What should I do about my what seems like a way overpaid stafford student loan?
I took out a $7500 stafford student loan at 7% interest from sallie mae in 1995. When I left college in 1996, I was not able to start paying. I put it in for a forberance on the loan and also hardships. As the years past, the loan has been sold a few times to other banks or corporations and has occured lots of interest. I am now under Nelnet Corporation and I didn't start paying until I landed a decent job in 2004. The amount was now up to an outrageous $13,000.00. I've been paying $150 a month since 2004 and am current and all on time since then. I have chiseled it down to $5,500, the current balance now. I recently have been checking the status and was wondering if I have gotten screwed over the years for paying all this back. Is their any way to settle this amount? I have already paid the amount I have borrowed, its just this loan never goes away. Any help or suggestions would be appreciated.
Asked By: Jay - 12/24/2008
Best Answer - Chosen by Asker
This is what happens when you don't pay on a loan for several years. The interest is added to the principal and then the next time the interest is amortized, you pay interest on the principal and the added interest. This makes it add up quickly... More
Answered By: Suddenly Human - 12/24/2008
Additional Answers (1)
You should have taken more math classes... The formula for interest accrual is... More
Answered By: jeff_power - 12/24/2008
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