Student Loan Principal Payment ??
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Student Loan Principal Payment ??
| Wed, 03-01-2006 - 11:31am |
Okay....DH has subsidized student loans(2) but I pay them at the same place. one is only 4k so I have been trying to double the payments on that one because it is ridiculous that a 4k loan has a 20 year term!
Here is my question. I pay it online & I double the payment & check the box to put it on principal but every month my payment goes down that much every month. I don't understand why it would do this. To me that would indicate it isn't going on principal but I could be wrong.
I can't call on the loan because it's not mine and DH is out of state for 2 weeks...I was hoping someone could shed some light on this...
Thanks!

I'm confused...when you say the payment goes down-do you mean the payment due the next month goes down? Or do you mean the payment against the overall loan seems to go down and it doesn't show it as being applied to the principal? Maybe some numbers would help.
Taleyna
Jacky
Our total payment is 152.49 a mont(for 20 years!! Yeah right) it is broken up into 2 loans. the smaller loan payment is 27.36 per month. Last month I doubled it(I am just starting this doubling thing) and this month my bills is for 13x.xx which leads me to believe that it went to the next months payment and not the principal like I checked it to.
What do you guys think??
Hope that helped some
I agree that it sounds like they made a mistake and unfortunately you'll probably have to wait until DH comes home to fix it or see if he can deal with it from the road. You might also check the fine print if you still have original loan documents. I know our car payment would do that automatically unless you wrote a letter requesting that the extra amount go to the principal but I wouldn't think that's the case here since they have a button to push for principal. Good luck!
Taleyna