Architecture Addiction, The Official Blog of http://blog.architectureaddiction.com/index.php/a Architecture. Grad School. The State of the Profession. Field Trips. Agony. Ecstasy. Life. Etc. en-US http://backend.userland.com/rss 60 architectureaddictionhttp://feedburner.google.com Student Loan Repayment Hack http://feedproxy.google.com/~r/architectureaddiction/~3/COTvfC_BtDU/student_loan_repayment_hack Fri, 18 Nov 2011 00:40:41 +0000 Katy Purviance Grad School 515@http://blog.architectureaddiction.com/ I’m one of the 650,000 Americans who recently closed our bank accounts in favor of joining a credit union. The credit union manager spoke to me about their free bill pay. I’d heard of bill pay before, but I’d always figured, Hey, my student loan companies give me a .25% interest rate reduction if I just bend over and let them withdrawal it from my account each month. I took a look at my new Credit Union’s Bill Pay Demo video. I saw that I had the option to not only schedule monthly payments, but also bi-weekly and weekly payments, and that reminded me of a story I had heard about some home owners who off their mortgages faster by paying half their mortgage twice a month. I used this bi-weekly savings calculator and discovered that even if I forgo the .25% interest reduction in favor of my credit union’s bill pay, and I make bi-weekly half payments, I’ll save hundreds of dollars in interest. And I’ll save even more by making weekly quarter payments. I’m one of the 650,000 Americans who recently closed our bank accounts in favor of joining a credit union.

The credit union manager spoke to me about their free bill pay. I’d heard of bill pay before, but I’d always figured, Hey, my student loan companies give me a .25% interest rate reduction if I just bend over and let them withdrawal it from my account each month.

I took a look at my new Credit Union’s Bill Pay Demo video. I saw that I had the option to not only schedule monthly payments, but also bi-weekly and weekly payments, and that reminded me of a story I had heard about some home owners who off their mortgages faster by paying half their mortgage twice a month.

I used this bi-weekly savings calculator and discovered that even if I forgo the .25% interest reduction in favor of my credit union’s bill pay, and I make bi-weekly half payments, I’ll save hundreds of dollars in interest.

And I’ll save even more by making weekly quarter payments.

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