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 2018!Lender | Rates (APR) | Eligible Degrees | More Info |
---|---|---|---|
![]() | 2.47% - 7.80% | Undergrad & Graduate | Visit Sofi |
![]() | 2.47% - 6.32% | Undergrad & Graduate | Visit Earnest |
![]() | 2.47% - 8.72% | Undergrad & Graduate | Visit Lendkey |
![]() | 2.80% - 7.02% | Undergrad & Graduate | Visit Laurel Road |
![]() | 2.48% - 6.25% | Undergrad & Graduate | Visit Commonbond |
![]() | 2.57% - 8.69%1 | Undergrad & Graduate | Visit Citizens |