Task #1: updating the numbers

To reiterate:

#1. Update the student loan numbers. I’d like to have updated totals on my current balances as of this week (the birth of the Great Bacon Payoff), and dig up what the original loan amounts were to see how much progress I’ve actually made in the last 7 years. Depressing or not, let’s get a reality check! :(

So I did actually jump on this a couple weeks ago, and realized quickly and sadly that the interest on my student loans compounds DAILY. Freaky! So depending on which day it was, the principal balance grew a little bit more each day. BOO HISS!

As it turns out, I don’t think I have all the original original balances. I finished my undergrad degree in 2003 and my master’s degree in 2006. Somewhere along the way after that, the repayment interest rates or consolidation rates or whatever supposedly hit “historical lows” and so I consolidated. This means unless I do some hard-core digging into paperwork… that is in my childhood bedroom at the parents’ house… which is across the country… the best I can do is give you one of the original loan amounts and the rest are what the original balances were at the time of consolidation.

Here they are, THE ORIGINAL AMOUNTS:

1. ACS Federal Perkins Student Loan (undergrad), circa Nov 2003.
$3,500.00 @ 5.000%

2. Sallie Mae Federal + Private Consolidation Loan (undergrad + grad school), circa Jan 2007.
$30,357.76 (fixed subsidized) + $21,722.84 (fixed unsubsidized) =
$52,130.60 @ 4.625%

3. Sallie Mae Private Consolidation Loan (grad school), circa Nov 2006.
$53,422.00 @ 3.250%

GRAND ORIGINAL TOTAL = $109,052.60

Then we get to the current balance, AKA outstanding balance, AKA outstanding principal + unpaid accrued interest (they sure have a lot of ways of saying “this is the ginormous amount of money you still owe, sucker!”).

As of September 5, 2013 (birth of the blog), the current balances were:

1. ACS Loan.    $962.42
2. Sallie Mae #1.    $53,910.87
3. Sallie Mae #2.    $40,153.58
TOTAL CURRENT BALANCE = $95,026.87

Before I got all the numbers down, I was kind of disgruntled, because I thought I’d had “about $95k” in student loans since the beginning of time (AKA since graduating with my master’s) and hadn’t made any headway in 7 years. But now that I have both the estimated original amounts and current balances, I can see that I’ve actually paid off $14,025.73. Whoa! Yay!

I don’t feel quite as bad now, well, slightly less bad as $95k is still ginormous, but less ginormous than $109k. I am looking forward to seeing this nasty $95,026.87 amount start to come down over the upcoming monthly number updates!

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