As a wise man once said, “Sallie Mae has been living in your house too long, and it’s time to kick her out!” Sallie Mae, a U.S. government student loan program, was personified within this quote as someone who overstayed their welcome. In my life, Sallie Mae was consolidated into one loan and was now Fedloan. For four years, I was repaying my college loan within the income-based repayment plan. However, I was not paying the principle. I was only paying half of the interest rate each month.
After paying off all my debt, I was able to contribute more money towards the loan. I began paying $2000 per month towards the loan in March 2018. The first payment included the interest payment of $500. In April and May, I decided to save for a new previously owned car and made a smaller student loan payment. By June, I was offered a job as a summer school teacher and had three sources of income. Every dollar I made from summer school and cutting hair, I deposited into my student loan account. Since my household expenses were low, and I had three sources of income, I was able to make large student loan payments.
At the end of August of 2018, my student loan had decreased from $116,000 to 107,000. I was very proud of myself and wanted to tell everyone about the hard work I had invested. I began to worry that my second job, being a hairstylist, would end soon because of a recurring pain in my left knee. Working at a salon had generated over $700 each month, but now due to an injury, I would have to lose the income.
After being out of the cosmetology industry for over fourteen years, my body was having a terrible time adjusting. First, my shoulder was tense and ached. Next, my feet were very sore after shifts I worked on Saturdays and Sundays. Finally, my knee felt tight and painfully throbbed during the night. After seeing a doctor, he encouraged me to lose weight. I went to my local gym in July and ran twice in one week, and my knee was never the same. The pain was excruciating at night. By the end of August, I was in tears at night and wanted to resign from my hairstylist position. I loved the work because it was fun and easy. I became conflicted because my first goal was to work a full year and then explore working another year as a cosmetologist. However, the injury may cause me to resign earlier than expected. I became very worried about reaching my goal of having my student loan paid off within three years.
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