IndiraMehta Posted March 30, 2012 Report Posted March 30, 2012 I have a student loan from my first year of college. It's about $7,000 now, and I've always made payments with no deferment. I got a notice of a change in servicer, so here's my game plan:1) Write to both Direct Loans AND the new Servicer and ask for a complete payment history.2) ONLY pay by money order from now on, sending payments via CMRRR.3) I'm going to start making micropayments every week ($10-15) -- small payments in excess of my monthly payment amount -- with notes that direct these payments to go directly to the PRINCPAL balance of the loan, instead of the interest. (these I will send via regular mail, because of the small amounts)WHY I LOVE MICROPAYMENTS: This will slow the accrual of interest and help me pay off the loan faster. 40 weeks of $15 micropayments = $600 shaved off principal and about $50+ shaved from interest = the loan gets paid off about 6-8 months earlier than anticipated = Mehta goes on vacation for the first time EVER.CONVERT BAD HABITS INTO MICROPAYMENTS: I'm trying to shed about 65 pounds. I am converting my "temptation" money into a "micropayments" fund. I usually spend $1.29 twice a day on a soda and a candy bar. That's $18.06 a week that will be going toward my micropayments instead of my butt.
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