 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 7 2007, 12:25 PM
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#2
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 From Atlantis to Interzone Group: Global Moderators Posts: 2,512 Joined: 23-February 06 From: Somewhere in space and time Member No.: 65 |
QUOTE (impala454 @ Jan 7 2007, 12:33 AM)  but what she said as a payoff amount was not right. your payoff amount is what you'd pay if you wanted to pay off the entire loan. she made it sound like they'd stack all the interest on her if she did want to pay it off, and that's horribly wrong if it's true. i guess it's more likely she mis-read. your payoff amount should be pretty close to the principle. Eh, I think she probably knew what she was saying, she just used the wrong terminology. QUOTE (Jessica @ Jan 6 2007, 10:00 PM) ummm of course thats what she meant. what the fuck else would she mean? When you talk about a payoff on a loan, you generally mean that you intend to pay it off today in cash. -------------------- QUOTE (Spectatrix @ Oct 13 2006, 09:51 PM) Holy shit, pebkac, you're awesome! "Be who you are and say what you feel, because those who mind don't matter and those who matter don't mind." - Theodor Seuss Geisel (AKA Dr. Seuss) "An idea that is not dangerous is unworthy of being called an idea at all." - Oscar Wilde |
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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 Spectatrix QUOTE (ttugurl @ Jan 4 2007, 11:00 PM) So... Jan 5 2007, 01:13 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 |
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