5/25/2009

$15/month

Posted by with 1 comment | in ,
Over my lunch break I was checking the status of my student loans. With interest rates fluctuating so much, a greater percentage of my debt repayment has been going to the principal amount. I started playing with the calculators offered on the sites (Edulink & NSLCS) for my Canadian and Alberta student loans.

Since my loans went into repayment status I have left the amounts at their defaulted payment schedule which was:

Edulink: $65.87/month
NSLCS: $69.12/month

I've known that small amounts can make big changes - but this actually surprised me. I have changed my repayment amounts to $75/month for each loan. This increase goes into effect for my June payment and is an effective increase of $15.01.


  • This has shorted my repayment schedule by 28 months!
Through this change. I will pay off my Edulink loan 21 months sooner and my NSLCS loan 7 months sooner then previously scheduled!
  • 28 months is 2.3 years
I will continue to make changes and put more money towards these loans as it becomes available through cutting expenses, and paying off other debt - but I feel really good about these changes.

I will be revising/updating my budget for June in the next week and posting the changes as well as posting my goal updates.

Related Posts:

  • Debt UpdateI don't believe that I posted an update on my total debt for a while, though I think that most of you know it is down to just student loans.  As my student loan payments just went through, I thought I would pos… Read More
  • $850 towards debt!Today's is a short post, but a good one! Jordan and I received our tax returns 6 days after we filed them (using e-file)!  The same day we took the money and applied it to our debt. Jordan put $400 towards the truck lo… Read More
  • Student Loan Plan of Attack....One of my goals for 2010 is to completely pay off my student loans.  Now that we're into the swing of things for 2010, I thought I'd review my plan to get it paid off. The combined balances (after today's deposit) are s… Read More
  • April's a Big MonthNot only do I get a raise this month and a third pay cheque.  I'll also have 96 hours of overtime paid out.  I'm going to make some huge strides towards some of my goals and be able to re-evaulate my current goals. … Read More
  • Planning For the Future - Episode TwoYesterday I wrote about making a plan with the funds I'll have 'left over' each pay period, and I briefly mentioned that the money could go towards my student loans.  I'm actually quite surprised that folks did… Read More

1 comment:

  1. Jamie25 May 2009 at 13:49

    I know exactly what you mean! From the beginning of repaying my student loan I've been making overpayments. My loan was $11,000 and the minimum payment was $100. I've been paying $150 per month instead. That cut the years of repayment from 11 to 6! 5 years less!!! I'm currently in year 6 of 6 and the loan will be paid off in November.

    Little things really do make a big difference!

    ReplyDelete

Hi! Thank you for stopping by and leaving a message.

Subscribe to: Post Comments (Atom)

Links ♥

Followers