I have been paying on a consolidated loan since August 2004 at 2.62%.
$50 per month on about $4500 balance & I notice that $10 of the $50 every month is going to interest. . . .
2006-06-28 10:52:47 · 6 answers · asked by Anonymous in Education & Reference ➔ Financial Aid
It sounds like you consolidated during the lowest interest rate period in history. Accept the rate (since you can't change it anyway) and be happy -- we won't see rates like this again for years (if ever).
Beginning this July, interest rates for all new student loans will be *fixed* at 6.8% (all currently-variable rates will remain variable unless consolidated). So you might not want to complain about your rate or all current college students wil start throwing pencils at you :-)
During the first few years of repayment, more of what you pay will be put towards interest. This is not unique to student loans: if you've ever had a mortgage, you'll see the same thing occur. As you pay down more of your loan, more of your monthly payment will be put towards the principal balance. Frankly, $10 of every $50 isn't bad.
2006-06-28 12:55:21 · answer #1 · answered by FinAidGrrl 5 · 0⤊ 0⤋
1
2016-10-23 22:23:43 · answer #2 · answered by ? 3 · 0⤊ 0⤋
That is a REAL good interest rate, mine is 4% on my $19,000 loan. I end up paying more on the interest than on the principle, I think I've paid $2,800 in interest but only $400 on the principle :( I have to pay way over the minimum when I can to make any kind of a dent.
2006-06-28 11:05:45 · answer #3 · answered by missinglink814 1 · 0⤊ 0⤋
the own Sallie Mae loans are depending on the finest price, which will never be less than 4.25% and by no skill exceed 9%. The best price is determined because the overall best price of significant commercial banks. From there, Sallie Mae considers credit worthiness, and could adjust the speed to that end on a series differential. as an instance, mind-blowing credit receives a value of best-.25%. honest credit receives a value of best+a million%. the present best price is 8.25%.
2016-11-15 09:30:04 · answer #4 · answered by ? 4 · 0⤊ 0⤋
In a couple days it's going up, so 2% was good now it'll probably be 8%
2006-06-28 11:01:49 · answer #5 · answered by selene_m_crow 2 · 0⤊ 0⤋
that's an interesting question I hope you will find some valuable answers
2016-08-23 00:44:40 · answer #6 · answered by Anonymous · 0⤊ 0⤋
That's not right
2016-07-27 03:26:03 · answer #7 · answered by Jeraldine 3 · 0⤊ 0⤋
Wanted to post this question too this evening
2016-09-21 00:09:52 · answer #8 · answered by Anonymous · 0⤊ 0⤋
0%
2006-06-28 10:55:43 · answer #9 · answered by sugar-n-spice 2 · 0⤊ 0⤋
Try https://tr.im/1zUEt
2016-07-22 17:09:57 · answer #10 · answered by ? 6 · 0⤊ 0⤋