Oh student loans. You may actually be the death of me someday. Not to worry friends, this will not be a pity party for Alyssa. Just want to share the shocking news I uncovered today.
Student loan interest rate = 6.8%
Car loan is something like 2% so obviously I'm not worrying about getting ahead with this one.
The big bold letters screaming at me in my statement today are good and bad news.
Good = Yay Alyssa, you're ahead on your payments that you have a $0 balance, and are continuing to make payments so 5 years from now your payments aren't $600.
Bad = I am constantly being notified that I am still accruing interest
And today I did something bad.
Real bad.
I looked up how much I'm accruing. Daily. It's possible my heart stopped beating for a minute (ok maybe like 10 seconds, a full minute would be unheard of) (Ok I actually just googled it, and you can live 4-6 minutes after your heart stops beating, so, maybe not that unheard of)
Sidetracked.
Anyway I calculated how much interest I'm accruing daily (it obviously gets lower when I make a payment but not too terribly much)
$4.50
That looks pretty anti-climactic, but that's basically a Starbucks everyday, that I never get to drink. Like someone made you a Mocha frappaccino and then dumped it down the sink in front of your face. Wasting it all. (yup no whipped cream either)
The moral of the story?
There isn't one.
xo A
Just wait until you get a house. It will make you sick that for at least the first 5 years, each month you are paying twice as much in INTEREST as you are actually paying toward the balance of the loan. Bleh, dumb mortgages.
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