Monday, October 02, 2006

I'll be 25 by then!

I just checked my Sallie Mae "borrower benefits" - and the only thing my loans are eligible for is a 1% interest rate reduction after I have made 36 on-time payments. However, I've got 27 more payments to go. Sigh.. I'll be practically OLD by then. (kidding! kidding!) That's a nice break though seeing as how my interest rate is fixed at 3.8% anyway, so that's more than a quarter of the interest rate. Then my loan will be paid down even faster, which is pretty cool.

3 comments:

Sarah said...

eek, I'll be 25 in just a few months! Those 27 months will go by faster than you think.

Carl said...

It will be here soon enough, I had 2% reduction with Sallie Mae before I consolidated to lock in the old rates. I was paying under 2% interest, put the rate was stil variable now I am locked at a 3.8% and it did help out with the family cashflow as that is the cheapest loan you will have.

HC said...

It will be here before you know it. My incentive took 12 months to finalize (although I got it right away), and yet I was still kind of surprised to see "you have permanently earned your incentive" show up when I logged in.

And Carl is right. This is probably the cheapest debt you'll ever have.