Monday, June 3, 2013

Loan Cancellation Update #2

Called this morning to ask why my second year of teaching was not counted and they told me it would count once August rolled around. They also told me that my account would be frozen and I WOULD NOT HAVE TO PAY ANOTHER DOLLAR FOR THAT LOAN!! WOO HOO!! This loan was our biggest loan at nearly $8,300 and we were paying $100 a month for just that loan. Now, I do not have to pay $100 a month. We will be rolling this $100 into another loan every month now. If I would have seen this forgiveness earlier, I would not have needed to pay a single dollar to it, but I ended up paying off about $700 in principal. Oh well, I am saving $8,300, I think I will be OK. All I have to do now is submit my paper work every August.

With that loan forgiven, we are not under $70,000 in loans and 28% paid off! We definitely beat our goal, but we will not slow down. Hopefully by the end of the year, we can pay off another 7% of loans and get to the 35% paid off mark come December 31st.

This is a good start to the week. Hope all of you have a similar start!


  1. That's fantastic. IL has a similar loan repayment, which is 5 years at a Title 1 school and you can get up to $17k loan forgiveness. My friend is going for that, and I think that's an awesome bit of help.

  2. Nice! I need to find a job that qualifies for forgiveness. Every little bit helps!