Why is this GUI for loop not working as intended?

I have a script that fades in and out some text...

waittime = 0.1

script.Parent.LoadText.Text = "Test"
for i = 1,0,-0.1 do
	wait(waittime)
	script.Parent.LoadText.TextTransparency = i
end

This script works perfectly, but because it increments by -0.1 its not smooth. So I decided to do this:

waittime = 0.01

script.Parent.LoadText.Text = "Test"
for i = 1,0,-0.01 do
	wait(waittime)
	script.Parent.LoadText.TextTransparency = i
end

for i =	0,1,0.01 do
	wait(waittime)
	script.Parent.LoadText.TextTransparency = i
end

Wait time is now 0.01 and it increments by -0.01. I assumed this would make the fading smoother and it does... except it takes forever and gets stuck at 0.01 transparency when it fades back out. This is undesirable because you can still see the text in the background after its faded away. Whats going on here? Can anyone help?