This loan is particularly "special." This is the last loan from my Bachelor's Degree (how pathetic am I.....). But more importantly, it is the last loan that was co-signed by my parents from college. Technically speaking, the loan is in my father's name, but I am the co-borrower.
My parents have never paid anything on this loan. It was in deferment until I graduated (in 1996.....again.....how pathetic). I started paying it back 6 months or so after I graduated. The amount has never changed. It has always been $58.98 per month. The problem with that amount was that as a youth....I didn't realize the POWER of interest!!!! I just kept paying my $60 a month. I had other student loans at the time, and I was paying those as well. But my income didn't really support paying DOWN debt, nor did I really understand the slippery slope I was on.
By the time I realized how important it was to get rid of debt, other debts became more important. So I continued to pay the minimum on this loan. I have now paid more in interest on the loan than the original principal balance. So yes, my bloggy peeps......this loan cost me DOUBLE it's original value.
So this afternoon, after I get home from work....I will call the dear sweet people at the loan company and kick this loan to the curb.
Goodbye loan....wish I could say I was nice knowing ya....but I can't. You have cost me over $5,000 in interest. UGH. Good riddens!!!!!!
UPDATE: IT IS GONE!!!!!! SO LONG SUCKA!