3 Months In: An Update and Evil, Evil Interest

Day 90 | $12,700.17 paid | $59,375.41 to freedom

Usually, this mini-update is included in my normal progress report.  However, I wanted to get my last progress report out before my loan payment went through.

Here’s the thing: I’ve knocked down nearly $13k of my debt since in about 23 months.  Since I started TeachingDownDebt 3 months ago, I’ve paid down just over $2,100.  In other words, I’ve been paying off my loan at a much, much faster rate!  Awesome!

Here’s the scary thing though…

90-day-updateI’ve spent $21,000 on my student loans in less than two years!  Not only that, but $8,000 was in interest alone!  Scary truths.  While I’m still thrilled about my progress, my plan, the future, etc., it’s hard to look at those numbers and not think “what if…”  My fed loans have an interest rate of around 6.5% (of my 13 separate loans, most are 6.55%).  Isn’t there something wrong with that?!?  Even though my loans were already at 6.5%, it really makes me angry that Washington allowed certain student loan rates to double from 3% up to 6% recently.

Not exactly investing in and valuing education with crippling student loan rates, are we?

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