I don't want to be perfect, just better...

Monday, July 7, 2008

My student loans or the woes of unemployment

In addition to my undergraduate Sallie Mae student loans, I have a couple of small student loans that are from my first aborted attempt at graduate school, this loan is/was issued by Mohelia. I would love to wave a magic wand, and pay this paltry amount off, put I am still not employed full time from losing my job in January. So basically I do not have the extra to apply. I had placed the loan in forbearance for six months in January after I lost my job, never thinking I would be out of work this long.

Well, my six months were up and a bill came. The new interest rate (6.75%) was enough to make me seriously consider draining my emergency fund to pay it off. I had to struggle with myself, a high interest rate is not a true emergency, and it is this kind of impulse behavior that leads me into trouble.

What I did was go online and pay rounding up to the nearest whole dollar amount, which in this case was a hundred dollars. Then as soon as the payment processed. Threw that thing right back into forbearance. I will try to pay $25.00 each month until I go back to full time employment, hopefully sooner rather than later. Then, I will be able to double up on my payment to get rid of this loan before I begin my second attempt at graduate school.

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