Instead of thinking well that didn't work with my loan I decided to give it another try. I called my loan folks and asked if auto debiting would reduce my interest rate. She though for a moment, did some typing, and found me a
|Interest Rate||Months||Interest Repayment||Total Repayment|
The difference? $499.66, which we'll round up for the sake of a nice title.
Now the plan isn't to take that long to pay the account. This year I've paid more than $1,900 and my first due date** is a week away. I've been thinking about different ways to attack my debt but plan on this loan biting the dust in 2012.
Not bad for 5 minutes of work.
*After a little thought it would need to be at least 1% for me to give it great. 2% would be amazing and I don't even know what adjectives I'd come up with for anything more than 2%.
**Well it was. My student loans pay down the balance and forwards the due date. My next due dates are in June and September.