Consolidating Loans, Confused Options

[ttugurl]

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????

[woody]

So my online friend was saying if I double up my payments and not pay the minimum... The 89k lowers? Please explain

If your interest in 47K and Principle is 41K

this is on the assumption that you make minimum payments ($240/280)

Say you pay $400/month. then $160/$120 extra gets applied to the principle. Then as your principle goes down, you owe less money and less interest is applied. Since you're paying an extra $160 that goes straight to principle and not to interest.