Thursday, November 8, 2007

First big payment sent in on my student loan

This morning I sent $500 sailing from my chequing account to my student loan. Since the test dollar I sent earlier this week took three days to arrive, it should get there by next Tuesday.

This will bring my student loan down from $2072.91 to $1572.91. It’ll save me $3.49 in interest this month, or approximately 11 cents a day.

I’ve also discovered that I get paid three times this month. This is good for two reasons:

1) I’ll have some extra money to split between paying off our loans and buying Christmas presents.

2) Since the mortgage is automatically withdrawn on the same date as my paycheque, we’ll be making three payments this month, nicely reducing our principal.

I’ll pay another big chunk of the student loan after the 15th, which is when my husband gets his paycheque. With any luck I can get rid of my loan entirely by the end of November, which is just in time for us to start payments on his student loans.

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