It's been awhile since I've checked in on my student loans so I took some time today to do so.
My main priority right now is to pay off the last loan I have with CIBC, as it's the lowest balance of the remaining two and because I really don't want to have to deal with CIBC anymore. (We just never got along.)
The current balance of my CIBC loan: $2,409.76
I made a payment two days ago (and I don't know if it's been applied yet) and another automatic payment will go through on Monday; these payments will either lower my total owing by $60 or $160. I'm kind of hoping it's the latter, as that will help that much more.
The $100 I put on the loan was in response to me wanting to buy two new shirts - but instead of buying the shirts I took that money and put it toward my loans as I said I'd do. I've been doing my best to be diligent and only buy what I need, which is why it's taken me so long to make a payment like this. But I'm proud of myself for living up to my own standard!
Another reason it's so important to me to pay down this loan is because I'm charged interest daily. Yup, daily. But my interest rate is 5.5%, so my actual charge is lower as my balance gets lower. Back in August, with a balance of $3,981.35 I was paying $0.60/day in interest. Today, with my balance at $2,409.76 I'm paying $0.36/day in interest - and that's a big difference.
But it's not just the CIBC loan I'm paying down. I'm also working away at my second (and last) National Student Loan Service Centre loan.
Current balance with NSLSC: $5,561.22
Current interest rate: $0.80/day
THAT is some steep interest to be paying - almost a dollar a day! I'm currently only paying the minimum payment on this loan until I finish with CIBC; then all extra monies get rolled together to pay this baby down!
And to meet my goal of only having $5,000 of loan left by the end of 2011, I need to pay off another $2,970.98 by the end of this year. I will say right now that this is starting to feel a little daunting but I've got some overtime moolah coming my way and that will go nicely on the loan. But I have to be careful because Christmas is also coming up and I love Christmas! It's so hard for me to not spoil everyone I love with gobs of presents.
But as long as I'm careful and frugal and pay attention to what I'm spending I can do this!