So while we all take a moment to feel sorry for ourselves and freak out that there is absolutely no way we've been out of school for over six months already, I'm going to share something that will make you feel less like one of the poor people on the Titanic.
The point of the website I've shared (click the hyperlink, people, I made it easy) is largely to help you estimate how much your loan payments will be. Yes, I know, your loan servicers are doing that for you, but hang with me for a second.
The bottom half of the loan calculator (which looks like this, for those who still haven't been convinced to click the link)
has a section where you can experiment with what will happen if you pay more than the minimum, whether it be once, once a year, or monthly.
Now most of us who are buried under student loans ($51k - I know what I'm talking about) feel like the minimum payments are a stretch, and the little extra we could maybe eke out every month isn't going to change much. But read on and take heart!
One of my (many) loans has a calculated monthly payment of about $39, but the contract I signed mandates I pay at least $50 a month. So, in essence, I am paying an extra $11 a month. By adding that $11, I will pay off this particular loan 51 months early. That's over four years of my life without payments, all for the cost of a restaurant pizza.
Gather up your loan info, click the link, and get yourself in control of your debt. If one less night of half-price apps with your friends or one less bottle of wine a month can give you a few loan-less years, it's so worth it. Calculate and recalculate until you find what's going to make an impact on your life!
