General Goals 1) to be debt free in 3.5 years 2) save lots of money

Saturday, April 30, 2011

Did I Make it to Under 30,000.00 on my LoC???

TD seams to continually be experiencing "higher than normal volume of calls" since I seam to always spend 20+ minutes on hold waiting to talk to an agent. As I type this I am currently on hold 9, 16, 20, 25, 28 min and counting. Honestly by the time that I talked to an agent the call only took 6 min.

This month I put in:
April 8~ $382.55
April 20~ $62.50 (GST cheque)
April 21~ $525.00
April 25~ $3.13 (lose change snowflaked)
April 26~ $4.97 (leftover from budgeted cell phone bill snowflaked)
April 27~ $1.63 (leftover from storage until bill snowflaked)
April 27~ $60.43 (slush money from bills account snowflaked)

Total paid: $1040.21

Daily interest for the month of April: $3.75
Total interest paid in April on my LoC: $112.79

This month I put: $927.42 extra into student debt

Current outstanding balance on LoC: $-30,067.67

This month I snowflaked and snowflaked trying to get my LoC down under $30,000.00, sadly I was $67.67 short of my target. But I truly don't think I could have done any more to get it further down. I am not sure if I am happy with the progress I made, since this month I put the largest amount on my LoC to date. Or sad because I did not reach my target.

When I called OSAP yesterday to sort out if they had been trying to get a hold of me, I also got some details on my OSAP. I just thought I would share them, since I thought you might be interested.

Min payment: $117.45
 of which $54.91 goes to pay the interest and $52.54 go towards paying the principle. How depressing is that! Interest is calculated daily. I  pay $1.40 daily in interest.


  1. Ouch that interest! Congratulations on the LoC effort though, it was a good go at it!

  2. Be happy! You did great!! It's disappointing when we don't reach our set goal but really you did fabulously!

    And yes that's how those stupid student loans get people. I was in denial with mine for a long time. And just to think 1/2 of the payment goes to interest. Unbelievable. Really that should not be allowed. But you are already ahead of the game and well on your way! Keep at it! ;)

  3. I have come to hate interest ... and I think that's a good thing! It keeps us angry enough to keep fighting it. Your balance is going down, not up, so you are doing great!


  4. Thanks everyone! You are right I should be happy its going down but inpatient I want to be ride of it now!