Another student loan update for the April to May cycle.
(Here’s a video for your convenience!)
Sallie Mae
My balance on Sallie Mae in the last update was $1,377.70. And as of the time of this writing, I’ve reduced that amount to $775.81. That’s a $601.89 reduction.
I usually make my weekly payments on a Sunday, and I do it manually since Sallie Mae doesn’t give you an option to set a weekly repayment plan. However, I set a rule for myself that if my auto-debit kicks in too close to a Sunday (within 4 days), I wouldn’t make any manual payments for that week. And instead, do the payment next week.
Since Sunday is a 9th and my auto-debit kicks in on the 11th, I didn’t make any payments for that week at all. I will be doing the next payment in May 16th. Once my auto-debit is processed, my $775.81 balance will be reduced to an amount around $650!
At the start of May, this amount was at $899.16.
College Avenue & EdFinancial (Fed Loans)
For this loan, I recently checked my outstanding balance and is now sitting at a balance of $2,853.79. Since the last update, I’ve made 4 payments of $15 to this loan, totaling to $60.
At the start of April, this amount was around $2,878.87.
For my Federal loans, I’ve recently decided to pause contributing to it. I wanted to route the money here to my private student loans in the meantime since federal student loans are currently in forbearance.
While it is a great idea to keep hacking away at that principal balance, the money could be put to good use with my private student loans instead. The amount currently sits at $11,343.14.
Balance as of May 1, 2021 for my entire student loan is $15,121.17!