Eating Healthy Doesn't Have to Bust the Budget!

YIKES - Summer’s just around the corner and, hey, here in Florida, swim suit season is almost year round. If you have added a few pounds this winter, you can control your weight and stay within your budget, while eating healthier & less expensively - even with a hectic college class schedule. Try these suggestions to avoid expensive vending machines to save money and calories too!

•  Drink water. Carry a refillable water bottle with you. Water is a healthy choice that increases stamina at work and play, fills you up, and costs less than sodas and coffee drinks. Now there are even bottles with water filters, so you can save money & the planet – what a deal!
• Substitute and save. What are your favorite high-calorie foods? A chocolate donut for breakfast? Sugary sodas? Look for lower-calorie substitutes such as cereal bars, brewed coffee or tea, and fruit. Cut calories and costs. (see the three really easy, quick breakfast ideas below).
• Try different stress busters. Many people turn to food-especially gooey, fatty kinds-when stress levels go up. Develop other stress busters that can work for you with minimal calories and cost, such as a brisk walk, a workout, or tea with a friend.
• Plan ahead. Does your resolve to eat better weaken when your schedule is hectic? Take healthy snacks such as fruit and nuts with you on busy days. This helps you avoid vending machine and snack bar purchases.
• Cut back on pre-packaged, pre-prepared food. Single-serve packages are more expensive(not to mention filled with lots of sodium and fats), so buy them sparingly. Flavored oatmeal in individual packets costs more than $3 per pound, while bulk oatmeal costs under $1. Loose popcorn, ready in seconds in an air popper, costs a fraction of microwave popcorn packages. Frozen dinners cost more than meals made from scratch

Healthy, Tasty Snack Choices

When hunger strikes and you've only got a few minutes between classes or you are rushing from work to class, often your options consist of expensive and usually high-fat, high-calorie snacks from vending machines or fast food outlets. As an alternative, keep a supply of healthier options in your fridge or cabinet and stash some in your backpack before heading to class. These are great to stuff in your family’s backpacks too, if you have a group to get out the door in the morning.

Protein-rich snacks such as peanut butter and low-fat yogurt or cheese, combined with meals that contain complex carbohydrates such as whole-grain breads and cereals, can help you keep your energy level up and your weight down. Try out a new snack food now and again. You may be surprised to find how many good-tasting, good-for-you options there are, including:

 Fresh fruits: grapes (try them frozen!), bananas, oranges, pears, apples
 Dried fruit: apricots, raisins, mangoes, cranberries
 Yogurt
 Yogurt fruit smoothies (great way to use the fruit that is getting past prime!)
 Trail mix
 Nuts and seeds: almonds, peanuts, walnuts, soy, pumpkin
 Sesame sticks
 Low-fat granola bars
 Low-fat string cheese
 Graham crackers
 Whole grain crackers
 Rice cakes
 Peanut butter
 Low-fat hummus: try all the flavors!
 Plain popcorn: try spray butter or soy sauce
 Pretzels or Baked chips
 Licorice bits

Three Quick Tasty, Healthy Breakfast Ideas to save you Time & Money: Courtesy of SWFC CashCourse and "Good Eats: Quick & Easy Food for Busy College Students", by Suzanne Sonneborn, R.D., L.D. and Cynthia W. Harriman.
 
BLUEBERRY-BANANA SMOOTHIE
1 serving, prep time: 3 minutes

• 1 large banana (the riper, the better)
• 1/2 cup frozen blueberries, or any other frozen fruit
• 1 cup milk (low-fat cow's milk or soy milk)

1. Put everything in a tall container (a really large empty jar is great!)
2. Blend with blender wand until smooth.
3. Drink!

Variations:
Use strawberries, raspberries, or any fresh fruit. Of course you can use a regular blender. (Remember that fruit that is getting a little ripe?)

THERMOS OATMEAL
1 serving, prep time: 5 minutes
cook time: overnight, but with no effort on your part!

• 1/2 cup fruit (frozen, fresh or dried)
• 1/4 cup steel-cut oatmeal
• 1 cup boiling water

Before you go to bed at night:
1. Put fruit and water in a saucepan and bring to a boil.
2. Put the oatmeal in a large wide-mouth thermos.
3. Add the boiling water & fruit, swish to mix, then cap the thermos.

In the morning the oatmeal is ready when you are!
1. Eat from the thermos, or dump it in a bowl.
2. Add maple syrup or brown sugar if desired.
3. Add a little milk (soy or dairy) if desired.
4. Enjoy!

Variations:
Blueberries, dried apples, peaches... actually, just about any kind of fruit tastes good.You could substitute rolled oats. But once you've tried the nutty, chewy flavor of steel-cut oats, you'll wonder why anyone eats rolled oats.

You can cook steel-cut oats on the spot. Just bring water and oats to a boil, turn down to just bubbling and cook uncovered (stirring occasionally) until all liquid is absorbed - about 20 minutes.  You can actually cut the cooking time in half by toasting the oats before cooking, but I personally recommend the overnight method - great for grab & go breakfasts, when you don' have time to think, let alone cook!

BREAKFAST BULGUR
While You Shower !
2 servings, prep time: 2 minutes
cook time: 25 minutes, while you do other things

• 2/3 cup bulgur (dried cracked wheat)
• 1 1/3 cups water
• some dried fruits (cranberries, apricots, etc. – any amount will do)
• some nuts (pecans are yummy; again, any amount will do)
• some favorite spices (like cinnamon & nutmeg, vanilla)
• some seeds (sunflower, pumpkin; you can use in place of nuts)

1. Put the bulgur and water in a saucepan and bring to a boil. Cover tightly, turn it off, and leave for 25 minutes while you shower and get dressed. If you like your fruit a little less chewy, you can add the dried fruit at this point & it will “plump” up nicely!
2. Add "mix-ins" - fruits, nuts, seeds, any spice or flavoring - whatever you want.
3. Dump everything into a bowl. Add sweetener (sugar, honey, syrup) and/or milk if desired.

Variations:

Bulgur takes about 12 minutes to cook (instead of 25) if you leave the heat on low and simmer it. But then you couldn't shower and get dressed while it cooks! Make a double batch and stick some in the fridge before you add syrup or milk. It's good later hot or cold!

For more great recipes, visit SWFC’s CashCourse: http://www.cashcourse.org/swfc/articles/id/1793/categoryid/110

BON APPETITE & SEE YOU ON THE BEACH!

TAX REFUND? Be Sure to "Pay Yourself" First!

By popular demand, we are repeating an article from March 2011.

So you received a tax refund check – Lucky You! Getting a lump sum of money is fun. Sometimes I think that dreaming of all the ways you could spend it are the biggest part of the fun – a well deserved vacation, a shopping spree, down payment toward a car……you can spend days dreaming and planning. However, before you make your final decision, think about “paying” yourself first! Seriously, would you like to would you like to make 47% on an investment? Sounds like a ponzi scheme or something but the savings are real and you can turn part of your tax refund into some serious money for yourself.

If you follow this Blog, then you know that I am a huge proponent of making small additional payments to “chip” away you student loan debt. However, paying larger sums toward your student loan will also help, significantly – even if it is only a one-time payment! Let’s look at two scenarios, to see how making a lump sum payment can benefit you. Each of these will be based on a $20, 000 loan debt, at 6.8% interest, with standard 10 year repayment plan.

Scenario 1: Payment of $1,000
No Extra Payments                                             With Extra Payments
Monthly Payment $230.16                                   Monthly Payment $1,230.16
10 years Pay-off time                                           7 years 8 months Pay-off time
$7,619.28 Interest Paid                                       $6,149.15 Interest Paid

Advantages of Additional Payments:
2 years 4 months Time Saved $1,470.13 Total Interest Savings

Balance Schedule for Scenario 1:
Year ---No Extra Pymt                        With Extra Pymt
2012 ---$18,553.54                             $18,553.54
2013 =-$17,005.60                              $17,005.60
2014 -=$15,349.06                              $15,349.06
2015 --.$13,576.29                              $12,524.12
2016 =-$11,679.15                              $  9,489.03
2017 =-$  9,648.90                              $  6,240.99
2018 =-$  7,476.21                              $  2,765.07
2019 =  $  5,151.09                             $         0.00
2020 = .$  2,662.83                             $         0.00
2021 =. $         0.00                             $        0.00

Scenario 2: Making $500 additional Payment
No Extra Payments                                                 With Extra Payments
$230.16 Monthly Payment                                       $730.16 Monthly Payment
Pay-off time 10 years                                               Pay-off time 8.75 years
$7,619.28 Interest Paid                                           $6,733.53 Interest Paid

Advantages of Additional Payments:
1 year 4 months Time Saved $885.75 Total Interest Savings

Balance Schedule for Scenario 2:
Year =-No Extra Pymnt                          With Extra Payments
2012 =-$18,553.54                                 $18,553.54
2013 =-$17,005.60                                 $17,005.60
2014 =-$15,349.06                                 $15,349.06
2015 =-$13,576.29                                 $13,050.21
2016 =-$11,679.15                                 $10,584.09
2017 =-$  9,648.90                                 $  7,944.95
2018 =-$  7,476.21                                 $  5,120.64
2019 =-$  5,151.09                                 $  2,098.19
2020 =-$  2,662.83                                 $         0.00
2021 =-$         0.00                                 $        0.00

If you would like to see how different amounts of “lump” sum payments can help you clear those loans faster, visit http://www.mortgagecalculatorsplus.com/calc-additionalpayment.php .

PAY YOURSELF FIRST – You Deserve It! It is tempting to splurge and spend your tax refund check on something fun or frivolous – I am not talking about using your whole refund to pay toward your student loans. I am a believer in having your cake and eating it too. However, if you will take just a small amount and pay toward your student loan debt, you can significantly shorten your repayment period. Think of all of the ways you could spend the money you currently have to pay on your student loan monthly payments once they are GONE! Now that’s something fun to dream about!

2012 Education Tax Credits and Deductions....

WHOPPEE – its tax time again! As you start to gather your 2011 tax documents, don’t forget to include your education costs or the interest paid on federal student loans. There are also two tax credits this year, so more opportunities for savings. Of course, you cannot “double dip”, claiming more than one credit or deduction for the same expense, so do your homework and make sure you take advantage of the most advantageous choice for you!

The American Opportunity Tax Credit (AOTC) replaced the HOPE tax credit and provides additional benefits, extending coverage from the first two years to college to four years, covering text books and AOTC is partially refundable (40% or $1,000 maximum). This means that, even if you do not have a federal tax liability, you might still qualify for a refund. To claim your credit, you must use form 8863 and attaché to your 1040 or 1040A. At this time, this credit will expire at the end of 2012.

The Lifetime Learning Credit remains in place for 2011 and can create a tax credit of up to $2,000 for any level of college education (even graduate school). One unique feature of this credit is that it doesn't require a minimum level of enrollment. However, the Lifetime Learning Credit has a narrower income range compared to the tuition deduction, so you need to look at all options before deciding which tax credits or deductions to submit.

Here are some key facts the IRS wants you to know about these valuable education credits:

1. The American Opportunity Credit
• The credit can be up to $2,500 per eligible student.
• It is available for the first four years of post-secondary education.
• Forty percent of the credit is refundable, which means that you may be able to receive up to $1,000, even if you owe no taxes.
• The student must be pursuing an undergraduate degree or other recognized educational credential.
• The student must be enrolled at least half time for at least one academic period.
• Qualified expenses include tuition and fees, coursed related books supplies and equipment.
• The full credit is generally available to eligible taxpayers who make less than $80,000 or $160,000 for married couples filing a joint return.

2. Lifetime Learning Credit
• The credit can be up to $2,000 per eligible student.
• It is available for all years of postsecondary education and for courses to acquire or improve job skills.
• The maximum credited is limited to the amount of tax you must pay on your return.
• The student does not need to be pursuing a degree or other recognized education credential.
• Qualified expenses include tuition and fees, course related books, supplies and equipment.
• The full credit is generally available to eligible taxpayers who make less than $60,000 or $120,000 for married couples filing a joint return.

A Few Final Reminders: You cannot claim the tuition and fees tax deduction in the same year that you claim the American Opportunity Tax Credit or the Lifetime Learning Credit. You must choose to either take the credit or the deduction and should consider which is more beneficial for you.

For more information, visit: http://www.irs.gov/newsroom/article/0,,id=218389,00.html or
http://www.savingtoinvest.com/2011/02/american-opportunity-tax-credit-extension-for-2011-and-2012-eligiblity-income-and-phase-out-limits.html

Finally, watch for the 2011 edition of the IRS Publications, referencing Education Tax Credits. As of January 9, 2011, the link still gave 2010 information. (http://www.irs.gov/pub/irs-pdf/p970.pdf )

Special Direct Consolidation Loans

As you may (or may not) have heard, the U.S. Department of Education will offer Special Direct Consolidation Loans to eligible borrowers, beginning in January 2012. As with traditional consolidation loans, this program is intended to assist borrowers with loans split among loan servicers by simplifying the repayment process, resulting in one monthly bill and payment. However, this program does not offer borrowers a traditional federal Consolidation loan and cannot be used to resolve defaulted loans.

The window for this special, short-term consolidation opportunity will close June 30, 2012. For borrowers to participate, they must meet two criteria:

o They must have at least one student loan held by the Department of Education (either a Direct Loan or a Federal Family Education Loan [FFEL] owned by the Department and serviced by one of the Department’s servicers).

o They must also have at least one commercially-held FFEL loan (a FFEL loan that is owned by a FFEL lender and serviced either by that lender or by a servicer contracted by that lender).

PROS of the Program: Borowers could receive a possible .5% interest rate reduction - which could mean huge savings!

o The U.S. Department of Education will give a 0.25% interest rate reduction from that rate as of the date of consolidation.
o They will also give an additional 0.25% interest rate deduction if the borrower chooses to repay his or her consolidation loan by auto-debit from the borrower's bank account.

Based on a 10 year repayment period, 6.8% interest rrate and 20,000 in debt, the savings could be as high as $ 611.00 (http://www.aie.org/paying-for-college/finance-tools/college-loan-calculator.cfm#).

Another positive feature: Borrowers could receive credit for previous Income-Based Repayment (IBR) payments. If a borrower made any payments on his or her lender-held FFELP loan(s) under an IBR plan prior to consolidation under this program, those payments will count toward the required number of payments for loan forgiveness if the borrower remains under the IBR plan. By consolidating into a Special Direct Consolidation Loan, any previously lender-held FFELP loan(s) will become a Direct loan and may be eligible for PSLF if the borrower meets the additional eligibility requirements - another HUGE potential savings.

BORROWERS IN GRACE: You should note that you may lose part of the grace period upon consolidation if you consolidate a lender-held FFELP loan that during the grace period,

Beginning in January 2012, the DOE servicers should begin contacting eligible borrowers. However, if you are interested and want to get started immediately, you may contact the DOE servicer currently servicing your ED-held loan(s) for assistance.

As with any consumer decision - investigate your options, do your research and make an informed decision. For more information, you can call 1-800-4-FED-AID (1-800-433-3243) or visit:
http://studentaid.ed.gov/PORTALSWebApp/students/english/specialconsolidation.jsp

One Final Note of Caution: Please let your school know if you consolidate your student loans. Many schools offer their students support while in repayment and consolidating may disconnect the school's linked access to their borrower's accounts.

Don’t Let the Season Carry You Away!

TrueCredit.com Survey Reveals U.S. Consumers are Trimming Holiday Spending Credit Experts Share Shoppers’ Insights and Offer Easy Tips to Avoid Overspending: “While clipping coupons and bargain hunting are effective ways to pinch pennies, now more than ever, consumers need to plan for long-term savings,” said Lucy Duni, vice president of consumer education at TrueCredit.com by TransUnion. “During the holidays, it’s important for consumers to take a holistic approach to their spending, to ensure they don’t rack up debt that will impact their credit long after the holidays are over.”

The experts at TrueCredit.com compiled a list of helpful tips and insights to help consumers navigate the holiday shopping landscape:

Wallet Makeover: Surprisingly, the survey found 55 percent of people say they do *not* feel they’re more at risk of ID theft during the holiday shopping season. As more shoppers hit the stores, so do identity thieves, so it’s important for consumers to protect themselves. To reduce your risk, do not carry extra credit cards, your Social Security card, birth certificate or passport with you unless needed.

Check it Twice: Before you shop this holiday season, check your credit report to get an up-to-date view on your balances and to ensure everything is accurate. After the holidays, check your report again to make sure there isn’t any fraudulent activity on your report.
Trim the Tree: Talk to your friends and family about scaling back on extravagant gifts to ensure the holiday season is more economical for everyone. Try making a list of people you plan to buy gifts for and set a spending limit for each one.

Buyer Beware: According to the survey, more than half of Americans have between one-to-five retail credit cards, and 2 percent say they have seven or more! Avoid the temptation to sign up for every credit card you are offered while shopping. While the promotion may be enticing, it can also make it easier for you to rack up more debt.

Go Green: Go to the ATM and take out the amount of cash you plan to use for the day. Put it in your wallet. When your wallet is empty, stop shopping.

Eyes on the Prize: Maintain good spending habits and a healthy credit report during the holidays and throughout the year. Budgeting ahead for holiday and other spending extravaganzas can help limit financial stress while also keeping your debt accumulation to a minimum.

Final Tip: If you are lucky enough to get that lovely green stuff for a gift (otherwise known as cash), consider giving yourself a real gift and make an additional payment to your student loan principal. Remember, since interest is "fee simple" the faster you pay your principal down, the less your loan will cost!

To see the full results of TrueCredit.com’s survey and learn more about credit management, log onto www.gotruecredit.com and visit the learning center.

A Temporary Window of Opportunity is Closing Soon: Do You Need to Take Action Now?

When President Obama signed the Health Care and Education Reconciliation Act of 2010 (HCERA), Public Law 111-152, on March 30, 2010, the bill included temporary changes to the conditions under which a borrower may consolidate loans into a Federal Direct Consolidation Loan. These changes apply only to a Direct Consolidation Loan that is made based on an application received by the U.S. Department of Education on or after July 1, 2010 and before July 1, 2011.

Borrower Eligibility Under the HCERA Temporary Consolidation Authority
If a borrower's Consolidation Loan Application and Promissory Note is received by the U. S. Department of Education before July 1, 2011, the borrower may consolidate a loan that has not yet entered repayment status, including a loan that is in an in-school status, if the borrower meets the following requirements:
1. The borrower has one or more loans from two or more of the following categories: (i) FFEL Program loans that are held by an eligible lender; (ii) FFEL Program loans that have been purchased by the Department ("PUT" Loans); and (iii) Direct Loan Program Loans.
2. The borrower has not yet entered repayment on one or more of the loans in any of the categories in #1.
3. The borrower is not consolidating any loans other than loans from the categories listed in #1.

Interest Rate Calculation for Loans made under the Temporary Consolidation Authority
For any Direct Consolidation Loan made to a borrower under the temporary consolidation authority, the interest rate will be calculated as follows:
1. Unless the borrower is consolidating certain loans that have a variable interest rate (see below), the interest rate on the Direct Consolidation Loan is the lesser of (a) the weighted average of the interest rates on the loans being consolidated, or (b) 8.25% (that is, the interest rate is calculated in the same manner as the interest rate for a regular consolidation loan, but without the rounding up to the nearest higher one-eighth of one percent).
2. If one or more of the loans a borrower consolidates is a Federal Stafford Loan (subsidized or unsubsidized), a Direct Subsidized Loan, or a Direct Unsubsidized Loan with a variable interest rate that is lower during the in-school, grace, and deferment periods, the interest rate on the Direct Consolidation Loan is the lesser of (a) the weighted average of the interest rates on the loans being consolidated, rounded to the nearest higher one-eighth of one percent, or (b) 8.25% (that is, the interest rate is calculated in the same manner as the interest rate for a regular consolidation loan).

Factors for Borrowers to Consider Before Consolidating
Because a Direct Consolidation Loan enters repayment on the date the loan is made, there are important factors a borrower needs to consider before deciding to consolidate loans into a Direct Consolidation Loan under this temporary authority.

Grace Period: There is no grace period on a Direct Consolidation Loan made under the temporary authority. The 6 month grace period is a unique feature of the Federal Student Loan Program, designed to allow borrowers to become established in their new careers before they begin repayment on their student loans. As with an in-school deferment, the interest is paid on the borrower’s subsidized loans while they are in grace. This can amount to a significant savings.

If a borrower consolidates while still in school on at least a half-time basis and before the loan has entered the grace period, the borrower will not receive a grace period on that loan after the borrower ceases to be enrolled on at least a half-time basis. However, the borrower will be eligible for an in-school deferment on the Direct Consolidation Loan while enrolled at least half-time at an eligible institution. (Note: If the borrower’s loans enter grace before June 30th, and wants to wait to consolidate until the end of the grace period by completing Item 17 in section C1 of the Direct Consolidation Loan Application and Promissory Note. Another word of caution, borrowers who delay applying until their loans enter the grace period and whose application is received by the Department before the July 1, 2011 deadline may receive the modified interest rate associated with the temporary authority, provided that they are not consolidating certain variable interest rate loans, as explained above.) Contact Direct Loans for information regarding the effects of consolidation on your student loans. Call 1-800-557-7392 or on-line @ http://loanconsolidation.ed.gov/ .

PLUS Loans: Borrowers with Federal PLUS Loans or Direct PLUS Loans that were first disbursed on or after July 1, 2008, are eligible to defer repayment of these loans for a 6-month period that begins on the date the borrower (or the dependent student on whose behalf the borrower obtained the loan) ceases to be enrolled at least half-time. Parent PLUS borrowers are also eligible to defer repayment while the dependent student is enrolled in school on at least a half-time basis.

If a PLUS borrower consolidates a PLUS loan while the borrower (or the dependent student) is still enrolled in school at least half-time, or during the 6-month post-enrollment deferment period, the borrower will lose eligibility for these deferments. Again, for detailed information on Consolidating and its effects on your personal loans, contact Direct Loans. Call 1-800-557-7392 or on-line @ http://loanconsolidation.ed.gov/ .

Personal Financial Decisions Require Research, Analysis and Thoughtful Decisions
You have probably already received mail concerning your student loans and the June 30th deadline for this one-time opportunity. There are many benefits to consolidating, including: lower payments, combining multiple servicers & payments into one location/payment, and the return of deferment or forbearance rights on older loans that may have exhausted these options. However, as we all know, there are no perfect solutions that will work for everyone. As with any personal financial decision, make sure that you evaluate and weigh all of the facts before you make a decision.

Finally, there is one disadvantage a SWFC student or former student will encounter if you decide to consolidate your loans. As you know, SWFC’s Financial Literacy staff monitors the accounts of our loan borrowers and help students if their loans become delinquent. We gather our documentation based on an ID that identifies your loans as originating with SWFC. Once the loans are consolidated, this ID link is removed, so we no longer automatically have access to monitor the status of the consolidated loans. In an effort to help our former students who want to take advantage of student loan consolidation, we have established a special process to assist SWFC borrowers with their consolidated student loans. If you have questions regarding consolidation and your student loans, please contact us @ helpwithloans@swfc.edu and we will be happy to help you gather the information you need to make an informed decision regarding consolidation and your student loans.

Tax Refund? Be Sure to “Pay” Yourself First!

So you received a tax refund check – Lucky You! Getting a lump sum of money is fun. Sometimes I think that dreaming of all the ways you could spend it are the biggest part of the fun – a well deserved vacation, a shopping spree, down payment toward a car……you can spend days dreaming and planning. However, before you make your final decision, think about “paying” yourself first! Seriously, would you like to would you like to make 47% on an investment? Sounds like a ponzi scheme or something but the savings are real and you can turn part of your tax refund into some serious money for yourself.

If you follow this Blog, then you know that I am a huge proponent of making small additional payments to “chip” away you student loan debt. However, paying larger sums toward your student loan will also help, significantly – even if it is only a one-time payment! Let’s look at two scenarios, to see how making a lump sum payment can benefit you. Each of these will be based on a $20, 000 loan debt, at 6.8% interest, with standard 10 year repayment plan.

Scenario 1: Payment of $1,000
No Extra Payments -----------------------With Extra Payments
Monthly Payment $230.16 -----------------.-Monthly Payment $1,230.16

10 years Pay-off time ============ --==7 years 8 months Pay-off time

$7,619.28 Interest Paid Inte=====..===rest$6,149.15 Interest Paid

Advantages of Additional Payments:
2 years 4 months Time Saved

$1,470.13 Total Interest Savings

Balance Schedule for Scenario 1:
Year ---No Extra Pymt ---With Extra Pymt
2011 ---$18,553.54 --- ===$18,553.54
2012 =-$17,005.60 =====-$17,005.60
2013 -=$15,349.06 ==.== .$15,349.06
2014 --.$13,576.29 ===..=-$12,524.12
2015 =-$11,679.15 =====-$9,489.03
2016 =-$9,648.90 ======$6,240.99
2017 =-$7,476.21 =====-=$2,765.07
2018 = $5,151.09 ====== $0.00
2019 =.$2,662.83 =====.,,$0.00
2020 =.$0.00 ======.==$0.00

Scenario 2: Making $500 additional Payment
No Extra Payments ================With Extra Payments
$230.16 Monthly Payment ===========$730.16 Monthly Payment
Pay-off time 10 years ==============..Pay-off time 8 years 8 months

$7,619.28 Interest Paid =============-$6,733.53 Interest Paid

Advantages of Additional Payments:
1 year 4 months Time Saved

$885.75 Total Interest Savings

Balance Schedule for Scenario 2:
Year =-No Extra Pymnt =With Extra Payments
2011 =-$18,553.54 =====$18,553.54
2012 =-$17,005.60 ====-$17,005.60
2013 =-$15,349.06 ====-$15,349.06
2014 =-$13,576.29 ====-$13,050.21
2015 =-$11,679.15 =====$10,584.09
2016 =-$9,648.90 ====.=$7,944.95
2017 =-$7,476.21 =====.$5,120.64
2018 =-$5,151.09 ====.=$2,098.19
2019 =-$2,662.83 ====.=$0.00
2020 =-$0.00 =======-$0.00

If you would like to see how different amounts of “lump” sum payments can help you clear those loans faster, visit http://www.mortgagecalculatorsplus.com/calc-additionalpayment.php .

PAY YOURSELF FIRST – You Deserve It! It is tempting to splurge and spend your tax refund check on something fun or frivolous – I am not talking about using your whole refund to pay toward your student loans. I am a believer in having your cake and eating it too. However, if you will take just a small amount and pay toward your student loan debt, you can significantly shorten your repayment period. Think of all of the ways you could spend the money you currently have to pay on your student loan monthly payments once they are GONE! Now that’s something fun to dream about!