Time for another student loan update! We’re gonna be looking at the month of November and see how far I’ve progressed.
Sallie Mae
My balance on Sallie Mae in the last update was $4,816.07. And as of the time of this writing, I’ve reduced that amount to $4,120.44 (excluding a pending payment of $125). That’s a $695.63 reduction!
I’ve consistently paid $125 every week to my last Sallie Mae loan (#6489), but on December 11, my auto-debit kicked in. That day fell on a Friday, and based on the rules I’ve set for myself 0 if an auto-debit falls between Wednesday and Saturday, I will not make my manual payment on that Sunday.
But even though that is the case, making my weekly payments have made my outstanding balance significantly lower at a faster rate than before. The weekly interest accruals of around $10 before I started paying weekly has now turned to $8 in accrued weekly interest!
At the start of December, this amount was at $4,350.36.
College Avenue
For this loan, I recently checked my outstanding balance and is now sitting at a balance of $3,073.72. At the start of December 1, this amount was around $3,106.70.
EdFinancial (Fed Loans)
There aren’t any big changes to this loan. Last month’s balance for my Federal Loans was at around $11,800 , but now it has fallen to $11,718.14 due to a $75 payment I made in October 28th.
Balance as of December 1, 2020 for my entire student loan is $19,175.20.