Is there any way to stop the interest from accruing at such a rapid pace? I am becoming knee deep in student loan debt.
2007-11-17 01:19:05 · 2 answers · asked by Anonymous in Education & Reference ➔ Financial Aid
If you consolidated, you lock in your interest rate. If your interest rate is increasing, then you have not consolidated your loan.
If you mean that actual interest is accruing, well, that's how a loan works. As long as you are making the required monthly payments, then you will eventually pay your loan off. It will just take time, because at the beginning of the term of loan repayment you are mostly repaying interest. Later in the loan you start to pay more principle.
2007-11-17 01:28:33 · answer #1 · answered by 2007_Shelby_GT500 7 · 1⤊ 0⤋
Pay more each month than is neccessary. That extra amount will go into reducing the principal amount that will in turn reduce the amount of interest accrued.
2007-11-17 08:00:06 · answer #2 · answered by Chugar 2 · 0⤊ 0⤋