It’s time for another student loan update! Let’s look at the cycle between May and August. That’s around 3 months! We’ll go over my remaining loan account at EdFinancial, how much I paid off, how many weeks left to go and my final thoughts on this loan. At the end, I’ll share some news as well regarding the $10,000 student loan cancellation from the Biden Administration
EdFinancial
2 months ago, the balance of my student loans in EdFinancial was at $3,898.91. Despite my almost 3-month break from creating updates, I have kept up my payments to Group A.
Take a look at my payments for this cycle:
As you can see on my screenshot, it’s a long list of payments. But the outlier here is the $450 payment I made on June 20. I was able to find some extra funds that I could spare for my student loans. If I really wanted to pay off my loans fast, adding extras would be the way to go. I made a double payment for that day to make that reality come sooner.
All those payments, if totaled, would be more than $3,000. With those payments, Group A has been reduced to $748.91.
Weeks Left to Payoff
Based on this calculation, I have 4 weeks left to pay off Group A, which falls around September 12. This is again one week earlier than the estimate I had in my previous student loan update, which was September 20. And it’s all thanks to that double payment on June 20.
Final Thoughts
The balance as of August 24, 2022 for my student loan is $748.91!
I would say this is less than a month of payments left to get it all paid off. I don’t have much to say for this since it has been a very consistent progress.
I am excited though to finally get to paying this off next month and see where my finances can take me.