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Be Mindful With Your Money

How Much Interest Are You Paying?

February 23, 2016 By Zina Kumok

When you first start repaying your student loans, you might not pay attention to your interest rate. Here's why it's important to know your interest rate!

One of the biggest reasons I started paying extra on my student loans was because I realized how much money was going to interest. When I started paying off my student loans, my minimum payment was $350. About half of those initial payments were going to interest. That means $175 a month - or 10% of my take-home pay at that time -  was being flushed down the toilet. Interest is the money you pay to the bank for letting them lend you money. ... Read more...

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Filed Under: debt, Money Tagged With: debt, debt payoff, interest, student loans

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