Student Loan Interest Paid in 2014

I was hanging out the other night, scrolling through my Mint app and having a grand old time congratulating myself on the progress I’ve made so far this month on my loans. I was feeling pretty optimistic about what I’d been able to do thus far in 2015 and scheming about my payoff abilities in coming months. “If I work this many weekends, I can pay off this amount of debt!” “If I continue to have a $0 food budget, I can increase monthly payments by $100!” The totally normal kind of stuff that one does on a Wednesday night.

It occurred to me that I had no idea how much interest I’d paid last year. I know that interest accrues daily on my loans and that following the debt avalanche method of paying off highest interest rates first is saving me money on interest, but I didn’t actually have a number down anywhere. So I did some quick calculations and figured it out!

How much did I pay in student loan interest in 2014? TOO MUCH. Well, any interest is too much for me, but I did pay a sum that was heartbreaking to me.

Total: $569.45

Private loan-$257.47

Navient loans- $311.98

For some people, especially those in debt, $569.45 is laughable. There are people who pay that much in two months in interest. For a whole calendar year, it doesn’t really seem that bad. However. To me, someone who was basically unemployed for four months last year, who had to take a 6 month deferment last year and who currently works five jobs, that is a BIG chunk of change.

Paying that money to interest is just salt in the wounds of my student loan debt. That’s money I earned catering until 1am. That’s money I saved by not buying food. That is money that I worked damn hard for and poof! It’s just gone. I paid thousands of dollars just on the principle last year AND I paid $569.45 in interest on top of it! It stings. It sucks. It makes me angry and it doubles my motivation to get out of debt ASAP.

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