Winning at Student Loan Payments

I’m just popping in to share my WIN this month on the fight against Student Loan debt! I FINALLY got it figured out (at least for this month)!

Yesterday, our minimum payment of $391.83 went to H’s student loans (these are the 2 loans that we are sending all of our extra money into, as they have an interest rate of 6.88%).

Once I saw the payment post on Navient’s website (well, actually, I saw it post in Mint.com, but wanted to confirm it via Navient), I immediately moved money from our money market account into our checking account. (We house our Student Loan Debt Eradication Funds each month in the money market account to keep it separate from our other money, then transfer right before we make that extra student loan payment each month.)

Once the funds were in the checking account, I went ahead and set up the extra payment on Navient, instead of waiting until the following day, which I normally do.

Result?

interest

Principal payment win!

$0 applied to interest!

100% of that $1701.34 went directly to the principal!

I don’t know why I hadn’t tried this before – timing of online payments can be weird so maybe this won’t work again, but I’m hoping that I can continue to be on the ball and keep a watch on when the minimum payment is processed each month and immediately jump in with that extra payment.

Usually the minimum payment is processed on the 13th, so I have confidence that I can at least keep track of that.

Current numbers on those two loans: $32,250.92

Current numbers on all four student loans: $46,080.43

Man. That still looks like a long way to go….

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