I have three student loans through Sallie Mae. I learned recently that there is a “discount” on your loans if you sign up for automatic payments. Despite ALWAYS paying my bills on time, I have struggled to make ends meet so I didn’t sign up for automatic payments for fear that one month money would come out of my account before I had enough in there!
Now that I live at home and have a little cushion in my bank account for the first time in my adult life, I signed up for automatic payments. I recently received notification that, “CONGRATULATIONS! Your interest rate has decreased by .05%!”
Between my 3 loans combined, I am now obligated to pay $0.11 less each month! How generous of them! It really helps! Over the course of a year I can save over $1! Simply incredible!
Really, I’m happy to reduce my debt totals in any way possible. But $0.11 seems like chump change and a small slap in the face from Sallie Mae. I have already paid them thousands of dollars in interest alone due to their absurd interest rates but don’t worry they are kind enough to save me $0.11/month. What a relief!
By missing out on $0.11 each month from me, it will take them 4 months to earn back the money it cost to print and mail the congratulations notification. I hope they can manage to make ends meet with this loss 😉
Look out Sallie Mae, once my credit card is paid off in May I am coming for you. I’m going to pay off my loans so fast you won’t even know what hit you! Here’s to being debt free by 30!