 Consolidating Loans, Confused |
| Consolidating Loans, Confused |
  Jan 4 2007, 11:00 PM
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#1
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 Group: Members Posts: 26 Joined: 23-February 06 From: San Antonio/ Lubbock Member No.: 70  |
Ok so I finally consolidated. But I'm confused and I cant find answers anywhere.
It says my principal is 41k and my interest is 47k and total payoff is about 89k... it says i pay 240something for the first 2 years and and in 2009 like 280 something until 2031. 89K confused the heck outta me because the interest rate im at is 6 point something. So my online friend was saying if I double up my payments and not pay the minimum... The 89k lowers? Please explain. Thanks!!!! Anyone know of a helpful site. Are the consolidating companies as bad as the Lenders then???? |
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Jan 5 2007, 01:13 AM
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#2
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Group: Admin Posts: 6,906 Joined: 22-February 06 From: Austin Member No.: 9 |
QUOTE (ttugurl @ Jan 4 2007, 11:00 PM)  So my online friend was saying if I double up my payments and not pay the minimum... The 89k lowers? Please explain. Thanks!!!! Anyone know of a helpful site. IF you request the excess to be applied towards the principal (and not just towards future regular payments), then you wouldn't be paying as much in interest because you're taking care of the principal faster. -------------------- |
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ttugurl Consolidating Loans Jan 4 2007, 11:00 PM
impala454 it sounds like for some reason your interest was c... Jan 4 2007, 11:28 PM
pebkac QUOTE (impala454 @ Jan 4 2007, 11:28 PM) ... Jan 5 2007, 03:45 AM impala454 QUOTE (pebkac @ Jan 5 2007, 03:45 AM) Wel... Jan 5 2007, 11:51 AM pebkac QUOTE (impala454 @ Jan 5 2007, 11:51 AM) ... Jan 6 2007, 09:18 PM impala454 QUOTE (pebkac @ Jan 6 2007, 09:18 PM) Aft... Jan 7 2007, 12:33 AM woody QUOTE So my online friend was saying if I double u... Jan 5 2007, 09:06 AM Jessica the going interest rate on student loans is 4%.
I... Jan 5 2007, 12:13 PM woody my interest is at like 3.5%. I pay about 220/month... Jan 5 2007, 01:29 PM Jessica ummm of course thats what she meant. what the fuck... Jan 6 2007, 10:00 PM pebkac QUOTE (impala454 @ Jan 7 2007, 12:33 AM) ... Jan 7 2007, 12:25 PM |
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