I am really lucky that I consolidated my student loans when I did, my interest rate is at 2.75% with automatic withdrawal. I can’t imagine paying back over $80,000 otherwise. Today is payday and my student loan payment was supposed to exit my account two days ago. When I went into my checking to pay some other bills this morning I noticed the payment had not cleared. Which is unusual, the federal government is very prompt in taking my money away.
I went online to my student loan account and was greeted with the words “In school deferment granted from 6/10 to 5/12”.
WHAT? When did I enroll in school? I didn’t apply to any schools, I didn’t apply for a deferment. My mother is back in school working on her second Masters (paid for by the University), maybe they confused her with me. I thought for a brief month or so that I might go back to school, but changed my mind when I thought it through.
While not paying for two years sounds wonderful in theory, I know that some of that money will continue to accrue interest. Been there, done that, and not going to again.
So, now I need to spend an hour or so today on the phone begging them to take my money. I want to continue to pay my loan…..well, sort of.