The day I’ve been waiting for since 2009 is finally here…I can actually start paying my loans DOWN now.
At 17 when I was signing off on my first student loans, I understood that I was going to have to pay them back at some point in my life. I even understood that there was something called interest which meant I’d actually owe more than what I had borrowed. I just never realized how MUCH more I would owe. 6% tax on a $50 sweater isn’t much. 6% interest on loans on loans on loans IS.
When I first got out of college, I was working three (very) part time jobs. I couldn’t afford the original monthly payments, so they were lowered based on my income. Even though I was putting a little bit of money towards my loans each month, the amount I owed was going up because my loans were accruing more in interest than I was able to pay each month. Ouch. Now that I have a “real” (full time) job, I pay MORE than my minimum payments so I can pay these loans off faster. I know that I won’t always be able to do that – someday I hope to have a house and a family and if I wait until my loans are paid off to do so, that “house” will be a nursing home!
It was incredibly frustrating to feel like I was getting nowhere with my loans…hitting this point is like just being able to see that there is a light at the end of the tunnel. The next milestone should come in a month or two – I will have paid off one loan in full!