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Old 01-16-2008, 07:26 PM
 
27 posts, read 117,119 times
Reputation: 15

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My grants and scholarships were not enough for school.. I currently owe over $40k in student loans

When looking into my payment plan it seems that the majority of my payments are going towards interest.. I have a fixed 4.5% APR. Am I just reading this wrong?

http://i29.photobucket.com/albums/c299/mjbara2002/acsexpresspay.jpg (broken link)
http://i29.photobucket.com/albums/c299/mjbara2002/acsexpresspay2.jpg (broken link)
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Old 01-16-2008, 10:09 PM
 
Location: Los Angeles Area
3,306 posts, read 4,130,898 times
Reputation: 592
When you consolidate they typically stretch the loan to a 20-30 year loan so that the payments will be lower. When they advertise that your payment will be "50%" lower its only because you are paying on the loan for a lot longer.

So, no you are not reading it wrong and they aren't ripping you off. The monthly interest payment on 40k of debt at 4.5% is about $160. If you want to apply more to your principle then increase your monthly payment, as it stands it looks like your loan is for about 25 years.
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Old 01-17-2008, 12:46 AM
 
119 posts, read 714,852 times
Reputation: 59
i noticed your account is past due...

and with all amortizing loans, the payments at first go more towards the interest, nothing wrong there.
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Old 01-17-2008, 01:32 AM
 
Location: Los Angeles Area
3,306 posts, read 4,130,898 times
Reputation: 592
Quote:
i noticed your account is past due...
Oh yeah I just noticed that.

Pay your student loans, they will NEVER go away.
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Old 01-18-2008, 11:39 PM
 
27 posts, read 117,119 times
Reputation: 15
thanks for the info guys youre priceless!

I havent paid the last 2 months cus Ive jsut been so broke I completely forgot about them.. but I will pay them off.

pm me if you want a carfax
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