I Paid Off a Student Loan!

Well, almost…

I had full intention of paying it off but because interest accrues daily, I have a balance of $0.13 after my payment went through.

Original Amount Borrowed: $6,288
Amount Paid Off in 22.5 months: $4,021
Total Amount Paid for Life of Loan (4 years): $8,730
Interest Paid: $2,442…and $0.13 (soon)


8 thoughts on “I Paid Off a Student Loan!

  1. Congratulations on your success! We have one more student loan to pay off and we are finished with that too. Then to work on credit card debt. Ughh!

  2. Congrats! I’ll be in the same boat next week. $2,014 left on what was my biggest loan of $41,000. I also have an auto-debit set up for the next day, so I don’t know if it’s going to over/under pay. Great job!

  3. LOL. I overpaid my last student loan — by less than a dollar. I think it was around 35 cents. Isn’t that crazy? (I was glad I’d overpaid rather than underpaid, though, so I didn’t have to deal with it again.) Congratulations!

  4. Congrats on paying off the loan! I’ve actually done this a bunch of times with FedLoan Servicing and for some reason they accept payments for like 20 cents, 5 cents, 50 cents, etc so I just send them in the next day to pay it off. It probably costs them more to do the transaction (hopefully my bank isn’t the one paying!) instead of just waiving the remaining balance so it’s their loss!

    Although this time I accidentally overpaid a loan by $1, so we’ll see what happens…

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