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 🙂
Interested in refinancing your student loans?Here are the top 6 lenders of 2017!
|Lender||Rates (APR)||Eligible Degrees||More Info|
|2.75% - 7.24%||Undergrad & Graduate||Visit Sofi|
|2.57% - 6.39%||Undergrad & Graduate||Visit Earnest|
|2.57% - 7.12%||Undergrad & Graduate||Visit Commonbond|
|2.99% - 6.99%||Undergrad & Graduate||Visit Laurel Road|
|2.57% - 7.26%||Undergrad & Graduate||Visit Lendkey|
|2.89% - 8.33%1||Undergrad & Graduate||Visit Citizens|