At times, the money spent on my student loans seems like it’s been put in a giant black hole, never to be seen again. I went back and took a look at my transaction history.
My first student loan payment was made on November 6, 2007. Monthly payments at the time were 289.79, not the 452.76 I currently pay. So my payments are technically 56% higher than they were when starting this loan and my monthly income is close to the same. Closer to 93% more if you consider I’m paying $600/month now. That’s sort of insane.
I’ve paid a total of $18,170.48 in payments, 8002.31 of which went toward interest during that time. 10,168.17 toward the principal. Original Loan disbursement amount was 46,769.87. Current balance is 38,887.89. I’ve paid 7881.98 of the principal down. Quite frankly I’m tired of keeping these loans around.
Putting the numbers all together one sheet makes things much clearer. I advise others to do the same. It raises awareness of actual cash outflow and the sense of urgency.