I owe $9500 and the avg. interest is around 6%
These guys are billing me for $371 a month. I thought it would be a little LESS though not the end of the world.
The loans were all paused during the COVID ERA so I don't remember what I used to pay. It also was transferred from GREAT LAKES to NELNET.
Guessing you were an arts and crafts major as you didn’t provide the term of the loan. Interest rate and principal are meaningless without the term.
Hurry up and pay it off or ...
Do you recall television show, Northern Exposure? Show began over thirty years ago. Feds had work programs. Feds sent men and women where needed for three or more years, paid a modest salary then no more debt.
Either pay $500 plus a month or you will make payments to retirement. Look for a Fed job assignment.
joedlrt wrote:
Guessing you were an arts and crafts major as you didn’t provide the term of the loan. Interest rate and principal are meaningless without the term.
I have 26 payments left and I pay once a month
Your comment is a bit rude, and i actually never graduated. however I make a good living streaming on twitch where I have over 350k followers.
Depends what time frame you selected to pay it back in: 5 yrs, 10yrs, 20… I’m guessing you picked something shorter than 20 and that is why the monthly payment is higher.
Student loans are amortized just like mortgages, so you are paying more interest at the beginning of the loan. As the principal balance gradually decreases, less interest will accrue. Alot depends on the length of the loan, so even though there was temporary suspension during Covid the loan interest is front loaded.