Since my loans went into repayment status I have left the amounts at their defaulted payment schedule which was:
I've known that small amounts can make big changes - but this actually surprised me. I have changed my repayment amounts to $75/month for each loan. This increase goes into effect for my June payment and is an effective increase of $15.01.
- This has shorted my repayment schedule by 28 months!
Through this change. I will pay off my Edulink loan 21 months sooner and my NSLCS loan 7 months sooner then previously scheduled!
- 28 months is 2.3 years
I will continue to make changes and put more money towards these loans as it becomes available through cutting expenses, and paying off other debt - but I feel really good about these changes.I will be revising/updating my budget for June in the next week and posting the changes as well as posting my goal updates.