After I got the job in January, I spent the first few months catching up on past due bills and paying back people that lent me money after my savings ran out. I then paid off $3500 in credit card debt. But all the heavy lifting did not come until that fall when I finally decided to take on my private student loans. I’m not gonna lie. Most of of the days in this process were pretty depressing. I wasn’t happy at my real job and the side hustle was making me feel like a slave. On top of that, I had decided that I will make no major purchases before paying Sallie Mae off so I did not buy a car. Fall was cold. But the winter was brutal. Waiting a half hour for the bus in the freezing cold while being smacked around by the wind was not fun. Not one bit. There were also some nights when I was at the bus stop alone at night, that I’d feel like I’ll get beaten and robbed, or worse. But going through this was what made the victory even mo
Each month I’d approve a payment for about $2200 and it would chip away at my grand total. What I found out in the process was that the minimum payment I used to make on the loan wasn’t even covering the entire interest that was accrued within the month let alone getting to the principal. So in essence, I was paying interest on interest and my principal balance wasn’t going to get lower.
When I got my loan below $6k, they made my monthly payment $0, because they want me to stop so the interest can catch up. No sir.
I still remember that day. Waking up and logging into Sallie Mae’s website and seeing -$1.18 as the remaining balance on my private student loan. I did it! And just to be petty I paid a dollar more than I should have (hence the negative number and not a $0) and thought about charging them compounded interest daily lol. Sallie Mae had to write me a check for that amount heheh. Seven months of living like a social recluse and working every single day resulted in the payoff of my private student loans! Praise Gawd!! I didn’t start taking screenshots until I paid off about $4K but I’ve put up a before and after in here.