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? about student loan

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10-18-2007, 10:29 AM	#1
totouchantler Registered User Join Date: Jan 2007 Posts: 104	? about student loan I currently pay approx 50 dollars over the min. payment on my student loan. I have not been asking them to take the extra dollars off the principal amount. Should I do this. My interest rate is locked at 3.5 %. Thanks. Chris

10-18-2007, 04:41 PM	#2
thasnake82 Registered User Join Date: Oct 2006 Posts: 6	Usually anything paid over the interest owed for each payment is applied to the principal.

10-19-2007, 08:26 AM	#3
Dingobiscuit No Disclaimer Necessary Join Date: Feb 2005 Posts: 1,772	If you send the payments by check, you could always send two checks, one for the monthly payments and the "extra" $50 marked as "TOWARD PRINCIPAL ONLY," to make certain your funds go where you intend them to go. __________________ "A nickel ain't worth a dime anymore." - Yogi Berra

10-26-2007, 04:24 PM	#4
BC Investor Registered User Join Date: Aug 2006 Posts: 39	I would think that if the min payment covers interest, then the extra amount will only go to principle. Just give them a call and make sure. Is there excess interest every month? Tim www.college-investor.com

10-26-2007, 04:43 PM	#5
pricespector Registered User Join Date: Mar 2004 Location: New York Posts: 1,351	I'm with Citibank, and their policy is: Q. How will my payments be applied? A. We are authorized to apply all payments to any late charges accrued, then to interest due, and the remainder to the principal balance. If you send in more than the minimum amount due, the extra amount will be applied toward your next payment that is due. For example, if your monthly minimum payment due in February is $50, and you submit an online payment for $150, we will credit your account for the February, March and April payments ($50 + $50 + $50 = $150). Your next payment due will be in May. You may check “Apply Extra Toward Principal” when making your online payment, which will not advance your next payment due date.

11-06-2007, 06:09 AM	#6
joseph6 Registered User Join Date: Oct 2007 Posts: 4	Hello, You may check debtxfactor.com my friend suggests me this site which provide me good support. Good Luck

11-15-2007, 04:06 PM

tourgolf

Registered User

Join Date: Nov 2007

Posts: 19

Quote:

Originally Posted by Dingobiscuit

If you send the payments by check, you could always send two checks, one for the monthly payments and the "extra" $50 marked as "TOWARD PRINCIPAL ONLY," to make certain your funds go where you intend them to go.

That's probably the best advice right there...that way they don't confuse you paying an extra payment a month in advance and they put the $50 directly to principal. Keep making those extra principle payments...it will save you a bunch in the long run.

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