopping $82 since last month, meh. An overall reduction of $5,935 in 14 months. I’m now at 5.78% of my debt payoff goal.
Federal Student Loans
$57,627 $57,756 (up $129 since last month, an overall $1,856 increase over 14 months)
Private Student Loans
$37,953 $37,821 (down $132 since last month, an overall decrease of $2,800 in 14 months)
$ 5,967$5,812 (down $155 since last month, an overall decrease of $1348 in the past 14 months)
$10,714$10,723 (up $9 since last month, an overall decrease of $477 in 14 months)
$17,425$17,439 (up $14 since last month, an overall decrease of $801 in 14 months)
$3,847$3,848 (up $1 since last month, an overall decrease of $173 in 14 months)
US Bank Credit Card
$1,212 $1,133 (down $79 since last month, down $3,524 in 14 months)
Inspired by Bre’s recent discovery about capitalized interest, I went over my 2013 Sallie Mae payments and calculated the amount that went towards principal/interest.
I paid a grand total of $5,983 towards my loans in 2013. Over 60% of that, or $3603, went towards interest alone; 39.8%, or $2380, was applied to the principal.
Not cool. Not cool at all. On the bright side, I’m past the point of paying interest on interest for StudentLoan#1. I can’t wait to pay that off and really get cranking on the others. No more sickness, k winter?