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Thread: Student loan debt assistance

  1. #1
    Wanna Be ANIMAL FlipYa4Fake's Avatar
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    Student loan debt assistance

    I have just under $20,000 in private student loan debt. I know this isn't much compared to some others. I pay $205 a month and realized that my total owed hasn't been going down. I looked at my online statement and about $60 of my $205 payment is going towards my total and the rest goes to interest. I don't struggle to make my payments, it just bothers me that it will take forever to be paid off at this rate. Anyone been faced with this issue and found assistance? I see things all over the internet, but don't know which to trust. Any advice appreciated. Thanks.
    6' 1" 225lbs 24 years old

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    that ratio will drop significantly over time fyi. UMASS bills by chance?
    Go now, run along and tell your xerxes he faces free men here, not slaves

  3. #3
    Wannabebig New Member HahnB's Avatar
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    More will be applied to principal as times passes, my buddy has 70k worth so don't feel too bad.
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    Grammar Nazi BG5150's Avatar
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    If you aren't struggling to pay, could you make two payments a month? Or three payments every two months? My sister did that with her car payments and it helped a lot.
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    Wanna Be ANIMAL FlipYa4Fake's Avatar
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    Quote Originally Posted by jdeity View Post
    that ratio will drop significantly over time fyi. UMASS bills by chance?
    YES YES ZOOMASS! Good times! Well until the student loan bills came in the mail.
    Last edited by FlipYa4Fake; 11-02-2007 at 12:16 PM.
    6' 1" 225lbs 24 years old

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    haha I only know because I have the same bill lol
    Go now, run along and tell your xerxes he faces free men here, not slaves

  7. #7
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    Any amount you pay over your monthly payment each month should be applied directly to the principal. Check with your lender to make sure there isn't a prepayment penalty, however.

    Also make sure your lenders are clear that you want the extra money to be applied directly to the principal, and not just count as an extra payment.

    Paying off a loan sooner is equivalent to investing that money at an interest rate equal to the interest rate of the loan, although you obviously lose use of the money once you use it to pay the loan; an investment paying the same interest rate as the loan would be better since you could save the money up and always use it to pay off the loan later.

    Also if you would like to see exactly how much of each payment is going toward principal and interest, you can use this amortization calculator here:

    http://www.bankrate.com/brm/mortgage-calculator.asp

    It was designed for mortgages, but it will work the same for any type of loan if you plug in the relevant information. Click on the "show/recalculate amortization table" to see how each payment breaks down in terms of principal and interest.
    Last edited by SpecialK; 11-02-2007 at 12:20 PM.

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