11 Cents

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!

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5 Responses to 11 Cents

  1. Ali says:

    I have the same goal. Debt free by 30, just 1.5 years to go! Oh what a fantastic day that will be!

  2. Dawn says:

    Seriously….they can’t do ANY better than 11 cents? Ugh…such a bummer. Good luck with your goal!!

  3. Brittany says:

    Wow that is crazy!! 11 cents?? Lame

  4. Meg says:

    Ha! 11 cents! That’s great. We signed up too but our loans are so much more $$ I’m hoping for a bigger amount off. 🙂

  5. Kara says:

    Ha! That’s kind of funny! Have you looked into consolidating or refinancing through a traditional bank? Salle Mae is a b!tch, if you can get away from her, you should 🙂 Just be careful if you do refinance so you can still write the loans off on your taxes.

    Okay, I know I totally sounded like a Mom there, sorry about that! 🙂

    Hugs!
    Kara

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