Me and the Federal Government had a misunderstanding this past weekend.
So, as I've stated before, I'm on a major student loan paydown plan even while they are currently in deferment. So, since I started my Side Hustle, I decided to make a second payment this May for $275. When I checked my account balance on Friday (because I'm anal and check balances at least once a week) - Nothing Happened!
The balance was unchanged. They had taken the entire payment and allocated among all 7 loans and only deducted the amount of interest owed. I was disappointed. I had hoped to see a big decrease in principal balance this month, since that is how the past payments had been deducted. I am guessing that since undergrad loan consolidation, something got lost in translation.
After an email and a call, the primary $500 payment was allocated correctly to one individual loan as wanted. So, the balance was attacked and some interest was paid down this month. So, the principal balance didn't fall as far as I had hoped, but overall I reduced my debt in a major way. This will in no way impact my desire to lower my student loan debt, but was just annoying!
I could have made them re-allocate the original payment, but that would have been simply reclassifying debt. No reason to do that. It just means I need to keep after the Side Hustle!
So, Student Loans due are now - $36,303.46! Gotta Keep on Keeping On!!
So, as I've stated before, I'm on a major student loan paydown plan even while they are currently in deferment. So, since I started my Side Hustle, I decided to make a second payment this May for $275. When I checked my account balance on Friday (because I'm anal and check balances at least once a week) - Nothing Happened!
The balance was unchanged. They had taken the entire payment and allocated among all 7 loans and only deducted the amount of interest owed. I was disappointed. I had hoped to see a big decrease in principal balance this month, since that is how the past payments had been deducted. I am guessing that since undergrad loan consolidation, something got lost in translation.
After an email and a call, the primary $500 payment was allocated correctly to one individual loan as wanted. So, the balance was attacked and some interest was paid down this month. So, the principal balance didn't fall as far as I had hoped, but overall I reduced my debt in a major way. This will in no way impact my desire to lower my student loan debt, but was just annoying!
I could have made them re-allocate the original payment, but that would have been simply reclassifying debt. No reason to do that. It just means I need to keep after the Side Hustle!
So, Student Loans due are now - $36,303.46! Gotta Keep on Keeping On!!
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