If there is anyone out there with a student loan with an adjustable interest rate, you know that on July 1st, the rates went up. As they do every July 1st, but this time they REALLY went up. I got a lovely letter from my loan provider for 2 of my 4 loans, with the new raised minimum payment amount. I had already praised myself on making payments larger then my minimum for years even while I was out of work (ok, I was never completely out of work because I continued to work in catering and at a resort until Sept of last year, but we had to dip into savings every month to make ends meet even with those 2 jobs), but now my minimum is even higher then that.
I did see the light at the end of the tunnel though. At the bottom of my letter there was a break down of the loans.
- Loan Date
- Original Loan Amount
- Outstanding Principal
- Interest Rate