It is my 500th post on this blog, and boy do I have some exciting news!
Today I got an email from my graduate student loan company. I get these emails every month. They basically are to remind me that I need to make my payment. I usually just delete them, as they all say the same thing. Today, though, I went ahead and opened it up. The email said that my payment was due, and that my payment was $0.00. Normally my payment is a little over $76.00. I am not completely new to seeing a payment being $0.00. Whenever we pay double on a loan, then the next month the payment owed is $0.00. This loan, though, we have never paid double on.
I immediately logged into my student loan account, because I had an inkling of an idea of what was going on. What a pleasant surprise when my loan balance was at $1,003.35! At my last update, the balance was $6,067.59! Woo-hoo! You may be asking if we somehow had some massive windfall or won some sort of lottery. Nope!
For about the last 6 months, I have been working on getting a teacher-based loan forgiveness. The first time I sent in the paperwork, I did not have the right information on there. The second time I sent in the paperwork, I was short by about month on teaching time (I mailed it in in April, and the end of the school year was in May). The third time I sent my paperwork in was the last time!
I eventually got a letter in the mail that they were processing the paperwork. I didn’t hear anything after that. That was sometime in August. I always kept it in the back of my mind, but I figured they would let me know if I was granted the forgiveness or not. Apparently, they do not let you know. They just bill with $0.00!
The forgiveness I qualified for was for $5,000. I qualified by teaching in a Title I school for 5 years. I can’t even begin to tell you how excited I am about this! We are going to be able to pay this loan off in right around a year now! We will continue paying the amount that we have gotten used to paying. It would take us about 13 months to pay it off, but with our snowball from our other student loan (which we should get done paying in about 7-8 months), then it will be more likely around 10 months to get it paid off! That means that we will get 2 student loans paid off in 2015! How exciting!
Last night I was trying to think about what I could write for my 500th post. I never could have imagined that it would be something this fantastic! I am just soaking up this good news!