Borrowed $45,455 currently owe $47,401
My minimum monthly payment for my federal loan is $202.46. I originally borrowed $17,625, I owe $16,740. Its actually 5 loans with an average interest rate of 6.4% borrowed from Jan ‘07-Aug ‘09. I’ve been paying this loan on time every month since Aug ‘10. That’s $3,036.90 paid, with $2,151.90 going to interest.
My minimum monthly payment on my private loan is $228.38. I originally borrowed $27,830, I owe $30,661. It’s 2 loans with an average interest rate of 3.26% borrowed in Aug ‘06. I’ve been paying the minimum monthly payment on time every month since Dec ‘10. That’s $2,512.18 and my loan has INCREASED by $2,831 (plus my $2,512.18 is $5,343.18).
I have one other loan that has a minimum monthly payment of $40, bringing my total monthly payments to $470.84. After taxes I make $1,556 a month. That’s 30.259% of my monthly pay to student debt. And I’m actually making negative progress on one of them.
#OccupyStudentDebt
