Wednesday, July 20, 2011

Surprise! You Have a New Student Loan Payment Amount!

By no means is my new student loan payment epic. In fact, it's only $0.95 less than what I've been paying. Hardly enough to pay for a cup of coffee. At any rate, I was a little surprised to find a message in my Direct Loan Servicing inbox notifying me that starting July 28th, my electronic debit will be $228.26. 

Frankly, I wasn't expecting my student loan payment amount to change until I actively switched to the regular payment schedule. I've written before that switching to the regular payment schedule would boost my monthly payments to $265. I don't know what it would be if I switched today (and since is acting super-duper slow today, I won't bother finding out in time to publish this post!).

UPDATE: If I switch to the regular payment schedule beginning August 28, 2011, my monthly amount will be $368.74.

Nevertheless, I'm sure the retirement of my car loan will usher in yet another change for my monthly student loan payments, as I hope to extend my accelerated debt elimination plan to the federal government once my disposable income increases =)

By the way, there was no specific explanation as to why my payment amount changed. However, the website offered that the change might have occurred because of loans being added to my account and some other unlikely actions that I can't remember :)

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