Friday, October 26, 2012

Trick or Treat from My Student Loan Company!

I got a lovely, lovely notice today.   

 "The terms of your Loan Repayment have Changed."

Ugh, the honeymoon is over.  Even though I have monthly variable interest, the interest hasn't actually changed since the last time I griped about it on my blog.  Maybe if I get lucky it will be another 10 months before this happens again ;)

The interest rates on 3 of my loans increased 0.25%

Minimum Payment for Loan #2 DECREASED $0.07  (What the heck???)

Minimum Payment for Loan #3 DECREASED $0.02

Minimum Payment for Loan #4 increased $1.02 (1.5% of the payment, which was kind of a relief after last years increase of .03% resulted in a 30% increase in payment...) 

I get that I'm only an engineer and only took 4 semesters of calculus and 2 semesters of statistics, so I'm clearly not a financial expert, but something just doesn't seem to quite add up here...  The change in payments absolutely does not cover the change in interest.  Specifically to loans #2 and #3, I will gain higher interest for the next 196 months, make (very) slightly smaller minimum payments, but still have the same pay off date as before.  Riiiight.

It almost feels like I'm being punished for trying to get ahead on my loans.  Well keep on squeezin', because they're not getting any blood out of this turnip!


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