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Student Loans - 4/13 Done! 21.5k to go!

This is the student loan I paid off today. End date goal of 09-24-18. The other day I paid off my first one, but the payoff amount to pay online didn't allow an over payemnt, so I just paid what it said that day (check photo below with green words). 2 days later, a small balance showed up. FUCK YOU NAVIENT! So I called and I'm like, "YOUR SYSTEM IS SHITTY. IT'S FALSE AS FUCK. FUCKEN TELL ME I OWE $1.18 AND DON'T ADD THE DAYS INTEREST WILL OCCUR, AND THEN FUCKEN BLAME ME FOR IT? FUCK YOU."

Just kidding. I'm not like that. I just said, "Your system doesn't add the processing days for the amount due pay in full. This is going to cause a problem. I don't have a problem paying $X.XX. I have a problem with your system. I have a problem with the ethical practice of your system. I have a problem that this is set up for me to have a balance. Had I not called, this amount would accumulate and I end up at fault. This is wrong." 

I paid it off, so I can be at peace, you know. Sometimes, you have to realize and choose peace over being correct and bullshit. Like, I just don't have the energy and tolerance to let this bullshit through. "THIS SHALL NOT PASS!" - Gandalf

Maybe you're thinking, "Choua, why do you want/need to pay off your student loans? Why would you pay more than you need to?"

The answer is short, pay hard, play later. Like that ring to it?
But look at the photo below. If I only pay the minimum amount, I would be paying $4,849.80 toward interest for the next 10 years. This breaks down to $4,849.80/111 months = 43.69/month * 12 months in a year = $524.30/year JUST FOR INTEREST. So yes, it's a big deal. Not just that, that's an additional $524.30 to my total, which gets recalculated again. This is simply compound interest I need in my bank account. It's just interest, calculated on interest, adding on to interest, and recycle all over.
That's just my amount for now. Before, it was $25k, and it would been at least 7k interest = $32k total. This system is sooo rigged against you; we already know that. My $1.36 balance up there, guess how much my $260.00 was applied to it? .01. YAS, 1 PENNY! This is so they can keep the account open and accumulate interest.

I'm not a finance geek. This is just high school math. The problem with student loans is that it doesn't have a cap. The interest just keeps piling up and you end up paying the interest only and never your actual principal amount.

This is why you need to reverse the system. The interest needs to be adding up in YOUR OWN savings/checkings account. You can read about where I bank here Q&A: Savings & Roth IRA Choices.

I followed Dave Ramsey's snowball effect and it is really helping. I was able to payoff the second big one, because my payment doesn't have to be $50 divide on everything. My current tactic I'm using right now is, pay the monthly due with my credit card; learn here. Then I use my checking account to pay a specific loan. Before you allocate any additional payments, your minimum must be paid first.

What's the different, Choua?

Credit Card = can't allocate to specific loan
Checking account = CAN allocate to specific loan

Share this post if it has helped you understand (what a bitch) student loans are. Feel free to ask any question in this entry.

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