I have about $26,000 in consolidated student loans. My payments are $133 a month, I usually pay $150-200$ a month. But of the almost $1,000 that I have paid so far less than 50$ of it has gone to the principal. It's all going to interest! My last $150 payment went entirely to interest. I pay it online (Lower interest rate to do it online), so I don't know if I can specify if I want it to pay the principal or interest. Does anyone know about studnet loans? (It's a Direct Federal loan). How can I start paying on the principal instead of just interest? I can't really afford to pay more than 200$ a monht on it until I get some other stuff paid off and taken care of.Answer Question
I don't know what type of interest rate you got but you may want to look into other companies like Sallie Mae. that's the thing with loans, more goes toward the interest then the actual balance for many years. You really need to get the lowest interest rate you can find. As soon as I got out of school and my loans started, I consolidated them with Sallie Mae so I could get a lower rate. You can go to their website and check it out!
Answer by anichols1 at 7:19 AM on Jun. 30, 2011
That doesn't seem right. If your required payment is $133 then that should cover all of the interest and at least a little bit of principle. How can $150 not have at least $17 going towards interest. Anybody know how to ask for am account review? If is was with a local bank I would just walk in and ask them to explain it to me.
Answer by LoveMyDog at 12:55 PM on Jun. 30, 2011
Answer by LoveMyDog at 12:56 PM on Jun. 30, 2011
Answer by Candi1024 at 1:51 PM on Jun. 30, 2011
Answer by Erica_Smerica at 5:47 PM on Jun. 30, 2011