Well, well, well… I have a bit of a surprise to report in the latest update to my student loan repayment story. Actually, this isn’t really a surprise any more than it is an obvious eventuality of my repayment system, but it’s certainly a change from the previous updates that I put up here on the blog.As it turns out, my student loan debt has dropped by another $1,000 in total outstanding principal (of course – or else I wouldn’t be writing this entry). My total student loan debt went from $78 thousand down to $77 thousand. Pretty good, right? However, this time around the reduction comes not from a lower principal balance on my New Jersey Higher Education Student Assistance Authority loan. Nope. Rather, the loan that I have with the United States Department of Education now sits at about $54 thousand instead of the $55 thousand that it has been since I started down this repayment path.
And that’s where the obvious eventuality comes from that I referred to earlier. This was obviously going to happen at some point since I have an automatic payment setup with the USDOE to pay the monthly amount due on their loan. And this comes at a good time, too, since my most recent payment to the NJHESAA was less than $1,000 and thus I might not have had one of these fancy reports to post on JerseySmarts.com for you, my good readers!
I just checked my NJHESAA repayment projections and it seems like there might be a nice surprise in store for my repayment plans around early to mid-October. There’s a strong chance that I might be reporting a double drop either around the first or fifteen of October (if not beforehand). So let’s hope that the repayment projections stay their course, huh?!
In May 2006, I graduated from Rutgers University with a Masters Degree and $120,720 in student loan debt. I currently owe $77 thousand, which breaks down to $23 thousand owed to the New Jersey Higher Education Student Assistance Authority and $54 thousand owed to the United States Department of Education. Follow my student loan repayment story on JerseySmarts.com.