The headline of this topic is pretty deceptive. No, I didn’t go from $77 thousand owed during my last update to $75 thousand owed during this update. In total, I only dropped down to $76 thousand owed on my student loans (still not bad!). However, the breakout of my student loan debt has shifted just a little bit so that I owe two thousand less on my New Jersey Higher Education Student Assistance Authority (NJHESAA) loan than I did about two weeks ago.
Not bad, huh?
At this point, I owe about $21 thousand on my NJHESAA student loan and about $54 thousand on my United States Department of Education (USDOE) loan. Some of you might do some quick math and say that 21 plus 54 is actually 75 so my numbers must be off. Not quite. As it turns out, when I report how much money I owe on each of these loans, I just report the quick numbers in order to make it easier to comprehend. So, in reality, I owe about $21,800 on my NJHESAA loan and about $54,678 on my USDOE loan.
See how that could make a difference when I say that I have $76 thousand worth of student loan debt left versus $75 thousand?
Anyway, I’m not worried about it. Now that I (finally) have some additional teaching income on its way in I’ll be able to fix this anomaly without any major problems in my expected free cash flow. Hey – I meant to ask this a few student loan entries ago, but is there anyone else out there paying back student loans? If so, I’d love to hear from you via a comment on this blog if you have the time. I always like hearing people’s stories!
Oh – and before I forget to mention it – this latest payment puts me at a place where I’m really close to cutting the NJHESAA loan in half during the past year. Stay tuned around the beginning of October for that announcement… 🙂
In May 2006, I graduated from Rutgers University with a Masters Degree and $120,720 in student loan debt. I currently owe $76 thousand, which breaks down to $21 thousand owed to the New Jersey Higher Education Student Assistance Authority and $54.6 thousand owed to the United States Department of Education. Follow my student loan repayment story on JerseySmarts.com.