I’m employing a few different methods to pay off my student loan debt. I’m using some of my savings. I’m budgeting carefully and using any excess for my payment. I’m earning extra income. I’m making big payments. But, I can only make payments once a month. So, all the money that will go toward that payment has to live somewhere while I wait.
I’m not good at waiting.
I see posts from people who can “snowflake” away their loans and I’m jealous. The way my consolidation loan is structured, interest accrues daily. If I pay in the middle of a cycle, the money doesn’t touch the principal. It just pays the interest. Why? I don’t know. But I called and checked and that’s how the very nice lady explained it to me. I have to let the interest accrue and make payments ever 30 days.
I pay roughly around $125.00 a month in interest now. And I just have to subtract it from the total I’ve collected for the month.
At first, I was thinking in terms of “snowball” payments, but it’s not a true debt snowball because I’m only working on one debt. It’s more like a steamroll. But, I can only roll every thirty days.
It’s motivating, I suppose, to try to earn as much as you can in thirty days. It’s also maddening, though, because I obsess and I find myself wishing my life away, eager to get to the next payment day. And that’s no way to live.