When I started paying my Perkins loan down to even amounts (instead of just the minimums), I would notice how much interest accrued every time the bill cycled. When the balance was in the higher $1K’s, such as $1800, $1600, etc, the interest would go up by $7 every time it cycled each month. The balance is now only $1200, and yesterday it cycled adding only $5 to the interest. My balance is now $1205, with $42.43 due on September first.
It’s nice to see the interest go down. It’s not the only way you save on paying off debt, though. Paying off each debt means one less bill each month. Two years ago, I just didn’t know what any of it was, when any of it was due, or how much was on everything. Even when I was signing up for my consolidation, the consolidator would ask me how much was on each account, and I could only give estimates.