So I logged in to check my federal student loan balance yesterday. Here’s what it looked like:
My heart skipped a beat.
The next payment due: $0. Current amount due: $0.
My mind jumped to the only logical conclusion: Did some rich benefactor swoop in and pay off my student loan debt?!
Then my eyes glanced over to the right of the report.
Last Payment: $7,732.76
Did I accidentally make a $7,732.76 student loan payment?!
Oh. No. I certainly don’t have thousands of dollars sitting in my checking account. I must have accidentally signed up to pay the entire balance! I was freaking out. (See my reaction below.)
Turns out, the feds sold my loan to a private company. But they didn’t bother to tell me that on the website. What looked to me like my loans had disappeared was really just a balance transfer. Don’t toy with me like that, Department of Education!
I guess I didn’t make a $7,732.76 payment (good news), and I still owe them thousands of dollars (not so good news). At least now I know what it feels like to be debt free, even if just for a second 🙂
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|Lender||Rates (APR)||Eligible Degrees|
|3.64% - 7.20%||Undergrad & Graduate||Visit DRB|
|2.115% - 6.74%||Undergrad & Graduate||Visit Sofi|
|2.14% - 7.45%||Undergrad & Graduate||Visit Earnest|
|2.22% - 7.74%||Undergrad & Graduate||Visit Commonbond|
|2.14% - 7.99%1||Undergrad & Graduate||Visit Citizens|