Saturday, December 30, 2006

Student Loan Finally Done

Well after 10 years I can now celebrate.  No more $330 per month payments for my student loan ever again!

So for morbid curiosity I was wondering... How much did my education cost me?

Sallie Mae did not make the gathering of this information easy btw.  I had to copy/paste from the history, 6 months at a crack for 10 years of data, into Excel.  I guess they didn't want me to know how much blood money was extracted from me for my education.

Principle $18,900.00
Interest $10,645.80
Total Amount Repaid $29,545.80

That doesn't count all the expenses. Although those loans did help me pay for tuition, books and housing; I do believe those loans did not cover all the expense (although my memory is getting a little foggy in that area since it was 10 years ago).  Also there was 1.5 years (of a 4 year degree - it took 4 years real time) of local community college classes paid for out of pocket that's is not in those numbers.

So was it worth $30k?  Would I do it again? Yea I think so. I don't think it is fair or right but having that silly piece of paper opens doors that are unjustifiably closed sometimes if you don't have it.  And salary wise, I've probably more than made up the loss.

It does seem like a lot of money though...


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